Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Honeywell International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Current Valuation Ratios
Honeywell International Inc., current price multiples
| Honeywell International Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Lockheed Martin Corp. | RTX Corp. | Capital Goods | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||
| Current share price (P) | ||||||||||||
| No. shares of common stock outstanding | ||||||||||||
| Growth rate (g) | ||||||||||||
| Earnings per share (EPS) | ||||||||||||
| Next year expected EPS | ||||||||||||
| Operating profit per share | ||||||||||||
| Sales per share | ||||||||||||
| Book value per share (BVPS) | ||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||
| Price to earnings (P/E) | ||||||||||||
| Price to next year expected earnings | ||||||||||||
| Price-earnings-growth (PEG) | ||||||||||||
| Price to operating profit (P/OP) | ||||||||||||
| Price to sales (P/S) | ||||||||||||
| Price to book value (P/BV) | ||||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios exhibit varied trends over the five-year period. Generally, the ratios demonstrate increased valuation multiples from 2022 to 2025, though with differing magnitudes and some interim fluctuations.
- Price to Earnings (P/E)
- The Price to Earnings ratio increased from 23.14 in 2021 to 26.97 in 2022, then decreased to 22.73 in 2023. A slight increase to 23.10 was observed in 2024, followed by a substantial rise to 32.62 in 2025. This suggests increasing investor optimism regarding future earnings potential in the most recent year.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio remained relatively stable between 2021 and 2023, fluctuating between 20.68 and 18.15. A similar pattern to the P/E ratio is observed in 2025, with a significant increase to 27.68, indicating a higher valuation relative to operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio showed a modest increase from 3.73 in 2021 to 3.78 in 2022, followed by declines in 2023 and 2024 to 3.51 and 3.42 respectively. The ratio then increased notably to 4.12 in 2025, suggesting a greater willingness to pay for each dollar of revenue generated.
- Price to Book Value (P/BV)
- The Price to Book Value ratio increased consistently from 6.91 in 2021 to 8.11 in 2023. A decrease to 7.08 was noted in 2024, before a substantial increase to 11.09 in 2025. This indicates a growing premium placed on the company’s net asset value by investors, culminating in a significant increase in the final year.
Overall, the observed trends suggest a strengthening valuation across all examined multiples in 2025, potentially driven by improved market sentiment or company-specific positive developments. The period between 2021 and 2024 demonstrates more moderate and fluctuating valuations.
Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to Honeywell (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/E Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to Honeywell ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio for the period demonstrates fluctuations alongside changes in share price and earnings per share. An initial increase is followed by a period of relative stability, then a notable rise at the end of the observed timeframe.
- Share Price
- The share price exhibited an increasing trend from 2021 to 2022, moving from US$186.99 to US$200.47. A slight decrease was observed in 2023 to US$197.17, followed by a modest increase in 2024 to US$202.75. A significant increase occurred in 2025, reaching US$242.65.
- Earnings Per Share (EPS)
- Earnings per share decreased from US$8.08 in 2021 to US$7.43 in 2022. EPS then increased to US$8.68 in 2023 and continued to rise slightly to US$8.78 in 2024. A decrease in EPS was observed in 2025, falling to US$7.44.
- Price to Earnings (P/E) Ratio
- The P/E ratio increased from 23.14 in 2021 to 26.97 in 2022, coinciding with the increase in share price and a decrease in EPS. It then decreased slightly to 22.73 in 2023, and remained relatively stable at 23.10 in 2024. A substantial increase in the P/E ratio was observed in 2025, reaching 32.62. This increase is attributable to the larger increase in share price relative to the decrease in EPS.
The P/E ratio’s movement suggests that investor sentiment, as reflected in the share price, became more optimistic in 2025 despite a decline in earnings per share. The increasing P/E ratio indicates investors were willing to pay a higher premium for each dollar of earnings in 2025 compared to previous years. The earlier period from 2021 to 2024 showed a more balanced relationship between share price and earnings, resulting in a relatively stable P/E ratio.
Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/OP Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio for the period examined demonstrates fluctuations alongside changes in both share price and operating profit per share. An initial period of relative stability is followed by a notable increase in the final year of the observed timeframe.
- Overall Trend
- The P/OP ratio exhibited a generally decreasing trend from 2021 to 2023, followed by a significant increase in 2025. The ratio began at 20.68 in 2021, decreased to 17.71 in 2024, and then rose sharply to 27.68 in 2025.
- Share Price Influence
- The share price increased from US$186.99 in 2021 to US$200.47 in 2022, then experienced a slight decrease to US$197.17 in 2023, followed by an increase to US$202.75 in 2024, and a substantial increase to US$242.65 in 2025. This pattern generally aligns with the fluctuations observed in the P/OP ratio, suggesting a strong correlation between share price movements and the ratio’s value.
- Operating Profit per Share Influence
- Operating profit per share showed consistent growth from US$9.04 in 2021 to US$10.86 in 2023, before declining to US$8.77 in 2025. The decrease in operating profit per share in 2025, coupled with the increase in share price, is the primary driver of the substantial increase in the P/OP ratio during that year. The earlier decline in the P/OP ratio from 2021 to 2023 occurred despite increasing operating profit per share, indicating that share price increases were proportionally larger.
- Ratio Volatility
- The P/OP ratio demonstrated the greatest volatility between 2024 and 2025, increasing by approximately 56.8%. This suggests a shift in investor sentiment or a significant change in expectations regarding future operating performance during that period. The preceding years exhibited more moderate changes in the ratio.
In summary, the P/OP ratio’s movement is influenced by both share price and operating profit per share. The substantial increase in the ratio in 2025 warrants further investigation to understand the underlying factors driving the divergence between share price appreciation and declining operating profit per share.
Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/S Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio for the period demonstrates fluctuations over the five-year span. Initially, the ratio exhibited a slight increase followed by a decline, and then a notable rise in the most recent year.
- Price to Sales Ratio Trend
- The price to sales ratio began at 3.73 in 2021, increasing marginally to 3.78 in 2022. A subsequent decrease was observed in 2023, with the ratio falling to 3.51. This downward trend continued into 2024, reaching a low of 3.42. However, the ratio experienced a significant increase in 2025, rising to 4.12.
The share price generally increased over the period, with a slight dip occurring between 2022 and 2023. Sales per share showed a consistent upward trend from 2021 to 2024, before experiencing a minor decrease in 2025.
- Share Price and Sales per Share Relationship
- The share price increased from US$186.99 in 2021 to US$242.65 in 2025, although not consistently year-over-year. Sales per share increased from US$50.15 in 2021 to US$59.24 in 2024, before decreasing slightly to US$58.90 in 2025. The increase in the price to sales ratio in 2025 coincides with both a higher share price and a slight decrease in sales per share.
The observed increase in the price to sales ratio in 2025, despite a marginal decline in sales per share, suggests that investors were willing to pay a higher premium for each dollar of sales generated by the company in that year. This could be attributable to factors not reflected in this specific ratio analysis, such as improved market sentiment or expectations of future growth.
Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Honeywell shareowners’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/BV Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total Honeywell shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio for the period demonstrates fluctuations, generally trending upwards with a notable increase in the most recent year. The share price exhibited an overall increase throughout the observed period, while the book value per share experienced more variability.
- Price to Book Value (P/BV)
- The P/BV ratio began at 6.91 in 2021 and increased to 8.02 in 2022, continuing to 8.11 in 2023. A slight decrease to 7.08 was observed in 2024. However, the ratio experienced a substantial increase in 2025, reaching 11.09. This suggests a growing premium investors are willing to pay for each dollar of net asset value, particularly in the final year of the period.
- Share Price
- The share price showed consistent growth from 2021 to 2022, increasing from US$186.99 to US$200.47. A minor decline occurred between 2022 and 2023, with the price falling to US$197.17. The share price then recovered to US$202.75 in 2024 before experiencing a more significant increase to US$242.65 in 2025.
- Book Value Per Share (BVPS)
- The book value per share decreased from US$27.08 in 2021 to US$24.99 in 2022, and further to US$24.31 in 2023. An increase was noted in 2024, with BVPS rising to US$28.65. However, the book value per share decreased again in 2025, falling to US$21.87. This volatility in book value likely contributed to the fluctuations observed in the P/BV ratio.
The divergence between the share price trend and the book value per share trend, particularly in 2025, is a key observation. The substantial increase in P/BV in 2025, despite a decrease in BVPS, indicates that market expectations regarding future earnings or asset utilization have increased relative to the company’s current net asset value.