Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios exhibit a period of relative stability from early 2022 through mid-2025, followed by a significant spike in volatility during the latter half of 2025 and the first quarter of 2026. This trajectory culminates in a sharp, comprehensive contraction across all valuation metrics by June 30, 2026, where ratios reach their lowest levels within the observed period.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained largely consistent between 21.44 and 26.97 from March 2022 through June 2025. A notable upward trend emerged in late 2025, peaking at 33.12 by March 31, 2026. This peak was followed by a precipitous decline to 9.50 by June 30, 2026, representing a significant correction in earnings valuation.
- Price to Operating Profit (P/OP) Ratio
- A gradual decline is observed from March 2022 (22.09) to a low of 15.87 in September 2023. The ratio subsequently recovered to approximately 19.89 by mid-2025. Similar to the P/E trend, the P/OP ratio spiked to 27.68 in December 2025 before falling sharply to 14.95 by June 30, 2026.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated the most stability throughout the period, generally fluctuating between 3.19 and 3.84. A peak of 4.12 occurred in December 2025, which was followed by a drastic reduction to 2.05 by June 30, 2026, indicating a substantial decrease in the market value attributed to each unit of revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed a general upward trajectory for the majority of the timeline, rising from 7.17 in March 2022 to a peak of 11.09 in December 2025. This indicated an increasing premium over the company's book value. However, this trend reversed abruptly, with the ratio falling to 4.21 by June 30, 2026.
The synchronization of the collapse in P/E, P/OP, P/S, and P/BV ratios in the second quarter of 2026 suggests a systemic devaluation. While the period between December 2025 and March 2026 saw peak valuations across most metrics, the subsequent drop indicates a rapid market correction or a fundamental shift in the equity's valuation profile.
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Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 316,940,010 | 316,826,560 | 317,837,851 | 317,443,604 | 317,448,281 | 321,341,455 | 324,959,276 | 325,123,690 | 324,835,600 | 325,592,757 | 326,090,906 | 329,625,322 | 331,980,717 | 332,838,375 | 334,070,126 | 336,161,116 | 336,846,159 | 340,366,465 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to Honeywell Technologies (in millions) | 5,682) | 821) | (115) | 1,825) | 1,570) | 1,449) | 1,285) | 1,413) | 1,544) | 1,463) | 1,263) | 1,514) | 1,487) | 1,394) | 1,019) | 1,552) | 1,261) | 1,134) | ||||||
| Earnings per share (EPS)2 | 25.91 | 12.94 | 14.88 | 19.31 | 18.01 | 17.71 | 17.56 | 17.48 | 17.81 | 17.59 | 17.35 | 16.42 | 16.42 | 15.70 | 14.87 | 15.99 | 15.08 | 15.42 | ||||||
| Share price1, 3 | 246.27 | 428.68 | 485.30 | 441.34 | 448.96 | 422.98 | 405.50 | 418.20 | 404.90 | 386.04 | 394.34 | 352.12 | 392.82 | 397.22 | 400.94 | 392.98 | 380.88 | 387.02 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 9.50 | 33.12 | 32.62 | 22.86 | 24.93 | 23.88 | 23.10 | 23.93 | 22.74 | 21.95 | 22.73 | 21.44 | 23.92 | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | 83.79 | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 45.28 | 40.55 | 28.80 | 21.23 | 15.18 | 15.65 | 18.85 | 14.35 | 14.40 | 15.55 | 12.95 | 17.55 | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | ||||||
| Eaton Corp. plc | 42.13 | 39.99 | 35.55 | 37.36 | 35.35 | 29.79 | 30.00 | 34.78 | 32.49 | 37.41 | 35.88 | 27.72 | 32.23 | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | ||||||
| GE Aerospace | 39.98 | 34.66 | 36.01 | 40.12 | 35.93 | 28.84 | 33.42 | 30.60 | 40.07 | 52.90 | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | ||||||
| Lockheed Martin Corp. | 20.87 | 25.49 | 28.55 | 26.97 | 22.81 | 19.67 | 20.18 | 20.49 | 17.74 | 16.29 | 15.35 | 15.71 | 16.11 | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | ||||||
| RTX Corp. | 36.43 | 34.74 | 39.61 | 35.20 | 32.49 | 33.04 | 36.25 | 35.41 | 66.73 | 38.75 | 38.31 | 35.32 | 22.79 | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income attributable to Honeywell TechnologiesQ2 2026
+ Net income attributable to Honeywell TechnologiesQ1 2026
+ Net income attributable to Honeywell TechnologiesQ4 2025
+ Net income attributable to Honeywell TechnologiesQ3 2025)
÷ No. shares of common stock outstanding
= (5,682,000,000 + 821,000,000 + -115,000,000 + 1,825,000,000)
÷ 316,940,010 = 25.91
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 246.27 ÷ 25.91 = 9.50
5 Click competitor name to see calculations.
The analysis of common stock valuation ratios reveals a prolonged period of relative stability followed by a phase of extreme volatility in the final quarters of the observed timeline.
- Price-to-Earnings (P/E) Ratio Trends
- From March 2022 through September 2025, the P/E ratio remained largely range-bound, fluctuating between a low of 21.44 and a high of 26.97. This suggests a consistent market valuation relative to earnings during this three-year window. A significant valuation expansion occurred in late 2025 and early 2026, with the ratio peaking at 33.12 in March 2026 before experiencing a precipitous drop to 9.50 by June 2026.
- Earnings Per Share (EPS) Performance
- Earnings per share demonstrated a gradual upward trajectory for the majority of the period, increasing from 15.42 in March 2022 to 19.31 in September 2025. After a notable contraction to 12.94 in March 2026, EPS surged to a period high of 25.91 by June 2026.
- Share Price Dynamics
- The share price exhibited a general growth trend from 387.02 in March 2022, reaching a peak of 485.30 in December 2025. This appreciation was followed by a sharp correction in the first half of 2026, with the price declining to 246.27 by June 2026.
- Correlation and Valuation Divergence
- A significant divergence between price and earnings is observable in the final six months of the sequence. The peak P/E ratios in December 2025 and March 2026 were driven by rising share prices despite stagnating or declining earnings. Conversely, the compression of the P/E ratio to 9.50 in June 2026 resulted from a simultaneous collapse in share price and a substantial increase in earnings per share, indicating a severe devaluation of the stock relative to its profitability.
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Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 316,940,010 | 316,826,560 | 317,837,851 | 317,443,604 | 317,448,281 | 321,341,455 | 324,959,276 | 325,123,690 | 324,835,600 | 325,592,757 | 326,090,906 | 329,625,322 | 331,980,717 | 332,838,375 | 334,070,126 | 336,161,116 | 336,846,159 | 340,366,465 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | 1,737) | 1,474) | 255) | 1,754) | 1,843) | 1,721) | 1,745) | 1,858) | 1,978) | 1,860) | 1,583) | 1,926) | 1,883) | 1,692) | 1,813) | 1,742) | 1,601) | 1,271) | ||||||
| Operating profit per share2 | 16.47 | 16.81 | 17.53 | 22.25 | 22.58 | 22.72 | 22.90 | 22.39 | 22.62 | 22.27 | 21.72 | 22.19 | 21.48 | 20.57 | 19.24 | 18.24 | 17.71 | 17.52 | ||||||
| Share price1, 3 | 246.27 | 428.68 | 485.30 | 441.34 | 448.96 | 422.98 | 405.50 | 418.20 | 404.90 | 386.04 | 394.34 | 352.12 | 392.82 | 397.22 | 400.94 | 392.98 | 380.88 | 387.02 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 14.95 | 25.50 | 27.68 | 19.84 | 19.89 | 18.61 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | 38.07 | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 36.63 | 32.30 | 23.39 | 17.41 | 12.44 | 12.92 | 15.15 | 11.63 | 11.78 | 12.40 | 10.25 | 13.99 | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | ||||||
| Eaton Corp. plc | 30.34 | 30.80 | 27.89 | 29.06 | 28.37 | 24.29 | 24.57 | 29.21 | 27.36 | 31.13 | 29.72 | 22.55 | 25.61 | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | ||||||
| GE Aerospace | 31.04 | 26.58 | 28.45 | 30.56 | 28.71 | 21.98 | 26.78 | 25.88 | 26.34 | 28.91 | 27.11 | 22.82 | 26.69 | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | ||||||
| Lockheed Martin Corp. | 14.34 | 16.46 | 18.53 | 18.58 | 16.10 | 14.72 | 15.35 | 15.88 | 14.04 | 12.99 | 12.49 | 12.87 | 13.18 | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | ||||||
| RTX Corp. | 26.89 | 25.67 | 28.67 | 26.32 | 24.00 | 22.67 | 26.47 | 26.63 | 52.96 | 35.67 | 34.37 | 35.06 | 20.81 | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (1,737,000,000 + 1,474,000,000 + 255,000,000 + 1,754,000,000)
÷ 316,940,010 = 16.47
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 246.27 ÷ 16.47 = 14.95
5 Click competitor name to see calculations.
An analysis of valuation metrics from March 2022 through June 2026 reveals a period of initial contraction, followed by relative stabilization and a phase of high volatility. The Price to operating profit (P/OP) ratio illustrates a fluctuating relationship between market pricing and operational earnings per share.
- Share Price Trajectory
- The share price exhibited a general upward trend for the majority of the period, rising from 387.02 USD in March 2022 to a peak of 485.30 USD in December 2025. However, a significant correction occurred in the first half of 2026, with the price declining sharply to 246.27 USD by June 30, 2026.
- Operating Profit per Share Trends
- Operating profit per share showed consistent growth from March 2022 (17.52 USD), peaking at 22.90 USD in December 2023. Performance remained relatively stable around the 22 USD mark through mid-2025 before entering a decline, falling to 16.47 USD by June 2026.
- P/OP Ratio Analysis
- The P/OP ratio experienced a downward trend in the first two years, decreasing from 22.09 in March 2022 to a low of 15.87 in September 2023, suggesting that operating profit growth outpaced share price appreciation during this window. The ratio then stabilized within a range of 17.33 to 19.89 between March 2024 and September 2025. A notable valuation spike to 27.68 occurred in December 2025, driven by the peak share price and a simultaneous drop in operating profit. This was followed by a sharp contraction to 14.95 by June 2026, representing the lowest valuation multiple in the observed period.
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Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 316,940,010 | 316,826,560 | 317,837,851 | 317,443,604 | 317,448,281 | 321,341,455 | 324,959,276 | 325,123,690 | 324,835,600 | 325,592,757 | 326,090,906 | 329,625,322 | 331,980,717 | 332,838,375 | 334,070,126 | 336,161,116 | 336,846,159 | 340,366,465 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (in millions) | 9,719) | 9,143) | 8,787) | 10,408) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Sales per share2 | 120.08 | 118.87 | 117.80 | 122.05 | 119.90 | 119.24 | 118.47 | 116.42 | 114.93 | 113.34 | 112.43 | 110.45 | 108.88 | 108.02 | 106.16 | 103.93 | 102.30 | 100.81 | ||||||
| Share price1, 3 | 246.27 | 428.68 | 485.30 | 441.34 | 448.96 | 422.98 | 405.50 | 418.20 | 404.90 | 386.04 | 394.34 | 352.12 | 392.82 | 397.22 | 400.94 | 392.98 | 380.88 | 387.02 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 2.05 | 3.61 | 4.12 | 3.62 | 3.74 | 3.55 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | 1.86 | 1.98 | 2.05 | 2.01 | 2.27 | 1.87 | 1.98 | 1.32 | 1.60 | 1.32 | 1.66 | 1.42 | 1.91 | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | ||||||
| Caterpillar Inc. | — | 6.37 | 5.63 | 4.37 | 3.36 | 2.52 | 2.75 | 3.23 | 2.51 | 2.54 | 2.52 | 1.86 | 2.37 | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | ||||||
| Eaton Corp. plc | 5.37 | 5.59 | 5.29 | 5.51 | 5.34 | 4.63 | 4.58 | 5.33 | 4.91 | 5.38 | 4.98 | 3.67 | 3.96 | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | ||||||
| GE Aerospace | 7.56 | 6.66 | 7.41 | 8.02 | 7.34 | 5.60 | 6.24 | 4.37 | 3.63 | 3.02 | 2.30 | 1.84 | 1.85 | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | ||||||
| Lockheed Martin Corp. | 1.70 | 1.63 | 1.91 | 1.54 | 1.33 | 1.51 | 1.52 | 1.92 | 1.68 | 1.59 | 1.57 | 1.62 | 1.69 | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | ||||||
| RTX Corp. | 3.01 | 2.79 | 3.01 | 2.70 | 2.39 | 1.86 | 2.14 | 2.11 | 2.08 | 1.90 | 1.78 | 1.68 | 1.80 | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= (9,719,000,000 + 9,143,000,000 + 8,787,000,000 + 10,408,000,000)
÷ 316,940,010 = 120.08
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 246.27 ÷ 120.08 = 2.05
5 Click competitor name to see calculations.
The valuation analysis reveals a period of relative stability and gradual growth followed by a significant contraction in the Price to Sales (P/S) ratio. While operational performance, as measured by sales per share, demonstrated consistent growth throughout the entire period, the market valuation experienced high volatility, culminating in a sharp decline in the first half of 2026.
- Sales per Share Trend
- A consistent upward trajectory is observed in sales per share, which grew from 100.81 USD in March 2022 to 120.08 USD by June 2026. This steady increase indicates a reliable growth in revenue generation on a per-share basis over the analyzed timeframe.
- Share Price Volatility
- The share price exhibited a general ascending trend for the majority of the period, reaching a peak of 485.30 USD in December 2025. However, a precipitous decline occurred in 2026, with the price dropping to 428.68 USD in March and further collapsing to 246.27 USD by June 2026.
- Price to Sales (P/S) Ratio Dynamics
- The P/S ratio remained largely range-bound between 3.19 and 4.12 from March 2022 through December 2025. A period of compression was noted in September 2023, where the ratio reached a interim low of 3.19. Valuation peaked in December 2025 at 4.12, reflecting maximum market optimism relative to revenue. This was followed by a severe contraction to 2.05 by June 2026, the lowest point in the series, signifying a substantial devaluation of the company's revenue stream by the market.
The divergence between the continuing growth in sales per share and the collapsing P/S ratio in the final quarters suggests that the price decline was not driven by a failure in revenue generation, but rather by a significant shift in market sentiment, an increase in risk premiums, or a fundamental re-rating of the company's valuation multiples.
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Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 316,940,010 | 316,826,560 | 317,837,851 | 317,443,604 | 317,448,281 | 321,341,455 | 324,959,276 | 325,123,690 | 324,835,600 | 325,592,757 | 326,090,906 | 329,625,322 | 331,980,717 | 332,838,375 | 334,070,126 | 336,161,116 | 336,846,159 | 340,366,465 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Honeywell Technologies shareowners’ equity (in millions) | 18,537) | 13,590) | 13,904) | 16,782) | 16,095) | 17,463) | 18,619) | 17,406) | 16,947) | 16,454) | 15,856) | 17,231) | 17,299) | 16,919) | 16,697) | 17,707) | 17,541) | 18,365) | ||||||
| Book value per share (BVPS)2 | 58.49 | 42.89 | 43.75 | 52.87 | 50.70 | 54.34 | 57.30 | 53.54 | 52.17 | 50.54 | 48.62 | 52.27 | 52.11 | 50.83 | 49.98 | 52.67 | 52.07 | 53.96 | ||||||
| Share price1, 3 | 246.27 | 428.68 | 485.30 | 441.34 | 448.96 | 422.98 | 405.50 | 418.20 | 404.90 | 386.04 | 394.34 | 352.12 | 392.82 | 397.22 | 400.94 | 392.98 | 380.88 | 387.02 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 4.21 | 9.99 | 11.09 | 8.35 | 8.86 | 7.78 | 7.08 | 7.81 | 7.76 | 7.64 | 8.11 | 6.74 | 7.54 | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | 28.71 | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 22.88 | 16.90 | 12.93 | 10.74 | 8.35 | 8.66 | 10.38 | 9.22 | 9.18 | 8.25 | 5.76 | 8.05 | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | ||||||
| Eaton Corp. plc | 7.96 | 8.09 | 7.48 | 7.79 | 7.46 | 6.34 | 6.16 | 6.85 | 6.17 | 6.60 | 6.07 | 4.52 | 4.87 | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | ||||||
| GE Aerospace | 20.34 | 16.57 | 16.78 | 17.19 | 14.57 | 10.48 | 11.33 | 10.13 | 10.03 | 5.96 | 5.43 | 4.31 | 4.09 | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | ||||||
| Lockheed Martin Corp. | 14.97 | 16.31 | 21.31 | 18.33 | 17.98 | 16.20 | 17.00 | 19.00 | 19.35 | 16.60 | 15.54 | 11.80 | 12.31 | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | ||||||
| RTX Corp. | 4.25 | 3.80 | 4.09 | 3.60 | 3.20 | 2.47 | 2.88 | 2.73 | 2.56 | 2.23 | 2.05 | 1.62 | 1.75 | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Honeywell Technologies shareowners’ equity ÷ No. shares of common stock outstanding
= 18,537,000,000 ÷ 316,940,010 = 58.49
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 246.27 ÷ 58.49 = 4.21
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibited a period of relative stability followed by a sharp valuation escalation and a subsequent significant correction between March 2022 and June 2026.
- Valuation Stability and Moderate Fluctuation (March 2022 – December 2023)
- During this interval, the P/BV ratio remained primarily within a range of 6.74 to 8.11. The lowest point in this phase occurred in September 2023 at 6.74, while the peak was reached in December 2023 at 8.11, reflecting a consistent market valuation relative to the company's book value.
- Expansion of Valuation Multiples (March 2024 – December 2025)
- A sustained upward trajectory in the P/BV ratio is evident starting in early 2024. The ratio climbed from 7.64 in March 2024 to a period peak of 11.09 by December 2025. This expansion was driven primarily by a rising share price, which grew from $386.04 to $485.30, while the book value per share experienced a decline toward the end of 2025, further amplifying the ratio.
- Significant Valuation Correction (March 2026 – June 2026)
- The first half of 2026 witnessed a sharp reversal in valuation trends. The P/BV ratio dropped precipitously from 9.99 in March 2026 to 4.21 by June 2026. This decline is attributed to a substantial reduction in the share price to $246.27, occurring simultaneously with an increase in the book value per share to $58.49.
- Book Value Per Share Dynamics
- The book value per share remained relatively range-bound between approximately $48 and $57 for the majority of the observed period. A notable contraction occurred in March 2026, reaching $42.89, followed by a rapid recovery to $58.49 in June 2026, which contributed to the compression of the P/BV ratio at the conclusion of the timeframe.
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