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).
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Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples (quarterly data)
Based on: 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 multiples exhibit a period of moderate compression and stability between March 2022 and September 2025, followed by a sharp expansion in the final two quarters of 2025 and the first quarter of 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated between 25.10 and 26.97 during 2022 before entering a downward phase, reaching a low of 21.44 in September 2023. This ratio remained largely stable within the 21.95 to 24.93 range through most of 2024 and the first half of 2025. A significant spike is observed in December 2025 and March 2026, where the ratio ascended to 32.62 and 33.12, respectively, indicating a substantial increase in the valuation premium.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio showed a declining trend from 22.09 in March 2022 to a trough of 15.87 in September 2023. For the subsequent two years, the ratio oscillated between 17.33 and 19.16. A sharp inflection point occurred in December 2025, with the ratio rising to 27.68, before settling at 25.50 in March 2026.
- Price to Sales (P/S) Ratio
- The P/S ratio remained the most stable metric throughout the analyzed period. After an initial range of 3.72 to 3.84 in 2022, it reached a minimum of 3.19 in September 2023. The ratio hovered between 3.41 and 3.65 for most of 2024 and 2025, peaking at 4.12 in December 2025 before returning to 3.61 in March 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited general volatility with an upward bias, moving from 7.17 in March 2022 to 8.11 in December 2023. Following a period of consolidation, a strong upward trend emerged in 2025, with the ratio climbing to 11.09 by December 2025 and remaining elevated at 9.99 in March 2026.
Collectively, the data reveals a consistent pattern across all four valuation metrics, where a period of relative valuation contraction and stability was succeeded by a sharp spike in multiples during the fourth quarter of 2025. This indicates a rapid expansion in the market's valuation of the equity relative to its fundamental earnings, profits, sales, and book value during that specific timeframe.
Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
EPS
= (Net income attributable to HoneywellQ1 2026
+ Net income attributable to HoneywellQ4 2025
+ Net income attributable to HoneywellQ3 2025
+ Net income attributable to HoneywellQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile indicates a period of relative stability followed by a significant expansion in the Price to Earnings (P/E) multiple toward the conclusion of the observed timeframe.
- Share Price Trends
- The share price exhibited a general upward trajectory over the analyzed period. Starting at 193.51 US$ in March 2022, the price reached a peak of 242.65 US$ in December 2025, before experiencing a correction to 214.34 US$ by March 2026.
- Earnings per Share (EPS) Performance
- Earnings demonstrated a steady growth pattern for the majority of the period, rising from 7.71 US$ in March 2022 to a peak of 9.65 US$ in September 2025. However, a sharp contraction in earnings is observed in the final two quarters, with EPS dropping to 7.44 US$ in December 2025 and further declining to 6.47 US$ in March 2026.
- P/E Ratio Interpretation
- Between March 2022 and September 2025, the P/E ratio fluctuated within a consolidated range between 21.44 and 26.97, suggesting that the market valuation remained closely aligned with earnings growth. A significant divergence occurred in the final two quarters; as earnings contracted while the share price remained relatively high, the P/E ratio spiked to 32.62 in December 2025 and 33.12 in March 2026. This indicates a substantial increase in the valuation multiple, reflecting either a market expectation of future earnings recovery or a temporary misalignment between price and current profitability.
Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through March 2026 reveals a distinct transition from valuation compression to a significant expansion in the Price to Operating Profit (P/OP) ratio, driven primarily by a divergence between share price and operating performance in the final quarters.
- Share Price Trends
- The share price exhibited moderate volatility, fluctuating within a range of 176.06 to 242.65 US$. A period of relative stability was observed through 2022 and 2023, followed by a steady ascent starting in early 2024, culminating in a peak of 242.65 US$ in December 2025 before correcting to 214.34 US$ by March 2026.
- Operating Profit per Share (OPPS) Performance
- Operating profit per share demonstrated a consistent upward trajectory for the majority of the period, rising from 8.76 US$ in March 2022 to a peak of 11.72 US$ in June 2025. However, a sharp contraction occurred in the final two quarters, with profit dropping to 8.77 US$ in December 2025 and further declining to 8.41 US$ by March 2026, effectively erasing three years of growth.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio underwent three distinct phases. From March 2022 to March 2024, the ratio trended downward from 22.09 to 17.33, indicating that operating profit grew faster than the share price, resulting in a more favorable valuation. Between June 2024 and September 2025, the ratio stabilized within a narrow band of 17.71 to 19.16. A critical shift occurred in December 2025, where the ratio spiked to 27.68, driven by the simultaneous occurrence of a record high share price and a steep decline in operating profit. This elevated valuation persisted into March 2026 at 25.50, signaling a significant decoupling of the market price from current operating earnings.
Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial performance from March 2022 through March 2026 is characterized by a consistent increase in revenue efficiency per share, contrasted with a share price that experienced moderate volatility. The Price-to-Sales (P/S) ratio reflects these underlying dynamics, generally fluctuating within a range of 3.19 to 4.12.
- Sales per Share Growth
- A steady upward trajectory is observed in sales per share, which rose from 50.41 US$ in March 2022 to 59.43 US$ by March 2026. This indicates a sustained and incremental growth in the revenue generated per outstanding share throughout the entire analyzed period.
- P/S Ratio Trends and Volatility
- The P/S ratio exhibited an initial downward trend, moving from 3.84 in March 2022 to a period low of 3.19 by September 2023. Following this decline, the ratio entered a phase of relative stability, primarily oscillating between 3.41 and 3.65 through 2024 and the first half of 2025. A significant peak occurred on December 31, 2025, where the ratio reached 4.12, before correcting to 3.61 by March 2026.
- Valuation Correlation
- The movements in the P/S ratio suggest that the market valuation has largely kept pace with organic sales growth. While the share price increased from 193.51 US$ to 214.34 US$ over the period, the simultaneous rise in sales per share mitigated significant expansion of the valuation multiple. The spike observed in late 2025 suggests a temporary decoupling where share price appreciation outpaced sales growth, followed by a return to historical mean valuation levels.
Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
BVPS = Total Honeywell shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio for the period between March 2022 and March 2026 exhibits a general upward trajectory, characterized by moderate volatility in the first three years followed by a significant acceleration in valuation premiums during 2025. The ratio shifted from a range of 6.74 to 8.11 during 2022 and 2023 to a peak of 11.09 by the end of 2025, indicating an increasing disparity between the market's valuation of the company and its accounting book value.
- Share Price Trends
- The share price remained relatively stable between 190.44 and 209.10 from March 2022 through September 2024. A distinct bullish trend emerged in 2025, with the price ascending from 211.49 in December 2024 to a peak of 242.65 in December 2025, before correcting to 214.34 in March 2026.
- Book Value per Share (BVPS) Dynamics
- The book value per share showed limited growth and eventual contraction. After fluctuating between 24.31 and 28.65 from early 2022 through December 2024, the BVPS experienced a downward trend in late 2025 and early 2026, reaching a period low of 21.45 by March 2026.
- P/BV Ratio Analysis
- The P/BV ratio remained largely range-bound between 6.74 and 8.11 for the majority of the analyzed period. However, a sharp expansion occurred throughout 2025, driven by the simultaneous increase in share price and the decline in BVPS. This culminated in a peak ratio of 11.09 in December 2025, representing the highest valuation premium in the series. While the ratio moderated to 9.99 by March 2026, it remained substantially higher than the baseline levels observed between 2022 and 2024.
The observed data suggests that the market's willingness to pay a premium over the net asset value increased significantly toward the end of the period. The divergence between a declining book value and a rising share price in 2025 served as the primary catalyst for the expansion of the P/BV multiple.