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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to earnings (P/E) ratio
- The P/E ratio data begins from March 31, 2020, with initial values indicating a ratio of 29.63 in March 2021. This ratio increased to a peak of 33.71 in June 2021 before gradually declining over the next several quarters. By December 2021, the P/E had decreased to 27.35. It continued to trend downward with minor fluctuations, reaching a low of 21.44 by September 2023. Subsequently, the ratio showed slight volatility but remained generally stable between 21.95 and 23.93 through March 2025. Overall, this suggests a decreasing valuation of earnings relative to price after mid-2021, stabilizing at a lower level in recent quarters.
- Price to operating profit (P/OP) ratio
- The P/OP ratio follows a similar pattern to the P/E ratio. Starting at 24.86 in March 2021, it rose to 28.28 in June 2021, marking its highest point. Following this peak, the ratio declined steadily, dropping to 23.54 by December 2021 and continuing downwards to reach a minimum of 15.87 in September 2023. After this trough, the ratio increased somewhat to fluctuate between roughly 17.33 and 18.68 from December 2023 through the first quarter of 2025. This trend indicates a decreasing price relative to operating profits through mid-2023 followed by a modest recovery and stabilization thereafter.
- Price to sales (P/S) ratio
- The Price to Sales ratio demonstrated a downward trajectory beginning at 4.34 in March 2021. It rose slightly to 4.78 in June 2021 but then declined steadily through the following quarters, bottoming near 3.19 in September 2023. Afterward, it exhibited minor rises and falls, remaining between approximately 3.41 and 3.78 through March 2025. The overall decline from early 2021 levels suggests a contraction in market valuation in relation to sales volume, with a recent period of relative stability.
- Price to book value (P/BV) ratio
- The P/BV ratio shows a gradual increase from early 2020, starting at 5.46 and rising to a peak of 8.83 in June 2021. Following this peak, the ratio decreased to 6.91 by December 2021, then leveled off with some volatility. Between 2022 and early 2023, it fluctuated mostly between 7.17 and 8.02. From mid-2023 to March 2025, the ratio ranged between 6.74 and 8.11, without a clear consistent trend. This pattern indicates initial growth in valuation relative to book value, followed by a period of stabilization with moderate fluctuations.
Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to HoneywellQ1 2025
+ Net income attributable to HoneywellQ4 2024
+ Net income attributable to HoneywellQ3 2024
+ Net income attributable to HoneywellQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an upward trajectory from March 2020 through June 2021, starting at $137.25 and reaching a peak of $229.32. Following this peak, prices declined notably by December 2021 to approximately $187. A period of modest recovery ensued throughout 2022 and early 2023, with prices fluctuating around the $190 to $200 range. In the second half of 2023, there was a decline to approximately $176 by September, followed by a rebound to over $197 by December. The trend from early 2024 to the first quarter of 2025 shows a steady increase in the share price, culminating near $211, indicating a renewed positive momentum.
- Earnings per Share (EPS)
- EPS data commences from the first quarter of 2021, showing an initial value of $6.87. The EPS generally follows an upward trend with some fluctuations, increasing to $7.95 by the fourth quarter of 2021. A slight dip occurs afterward, but the overall trend remains positive with values reaching above $8.2 in late 2023. Into 2024 and early 2025, EPS continues to improve steadily, peaking at around $8.86, reflecting consistent growth in underlying profitability over the period analyzed.
- Price to Earnings (P/E) Ratio
- The P/E ratio reached a high of 33.71 in the second quarter of 2021, reflecting elevated market expectations relative to earnings at that time. Following this peak, the ratio generally declined, stabilizing in the lower twenties from late 2021 onwards. Despite some volatility, the P/E ratio maintains a relatively narrow range between 21 and 24 during 2022 through early 2025, suggesting a market valuation that is more closely aligned with earnings, consistent with the steady EPS growth observed.
- Overall Insights
- The data suggests that the company experienced significant share price growth and high market valuation in early 2021. This was followed by a period of correction and stabilization through 2022 and into 2023. Despite fluctuations in the share price, EPS has demonstrated a consistent upward trend, indicative of improving operational performance. The P/E ratio's contraction from earlier highs to a more moderate range implies a normalization of investor expectations. Recent trends in 2024 and early 2025 show both share price and EPS continuing to rise, which may reflect renewed confidence in the company's future earnings potential.
Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed a general upward movement from March 2020 through March 2021, rising from 137.25 to a peak of 229.32 in June 2021. This was followed by a decline through December 2021, reaching approximately 186.99. In 2022, the share price exhibited moderate fluctuations around a range of 190 to 200 US dollars with a peak at 200.47 in December 2022. During 2023, a downward trend was observed reaching a low of 176.06 in September, but a recovery appeared in the final quarter, closing at 197.17. In 2024, the price remained relatively stable and slightly increased, moving between 193.02 and 211.49, with a closing value of 211.49 in March 2025.
- Operating Profit Per Share (OP)
- Operating profit per share data starts from March 2021, at 8.19 US dollars. It initially declined slightly to 7.94 in June 2021 but then showed a steady upward trend through the subsequent quarters. By December 2022, it reached 9.62, continuing to increase steadily in 2023 with a notable rise to 11.09 in December 2023. The trend of growth persisted into 2024, with values reaching 11.75 by March 2025. Overall, operating profit per share demonstrated consistent growth with moderate quarter-to-quarter increments over the observed timeline.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio began at 24.86 in March 2021 and increased to a peak of 28.28 in June 2021. Following this peak, the ratio declined progressively to about 15.87 by December 2023, indicating that the share price either declined relative to the operating profit per share or that the operating profit per share growth outpaced the share price growth. In 2024, the P/OP ratio stabilized somewhat around the 17 to 18 range, finishing at 18 in March 2025. This suggests a period of valuation adjustment after early highs, culminating in a more moderated and stable valuation level relative to operating profit.
- Summary of Insights
- The data reveals that the company’s operating profitability per share has shown a consistent and steady increase from 2021 to 2025. However, the share price experienced more volatility and periods of decline, particularly after mid-2021, with partial recovery phases. The resulting P/OP ratio trend suggests an initial elevated valuation multiple that gradually normalized as operating profits increased. The overall pattern may indicate growing operational efficiency or profitability that has not been fully mirrored by proportionate share price appreciation during certain periods, possibly reflecting market uncertainty or shifts in investor sentiment. The stabilization in both the share price and valuation multiples by 2024 points to a possible equilibrium between earnings growth and market valuation expectations.
Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trajectory from March 2020 through June 2021, rising from 137.25 US$ to a peak of 229.32 US$. Following this peak, the price experienced a notable decline, dropping to 176.06 US$ by September 2023. Subsequently, a recovery phase is observed, with the share price increasing again to reach 211.49 US$ by March 2025. This pattern indicates volatility with periods of growth, decline, and gradual recovery.
- Sales Per Share Dynamics
- Sales per share data is available starting in March 2021, where the value was 46.93 US$. From that point onward, there is a consistent upward trend, reaching 61.02 US$ by March 2025. This steady increase in sales per share reflects ongoing growth in revenue generation per share over the analyzed timeframe, with no periods of decline documented in the available data.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio initially rose from 4.34 in March 2021 to a peak of 4.78 in June 2021, mirroring the increase in share price relative to sales per share. Following this peak, the ratio generally declined, reaching a low of 3.19 in September 2023. This decrease suggests share price growth lagging behind sales per share growth or a relative undervaluation. After September 2023, the P/S ratio shows a moderate rebound, reaching 3.47 by March 2025. Overall, the P/S ratio displays cyclical behavior with a peak and trough, reflecting changes in market valuation in relation to sales performance.
- Interrelation Among Metrics
- The data indicates that while sales per share consistently increased, share price experienced fluctuations, which caused variations in the P/S ratio. The initial surge in share price outpaced sales growth, leading to a higher P/S ratio. Conversely, the subsequent dip in share price with continuous sales growth lowered the P/S value. The later recovery in share price contributed to the moderate recovery in the P/S ratio, implying improving market sentiment and valuation alignment with the company's sales performance.
Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 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. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from March 2020 through March 2021, rising from $137.25 to a peak of $229.32 by June 2021. Following this peak, a decline occurred, bottoming near $176.06 in September 2023. Subsequently, the price showed a recovery trend, increasing again to reach approximately $211.49 by March 2025. This pattern indicates initial strong growth, a notable correction period, and a moderate recovery thereafter.
- Book Value per Share (BVPS)
- BVPS remained relatively stable during the period, fluctuating within a narrow range between approximately $24.31 and $28.65. The initial years saw marginal fluctuations mostly around $25, with a slight dip observed around December 2022 and December 2023. Towards the later periods, BVPS showed a gradual increase, peaking at $28.65 in December 2024 before a minor decline in March 2025. Overall, book value per share indicates consistency with modest growth.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio demonstrated substantial volatility. It rose sharply from 5.46 in March 2020 to a high of 8.83 by June 2021, reflecting increased market valuations relative to book value during the share price surge. After June 2021, the ratio declined notably to a low of 6.74 in September 2023, in line with the decrease in share price. From this point, the P/BV ratio oscillated, finishing at 7.78 in March 2025. This indicates that market valuations relative to book value experienced significant fluctuations but remained above 5 throughout the period.