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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Honeywell International Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a general declining trend from 33.71 at the end of Q1 2021 to 22.86 by Q3 2025. Initial quarters showed a notable decrease, with values dropping from the low 30s to the low 20s. However, between 2023 and 2024, the ratio stabilized around the low to mid-20s, indicating a period of relative steadiness in earnings valuation. Within the latter quarters leading to 2025, some fluctuations were observed but without significant trend deviations, remaining within a narrow range near 23 to 25.
- Price to Operating Profit (P/OP) Ratio
- This ratio showed a consistent downward trajectory from 28.28 in early 2021 down to approximately 18.48 by Q3 2025. The decline was relatively steady, reflecting potentially improving operating profits relative to market price or a more conservative market valuation over time. Periods of minor rebounds occurred within 2023 and 2024, yet the broader downward trend dominated the overall timeframe.
- Price to Sales (P/S) Ratio
- The P/S ratio followed a gradual decreasing trend from 4.78 at the start of 2021 to 3.44 by Q3 2025. The reduction appears steady with no abrupt shifts, suggesting that the market price relative to sales has become more conservative. Small short-term fluctuations occurred, but the overall path was downward, indicating improved sales performance or adjusted investor expectations concerning revenue generation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated some volatility during the period, beginning at 8.67 in Q1 2021 and ending at 8.35 in Q3 2025, showing a slight net decline. There were periods of steep decreases, notably around Q4 2021 where it dipped to 6.91, followed by recoveries and fluctuations near the 7 to 8.5 range thereafter. This pattern reveals changing market perceptions about the company’s net asset value, with no clear prolonged directional trend but rather short to medium-term variations.
Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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. | |||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income attributable to HoneywellQ3 2025
+ Net income attributable to HoneywellQ2 2025
+ Net income attributable to HoneywellQ1 2025
+ Net income attributable to HoneywellQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals several notable trends and fluctuations over the observed periods.
- Share Price
- The share price exhibited significant variability, starting at $224.5 and initially declining to a low point of approximately $176.06. Following this trough, the share price showed a general recovery trend, reaching a peak near $224.48 towards the latest periods. Despite some fluctuations, the latter quarters indicate a relatively positive momentum in market valuation.
- Earnings per Share (EPS)
- EPS demonstrated a consistent upward trajectory across the quarters. Beginning at $6.66, earnings increased steadily with minor fluctuations, culminating at $9.65 in the final quarter. This trend indicates a strengthening profitability performance over time, suggesting effective operational management or growth in net income.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio presented a downward trend from an initial high of 33.71 to a low of approximately 21.44 before stabilizing in the mid-20s range in recent quarters. This reduction in P/E ratio alongside rising EPS and fluctuating share prices signifies potentially improved earnings capacity relative to market valuation or a market reassessment of growth expectations.
Overall, the data indicates improving fundamental earnings performance with EPS increasing steadily, while the share price reflects market volatility but with signs of recovery in the latest periods. The P/E ratio's decline and stabilization suggest a rebalancing of investor valuation relative to the company’s earnings growth.
Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits distinct trends across multiple years, highlighting changes in share price, operating profit per share, and the price-to-operating profit ratio (P/OP).
- Share Price
- The share price shows notable volatility over the examined periods. It peaked at 229.32 US$ in June 2021 and then experienced a decline, reaching a low of 176.06 US$ in September 2023. After this low, the price recovered consistently to 224.48 US$ by June 2025, signaling a general rebound after a significant trough. Overall, fluctuations suggest sensitivity to market conditions or internal company performance, with a recovery trend in the latter periods.
- Operating Profit per Share (OPPS)
- Operating profit per share demonstrated a steady upward trend, rising from 7.94 US$ in March 2021 to a peak of 12.11 US$ in June 2025. This consistent increase indicates improving operational efficiency or growth in profit-generating capacity over time. The growth in OPPS shows resilience even when share prices declined temporarily, pointing to robust underlying profitability.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio declined markedly from 28.28 in March 2021 to a low of 15.87 in September 2023, reflecting a period where share prices fell faster than operating profits increased. This decline suggests that the market was pricing the stock more conservatively relative to operating profit during this time. Following this, the ratio gradually increased to a value of approximately 18.54 by September 2025, indicating a partial normalization of market valuation relative to operating profits.
- Overall Insights
- The combination of rising operating profits per share and fluctuating share prices resulted in variability in valuation multiples over time. The downward trend in stock price until late 2023, juxtaposed with improving profitability, may have presented value opportunities. The subsequent recovery in share price and modest rise in the P/OP ratio suggest renewed market confidence or improved external conditions. Thus, the data portrays a company strengthening its profit base while experiencing phases of market repricing.
Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations over the observed periods. Initially, it declined from a high of 229.32 US$ in mid-2021 to a low near 176.06 US$ in the third quarter of 2023. Following this trough, the share price demonstrated a recovery trend, climbing back above 220 US$ in mid-2025. This pattern indicates periods of volatility with a general recovery towards the end of the timeline.
- Sales per Share Trend
- Sales per share showed a consistent upward trajectory throughout the timeframe. Beginning at 46.98 US$ in the first quarter of 2021, it steadily increased each quarter, reaching 64.06 US$ in the third quarter of 2025. This continuous growth suggests improving sales performance on a per-share basis without significant disruptions.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio experienced a gradual decline from 4.78 at the start of the period to a low around 3.19 in late 2023, followed by relative stability and slight fluctuations thereafter. Despite growing sales per share, the declining and then stabilizing P/S ratio implies that the market price did not increase proportionally with sales, reflecting possible investor caution or revaluation of the company's multiples.
- Overall Observations
- The combined analysis highlights a scenario where fundamental sales performance improved steadily, yet the market valuation, as depicted by share price and P/S ratio, exhibited volatility and periods of decline. The recovery in share price in later periods, alongside a stable P/S ratio, may signal renewed investor confidence or improved market conditions. The disconnection between rising sales and fluctuating share prices suggests factors beyond sales growth influenced market valuation during the examined quarters.
Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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. | |||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 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 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the indicated periods reveals several notable trends concerning the company's share price, book value per share (BVPS), and price-to-book value (P/BV) ratio.
- Share Price
- The share price exhibits fluctuations throughout the observed quarters. Initially, the price decreased from $224.50 to $186.99 between March 2021 and December 2021. Following that decline, it moderately recovered and oscillated around the $190-$200 range until mid-2023. After a dip to $176.06 in September 2023, the price rebounded again, reaching a peak of $224.48 by June 2025 before slightly declining to $220.67 at the end of the observation period. The trend suggests a period of volatility with a recent upward momentum towards the later quarters.
- Book Value Per Share (BVPS)
- BVPS remained relatively stable with minor fluctuations across the quarters. Starting at $25.90 in March 2021, it generally hovered between approximately $24.31 and $28.65 throughout the entire period. Notable is a dip around December 2022 and December 2023, after which BVPS recovered and even showed an increasing trend peaking at $28.65 in December 2024. However, towards the last quarters, it showed some decline but remained above $25 by June 2025. This indicates steady underlying equity value per share with mild volatility.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio mirrors the share price fluctuations, showing volatility but generally remaining in a range between 6.74 and 8.86 over the observed periods. Initially high above 8.5, the ratio dropped to a low near 6.74 in September 2023, reflecting potential undervaluation or decreased market confidence relative to book value at that time. Subsequently, the ratio increased again, reaching a high of 8.86 by June 2025 before slightly decreasing. This pattern indicates changing investor sentiment and valuation relative to the company's book value, correlating with the share price changes noted earlier.
In summary, the company’s market valuation exhibits volatility with an overall flattening and slight recovery trend in share prices. The consistent BVPS suggests stable book equity underpinning the shares, while the P/BV ratio fluctuation reflects varying market perceptions and investor confidence through the period. These observations suggest a stable fundamental position tempered by external market or operational factors impacting share price movements.