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: 2026-09-30), 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 metrics for the period between March 31, 2022, and September 30, 2026, exhibit a period of relative stability followed by a significant peak and a subsequent sharp contraction in the final year of the observed timeline.
- Price to Earnings (P/E) Ratio
- From early 2022 through 2024, the P/E ratio remained largely consistent, oscillating between 21.44 and 26.97. A notable upward trend began in late 2025, with the ratio climbing to 32.62 by December 31, 2025, and peaking at 33.12 on March 31, 2026. This peak was immediately followed by a precipitous decline to 9.50 in June 2026, remaining low at 9.82 by September 30, 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed a gradual downward trajectory from March 2022 (22.09) through March 2024 (17.33). Similar to the P/E ratio, a spike occurred in late 2025, reaching 27.68 in December. After a slight moderation to 25.50 in March 2026, the ratio contracted sharply to 14.95 in June 2026, before ending the period at 15.48.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated the lowest volatility during the first three years, maintaining a narrow range between 3.19 and 3.84. A peak of 4.12 was recorded on December 31, 2025. Following this peak, the ratio experienced a significant correction, dropping to 2.05 by June 30, 2026, and holding steady at 2.06 through September 30, 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited the most extreme fluctuations. After trending between 6.74 and 8.11 from 2022 to 2024, it surged to a maximum of 11.09 in December 2025. This was followed by a severe contraction, falling to 4.21 in June 2026 and continuing to decline to 3.09 by the end of the period in September 2026, representing a value significantly lower than the initial 2022 levels.
The synchronized movements across all four valuation ratios indicate a substantial valuation re-rating. The peak observed between Q4 2025 and Q1 2026 suggests a period of aggressive pricing or reduced fundamentals, followed by a corrective phase in Q2 2026 that resulted in a much lower valuation baseline across all metrics.
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Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | 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 | 317,358,518 | 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) | 664) | 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 | 22.22 | 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 | 218.31 | 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 | 9.82 | 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. | 18.23 | 83.79 | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 36.92 | 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 | 34.04 | 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. | 20.92 | 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. | 31.05 | 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: 2026-09-30), 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 Q3 2026 Calculation
EPS
= (Net income attributable to Honeywell TechnologiesQ3 2026
+ Net income attributable to Honeywell TechnologiesQ2 2026
+ Net income attributable to Honeywell TechnologiesQ1 2026
+ Net income attributable to Honeywell TechnologiesQ4 2025)
÷ No. shares of common stock outstanding
= (664,000,000 + 5,682,000,000 + 821,000,000 + -115,000,000)
÷ 317,358,518 = 22.22
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 218.31 ÷ 22.22 = 9.82
5 Click competitor name to see calculations.
The valuation metrics exhibit three distinct phases: a period of relative stability, a sharp spike in valuation multiples, and a subsequent dramatic contraction in the price-to-earnings (P/E) ratio.
- P/E Ratio Trends
- From March 2022 through December 2024, the P/E ratio remained relatively range-bound, fluctuating between a minimum of 21.44 and a maximum of 26.97. This suggests a period of consistent market valuation relative to earnings. A significant upward shift occurred in the latter half of 2025 and the first quarter of 2026, where the ratio peaked at 33.12. This trend reversed abruptly in the second quarter of 2026, with the ratio collapsing to 9.50 and ending the period at 9.82.
- Earnings Per Share (EPS) Performance
- EPS demonstrated a general upward trajectory for the majority of the analyzed period, growing from $15.42 in March 2022 to a peak of $19.31 in June 2025. A notable decline in earnings was observed between December 2025 and March 2026, where EPS dropped to $12.94. However, a substantial recovery followed in mid-2026, with EPS surging to $25.91 before settling at $22.22 by September 2026.
- Share Price and Valuation Correlation
- The share price remained largely stable between $350 and $450 from 2022 until late 2025, reaching an all-time high of $485.30 in December 2025. The peak P/E ratios observed in early 2026 were the result of this high share price coinciding with the aforementioned dip in EPS. The most drastic valuation shift occurred in the second quarter of 2026, when a sharp decline in share price to $246.27 occurred simultaneously with a spike in EPS. This inverse movement led to the significant compression of the P/E ratio into single digits.
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Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 317,358,518 | 316,940,010 | 316,826,560 | 317,837,851 | 317,443,604 | 317,448,281 | 321,341,455 | 324,959,276 | 325,123,690 | 324,835,600 | 325,592,757 | 326,090,906 | 329,625,322 | 331,980,717 | 332,838,375 | 334,070,126 | 336,161,116 | 336,846,159 | 340,366,465 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | 740) | 1,737) | 1,474) | 525) | 1,484) | 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 | 14.10 | 16.47 | 16.81 | 17.53 | 21.40 | 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 | 218.31 | 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 | 15.48 | 14.95 | 25.50 | 27.68 | 20.62 | 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. | 13.69 | 38.07 | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 30.58 | 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 | 25.30 | 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. | 14.63 | 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. | 23.09 | 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: 2026-09-30), 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 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (740,000,000 + 1,737,000,000 + 1,474,000,000 + 525,000,000)
÷ 317,358,518 = 14.10
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 218.31 ÷ 14.10 = 15.48
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through September 2026 reveals a period of steady operational growth followed by significant volatility in both market valuation and profitability. The relationship between share price and operating profit per share shows a clear transition from fundamental-driven valuation to a period of speculative expansion and a subsequent sharp correction.
- Share Price Dynamics
- The share price maintained a general upward trend for the majority of the observed period, rising from 387.02 in March 2022 to a peak of 485.30 in December 2025. This growth phase was characterized by relative stability until a precipitous decline occurred in 2026, with the price falling to 218.31 by September 2026.
- Operating Profit per Share (OPPS) Trends
- Operating profit per share exhibited consistent growth during the first two years, increasing from 17.52 in March 2022 to a peak of 22.90 in December 2023. After a period of plateauing throughout 2024, the metric entered a steady decline starting in 2025, eventually dropping to 14.10 by September 2026, marking a significant reduction in operational efficiency per share.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio underwent several distinct phases. An initial compression is observed from March 2022 (22.09) to September 2023 (15.87), suggesting that operating profit growth outpaced share price increases. The ratio remained relatively stable between 17.33 and 20.62 through 2024 and mid-2025. A sharp spike to 27.68 occurred in December 2025, driven by a surge in share price despite falling operating profits. The period concluded with a return to a lower multiple of 15.48 in September 2026.
- Valuation Correlation and Insights
- A notable divergence between market price and operational performance is evident in late 2025, where the P/OP ratio peaked exactly as operating profits began to weaken. This indicates a period of overvaluation relative to operating performance. The subsequent collapse in both the share price and the P/OP ratio in 2026 suggests a comprehensive market correction aligning the stock price with the deteriorating operating profit per share.
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Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | 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 | 317,358,518 | 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) | 4,994) | 9,719) | 9,143) | 9,758) | 9,437) | 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 | 105.92 | 120.08 | 118.87 | 117.80 | 118.99 | 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 | 218.31 | 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 | 2.06 | 2.05 | 3.61 | 4.12 | 3.71 | 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. | 1.40 | 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. | — | 5.64 | 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 | 6.27 | 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. | 1.72 | 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. | 2.72 | 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: 2026-09-30), 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 Q3 2026 Calculation
Sales per share
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ No. shares of common stock outstanding
= (4,994,000,000 + 9,719,000,000 + 9,143,000,000 + 9,758,000,000)
÷ 317,358,518 = 105.92
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 218.31 ÷ 105.92 = 2.06
5 Click competitor name to see calculations.
The valuation metrics exhibit a period of relative stability and gradual growth from March 2022 through early 2026, followed by a significant correction in the second and third quarters of 2026. Throughout the majority of the analyzed timeframe, the relationship between equity pricing and revenue generation remained consistent, indicating a stable market perception of the company's revenue quality.
- Share Price Trends
- The share price demonstrated a general upward trajectory from March 2022, rising from 387.02 US$ to a peak of 485.30 US$ in December 2025. This period of growth was characterized by moderate volatility. However, a sharp decline began in the first quarter of 2026, with the price falling to 428.68 US$ in March, then plummeting to 246.27 US$ in June and further decreasing to 218.31 US$ by September 30, 2026.
- Sales per Share Performance
- Revenue efficiency, measured as sales per share, showed consistent quarterly growth for nearly the entire period. Starting at 100.81 US$ in March 2022, the figure climbed steadily to a peak of 120.08 US$ in June 2026. This sustained increase indicates organic growth in revenue or a reduction in share count. A notable contraction occurred in the final reported quarter, with sales per share dropping to 105.92 US$ in September 2026.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio remained within a tight range between 3.19 and 4.12 from March 2022 to March 2026, suggesting a stable valuation multiple relative to sales. The ratio peaked at 4.12 in December 2025, coinciding with the peak share price. A dramatic compression of the multiple occurred in mid-2026, with the ratio falling to 2.05 in June and remaining at 2.06 in September. This sharp decrease indicates a significant devaluation of each dollar of sales by the market, occurring independently of the revenue trend until the final quarter.
The divergence between the steady growth in sales per share and the precipitous drop in share price during 2026 resulted in a substantial contraction of the P/S ratio. This pattern suggests that the decline in valuation was driven primarily by a shift in market sentiment or external valuation pressures rather than a failure in revenue generation, although the final dip in sales per share in September 2026 aligns with the continued downward pressure on the stock price.
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Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | 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 | 317,358,518 | 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) | 22,417) | 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 | 70.64 | 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 | 218.31 | 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 | 3.09 | 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. | 20.36 | 28.71 | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 20.65 | 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 | 17.68 | 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. | 13.54 | 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. | 3.77 | 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: 2026-09-30), 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 Q3 2026 Calculation
BVPS = Total Honeywell Technologies shareowners’ equity ÷ No. shares of common stock outstanding
= 22,417,000,000 ÷ 317,358,518 = 70.64
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 218.31 ÷ 70.64 = 3.09
5 Click competitor name to see calculations.
The analysis of the valuation ratios from March 2022 through September 2026 reveals three distinct phases: a period of relative stability, a peak in valuation multiples, and a significant contraction in the Price to Book Value (P/BV) ratio.
- Price to Book Value (P/BV) Trend
- Between March 2022 and December 2024, the P/BV ratio remained moderately stable, generally fluctuating between 6.74 and 8.11. This indicates a consistent market premium over the accounting book value. A notable expansion occurred throughout 2025, with the ratio reaching a peak of 11.09 in December 2025. However, 2026 witnessed a sharp reversal, as the ratio plummeted to 4.21 in June and further declined to 3.09 by September 2026, marking the lowest valuation multiple in the analyzed period.
- Share Price Volatility
- The share price exhibited a gradual upward trajectory from March 2022 ($387.02), peaking at $485.30 in December 2025. Following this peak, a steep decline is observed in the first half of 2026, with the price falling to $246.27 by June and ending the period at $218.31 in September 2026. This price collapse is the primary driver behind the compression of the P/BV ratio in the final quarters.
- Book Value per Share (BVPS) Dynamics
- BVPS remained relatively range-bound between $48.62 and $57.30 from March 2022 through March 2025. A decline in book value was noted toward the end of 2025, reaching a low of $42.89 by March 2026. Conversely, the final two quarters of the period show a substantial increase in BVPS, rising to $58.49 in June 2026 and $70.64 in September 2026. This increase in the underlying book value, coupled with the falling share price, accelerated the decline of the P/BV ratio.
- Valuation Synthesis
- The divergence between share price and book value peaked in late 2025, suggesting a period of high market optimism or asset depreciation. The subsequent correction in 2026 represents a fundamental shift, where the market valuation moved closer to the tangible book value, resulting in a significantly lower P/BV multiple.
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