Common Stock Valuation Ratios (Price Multiples)
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 Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Current Valuation Ratios
Honeywell International Inc., current price multiples
| Honeywell International Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Lockheed Martin Corp. | RTX Corp. | Capital Goods | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||
| Current share price (P) | ||||||||||||
| No. shares of common stock outstanding | ||||||||||||
| Growth rate (g) | ||||||||||||
| Earnings per share (EPS) | ||||||||||||
| Next year expected EPS | ||||||||||||
| Operating profit per share | ||||||||||||
| Sales per share | ||||||||||||
| Book value per share (BVPS) | ||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||
| Price to earnings (P/E) | ||||||||||||
| Price to next year expected earnings | ||||||||||||
| Price-earnings-growth (PEG) | ||||||||||||
| Price to operating profit (P/OP) | ||||||||||||
| Price to sales (P/S) | ||||||||||||
| Price to book value (P/BV) | ||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a decreasing trend from 29.63 in 2020 to 23.14 in 2021, indicating a reduction in market valuation relative to earnings. There is a slight rebound to 26.97 in 2022, followed by a decline to 22.73 in 2023, and a marginal increase to 23.1 in 2024. Overall, the ratio exhibits some volatility but remains below the initial 2020 level, suggesting a more conservative valuation compared to earlier periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio consistently decreases over the five-year span, falling from 24.86 in 2020 to 17.71 in 2024. This steady decline indicates that the market price is becoming cheaper relative to operating profit. This may reflect improved operational efficiency, greater profitability, or a market reassessment of future growth prospects emphasizing operating earnings.
- Price to Sales (P/S) Ratio
- The P/S ratio declines gradually from 4.34 in 2020 to 3.42 in 2024, with minor fluctuations in the intermediate years. This consistent downward movement suggests a reduced market valuation per unit of revenue, which could imply either slower revenue growth relative to market expectations or increased caution by investors about sales quality or margin sustainability.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio decreases from 8.07 in 2020 to 6.91 in 2021, rises again to 8.11 in 2023, and then drops to 7.08 in 2024. This pattern indicates some variability in how the market values the company’s net assets over time. Despite fluctuations, the overall trend is a moderate decline compared to the initial period, possibly reflecting changes in asset composition, profitability, or investor confidence in the underlying book value.
Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 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. | ||||||
| P/E Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/E Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income attributable to Honeywell ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited moderate fluctuations over the five-year period. Starting at $203.57 at the end of 2020, it declined to $186.99 in 2021 before recovering somewhat to $200.47 in 2022. The price then slightly decreased to $197.17 in 2023 and increased again to $202.75 in 2024, showing relative stability around the $200 mark across the timeframe.
- Earnings Per Share (EPS)
- EPS demonstrated a general upward trend across the years, with a few variations. It increased notably from $6.87 in 2020 to $8.08 in 2021, then dipped to $7.43 in 2022. Following that, the EPS rose again to $8.68 in 2023 and marginally increased further to $8.78 in 2024, indicating improved profitability over the period despite the temporary decline in 2022.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio fluctuated notably during the period observed. It began at 29.63 in 2020, decreased significantly to 23.14 in 2021, rose again to 26.97 in 2022, before falling to 22.73 in 2023 and slightly increasing to 23.10 in 2024. These changes suggest variations in market valuation relative to earnings, with the highest valuation in 2020 and a general decline afterwards, reflecting either changes in market sentiment or adjustments related to earnings growth.
Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/OP Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the annual financial data reveals several noteworthy trends in key performance metrics.
- Share Price (US$)
- The share price exhibited some fluctuations over the observed periods. Starting at $203.57 in 2020, it declined to $186.99 in 2021, indicating a decrease of approximately 8%. The price recovered modestly in 2022 to $200.47, followed by a slight decline to $197.17 in 2023. By 2024, there was a modest rebound to $202.75. Overall, the share price demonstrated relative stability with minor volatility, ending close to the 2020 level.
- Operating Profit per Share (US$)
- Operating profit per share showed consistent growth throughout the period. It increased from $8.19 in 2020 to $9.04 in 2021, and then further rose to $9.62 in 2022. The upward trend continued with a notable increase to $10.86 in 2023 and reached $11.45 in 2024. This steady rise reflects improving operational profitability on a per-share basis.
- Price to Operating Profit Ratio (P/OP, ratio)
- The P/OP ratio demonstrated a declining trend over the years. It decreased from 24.86 in 2020 to 20.68 in 2021, remaining relatively stable at 20.84 in 2022. The ratio then dropped to 18.15 in 2023 and further to 17.71 in 2024. This pattern suggests that the market valuation relative to operating profit has become more conservative, potentially indicating improved operational performance or a market reassessment of the company's earnings quality.
In summary, while the share price experienced mild fluctuations and remained near the original level by 2024, operating profit per share steadily increased, reflecting enhanced earnings capacity. Concurrently, the P/OP ratio declined, indicating that the market is assigning a lower price multiple to the improved operating earnings, which may imply a more cautious investor outlook or recognition of sustainable profitability gains.
Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/S Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/S Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period reveals several notable trends in the key performance metrics.
- Share Price
- The share price exhibited some volatility, with an initial decline from 203.57 USD in 2020 to 186.99 USD in 2021. Following this dip, the price recovered moderately to 200.47 USD in 2022 but faced a slight decrease again in 2023 to 197.17 USD before rising to 202.75 USD in 2024. Overall, the share price ended the period slightly below the starting point, indicating relatively stable but fluctuating market valuation.
- Sales Per Share
- Sales per share demonstrated a consistent and steady increase throughout the five years. Starting at 46.93 USD in 2020, sales per share grew each year, reaching 59.24 USD by 2024. This continuous upward trajectory suggests effective revenue growth on a per-share basis, reflecting enhanced sales performance or operational scale.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed a declining trend over the period, moving from 4.34 in 2020 down to 3.42 in 2024. This indicates that the market valuation relative to sales per share is decreasing, implying either a shift in market sentiment, valuation adjustments, or that sales growth is outpacing the share price appreciation. The reduction in the P/S ratio combined with increasing sales per share could suggest improving operational value but with a more cautious or repricing market perspective.
In summary, the data points to progressive sales growth accompanied by stable yet somewhat fluctuating share prices, leading to a gradual decrease in the P/S ratio. This reflects a scenario where fundamental sales strength is clear, but market valuation metrics moderate over time.
Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/BV Ratio, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Total Honeywell shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited some fluctuations over the five-year period. Initially, there was a decline from $203.57 in 2020 to $186.99 in 2021. This was followed by a recovery in 2022, reaching $200.47, and a slight decrease in 2023 to $197.17. By the end of 2024, the share price increased again to $202.75, showing a generally stable level around the $200 mark despite short-term volatility.
- Book Value Per Share (BVPS) Dynamics
- Book value per share demonstrated moderate variability. It increased from $25.23 in 2020 to $27.08 in 2021, then decreased steadily in the subsequent two years to a low of $24.31 in 2023. However, the book value rebounded significantly in 2024, reaching $28.65, the highest value in the period under review. This pattern suggests fluctuations in the company’s net asset base relative to the number of shares outstanding.
- Price-to-Book Value (P/BV) Ratio Analysis
- The price-to-book value ratio showed an inverse relationship to the book value per share changes, reflecting movements in the share price relative to tangible net worth. The ratio dropped from 8.07 in 2020 to 6.91 in 2021, indicating a relative dip in market valuation compared to book value. It then increased sharply to 8.02 in 2022 and further to 8.11 in 2023, signaling a higher market premium on book value during those years. In 2024, the ratio declined to 7.08, aligning with the increasing book value and relatively stable share price. Overall, the P/BV ratio remained elevated, above 6.9 throughout, which may indicate a consistently high market confidence or premium valuation relative to net assets.