Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Honeywell International Inc., common-size consolidated income statement (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).
- Sales Composition
- Product sales as a percentage of net sales showed a gradual decline from 74.5% in March 2020 to 67.65% in March 2025, indicating a decreasing reliance on product revenue. Conversely, service sales increased from 25.5% to 32.35% over the same period, reflecting growth in the service segment and a shift in the sales mix.
- Cost Structure
- The combined cost of products and services sold declined moderately from -65.39% in March 2020 to a low around the 61%-62% range in several quarters, before somewhat fluctuating and settling near -61.46% in March 2025. This trend suggests an overall improvement in cost efficiency in delivering products and services, though some variability remains.
- Specifically, the cost of products sold decreased significantly from over -51% in early 2020 to a low near -43% by early 2025, while the cost of services sold showed a slight increase from around -13.7% to values closer to -18%, implying growing service costs relative to sales.
- Profitability Measures
- Gross profit margin improved notably from about 34.61% in the first quarter of 2020 to peaks above 38% in multiple quarters through 2024, before slight dips down to the mid-30% range near the end of the dataset. This indicates stronger profitability at the gross level aided by better cost control or pricing power.
- Operating income as a percentage of sales experienced some volatility but generally remained robust, ranging from lows near 13.62% to highs above 20%, showing relatively healthy operational performance despite external challenges that occurred periodically.
- Expense Trends
- Selling, general and administrative expenses (SG&A) showed some fluctuations, mostly stable between -14% and -13% of net sales, with occasional spikes near -17%, indicating controlled spending but with occasional periods of increased overhead or investment.
- Research and development expenses, reported starting only from late 2021, generally ranged between -3.78% and -4.47%, representing steady investment in innovation relative to sales.
- Impairment charges appear only after mid-2023, with values ranging from about -1.28% down to near zero by late 2024, indicating some non-recurring asset write-downs concentrated in that period but diminishing thereafter.
- Other Income and Financial Charges
- Other income showed variability with some positive spikes such as over 5% in early 2021 but mostly settled between roughly 2% to 3% of net sales, contributing positively albeit inconsistently to overall earnings.
- Interest and other financial charges increased in magnitude over time, from under -1% early in 2020 to approximately -3% towards the end of 2024, suggesting rising financing costs or debt levels adversely affecting net income.
- Profitability After Taxes
- Income before taxes exhibited fluctuations, with peaks above 22% in 2021 and intermittent declines to around 15%-16% in certain quarters of 2023 and 2024, indicating the impact of operating volatility and other financial factors on pre-tax profitability.
- Tax expense as a percentage of sales varied notably, with sharp decreases below -2% coinciding with some quarters, but generally between -4% and -5%, reflecting typical tax burden fluctuations consistent with earnings volatility.
- Net income margins fluctuated with periods of decline to around 10% in late 2020 and rebounded above 16% in multiple quarters, but showed a slight weakening trend amid the latest quarters, ending near 14.94% in March 2025. This points to sustained profitability with intermittent pressure possibly from operating costs or financial charges.
- Net Income Attributable to the Company
- Net income attributable to the company mirrored overall net income trends, decreasing from 18.68% in the first quarter of 2020 to around 12.74% in early 2024, before recovering towards 14.75% by the first quarter of 2025. The pattern reflects a generally strong earnings base with some cyclical challenges and recovery phases.