Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Honeywell International Inc., liquidity ratios (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).
An analysis of liquidity trends from March 31, 2022, to September 30, 2026, reveals a period of general stability punctuated by a significant liquidity surge in early 2024, followed by a gradual decline that culminates in a breach of the 1.0 threshold for the current ratio by the end of the observed period.
- Current Ratio Trends
- The current ratio remained relatively stable between 1.20 and 1.41 for most of the 2022 and 2023 periods. A notable peak occurred on March 31, 2024, reaching 1.66, the highest value in the series. Following this peak, the ratio fluctuated between 1.21 and 1.44 through 2025. However, a downward trajectory is evident in 2026, with the ratio falling to 0.96 by September 30, 2026, indicating that current liabilities exceeded current assets for the first time in the analyzed timeframe.
- Quick Ratio Trends
- The quick ratio closely mirrored the movements of the current ratio, typically fluctuating between 0.82 and 0.98. A significant spike was recorded on March 31, 2024, where the ratio reached 1.18, suggesting a temporary increase in highly liquid assets. From mid-2024 through 2025, the ratio largely remained within the 0.83 to 0.98 range. A decline is observed in 2026, with the ratio settling at 0.76 for both June and September, reflecting a reduced capacity to meet short-term obligations without relying on inventory liquidation.
- Cash Ratio Trends
- The cash ratio exhibited the least volatility but followed the same general pattern as the other liquidity metrics. Values typically ranged from 0.40 to 0.59. Similar to the other ratios, a peak was reached on March 31, 2024, at 0.73. While the ratio remained resilient throughout 2025, staying above 0.46, a decrease to 0.40 and 0.41 occurred in the second and third quarters of 2026, respectively.
Overall, the liquidity profile demonstrates a consistent reliance on inventory, as evidenced by the persistent gap between the current and quick ratios. While the organization maintained a healthy liquidity cushion for the majority of the period, the convergence of all three ratios toward their lowest levels in late 2026 suggests a tightening of short-term financial flexibility.
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Current Ratio
Honeywell International Inc., current ratio 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 14,316) | 28,079) | 30,590) | 30,387) | 30,747) | 27,967) | 27,645) | 27,908) | 28,164) | 25,369) | 27,434) | 23,502) | 23,320) | 24,183) | 22,510) | 24,982) | 22,525) | 23,847) | 24,281) | ||||||
| Current liabilities | 14,911) | 23,194) | 22,085) | 23,414) | 22,639) | 21,619) | 22,071) | 21,256) | 19,534) | 21,044) | 16,488) | 18,539) | 17,227) | 17,174) | 17,896) | 19,938) | 18,109) | 19,947) | 20,027) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.96 | 1.21 | 1.39 | 1.30 | 1.36 | 1.29 | 1.25 | 1.31 | 1.44 | 1.21 | 1.66 | 1.27 | 1.35 | 1.41 | 1.26 | 1.25 | 1.24 | 1.20 | 1.21 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 1.13 | 1.14 | 1.18 | 1.19 | 1.18 | 1.23 | 1.23 | 1.32 | 1.12 | 1.18 | 1.14 | 1.14 | 1.15 | 1.17 | 1.16 | 1.22 | 1.22 | 1.25 | 1.30 | ||||||
| Caterpillar Inc. | — | 1.37 | 1.35 | 1.44 | 1.38 | 1.34 | 1.32 | 1.42 | 1.40 | 1.28 | 1.35 | 1.35 | 1.45 | 1.33 | 1.43 | 1.39 | 1.41 | 1.45 | 1.44 | ||||||
| Eaton Corp. plc | — | 1.24 | 1.19 | 1.32 | 1.28 | 1.24 | 1.31 | 1.50 | 1.53 | 1.56 | 1.56 | 1.51 | 1.45 | 1.53 | 1.50 | 1.38 | 1.28 | 0.97 | 0.99 | ||||||
| GE Aerospace | 0.98 | 0.98 | 1.01 | 1.04 | 1.08 | 1.04 | 1.08 | 1.09 | 1.13 | 1.14 | 1.17 | 1.18 | 1.17 | 1.25 | 1.25 | 1.16 | 1.10 | 1.13 | 1.19 | ||||||
| Lockheed Martin Corp. | 1.26 | 1.19 | 1.14 | 1.09 | 1.13 | 0.98 | 1.08 | 1.13 | 1.30 | 1.24 | 1.30 | 1.21 | 1.36 | 1.36 | 1.30 | 1.32 | 1.28 | 1.27 | 1.27 | ||||||
| RTX Corp. | 1.05 | 1.01 | 1.02 | 1.03 | 1.07 | 1.01 | 1.01 | 0.99 | 0.99 | 0.99 | 1.07 | 1.04 | 1.03 | 1.10 | 1.13 | 1.09 | 1.09 | 1.10 | 1.16 | ||||||
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 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 14,316 ÷ 14,911 = 0.96
2 Click competitor name to see calculations.
The liquidity position of the organization remained generally stable between March 2022 and June 2026, characterized by a current ratio that consistently exceeded 1.0. This indicates a sustained ability to cover short-term obligations with short-term assets throughout the majority of the analyzed period.
- Current Ratio Volatility and Peaks
- The current ratio exhibited moderate fluctuations, starting at 1.21 in March 2022 and reaching a peak of 1.66 in March 2024. A secondary peak was observed in June 2023 at 1.41. Following the March 2024 high, the ratio experienced a correction, returning to a range between 1.21 and 1.44 for the subsequent quarters.
- Asset and Liability Correlation
- Current assets generally trended upward from approximately 24 billion USD in early 2022 to a peak of over 30 billion USD by September 2025. Current liabilities followed a similar, though less aggressive, upward trajectory, moving from roughly 20 billion USD to a peak of approximately 23 billion USD by December 2025. The proportional growth of assets relative to liabilities contributed to the overall maintenance of a healthy liquidity buffer.
- Recent Liquidity Contraction
- A significant shift occurred in the final reported quarter ending September 30, 2026. Current assets declined sharply to 14.3 billion USD, and current liabilities decreased to 14.9 billion USD. This simultaneous reduction resulted in the current ratio falling to 0.96, marking the first instance in the period where short-term liabilities exceeded short-term assets.
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Quick Ratio
Honeywell International Inc., quick ratio 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 5,694) | 8,751) | 11,977) | 12,487) | 12,930) | 10,349) | 9,657) | 10,567) | 10,644) | 9,576) | 11,756) | 7,925) | 7,770) | 8,626) | 6,869) | 9,627) | 7,449) | 8,248) | 9,281) | ||||||
| Short-term investments | 492) | 445) | 413) | 443) | 429) | 328) | 402) | 386) | 275) | 231) | 249) | 170) | 164) | 143) | 371) | 483) | 516) | 411) | 493) | ||||||
| Accounts receivable, less allowances | 5,086) | 8,337) | 8,062) | 7,621) | 8,923) | 8,823) | 8,251) | 7,819) | 7,884) | 7,759) | 7,476) | 7,530) | 7,833) | 7,994) | 7,862) | 7,440) | 7,363) | 7,738) | 7,119) | ||||||
| Total quick assets | 11,272) | 17,533) | 20,452) | 20,551) | 22,282) | 19,500) | 18,310) | 18,772) | 18,803) | 17,566) | 19,481) | 15,625) | 15,767) | 16,763) | 15,102) | 17,550) | 15,328) | 16,397) | 16,893) | ||||||
| Current liabilities | 14,911) | 23,194) | 22,085) | 23,414) | 22,639) | 21,619) | 22,071) | 21,256) | 19,534) | 21,044) | 16,488) | 18,539) | 17,227) | 17,174) | 17,896) | 19,938) | 18,109) | 19,947) | 20,027) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.76 | 0.76 | 0.93 | 0.88 | 0.98 | 0.90 | 0.83 | 0.88 | 0.96 | 0.83 | 1.18 | 0.84 | 0.92 | 0.98 | 0.84 | 0.88 | 0.85 | 0.82 | 0.84 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.31 | 0.30 | 0.32 | 0.38 | 0.34 | 0.34 | 0.35 | 0.39 | 0.24 | 0.26 | 0.22 | 0.28 | 0.28 | 0.28 | 0.29 | 0.32 | 0.29 | 0.28 | 0.29 | ||||||
| Caterpillar Inc. | — | 0.77 | 0.72 | 0.86 | 0.78 | 0.72 | 0.69 | 0.80 | 0.76 | 0.69 | 0.73 | 0.74 | 0.76 | 0.74 | 0.79 | 0.79 | 0.78 | 0.81 | 0.84 | ||||||
| Eaton Corp. plc | — | 0.62 | 0.61 | 0.66 | 0.65 | 0.63 | 0.74 | 0.85 | 0.87 | 0.94 | 0.93 | 0.91 | 0.84 | 0.85 | 0.78 | 0.73 | 0.65 | 0.50 | 0.51 | ||||||
| GE Aerospace | 0.62 | 0.62 | 0.67 | 0.71 | 0.73 | 0.70 | 0.74 | 0.78 | 0.81 | 0.81 | 0.76 | 0.78 | 0.76 | 0.84 | 0.86 | 0.81 | 0.73 | 0.75 | 0.82 | ||||||
| Lockheed Martin Corp. | 1.06 | 0.97 | 0.91 | 0.90 | 0.93 | 0.80 | 0.87 | 0.92 | 1.10 | 1.05 | 1.08 | 0.99 | 1.14 | 1.14 | 1.07 | 1.09 | 1.06 | 1.03 | 1.03 | ||||||
| RTX Corp. | 0.67 | 0.65 | 0.65 | 0.67 | 0.67 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.63 | 0.63 | 0.68 | 0.71 | 0.69 | 0.70 | 0.71 | 0.76 | ||||||
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 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 11,272 ÷ 14,911 = 0.76
2 Click competitor name to see calculations.
The liquidity profile exhibits a period of moderate volatility, with the quick ratio generally remaining below 1.0 for the majority of the analyzed timeframe. This indicates a recurring trend where liquid assets are insufficient to cover all current liabilities immediately, though a temporary peak in liquidity was achieved in early 2024.
- Quick Ratio Performance
- The quick ratio fluctuated between a low of 0.76 and a high of 1.18. From March 2022 through December 2023, the ratio remained relatively stable, oscillating between 0.82 and 0.98. A significant improvement occurred in March 2024, where the ratio reached 1.18, signaling a period of strong short-term solvency. However, this was followed by a return to sub-1.0 levels, with a final decline to 0.76 by September 2026.
- Quick Asset Trends
- Total quick assets demonstrated a general upward trajectory for several years, increasing from 16,893 million USD in March 2022 to a peak of 22,282 million USD in September 2025. This growth phase was interrupted in the final quarter ending September 30, 2026, which saw a sharp contraction in quick assets to 11,272 million USD.
- Current Liabilities Analysis
- Current liabilities showed consistent fluctuation, primarily ranging between 16,488 million USD and 23,414 million USD. The highest liability level was recorded in December 2025. Similar to the asset trend, there was a notable reduction in liabilities in the final reported period, dropping to 14,911 million USD by September 30, 2026.
- Liquidity Correlation and Observations
- The peak liquidity observed in March 2024 was driven by a simultaneous increase in quick assets (19,481 million USD) and a reduction in current liabilities (16,488 million USD). In contrast, the deterioration of the quick ratio to 0.76 in the final two quarters suggests that while liabilities were reduced in September 2026, the reduction in quick assets was more aggressive, thereby weakening the overall liquidity position.
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Cash Ratio
Honeywell International Inc., cash ratio 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 5,694) | 8,751) | 11,977) | 12,487) | 12,930) | 10,349) | 9,657) | 10,567) | 10,644) | 9,576) | 11,756) | 7,925) | 7,770) | 8,626) | 6,869) | 9,627) | 7,449) | 8,248) | 9,281) | ||||||
| Short-term investments | 492) | 445) | 413) | 443) | 429) | 328) | 402) | 386) | 275) | 231) | 249) | 170) | 164) | 143) | 371) | 483) | 516) | 411) | 493) | ||||||
| Total cash assets | 6,186) | 9,196) | 12,390) | 12,930) | 13,359) | 10,677) | 10,059) | 10,953) | 10,919) | 9,807) | 12,005) | 8,095) | 7,934) | 8,769) | 7,240) | 10,110) | 7,965) | 8,659) | 9,774) | ||||||
| Current liabilities | 14,911) | 23,194) | 22,085) | 23,414) | 22,639) | 21,619) | 22,071) | 21,256) | 19,534) | 21,044) | 16,488) | 18,539) | 17,227) | 17,174) | 17,896) | 19,938) | 18,109) | 19,947) | 20,027) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.41 | 0.40 | 0.56 | 0.55 | 0.59 | 0.49 | 0.46 | 0.52 | 0.56 | 0.47 | 0.73 | 0.44 | 0.46 | 0.51 | 0.40 | 0.51 | 0.44 | 0.43 | 0.49 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.18 | 0.18 | 0.20 | 0.27 | 0.22 | 0.22 | 0.23 | 0.27 | 0.11 | 0.13 | 0.08 | 0.17 | 0.14 | 0.15 | 0.16 | 0.19 | 0.16 | 0.14 | 0.15 | ||||||
| Caterpillar Inc. | — | 0.17 | 0.11 | 0.27 | 0.21 | 0.16 | 0.11 | 0.21 | 0.17 | 0.13 | 0.15 | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | ||||||
| Eaton Corp. plc | — | 0.06 | 0.06 | 0.09 | 0.06 | 0.06 | 0.20 | 0.26 | 0.25 | 0.34 | 0.32 | 0.34 | 0.25 | 0.20 | 0.09 | 0.09 | 0.08 | 0.07 | 0.06 | ||||||
| GE Aerospace | 0.21 | 0.23 | 0.27 | 0.32 | 0.36 | 0.33 | 0.38 | 0.42 | 0.47 | 0.47 | 0.43 | 0.45 | 0.42 | 0.49 | 0.52 | 0.44 | 0.35 | 0.37 | 0.44 | ||||||
| Lockheed Martin Corp. | 0.24 | 0.16 | 0.09 | 0.18 | 0.15 | 0.05 | 0.09 | 0.13 | 0.18 | 0.14 | 0.16 | 0.09 | 0.21 | 0.21 | 0.14 | 0.16 | 0.15 | 0.11 | 0.12 | ||||||
| RTX Corp. | 0.15 | 0.13 | 0.12 | 0.13 | 0.11 | 0.09 | 0.10 | 0.11 | 0.13 | 0.12 | 0.12 | 0.14 | 0.12 | 0.13 | 0.15 | 0.16 | 0.14 | 0.13 | 0.17 | ||||||
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 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 6,186 ÷ 14,911 = 0.41
2 Click competitor name to see calculations.
The liquidity position of the entity, as measured by the cash ratio, exhibited moderate volatility over the period from March 31, 2022, to September 30, 2026. The ratio generally fluctuated within a range of 0.40 to 0.73, indicating that the organization consistently maintained less than one dollar of cash assets for every dollar of current liabilities.
- Historical Trend and Stability
- From early 2022 through late 2023, the cash ratio remained relatively stable, typically oscillating between 0.40 and 0.51. During this interval, total cash assets varied between 7.2 billion and 10.1 billion USD, while current liabilities remained largely consistent, averaging approximately 18 to 20 billion USD.
- Liquidity Expansion Phase
- A significant increase in liquidity was observed starting in March 2024, where the cash ratio reached a peak of 0.73. This spike was driven by a substantial increase in total cash assets to 12.0 billion USD against a reduction in current liabilities to 16.5 billion USD. Throughout 2024 and 2025, the ratio remained elevated compared to the 2022-2023 baseline, frequently staying above 0.50 and reaching 0.59 in September 2025.
- Recent Liquidity Contraction
- A downward trend emerged in 2026. Despite a decrease in current liabilities to 14.9 billion USD by September 30, 2026, a more pronounced decline in total cash assets—which dropped to 6.2 billion USD—resulted in the cash ratio falling back to 0.41. This suggests a strategic reduction in cash holdings or an increase in cash outflows toward the end of the analyzed period.
Overall, while there was a period of enhanced liquidity between 2024 and 2025, the terminal data points indicate a return to the lower liquidity levels observed at the start of the analysis period.
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