Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
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).
The analysis of the liquidity ratios over the presented periods reveals fluctuations and some degree of volatility in the company's short-term financial health indicators.
- Current Ratio
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The current ratio starts at 1.3 and increases to a peak of 1.64 by September 2020, indicating improved coverage of current liabilities with current assets. Subsequently, it declines gradually to around 1.21 by June 2022. From mid-2022 onwards, the ratio exhibits some oscillations, rising to 1.66 in March 2024 but falling again to 1.25 by March 2025. Overall, the current ratio remains above 1 throughout the periods, suggesting the company consistently maintains current assets exceeding current liabilities, albeit with some fluctuations in strength.
- Quick Ratio
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The quick ratio follows a similar initial trend, rising from 0.93 in March 2020 to 1.27 in September 2020. It then declines steadily, reaching a low of 0.82 in June 2022. After this point, the ratio shows intermittent increases, climbing to a high of 1.18 in March 2024 before decreasing again towards 0.83 by the end of the forecasted period. The quick ratio consistently remains below the current ratio and notably below 1 in many periods, indicating that the company’s liquid assets excluding inventory are often less than its current liabilities.
- Cash Ratio
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The cash ratio displays a marked peak early in the timeline, increasing from 0.51 in March 2020 to 0.87 in June and September 2020, then gradually declining to around 0.43 by June 2022. The ratio remains relatively low and volatile thereafter, briefly increasing to 0.73 by March 2024 but descending again to 0.46 by March 2025. This indicates a relatively modest level of cash and cash equivalents available to cover current liabilities, with less stability compared to the other liquidity measures.
In summary, the liquidity ratios demonstrate initial improvement reaching peaks near the third quarter of 2020, followed by general declines and fluctuations in subsequent periods. The current ratio suggests adequate overall short-term liquidity, while the quick and cash ratios imply tighter liquidity conditions when inventory and other less liquid current assets are excluded. The volatility in these ratios over the periods may warrant attention to the management of working capital and cash resources to ensure sustained liquidity.
Current Ratio
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
Boeing Co. | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
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).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several trends concerning liquidity, current assets, current liabilities, and the current ratio over the specified periods.
- Current Assets
- Current assets exhibited fluctuations over the quarters, starting at 22,613 million USD in March 2020 and reaching a peak of 28,321 million USD in June 2020. After this initial increase, current assets generally trended downward until December 2022, with minor recoveries at times, notably in June 2023. From March 2024 onwards, current assets experienced increased volatility but stayed mostly above 25,000 million USD, with a high of 28,164 million USD in September 2024.
- Current Liabilities
- Current liabilities showed a less consistent pattern but similarly fluctuated over the periods. Starting at 17,377 million USD in March 2020, liabilities increased to approximately 19,197 million USD by December 2020. Following this, liabilities oscillated within the 17,000–21,000 million USD range, with some peaks occurring in late 2024 and early 2025, reaching as high as 22,071 million USD in March 2025.
- Current Ratio
- The current ratio, a key liquidity indicator, began at 1.30 in March 2020 and improved significantly to a peak of 1.64 by September 2020, indicating better short-term liquidity during that period. Subsequent quarters saw a decline and relative stabilization between 1.20 to 1.41 until mid-2023. From March 2024, the current ratio showed increased variability, fluctuating between approximately 1.21 and 1.66. The highest current ratio was recorded in June 2024 at 1.66, suggesting improved liquidity, though this was not sustained, as it decreased to 1.25 by March 2025.
- Overall Insights
- The data indicate that while current assets and liabilities have both experienced variability, the current ratio has demonstrated overall resilience, staying above 1.2 across all periods, which suggests that the company maintained its ability to cover short-term obligations consistently. The periods of stronger liquidity in mid-2020 and mid-2024 align with peaks in the current ratio, reflecting more favorable working capital positions during those times. The fluctuations in current liabilities towards the end of the dataset highlight a tendency for increased short-term obligations, which, combined with asset movements, may require ongoing monitoring to ensure liquidity remains adequate.
Quick Ratio
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||
Accounts receivable, less allowances | ||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
Boeing Co. | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
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).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations in the company's liquidity position over the observed periods.
- Total quick assets
- This asset category experienced an initial increase from 16,243 million to a peak around 21,886 million by the third quarter of 2020, followed by a general decline through 2022, dropping as low as approximately 15,328 million in the third quarter of 2022. Subsequently, a recovery phase is evident, with quick assets rising again to a high point near 19,481 million by the second quarter of 2024, before slightly declining to around 18,310 million by the first quarter of 2025.
- Current liabilities
- Current liabilities remained relatively high and volatile throughout the period. Starting at approximately 17,377 million in the first quarter of 2020, they showed an increasing trend with some fluctuations, reaching a significant high near 21,256 million in the fourth quarter of 2024 and further increasing to 22,071 million by the first quarter of 2025.
- Quick ratio
- The quick ratio, indicating short-term liquidity, exhibits variability that roughly mirrors the dynamic between quick assets and current liabilities. It initially improved from 0.93 in early 2020 to a peak of about 1.27 in the third quarter of 2020, signaling a strong liquidity position at that time. However, it subsequently declined below 1.0 for most of the following quarters, reaching lows near 0.82–0.85 throughout 2022, reflecting tighter liquidity conditions. A brief improvement occurred in mid-2023, with the ratio reaching up to 0.98 before fluctuating again. Noteworthy is the spike to 1.18 in the second quarter of 2024, suggesting a temporary strengthening of liquidity, but this was followed by a return to levels under 1.0 toward the end of the observed period.
Overall, the data indicates that while the company experienced periods of strong liquidity in 2020 and mid-2024, the general trend points toward tighter short-term liquidity management challenges, especially from 2021 through early 2023 and again toward the latest quarters in 2024 and 2025. The increase in current liabilities, coupled with the fluctuations in quick assets, underscores the need for careful monitoring of working capital components to maintain adequate liquidity levels.
Cash Ratio
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
Boeing Co. | ||||||||||||||||||||||||||||
Caterpillar Inc. | ||||||||||||||||||||||||||||
Eaton Corp. plc | ||||||||||||||||||||||||||||
GE Aerospace | ||||||||||||||||||||||||||||
Lockheed Martin Corp. | ||||||||||||||||||||||||||||
RTX Corp. |
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).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- Over the observed period, total cash assets exhibit significant fluctuations. Initially, there is a marked increase from approximately 8,791 million US dollars at the end of March 2020 to a peak near 15,127 million by June 2020. Following this peak, a gradual decline ensues, reaching around 7,240 million by March 2023. Subsequently, cash assets tend to stabilize, with some moderate recovery observed in early 2024, peaking again near 12,005 million in March 2024 before settling just above 10,000 million by March 2025. Overall, the trend suggests periods of accumulation followed by drawdowns, possibly reflecting liquidity management in response to operational or market conditions.
- Current Liabilities
- Current liabilities demonstrate a generally increasing trend throughout the period, starting from approximately 17,377 million in March 2020 and progressively rising to exceed 22,000 million by March 2025. The pattern includes some interim volatility, with occasional slight decreases, but the overall direction is upward. This increase in liabilities could indicate a growing short-term debt or obligations, putting pressure on liquidity.
- Cash Ratio
- The cash ratio, which measures the company's ability to cover current liabilities with cash and cash equivalents, runs consistently below 1 throughout the period, indicating that cash alone is insufficient to cover short-term obligations. It starts at 0.51 in March 2020, rises sharply to a high of 0.87 by June and September 2020, then declines steadily to lows around 0.40-0.46 during 2023 and into 2025. Notably, there is a sharp increase again to 0.73 at the end of June 2024, followed by declines back to around mid-0.40s. This trend demonstrates weakening liquidity protection during most of the timeline, with only temporary improvements.
- Insight Summary
- The company shows initial strong liquidity post-March 2020, as reflected by increased cash assets and improved cash ratio. However, the subsequent downward trend in both cash assets and the cash ratio, coupled with rising current liabilities, suggests tightening liquidity conditions. The cash ratio remaining below 1 throughout implies reliance on other current assets or financing methods to meet short-term obligations. Fluctuations in cash assets near 2024 indicate some recovery efforts or changes in cash management strategies, but this is not accompanied by a sustained improvement in liquidity ratios.