Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Honeywell International Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Honeywell	5,658)	4,966)	5,542)	4,779)	6,143)
Add: Net income attributable to noncontrolling interest	14)	1)	68)	86)	87)
Add: Income tax expense	1,487)	1,412)	1,625)	1,147)	1,329)
Earnings before tax (EBT)	7,159)	6,379)	7,235)	6,012)	7,559)
Add: Interest and other financial charges	765)	414)	343)	359)	357)
Earnings before interest and tax (EBIT)	7,924)	6,793)	7,578)	6,371)	7,916)
Add: Depreciation	659)	657)	674)	644)	673)
Add: Amortization	517)	547)	549)	358)	415)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,100)	7,997)	8,801)	7,373)	9,004)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Honeywell International Inc. EBITDA decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Honeywell International Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	139,475)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,100)
Valuation Ratio
EV/EBITDA	15.33
Benchmarks
EV/EBITDA, Competitors¹
Boeing Co.	59.93
Caterpillar Inc.	13.49
Cummins Inc.	15.53
Eaton Corp. plc	27.05
General Electric Co.	12.46
Lockheed Martin Corp.	12.02
RTX Corp.	17.69
EV/EBITDA, Sector
Capital Goods	16.52
EV/EBITDA, Industry
Industrials	15.70

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Honeywell International Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	141,517)	144,024)	136,990)	148,988)	134,643)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	9,100)	7,997)	8,801)	7,373)	9,004)
Valuation Ratio
EV/EBITDA³	15.55	18.01	15.57	20.21	14.95
Benchmarks
EV/EBITDA, Competitors⁴
Boeing Co.	71.32	—	—	—	284.02
Caterpillar Inc.	12.16	13.86	12.43	19.87	9.66
Cummins Inc.	13.70	10.89	9.57	12.03	7.34
Eaton Corp. plc	24.91	19.18	17.06	22.11	12.86
General Electric Co.	11.06	14.82	95.57	9.35	13.66
Lockheed Martin Corp.	11.71	14.98	11.97	9.97	14.86
RTX Corp.	16.62	14.92	15.48	41.71	12.60
EV/EBITDA, Sector
Capital Goods	15.93	18.44	19.12	23.95	15.70
EV/EBITDA, Industry
Industrials	15.57	16.80	15.95	26.00	17.09

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 141,517 ÷ 9,100 = 15.55

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Honeywell International Inc. EV/EBITDA ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Honeywell International Inc. (NASDAQ:HON)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical