Stock Analysis on Net

Honeywell International Inc. (NASDAQ:HON)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Honeywell International Inc., FCFE calculation

US$ in millions

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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
Net income attributable to the noncontrolling interest 14 1 68 86 87
Net noncash charges (693) 1,052 140 (20) 623
Changes in assets and liabilities, net of the effects of acquisitions and divestitures 361 (745) 288 1,363 44
Net cash provided by operating activities 5,340 5,274 6,038 6,208 6,897
Capital expenditures (1,039) (766) (895) (906) (839)
Proceeds from disposals of property, plant and equipment 43 29 27 57 43
Proceeds from issuance of commercial paper and other short-term borrowings 12,991 7,661 5,194 10,474 14,199
Payments of commercial paper and other short-term borrowings (13,663) (8,447) (5,190) (10,400) (14,199)
Proceeds from issuance of long-term debt 2,986 2,953 2,517 10,125 2,726
Payments of long-term debt (1,731) (1,850) (4,917) (4,308) (2,903)
Free cash flow to equity (FCFE) 4,927 4,854 2,774 11,250 5,924

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Honeywell International Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Honeywell International Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Honeywell International Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 652,181,812
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 4,927
FCFE per share 7.55
Current share price (P) 201.00
Valuation Ratio
P/FCFE 26.61
Benchmarks
P/FCFE, Competitors1
Boeing Co.
Caterpillar Inc. 15.94
Cummins Inc. 24.37
General Electric Co. 286.18
Lockheed Martin Corp. 13.32
RTX Corp. 7.34
P/FCFE, Sector
Capital Goods 20.56
P/FCFE, Industry
Industrials 22.95

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

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Honeywell International Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 652,181,812 668,140,252 685,818,771 695,501,159 712,599,803
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 4,927 4,854 2,774 11,250 5,924
FCFE per share3 7.55 7.26 4.04 16.18 8.31
Share price1, 4 197.17 200.47 186.99 203.57 180.81
Valuation Ratio
P/FCFE5 26.10 27.59 46.23 12.59 21.75
Benchmarks
P/FCFE, Competitors6
Boeing Co. 120.43 6.78 19.60
Caterpillar Inc. 14.39 24.03 16.36 25.22 11.07
Cummins Inc. 21.45 9.10 20.97 9.53 10.85
General Electric Co. 225.15 44.45
Lockheed Martin Corp. 13.13 11.63 14.65 15.57 28.62
RTX Corp. 7.05 26.71 35.07 28.09
P/FCFE, Sector
Capital Goods 19.24 23.74 62.05 28.31
P/FCFE, Industry
Industrials 22.16 22.54 45.29 29.07

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,927,000,000 ÷ 652,181,812 = 7.55

4 Closing price as at the filing date of Honeywell International Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 197.17 ÷ 7.55 = 26.10

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Honeywell International Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.