Stock Analysis on Net
Stock Analysis on Net

Honeywell International Inc. (NASDAQ:HON)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Honeywell International Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.51 0.60 0.57 0.53 0.51
Adjusted 0.51 0.59 0.58 0.54 0.52
Liquidity Ratio
Current Ratio
Reported 1.31 1.27 1.25 1.30 1.47
Adjusted 1.63 1.63 1.59 1.62 1.83
Solvency Ratios
Debt to Equity
Reported 1.67 1.29 1.17 1.06 1.28
Adjusted 1.23 0.91 0.83 0.78 0.95
Debt to Capital
Reported 0.63 0.56 0.54 0.51 0.56
Adjusted 0.55 0.48 0.45 0.44 0.49
Financial Leverage
Reported 4.04 3.88 3.73 3.47 3.68
Adjusted 2.88 2.60 2.51 2.43 2.62
Profitability Ratios
Net Profit Margin
Reported 14.82% 15.43% 14.00% 16.11% 14.64%
Adjusted 15.66% 13.47% 12.85% 18.01% 15.05%
Return on Equity (ROE)
Reported 30.64% 35.68% 29.74% 29.85% 27.23%
Adjusted 23.08% 20.77% 18.64% 23.58% 20.36%
Return on Assets (ROA)
Reported 7.59% 9.20% 7.97% 8.60% 7.40%
Adjusted 8.02% 7.99% 7.41% 9.71% 7.78%

Based on: 10-K (reporting date: 2024-12-31), 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Honeywell International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Honeywell International Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Honeywell International Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Honeywell International Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Honeywell International Inc. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Honeywell International Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Honeywell International Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Honeywell International Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Honeywell International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 38,498 36,662 35,466 34,392 32,637
Total assets 75,196 61,525 62,275 64,470 64,586
Activity Ratio
Total asset turnover1 0.51 0.60 0.57 0.53 0.51
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 38,524 36,443 35,868 34,591 33,125
Adjusted total assets3 75,272 61,456 62,180 64,158 64,028
Activity Ratio
Adjusted total asset turnover4 0.51 0.59 0.58 0.54 0.52

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 38,498 ÷ 75,196 = 0.51

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 38,524 ÷ 75,272 = 0.51

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Honeywell International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 27,908 23,502 24,982 25,372 28,175
Current liabilities 21,256 18,539 19,938 19,508 19,197
Liquidity Ratio
Current ratio1 1.31 1.27 1.25 1.30 1.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 28,222 23,825 25,308 25,549 28,377
Adjusted current liabilities3 17,363 14,579 15,899 15,754 15,481
Liquidity Ratio
Adjusted current ratio4 1.63 1.63 1.59 1.62 1.83

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 27,908 ÷ 21,256 = 1.31

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 28,222 ÷ 17,363 = 1.63

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Honeywell International Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 31,099 20,443 19,570 19,599 22,384
Total Honeywell shareowners’ equity 18,619 15,856 16,697 18,569 17,549
Solvency Ratio
Debt to equity1 1.67 1.29 1.17 1.06 1.28
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 32,225 21,536 20,537 20,631 23,212
Adjusted total shareowners’ equity3 26,142 23,634 24,735 26,421 24,484
Solvency Ratio
Adjusted debt to equity4 1.23 0.91 0.83 0.78 0.95

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Total Honeywell shareowners’ equity
= 31,099 ÷ 18,619 = 1.67

2 Adjusted total debt. See details »

3 Adjusted total shareowners’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareowners’ equity
= 32,225 ÷ 26,142 = 1.23

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Honeywell International Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 31,099 20,443 19,570 19,599 22,384
Total capital 49,718 36,299 36,267 38,168 39,933
Solvency Ratio
Debt to capital1 0.63 0.56 0.54 0.51 0.56
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 32,225 21,536 20,537 20,631 23,212
Adjusted total capital3 58,367 45,170 45,272 47,052 47,696
Solvency Ratio
Adjusted debt to capital4 0.55 0.48 0.45 0.44 0.49

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 31,099 ÷ 49,718 = 0.63

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 32,225 ÷ 58,367 = 0.55

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Honeywell International Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 75,196 61,525 62,275 64,470 64,586
Total Honeywell shareowners’ equity 18,619 15,856 16,697 18,569 17,549
Solvency Ratio
Financial leverage1 4.04 3.88 3.73 3.47 3.68
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 75,272 61,456 62,180 64,158 64,028
Adjusted total shareowners’ equity3 26,142 23,634 24,735 26,421 24,484
Solvency Ratio
Adjusted financial leverage4 2.88 2.60 2.51 2.43 2.62

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Total Honeywell shareowners’ equity
= 75,196 ÷ 18,619 = 4.04

2 Adjusted total assets. See details »

3 Adjusted total shareowners’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareowners’ equity
= 75,272 ÷ 26,142 = 2.88

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Honeywell International Inc. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell 5,705 5,658 4,966 5,542 4,779
Net sales 38,498 36,662 35,466 34,392 32,637
Profitability Ratio
Net profit margin1 14.82% 15.43% 14.00% 16.11% 14.64%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,034 4,909 4,610 6,230 4,984
Adjusted net sales3 38,524 36,443 35,868 34,591 33,125
Profitability Ratio
Adjusted net profit margin4 15.66% 13.47% 12.85% 18.01% 15.05%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to Honeywell ÷ Net sales
= 100 × 5,705 ÷ 38,498 = 14.82%

2 Adjusted net income. See details »

3 Adjusted net sales. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 6,034 ÷ 38,524 = 15.66%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Honeywell International Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell 5,705 5,658 4,966 5,542 4,779
Total Honeywell shareowners’ equity 18,619 15,856 16,697 18,569 17,549
Profitability Ratio
ROE1 30.64% 35.68% 29.74% 29.85% 27.23%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,034 4,909 4,610 6,230 4,984
Adjusted total shareowners’ equity3 26,142 23,634 24,735 26,421 24,484
Profitability Ratio
Adjusted ROE4 23.08% 20.77% 18.64% 23.58% 20.36%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROE = 100 × Net income attributable to Honeywell ÷ Total Honeywell shareowners’ equity
= 100 × 5,705 ÷ 18,619 = 30.64%

2 Adjusted net income. See details »

3 Adjusted total shareowners’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total shareowners’ equity
= 100 × 6,034 ÷ 26,142 = 23.08%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Honeywell International Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell 5,705 5,658 4,966 5,542 4,779
Total assets 75,196 61,525 62,275 64,470 64,586
Profitability Ratio
ROA1 7.59% 9.20% 7.97% 8.60% 7.40%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,034 4,909 4,610 6,230 4,984
Adjusted total assets3 75,272 61,456 62,180 64,158 64,028
Profitability Ratio
Adjusted ROA4 8.02% 7.99% 7.41% 9.71% 7.78%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROA = 100 × Net income attributable to Honeywell ÷ Total assets
= 100 × 5,705 ÷ 75,196 = 7.59%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 6,034 ÷ 75,272 = 8.02%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Honeywell International Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.