Stock Analysis on Net
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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net income attributable to Honeywell 5,705 5,658 4,966 5,542 4,779
Net income attributable to the noncontrolling interest 35 14 1 68 86
Net noncash charges 120 (693) 1,052 140 (20)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures 237 361 (745) 288 1,363
Net cash provided by operating activities 6,097 5,340 5,274 6,038 6,208
Capital expenditures (1,164) (1,039) (766) (895) (906)
Proceeds from disposals of property, plant and equipment — 43 29 27 57
Proceeds from issuance of commercial paper and other short-term borrowings 13,838 12,991 7,661 5,194 10,474
Payments of commercial paper and other short-term borrowings (11,578) (13,663) (8,447) (5,190) (10,400)
Proceeds from issuance of long-term debt 10,408 2,986 2,953 2,517 10,125
Payments of long-term debt (1,812) (1,731) (1,850) (4,917) (4,308)
Free cash flow to equity (FCFE) 15,789 4,927 4,854 2,774 11,250

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).

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 2022 to 2023 and from 2023 to 2024.

Price to FCFE Ratio, Current

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

Microsoft Excel
No. shares of common stock outstanding 649,918,551
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 15,789
FCFE per share 24.29
Current share price (P) 211.35
Valuation Ratio
P/FCFE 8.70
Benchmarks
P/FCFE, Competitors1
Boeing Co. —
Caterpillar Inc. 16.14
Eaton Corp. plc 35.57
GE Aerospace 54.47
Lockheed Martin Corp. 12.70
RTX Corp. 82.10
P/FCFE, Sector
Capital Goods 23.47
P/FCFE, Industry
Industrials 27.04

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

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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
No. shares of common stock outstanding1 649,918,551 652,181,812 668,140,252 685,818,771 695,501,159
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 15,789 4,927 4,854 2,774 11,250
FCFE per share3 24.29 7.55 7.26 4.04 16.18
Share price1, 4 202.75 197.17 200.47 186.99 203.57
Valuation Ratio
P/FCFE5 8.35 26.10 27.59 46.23 12.59
Benchmarks
P/FCFE, Competitors6
Boeing Co. — — 120.43 — 6.78
Caterpillar Inc. 16.33 14.39 24.03 16.36 25.22
Eaton Corp. plc — 33.65 28.68 24.43 25.59
GE Aerospace 53.26 225.15 44.45 — —
Lockheed Martin Corp. 13.31 13.13 11.63 14.65 15.57
RTX Corp. 85.26 7.05 26.71 35.07 —
P/FCFE, Sector
Capital Goods — 20.26 25.94 — 74.91
P/FCFE, Industry
Industrials — 24.32 25.12 — 40.73

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 Data adjusted for splits and stock dividends.

2 See details »

3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 15,789,000,000 ÷ 649,918,551 = 24.29

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

5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 202.75 ÷ 24.29 = 8.35

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 2022 to 2023 and from 2023 to 2024.