Honeywell International Inc. (HON) intrinsic value & 10-year financials
Honeywell International Inc. (HON) has a Graham intrinsic value of $78.36 per share. At $211.41 on Oct 17, 2026, the stock trades 170% above that value. Over the last 10 fiscal years revenue shrank 0.5% a year to $37.4B, with an average return on invested capital of 24.5%.
- Graham intrinsic value
- $78.36
- Share price (Oct 17, 2026)
- $211.41
- Price vs Graham value
- 170% above
- Market cap
- $135.9B
- Revenue (FY2025)
- $37.4B
- Revenue growth (10-yr CAGR)
- -0.5%
- ROIC (10-yr avg)
- 24.5%
- Free cash flow (FY2025)
- $5.4B
HON 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $37.4B | $4.7B | $7.36 | $5.4B | 21.7% | 21.6% |
| FY2024 | $38.5B | $5.7B | $8.71 | $4.9B | 22.6% | 23.8% |
| FY2023 | $36.7B | $5.7B | $8.47 | $4.3B | 23.5% | 29.2% |
| FY2022 | $35.5B | $5.0B | $7.27 | $4.5B | 22.6% | 28.4% |
| FY2021 | $34.4B | $5.5B | $7.91 | $5.1B | — | 26.7% |
| FY2020 | $32.6B | $4.8B | $6.72 | $5.3B | — | 23.8% |
| FY2019 | $36.7B | $6.1B | $8.41 | $6.1B | — | 31.4% |
| FY2018 | $41.8B | $6.8B | $8.98 | $5.6B | — | 32.7% |
| FY2017 | $40.5B | $1.7B | $2.14 | $4.9B | — | 7.1% |
| FY2016 | $39.3B | $4.8B | $6.20 | $4.4B | — | 20.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Honeywell is facing top-line stagnation, with revenue contracting over the decade.
Honeywell has earned high returns on invested capital, averaging 24.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Honeywell shows that management has aggressively returned capital to shareholders by retiring 17.1% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Honeywell is modeled at 1.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $78.36 per share.