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Independent research · Est. October 2026
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Stock X-Ray · Industrials · S&P 500 Full Coverage — Phase 1

Honeywell Technologies (HON)

X-Ray dated Oct 28, 2026 · Share price as of Oct 28, 2026 intraday, when the valuation snapshot was captured · Financials from SEC filings (EDGAR) · Valuation multiples from a labelled secondary source
The verdict — valuation label: OVERVALUED

Forward P/E is 22.85x against a peer median of 17.79x, a ratio of 1.28x — above the 1.15 fair-range ceiling — with trailing P/E 9.83x and PEG 1.48. Latest-quarter revenue growth was -52.0% year over year (PRIMARY, EDGAR); the year-ago comparison crosses the 2026 separation of the aerospace business, so the revenue change reflects the changed company perimeter, not delivered demand. Judged on the forward P/E ratio against peers plus PEG, as set out for this separation case, and without applying the negative-growth or value-trap moves to that figure, the 28% premium to the peer median is not supported, so the label is OVERVALUED. Delivered demand check: the Conglomerates & diversified services group's median growth was 1.7% year over year — demand steady across the group; this company's headline figure is not used as a demand read for the reason given above.

22.9×
Forward P/E — price vs next year’s expected earnings (secondary source)
17.8×
Peer median forward P/E — closest comparable companies
9.8×
Trailing P/E — price vs the last twelve months of earnings
1.8×
Price / sales

What would change this label: Move to FAIRLY PRICED if the forward P/E compresses to about 20.5x or below (1.15x the peer median) at unchanged estimates. Move to UNDERVALUED if the forward P/E compresses to about 16.0x or below (0.90x the peer median) at unchanged estimates, or if revenue growth in the continuing business, once comparable post-separation figures are reported, runs well above the group median for two quarters while the multiple stays at or below the fair band.

In simple words

Honeywell makes automation, building controls and industrial technology used in factories, buildings and warehouses. Its shares trade at about 23 times expected earnings, well above similar companies at about 18 times. That premium is not matched by the growth measures available, so the shares look overvalued.

Words we use, in plain English: P/E ratio — the share price divided by earnings per share; how many dollars you pay for one dollar of yearly profit. Forward P/E — the same, using next year’s expected earnings. Free cash flow — cash a company has left after running the business and buying equipment. TTM — the last twelve months. Drawdown — the worst fall from a peak to the low after it.
The share price vs the market — six years
Honeywell Technologies (HON)S&P 500 (SPY)
51971421882332021202220232024202520262020-09-012026-10-27

Both lines start at 100 on 2020-09-01. Over the full window Honeywell Technologies returned -31.29% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Honeywell Technologies: -59.4% (2026-03-02 to 2026-09-14). Source: Nasdaq official daily history.

What the label rests on

Forward P/E is 22.85x against a peer median of 17.79x, a ratio of 1.28x — above the 1.15 fair-range ceiling — with trailing P/E 9.83x and PEG 1.48. Latest-quarter revenue growth was -52.0% year over year (PRIMARY, EDGAR); the year-ago comparison crosses the 2026 separation of the aerospace business, so the revenue change reflects the changed company perimeter, not delivered demand. Judged on the forward P/E ratio against peers plus PEG, as set out for this separation case, and without applying the negative-growth or value-trap moves to that figure, the 28% premium to the peer median is not supported, so the label is OVERVALUED. Delivered demand check: the Conglomerates & diversified services group's median growth was 1.7% year over year — demand steady across the group; this company's headline figure is not used as a demand read for the reason given above. The company’s forward P/E is 22.9× against a peer median of 17.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Conglomerates & diversified services group's median latest-quarter revenue growth was 1.7% year over year (SEC filings) — demand steady across the group; this company's headline figure is not used as a demand read because it crosses the separation. Latest-quarter sales growth was -52.0% versus a year earlier (SEC filings).

CompanyPrice (Oct 28, 2026)Forward P/ETrailing P/E
Honeywell Technologies (HON)$217.1522.9×9.8×
CTAS—37.5×42.2×
MMM—17.8×25.8×
CPRT—17.8×18.6×
DD—18.3×354.7×
LDOS—11.6×13.1×
Peer median17.8×

Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.

Sales, profit and cash

Sales and profit each quarter
SalesNet income (profit)
$0B$4B$8B$12BSep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Sep 2026

This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.

Cash left over each quarter (free cash flow)
PositiveNegative
$-3B$0B$3BSep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Sep 2026

Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.

QuarterSalesGross marginNet incomeEPS (GAAP, diluted)Free cash flow
Q/E Sep 2026
2026-09-30
$5.0B—$664M2.08$286M
Q/E Jun 2026
2026-06-30
$9.7B—$5.7B17.83$961M
Q/E Mar 2026
2026-03-31
$9.1B—$821M1.29$-873M
Q/E Dec 2025
2025-12-31
$9.8B35.6%$-115M-0.18$1.1B
Q/E Sep 2025
2025-09-30
$10.4B31.1%$1.8B2.86$2.9B
Q/E Jun 2025
2025-06-30
$10.4B35.4%$1.6B2.45$1.0B
Q/E Mar 2025
2025-03-31
$9.8B35.2%$1.4B2.22$346M
Q/E Dec 2024
2024-12-31
$9.2B36.7%$1.3B1.96$1.9B
Q/E Sep 2024
2024-09-30
$9.7B35.1%$1.4B2.16$1.7B
Q/E Jun 2024
2024-06-30
$9.6B35.0%$1.5B2.36$1.1B
Q/E Mar 2024
2024-03-31
$9.1B35.4%$1.5B2.23$215M
Q/E Dec 2023
2023-12-31
$9.4B—$1.3B—$2.6B

The last twelve reported quarters. Full 25-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.

Earnings: getting better or worse?

Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.

Dec 2022
—
Mar 2023
2.07
Jun 2023
2.22
Sep 2023
2.27
Dec 2023
—
Mar 2024
2.23
Jun 2024
2.36
Sep 2024
2.16
Dec 2024
1.96
Mar 2025
2.22
Jun 2025
2.45
Sep 2025
2.86
Dec 2025
-0.18
Mar 2026
1.29
Jun 2026
17.83
Sep 2026
2.08

Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.

Key facts

ItemValue
Company (legal name in filings)HONEYWELL INTERNATIONAL INC
Chief executiveVimal Kapur (source: https://www.honeywell.com/us/en/company/leadership/vimal-kapur)
SectorIndustrials — Industrial Conglomerates — makes automation, building controls and industrial technology for factories, buildings and warehouses
Share price (Oct 28, 2026)$217.15
Market value (market cap)$69.4B — share price times shares outstanding of 317,358,518 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest))
Sales, last twelve months$33.6B
Net income, last twelve months$7.1B
Free cash flow, last twelve months$1.5B
Latest reported quarterQ/E Sep 2026 (of 25 quarters in the data pack)
Six-year price return vs S&P 500-31.29% vs +118.28%
Worst peak-to-trough fall-59.4% (2026-03-02 to 2026-09-14)

What we could not verify

  • Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
  • Own-history P/E (5-year median): not computed in the Phase 1 batch — UNVERIFIED
  • Year-over-year revenue comparisons cross the 2026 aerospace separation; trailing figures mix pre- and post-separation periods — demand trend not readable from the headline growth figure.
  • Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.

The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.

Sources

  • SEC EDGAR submissions — Filing index; company legal name. https://data.sec.gov/submissions/CIK0000773840.json
  • SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares. https://data.sec.gov/api/xbrl/companyfacts/CIK0000773840.json
  • Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates. https://api.nasdaq.com/api/quote/HON/historical?assetclass=stocks
  • Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.

Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.

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