---
title: Honeywell (HON) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/hon
ticker: HON
as_of: 2026-10-17
sector: Industrials
industry: Conglomerates
---
# Honeywell (HON)

Honeywell (HON) closed at $211.41 on Oct 16, 2026, overvalued by 190% vs its model value of $72.91 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $211.41 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $72.91 |
| Price vs model | overvalued by 190% vs model |
| Range of that model | $36.96 – $227.83 |
| Market value | $67.0B |
| P/E (fiscal 2025) | 28.7 |
| Net margin (fiscal 2025) | 12.6% |
| Free cash flow (fiscal 2025) | $5.4B |
| Dividend yield (trailing twelve months) | 2.10% |
| Beta | 0.89 |
| Cost of capital (WACC) | 7.30% |
| Business classification | Dividend Payer (Low/slowing growth (~1% recent), Moderate margins (13% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 2.5x), Strong FCF yield (8.1%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.10% |
| Dividends per share, last 12 months | $4.44 |
| Dividends / free cash flow (fiscal 2025) | 54.9% |
| Raised | 15 years in a row |
| Growth over 5 years | 2.6% a year |
| Latest payment | $0.70, ex-date Aug 14, 2026, paid Sep 4, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 12, 2021 | $3.90 |
| To Aug 11, 2022 | $4.11 |
| To Aug 10, 2023 | $4.32 |
| To Aug 16, 2024 | $4.53 |
| To Aug 15, 2025 | $4.74 |
| Trailing twelve months (to Aug 14, 2026) | $4.44 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $72.91 | $36.96 | $227.83 |
| DCF · Perpetuity growth · 10y | cross check | $74.05 | $39.67 | $219.70 |
| DCF · EBITDA exit · 5y | cross check | $82.66 | $53.21 | $117.34 |
| DCF · EBITDA exit · 10y | cross check | $82.51 | $51.96 | $123.16 |
| P/E · peers | cross check | $193.67 | $185.07 | $306.11 |
| P/E · own history | cross check | $198.71 | $186.51 | $215.44 |
| PEG | sanity check | $133.54 | $133.54 | $133.54 |
| EV/EBITDA · peers | cross check | $139.04 | $128.35 | $288.04 |
| EV/Revenue · peers | cross check | $100.37 | $52.92 | $290.58 |
| Earnings power value | cross check | $51.11 | $36.53 | $73.23 |
| Dividend discount | cross check | $97.06 | $67.70 | $154.79 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 4 open-market sales ($1.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | ANGOVE DUNCAN | Director | Grant / award | 163.704 | $34,999.9 |
| Oct 1, 2026 | Picon Juan | President and CEO of BA | Grant / award | 1,176 | $0 |
| Oct 1, 2026 | Picon Juan | President and CEO of BA | Grant / award | 3,512 | $0 |
| Aug 3, 2026 | Reilly Jennifer J | SVP and CHRO | Grant / award | 3,355 | $0 |
| Aug 3, 2026 | Hammoud Billal | Pres/CEO Building Automation | Grant / award | 14,233 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 19, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/773840/000077384026000130/hon-20260819.htm |
| Jul 24, 2026 | 10-Q/A | Quarterly report (amended) | https://www.sec.gov/Archives/edgar/data/773840/000077384026000127/hon-20260630.htm |
| Jul 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/773840/000077384026000124/hon-20260630.htm |
| Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/773840/000077384026000120/hon-20260723.htm |
| Jun 29, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.01 Completion of Acquisition/Disposition; 2.02 Results of Operations (Earnings); 3.03 Modification to Security-Holder Rights; 5.02 Departure/Election of Directors or Officers; 5.03 Amendment to Articles/Bylaws; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/773840/000077384026000084/hon-20260625.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Soros | 2026-06-30 | 174,025 | $39.0M |
| Robert Olstein | 2026-03-31 | 26,000 | $5.9M |
| Dodge & Cox | 2026-06-30 | 4,010 | $897,727 |

3 tracked managers in all.

## About

Honeywell International Inc. functions as a global leader in diversified technology and manufacturing. Its Aerospace division furnishes a comprehensive array of products and services for the aviation and space industries. This includes crucial components like auxiliary power units, propulsion systems, integrated avionics, environmental control mechanisms, and electrical power solutions. The segment also supplies engine controls, flight safety systems, communication and navigation hardware, and advanced data and software applications. Additionally, it provides radar, surveillance systems, aircraft lighting, sophisticated instruments, satellite and space components, and aircraft wheels and brakes. Essential support services cover spare parts, repairs, overhauls, maintenance, thermal systems, and wireless connectivity management. The Honeywell Building Technologies unit focuses on creating…

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Source: https://sweetvaluelab.com/stocks/hon (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.