Honeywell International Inc
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+ FollowMarket Cap$72.54B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong Q3 performance as a pure-play automation company; beating targets
- Sales: +7% organic (strength across all segments).
- Orders: Short-cycle orders +8% (excluding divestitures); book-to-bill ~1.0x; ending backlog ~ $19B (+7% ex-divestitures).
- Profitability: Segment margins +370 bps to >21% (mix/pricing/productivity + continued stranded cost reduction).
- EPS: Adjusted EPS $2.27, +34% YoY (mainly from +23% segment profit and lower interest expense).
- Cash: Free cash flow (FCF) ~$690M, +15% YoY; cash conversion 95%, with expectation >100% in Q4.
Raising full-year 2026 guidance (growth, margin, EPS, and cash)
- Organic growth: now 4%–5% (up from 3%–4% previously).
- Adjusted EPS: now $8.40–$8.45 (midpoint +$23c improvement); implies ~+30% earnings growth.
- Margin: expects high end of prior range (~20.5%); Q4 margin guided around ~22%.
- Free cash flow: raised by ~$100M to ~$2.1B (benefiting from better income conversion).
- Q4 organic growth: guided 5%–6%, with continued strength in Building Automation and high-single-digit Process Automation & Technology growth plus Industrial Automation sensing/measurement demand.
Process Automation & Technology (PA&T) shows the clearest upturn—multiyear inflection
- Q3 PA&T sales: +8% organic, led by double-digit projects and return to aftermarket growth (including refining catalyst demand).
- Backlog momentum: PA&T backlog up double digits (bolstered by large awards; company cites global project activity across LNG, refining/petrochemicals, and low-carbon energy).
- Pipeline normalization approach: Management notes large award timing can distort year-over-year orders; they discuss a normalized view excluding last year’s major award impact.
- Catalyst growth expectation: catalyst demand expected to be double-digit in H2 26, mid-teens in Q4; supports medium-term demand for catalyst + lifecycle/services.
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$361.16
58.1% upside
Current Fair Value
58.1% upsideUndervalued by 58.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $72.54 Billion |
|---|---|
| Enterprise Value | $83.92 Billion |
| Annual dividend | $2.80 |
| Dividend yield | 2.04% |
| Earnings per Share | $14.8 |
| Beta | 0.89 |
| Outstanding Shares | 317,500,000 |
Return
| Return on Equity | 33.83% |
|---|---|
| Return on Assets | 14.28% |
| Return on Invested Capital | 28.00% |
Valuation & Multiples
| P/E Ratio | 9.87 |
|---|---|
| PEG | -15.71 |
| Price to Sales | 2.16 |
| Price to Book Ratio | 3.26 |
| Enterprise Value to Revenue | 2.49 |
| Enterprise Value to EBIT | 7.96 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.2 |
| Debt to Equity | 0.77 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$2.17
Consensus analyst estimateRevenue Estimate
$5.01 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$2.44
Consensus analyst estimateRevenue Estimate
$5.16 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.38, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3817▲ 4.61% |
|---|---|
| Total Calls | 786▼ 99.99% |
| Total Puts | 300▼ 99.99% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.98%▼ 79.33% |
|---|---|
| Total Invested | $2.62B▼ 95.60% |
| Investors Holding | 910▼ 1331.00% |
About Honeywell International Inc. Common Stock Ex Distribution When Issued
101,000 employees
CEO: Vimal M. Kapur
This HONIV security is an "ex-distribution / when-issued" instrument, created in anticipation of Honeywell's separation of its Advanced Materials division. This divestiture will establish Solstice Advanced Materials Inc. as a new, indepe...