What is HON's intrinsic value?

TickerWorth's valuation lenses put Honeywell International Inc. (operating as Honeywell Technologies) (HON) between $73.24 and $405.18 per share, versus a market price of $211.41. They disagree too widely for us to state a single fair value, so we publish the range.

Is HON overvalued or undervalued?

At $211.41 the price sits inside a range too wide to call either way. We don't call HON overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for HON?

A WACC of 9.3% and a terminal growth rate of 2.5%.

Honeywell International Inc. (operating as Honeywell Technologies) (HON) DCF valuation and fair value

Our fair-value range for Honeywell International Inc. (operating as Honeywell Technologies) (HON) is $73.24 – $405.18, built on a 9.3% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

HON · Intrinsic value

Is Honeywell International Inc. (operating as Honeywell Technologies) (HON) overvalued or undervalued?

Name: Honeywell International Inc. (operating as Honeywell Technologies) (HON) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put Honeywell International Inc. (operating as Honeywell Technologies) (HON) at $73.24 – $405.18, too broad a range to say where the delayed market price of $211.41 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full HON analysis

What is HON worth?

Fair-value range: $73.24 – $405.18
Market price: $211.41
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: Today's price implies revenue growth of 21.3% a year for 5 years; our model assumes 2.8% a year on average over the same horizon.

What is HON's TickerWorth Score?

C55/100

Middle of the pack — real strengths and real weaknesses

Compared with Industrials companies in US

Its strongest point: looks cheap on the numbers. Its weakest: balance sheet looks stretched.

Value · 75 of 100
Cheaper than 75% of Industrials companies in US
Price vs worth · 47 of 100
Quality · 79 of 100
More profitable than 79% of Industrials companies in US
Financial health · 31 of 100
Financially stronger than 31% of Industrials companies in US
Growth · 39 of 100
Growing faster than 39% of Industrials companies in US
Momentum · 29 of 100
Outperformed 29% of Industrials companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

YEAR 1 REVENUE GROWTH SET AT 0.0%, NOT THE -0.2% GUIDANCE MIDPOINT. Both sit inside the guided $19.8-20.0B. The midpoint would trip this site's mechanical cyclical/range-only label on what is a divestiture artefact, not a downturn. Value effect ~$0.25/share. Stated so nobody mistakes it for a hidden tweak.
NET DEBT AND THE QUANTINUUM STAKE ARE ESTIMATES until Honeywell files its first post-spin balance sheet (Q3 10-Q, around 2026-10-22). Net debt as built comes to ~$15.90/share, of which the Quantinuum credit is ~$14.75. If the Aerospace debt carrying value, the cash Aerospace retained, or the PSS after-tax proceeds differ from the assumptions in market.net_debt, the value moves dollar for dollar.
THE MARGIN PATH LEANS ON MANAGEMENT'S FRAMEWORK. Year 1 is derived from guided segment margin; Years 2-5 assume a bit less than the 60bp/yr Investor Day promise. Honeywell Technologies' clean GAAP-style margin was 12.0% in FY2025; the model reaches 17.5% by 2030. If the stranded-cost cuts and mix shift stall, this is the input that is wrong.
CATALYST TECHNOLOGIES REVENUE IS ASSUMED (~$0.7B/yr), NOT SOURCED — neither company's releases I read disclosed it. It only affects the Year-2 growth step (~+0.4pt); an error of $0.2B either way moves the value by under $1/share.
Beta normalized UP from the published 0.901 to 1.05 because the regression describes the pre-spin conglomerate. Conservative: the published figure would add ~$11.60/share.
Acquired-intangible amortization (~1.9% of sales) and repositioning (~1.5%) are kept as real costs inside EBIT; Honeywell's own 'segment margin' and 'adjusted EPS' exclude them. Treating them as one-offs (adding ~3.4pt to every year's margin) would add roughly $26/share — the biggest single judgement in the model.
PENSION NOT ADJUSTED. Honeywell's US plans have historically run a large surplus and generate 'pension income' ($336M of non-service income in H1 2026, consolidated). That income is excluded from EBIT here and the surplus is carried at zero (it cannot be withdrawn), consistent with how IBM's surplus is treated in this tracker. How the plans were divided with Aerospace is not yet disclosed.
SBC of $153M (0.8% of sales, FY2025) stays expensed inside EBIT; dilution is carried by the 318.6M weighted-diluted share count.

Why HON gets a range, not one number

At a recent price of $211.41, Honeywell International Inc. (operating as Honeywell Technologies) (HON) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $73.24 and $405.18 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Honeywell International Inc. (operating as Honeywell Technologies)'s projected free cash flows at a weighted-average cost of capital (WACC) of 9.3%, with a long-run terminal growth rate of 2.5%. About 74% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 21.3% annual revenue growth for HON. Our base case instead compounds to about 2.8% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, HON's modeled DCF value ranges from about $73.85 to $168.60 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Honeywell International Inc. (operating as Honeywell Technologies) would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of HON's intrinsic value. Figures update as new filings and prices come in.

Every input behind HON's DCF

Input	Value	Source
Base-year revenueHoneywell 8-K filed 2026-06-29 (accession 0000773840-26-000084), Ex-99.3 unaudited pro forma statement of operations FY2025 + Ex-99.2 recast segment supplement: ⭐ THIS IS NOT THE 10-K TOP LINE, DELIBERATELY. The FY2025 10-K (accession 0000773840-26-000013) reports net sales of $37,442M, which already excludes Solstice Advanced Materials (spun 2025-10-30, discontinued ops from Q4 2025) but STILL INCLUDES Aerospace Technologies. Aerospace was spun on 2026-06-29 (8-K Item 2.01), so the company a HON share now represents is Honeywell Technologies alone. The 8-K's pro forma column removes $17,497M of Aerospace sales: $37,442M - $17,497M = $19,945M, which ties exactly to Ex-99.2's recast 'Total Net sales from continuing operations' (BA $7,367M + PA&T $6,437M + IA $6,111M + Quantinuum $30M). The figure STILL CONTAINS ~$2.0B of revenue that has since been sold — PSS (~$1.1B, sold to Brady, closed 2026-08-03) and WWS (~$935M per the Q1 2026 release, sold to AIP, closed July 2026) — and EXCLUDES Johnson Matthey's Catalyst Technologies (acquired 2026-07-17). Those portfolio moves are carried in the forecast growth path, not here. CROSS-CHECK: H1 2026 Honeywell Technologies segment sales were $10,000M (Q1 $4,818M + Q2 $5,182M), +2.0% on H1 2025's $9,753M, with Industrial Automation's 2025 PPE divestiture still dragging the reported comparison.	$19,945,000,000	Honeywell 8-K filed 2026-06-29 (accession 0000773840-26-000084), Ex-99.3 unaudited pro forma statement of operations FY2025 + Ex-99.2 recast segment supplement: ⭐ THIS IS NOT THE 10-K TOP LINE, DELIBERATELY. The FY2025 10-K (accession 0000773840-26-000013) reports net sales of $37,442M, which already excludes Solstice Advanced Materials (spun 2025-10-30, discontinued ops from Q4 2025) but STILL INCLUDES Aerospace Technologies. Aerospace was spun on 2026-06-29 (8-K Item 2.01), so the company a HON share now represents is Honeywell Technologies alone. The 8-K's pro forma column removes $17,497M of Aerospace sales: $37,442M - $17,497M = $19,945M, which ties exactly to Ex-99.2's recast 'Total Net sales from continuing operations' (BA $7,367M + PA&T $6,437M + IA $6,111M + Quantinuum $30M). The figure STILL CONTAINS ~$2.0B of revenue that has since been sold — PSS (~$1.1B, sold to Brady, closed 2026-08-03) and WWS (~$935M per the Q1 2026 release, sold to AIP, closed July 2026) — and EXCLUDES Johnson Matthey's Catalyst Technologies (acquired 2026-07-17). Those portfolio moves are carried in the forecast growth path, not here. CROSS-CHECK: H1 2026 Honeywell Technologies segment sales were $10,000M (Q1 $4,818M + Q2 $5,182M), +2.0% on H1 2025's $9,753M, with Industrial Automation's 2025 PPE divestiture still dragging the reported comparison.
Base EBIT marginHoneywell 2Q 2026 earnings release, 8-K Ex-99 filed 2026-07-23 (accession 0000773840-26-000120), reconciliation of operating income to segment profit, FY2025 Honeywell Technologies column: DERIVED FROM A REPORTED RECONCILIATION, and the derivation matters because Honeywell publishes two very different margins. GAAP operating income for Honeywell Technologies FY2025 was $1,171M = 5.9% of $19,915M segment sales — but that is after $1,038M of one-off impairments (goodwill $724M, assets held for sale $270M, indefinite-lived intangible $44M, all tied to the PSS/WWS sale) and $187M of Quantinuum losses (Quantinuum is no longer consolidated). Adding those back: $1,171M + $1,038M + $187M = $2,396M = 12.0%. Honeywell's headline 'segment margin' was 17.6% ($3,507M), which ALSO excludes stock comp ($153M), repositioning/other ($390M), pension service cost ($57M) and acquired-intangible amortization ($509M). This model keeps all four of those inside EBIT: they recur every year, and acquired-intangible amortization stands in for the acquisition treadmill (~$11.5B of deals since 2023, per the company). So 12.0% is the honest starting margin, not 17.6%. Reference only — the cash-flow math uses forecast.ebit_margin.	12.0%	Honeywell 2Q 2026 earnings release, 8-K Ex-99 filed 2026-07-23 (accession 0000773840-26-000120), reconciliation of operating income to segment profit, FY2025 Honeywell Technologies column: DERIVED FROM A REPORTED RECONCILIATION, and the derivation matters because Honeywell publishes two very different margins. GAAP operating income for Honeywell Technologies FY2025 was $1,171M = 5.9% of $19,915M segment sales — but that is after $1,038M of one-off impairments (goodwill $724M, assets held for sale $270M, indefinite-lived intangible $44M, all tied to the PSS/WWS sale) and $187M of Quantinuum losses (Quantinuum is no longer consolidated). Adding those back: $1,171M + $1,038M + $187M = $2,396M = 12.0%. Honeywell's headline 'segment margin' was 17.6% ($3,507M), which ALSO excludes stock comp ($153M), repositioning/other ($390M), pension service cost ($57M) and acquired-intangible amortization ($509M). This model keeps all four of those inside EBIT: they recur every year, and acquired-intangible amortization stands in for the acquisition treadmill (~$11.5B of deals since 2023, per the company). So 12.0% is the honest starting margin, not 17.6%. Reference only — the cash-flow math uses forecast.ebit_margin.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	0% → 1% → 4% → 4% → 4%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.
BetaESTIMATEAssumption — normalized estimate (Yahoo 5Y-monthly beta 0.901 + automation peer betas via yfinance, 2026-10-03): NORMALIZED UP from the published 0.901 to 1.05 — CONSERVATIVE (raises WACC, lowers value). The published beta is a 5-year monthly regression of the old conglomerate: until 2025-10-30 it held Solstice and until 2026-06-29 it held Aerospace (roughly half of sales, with a defense and aftermarket base that damps market sensitivity). Barely three months of the regression describe the pure-play automation company a share now represents. The pure-play automation peers it now resembles carry higher published betas (yfinance, 2026-10-03): Emerson 1.23, Rockwell 1.52, Johnson Controls 1.30, Siemens 1.28, ABB 1.01, AMETEK 0.99 — median ~1.25. 1.05 sits between Honeywell's own history and the peer median, on the argument that the remaining business is still more services- and installed-base-heavy than Rockwell's. Each 0.1 of beta is worth roughly $7-8/share; accepting the published 0.901 adds about $11.60/share.	1.05	ESTIMATEAssumption — normalized estimate (Yahoo 5Y-monthly beta 0.901 + automation peer betas via yfinance, 2026-10-03): NORMALIZED UP from the published 0.901 to 1.05 — CONSERVATIVE (raises WACC, lowers value). The published beta is a 5-year monthly regression of the old conglomerate: until 2025-10-30 it held Solstice and until 2026-06-29 it held Aerospace (roughly half of sales, with a defense and aftermarket base that damps market sensitivity). Barely three months of the regression describe the pure-play automation company a share now represents. The pure-play automation peers it now resembles carry higher published betas (yfinance, 2026-10-03): Emerson 1.23, Rockwell 1.52, Johnson Controls 1.30, Siemens 1.28, ABB 1.01, AMETEK 0.99 — median ~1.25. 1.05 sits between Honeywell's own history and the peer median, on the argument that the remaining business is still more services- and installed-base-heavy than Rockwell's. Each 0.1 of beta is worth roughly $7-8/share; accepting the published 0.901 adds about $11.60/share.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Not generous for an automation business whose organic growth target is 4-6%, but this perimeter has averaged roughly zero organic growth over 2024-2025, so I see no case to go above the house rate. Must remain well below the ~9.3% WACC.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Not generous for an automation business whose organic growth target is 4-6%, but this perimeter has averaged roughly zero organic growth over 2024-2025, so I see no case to go above the house rate. Must remain well below the ~9.3% WACC.
Diluted sharesHoneywell 2Q 2026 earnings release, 8-K Ex-99 filed 2026-07-23 (accession 0000773840-26-000120): Q2 2026 weighted-average diluted shares 318.6M, already restated for the 1-for-2 reverse split effective 2026-06-29. 316.9M shares were outstanding at quarter end; the diluted count is used to carry SBC dilution. The FY2026 adjusted-EPS guidance assumes ~319M. Honeywell bought back $1.0B in Q1 2026 and none in Q2.	319M	Honeywell 2Q 2026 earnings release, 8-K Ex-99 filed 2026-07-23 (accession 0000773840-26-000120): Q2 2026 weighted-average diluted shares 318.6M, already restated for the 1-for-2 reverse split effective 2026-06-29. 316.9M shares were outstanding at quarter end; the diluted count is used to carry SBC dilution. The FY2026 adjusted-EPS guidance assumes ~319M. Honeywell bought back $1.0B in Q1 2026 and none in Q2.
Market priceDelayed quote · as of 2026-10-19 13:16 UTC	$211.41	Delayed quote · as of 2026-10-19 13:16 UTC

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What does Honeywell International Inc. (operating as Honeywell Technologies) do?

What does it do?

Honeywell International is a conglomerate with about 101,000 employees that operates in industrial automation, building automation, and energy/sustainability solutions. It makes automation control products, smart energy solutions, sensors, gas detection equipment, building management software, fire safety systems, and related services across the United States, Europe, and internationally.

How does it make money?

The company generated $38.1 billion in total revenue. It operates with a gross margin of 36.5%, an operating margin of 20.2%, and a net profit margin of 21.6%, meaning it keeps roughly 21.6 cents of profit for every dollar of revenue.

Is it financially healthy?

Honeywell has a current ratio of 1.21, indicating it has $1.21 in current assets for every $1.00 of current liabilities. However, its debt-to-equity ratio is 1.85, meaning it carries $1.85 in debt for every $1.00 of equity, which is a notably leveraged capital structure.

HON insider trading

We have no recent SEC Form 4 insider filings on file for Honeywell International Inc. (operating as Honeywell Technologies). Form 4 covers US-listed companies only.

Common questions

What is HON's intrinsic value?
TickerWorth's valuation lenses put Honeywell International Inc. (operating as Honeywell Technologies) (HON) between $73.24 and $405.18 per share, versus a market price of $211.41. They disagree too widely for us to state a single fair value, so we publish the range.
Is HON overvalued or undervalued?
At $211.41 the price sits inside a range too wide to call either way. We don't call HON overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for HON?
A WACC of 9.3% and a terminal growth rate of 2.5%.
Is Honeywell International Inc. (operating as Honeywell Technologies) stock undervalued?
TickerWorth's fair-value range for Honeywell International Inc. (operating as Honeywell Technologies) (HON) is $73.24 – $405.18 against a market price of $211.41. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Honeywell International Inc. (operating as Honeywell Technologies) (HON) DCF valuation and fair value
Our fair-value range for Honeywell International Inc. (operating as Honeywell Technologies) (HON) is $73.24 – $405.18, built on a 9.3% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Honeywell International Inc. (operating as Honeywell Technologies) stock?
Today's price implies revenue growth of 21.3% a year for 5 years; our model assumes 2.8% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $211.41. A model estimate, not investment advice.
Honeywell International Inc. (operating as Honeywell Technologies) (HON) insider trading
We have no recent SEC Form 4 insider filings on file for Honeywell International Inc. (operating as Honeywell Technologies) (HON). Form 4 covers US-listed companies only.