HONHONEYWELL INTERNATIONAL INC

Aircraft Engines & Engine Parts

Revenue: $37.4B; 7.8% YoY
Operating margin: 21.7%; 1.7% YoY
EBITDA: $9.5B; 7.9% YoY
Market cap: $69.3B
Employees: 101,000; $371K revenue each
Net debt / EBITDA: 2.4×; $23.0B net debt
AI in 10-K: 4.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
136% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
106% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$371K · 48th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.6 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$69.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$13M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$34.4B	$35.5B	$33.0B	$34.7B	$37.4B	7.8%
Operating income	—	$8.0B	$7.6B	$7.7B	$8.1B	6.0%
Net income	$5.5B	$5.0B	$5.7B	$5.7B	$4.7B	17%
Operating cash flow	$6.0B	$5.3B	$5.3B	$6.1B	$6.4B	5.1%
Capex	$895M	$766M	$741M	$871M	$986M	13%
Stock-based comp	$217M	$188M	$197M	$189M	$196M	3.7%
Buybacks	$3.4B	$4.2B	$3.7B	$1.7B	$3.8B	130%
Dividends	$2.6B	$2.7B	$2.9B	$2.9B	$3.0B	2.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $13M · 18
Net: −$13M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	108	189
FY2024	—	—	115	158
FY2023	—	—	105	135
FY2022	—	—	105	114
FY2021	—	—	100	121