Honeywell International Inc.
HON 6Price and target zones价格与目标区间
What the company does公司做什么
Honeywell is an industrial technology company. It makes parts and software for aircraft, factories, warehouses, and buildings. It also makes specialty chemicals. The company sells to airlines, manufacturers, governments, and building owners around the world.霍尼韦尔是一家工业技术公司。它为飞机、工厂、仓库和楼宇制造零部件和软件，也生产特种化学品。公司的客户包括全球各地的航空公司、制造商、政府机构和建筑业主。
Earns from营收来源 Honeywell earns most of its money by selling aircraft parts and aftermarket service, industrial and warehouse automation equipment, building control systems, and specialty chemicals.霍尼韦尔的主要收入来自销售飞机零部件和售后服务、工业与仓库自动化设备、楼宇控制系统，以及特种化学品。
Read the full description查看完整介绍
Honeywell International Inc. engages in the industrial automation, building automation, and energy and sustainability solutions businesses in the United States, Europe, and internationally. The Industrial Automation segment provides automation control and instrumentation products and services; smart energy products; sensing technologies, including custom-engineered sensors and related services; gas detection technologies and personal protective equipment; and system design automation equipment, as well as software and analytics for manufacturing, distribution, and fulfillment operations. The Building Automation segment provides software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and system upgrade services. The Energy and Sustainability Solutions segment, through its UOP business, delivers licensed process technology, equipment, engineering, catalysts, adsorbents, and services for refining, petrochemicals, low-carbon energy, gas and LNG, and industrial solutions, as well as connectivity, data integration, and software solutions. The company was formerly known as AlliedSignal, Inc. Honeywell International Inc. was founded in 1885 and is headquartered in Charlotte, North Carolina.
Revenue breakdown营收构成 share of revenue营收占比
This segment builds engines, auxiliary power units, avionics, wheels, and brakes for commercial planes, business jets, and military aircraft. It also sells spare parts and repair service, called the aftermarket. Aftermarket sales are steady and pay high margins, because airlines must keep planes flying. Honeywell plans to spin this segment off as a separate public company, Honeywell Aerospace, in the second half of 2026.该业务部门为民用客机、公务机和军用飞机制造发动机、辅助动力装置、航空电子设备、机轮和刹车。它还销售备件和维修服务，即售后市场业务。由于航空公司必须让飞机保持运营，售后市场收入稳定，且利润率高。霍尼韦尔计划在2026年下半年将该业务分拆为独立上市公司——霍尼韦尔航空航天（Honeywell Aerospace）。
This segment sells barcode scanners, mobile computers, gas and flame detectors, and process control systems. Its customers are factories, warehouses, and other industrial sites that need to track goods and stay safe. Sales fell in 2025 as customers spent less on new warehouse equipment.该业务部门销售条码扫描仪、移动电脑、气体和火焰探测器，以及过程控制系统。客户是需要追踪货物并保障安全的工厂和仓库等工业场所。由于客户减少了新仓库设备的支出，2025年该部门销售额下降。
This segment sells thermostats, fire alarms, security systems, and software that manages a building's energy use, comfort, and safety. Customers are the owners and managers of offices, schools, hospitals, and other buildings. Sales grew fast in 2025 as building owners bought more software and services along with hardware.该业务部门销售恒温器、火灾报警器、安防系统，以及用于管理建筑能耗、舒适度和安全的软件。客户是办公楼、学校、医院等建筑的业主和管理者。2025年，随着建筑业主购买更多软件和服务而不只是硬件，该部门销售额快速增长。
This segment licenses refinery and petrochemical technology, sells catalysts, and offers services that help customers use less energy and produce less carbon. It also makes hydrogen and carbon capture equipment. It is Honeywell's smallest segment, but it grew the fastest in 2025.该业务部门授权炼油和石化技术，销售催化剂，并提供帮助客户降低能耗和碳排放的服务。它还生产氢能和碳捕集设备。这是霍尼韦尔规模最小的业务部门，但2025年增长最快。
Company facts公司资料
- Founded成立时间
- 1885
- Headquarters总部
- Charlotte, North Carolina
- Employees员工人数
- 101,000
- Industry行业
- Conglomerates
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 ANALYZED 8/06 — first file ever. Good business, full price. This is Honeywell Technologies, the pure-play automation company left after the 2026-06-29 three-way separation (Aerospace → HONA, plus a 1-for-2 reverse split: ~634M shares → ~317M).
What's working
- Q2 (7/23) was a beat-and-raise while its sibling was cutting: revenue $5.19B vs $4.98B est, +4% organic; adj EPS $1.95 beat $1.80, +10%; segment margin ex-Aerospace +100bps to 19.0%; orders +16%, backlog ~$20B; FY26 guide raised to 3-4% organic (4-6% H2), segment margin 20.1-20.5%, adj EPS $8.05-8.35, FCF ~$2.0B
- The moat asset nobody discusses is UOP — decades-old catalyst and process-technology licensing into refining/petrochem where licensees redesign whole process trains around the IP: switching costs measured in plant lifetimes, royalty-like recurring revenue, and — unlike HONA — it owns its own name and enforces its own patents. Building Automation +9% organic on code-driven replacement cycles is the growth engine
- $8.75B cash (from HONA's $9.1B separation dividend) is real optionality — how it gets used is the open question.
Red flags
- But 29.4x forward for 3-4% organic growth. The headline "+25-29% adj EPS growth" is stranded-cost removal off a low base, not operating performance. Process Automation is shrinking organically (−1%) — its return to growth is the clearest upgrade trigger
- The dividend was cut ~72% at separation: $1.248/qtr on 634M shares → $0.70/qtr on 317M, HONA pays $0, so a pre-spin holder now collects ~28% of the prior income. Yield 1.13% vs a 2.10% 5yr average — this is no longer an income name.
- Four-year record is a conglomerate buying growth it never made: revenue +1.8%/yr, operating income +0.7%/yr, debt +20.1%/yr ($20.5B→$35.6B, incl. an $8.9B acquisition year). The separation is the fix, and the multiple already pays for it having worked
Watch
- Net debt ~$17.5B ≈ 3.9x segment profit; FCF yield 2.62%
- The entire vendor snapshot is void until Q3 restates Aerospace into discontinued ops:
PE(ttm) 9.26is manufactured by a one-time Quantinuum deconsolidation gain (Q2 GAAP EPS $16.65 vs adj $1.95);PE(fwd) 24.04is an FY2027 estimate;P/S 2.00still counts Aerospace revenue; Graham IV $185.01 uses both broken inputs. Moat 7.5. Bogle ER 5-7%/yr. FV $190-235 (central $213) — spot is ~13% above centre. Entry $190-210. Trim 30x fwd. ⏳ Gated on the Q3 print, late Oct.
Would upgrade on
- Upgrade: Process Automation organic turns positive cash to buybacks or deleveraging a first post-spin dividend raise price into $190-210.
📋 2026-08-06 分析 —— 首份档案。 好生意，价格不对。 ** 这是 6/29 三分拆之后留下的自动化纯业务公司（同时执行了 1 拆 0.5 的反向拆股，股数由约 6.34 亿股降至约 3.17 亿股）。 7/23 的第二季度财报是一次 超预期并上调指引，而同一时间其兄弟公司 HONA 却在下调：有机增长 +4%，调整后每股收益 $1.95，超出预期的 $1.80，订单 +16%，全年指引上调至 $8.05-8.35。 UOP（催化剂与工艺技术授权）可以说是两家公司中留下的最优质护城河资产。 🚩 但 前瞻市盈率 29.4 倍，对应的只是 3-4% 的有机增长，自由现金流收益率 2.62%，过程自动化业务 有机层面正在萎缩，而且 股息在分拆时被削减约 72%（股息率 1.13%，而五年均值为 2.10%）—— 它已经不再是一只收益型股票。 ❌ 在第三季度报表把航空航天业务重述为终止经营之前，数据源的整份快照都不可用（PE(ttm) 9.26 来自 Quantinuum 出表的一次性收益；PE(fwd) 用的是 2027 财年）。 合理价值 $190-235。 买入区间 $190-210。 ⏳ 等待 10 月下旬的第三季度财报。 **
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 47%
- Revenue growth营收增长
- +4%
- Dividend yield股息率
- 1.32%
Competitors竞争对手
Why customers stay客户为什么留下
Honeywell holds long-term contracts and deep engineering know-how in each of its markets, which makes it hard for rivals to take customers away. Its aerospace aftermarket business gives it steady, high-margin revenue for decades after a plane first flies. The company is now splitting into separate aerospace and automation companies, a move meant to let each business grow and get priced more clearly by investors.霍尼韦尔在其各个市场都拥有长期合同和深厚的工程技术积累，这让竞争对手难以抢走客户。其航空售后市场业务在飞机首飞后的几十年里，都能带来稳定且高利润的收入。公司目前正拆分为独立的航空航天公司和自动化公司，这一举措旨在让两家公司各自更好地成长，并让投资者更清楚地为它们定价。