# Honeywell Aerospace (HONA.US)

Canonical: https://gigainvestors.com/s/HONA

Analysis as of: 2026-10-16T07:29:05.971Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $163.11 per share; close as of 2026-10-15.

## Checklist

### understandable: unclear

- 2 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 2

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.26×

- FY2020: 0.25×

- FY2021: 0.28×

- FY2022: 0.27×

- FY2023: 0.26×

- FY2024: 0.23×

- FY2025: 0.19×

### moat: unclear

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 26.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2024: 52.1%

- FY2025: 46.2%

### economics: unclear

- Cash conversion uses consolidated totals: No

Chart: Annual owner cash / profit; fiscal year observations.

- FY2023: 0.87×

- FY2024: 1.00×

- FY2025: 1.00×

### management: unclear

- Management verdict uses per-share economic progress: Yes

- Buyback history: 0 years

Chart: Earnings per share; fiscal year observations.

- FY2023: $9.11

- FY2024: $8.89

- FY2025: $5.62

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -10.9%

- Receivables to sales index (DSRI): 1.55×

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.08×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.62×

Chart: Sloan accruals; fiscal year observations.

- FY2024: 1.7%

- FY2025: -10.9%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Jun 2026 · "Honeywell Aerospace shares plunge as company cuts 2026 sales outlook" (finance.yahoo.com, Aug 2026) · sales +12.7%

Story as of 2026-10-16T09:58:53.718Z; price observation 2026-10-15.

- 2026-08-06: Honeywell Aerospace Q2 2026 earnings miss, cuts full-year outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/honeywell-aerospace-q2-2026-earnings-174129815.html))

### Sales · FY2024–2025

sales +12.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: $14B 

- FY2020: $12B 

- FY2021: $11B 

- FY2022: $12B 

- FY2023: $14B 

- FY2024: $15B 

- FY2025: $17B 

### Gross margin · FY2025

gross margin 34.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 38.3% 

- FY2024: 35.6% 

- FY2025: 34.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are USD 17.4 billion.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2025-12-31 (filed 2026-10-16T07:29:05.971Z); FY2025: revenue 17404000000; grossProfit 6063000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HONA.US: Honeywell Aerospace Inc. manufactures and supplies aircraft components, avionics, engines, and systems for airframe manufacturing, commercial airline, military and defense, business aviation, and space markets, as well as other markets in the aerospace industry. The company offers actuation products, air and thermal management products, auxiliary power units, cabin management and entertainment products, cockpit systems and displays, electric power products, engines, health and usage monitoring products, lighting products, microelectronics, navigation products and radios, recorders and transmitters, satellite communications, sensors, space products, terrain and traffic awareness, vehicle turbochargers, weather radars, and wheels and braking systems. It also provides aerospace trading, asset availability, cabin connectivity, maintenance and service plans, certifications, training, and other flight services; and GoDirect Trade, an e-commerce platform that offers access to new and used air transport and business aircraft parts. The company's platform includes business jets, airlines/cargo planes, helicopters, defense, space, general aviation, and automotive platforms. It provides products and services to military fixed and rotary wing operators in South America, Latin America, Africa, and the Middle East. The company was founded in 1914 and is based in Phoenix, Arizona. Honeywell Aerospace Inc. is as a prior subsidiary of Honeywell International Inc.

### Why customers stay

Margins ranged from 34.8% to 38.3% during 2023–25; it earns 49.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2023-12-31 (filed 2026-10-16T07:29:05.971Z); FY2023: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2024-12-31 (filed 2026-10-16T07:29:05.971Z); FY2024: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2025-12-31 (filed 2026-10-16T07:29:05.971Z); FY2025: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:05.971Z); 7-year return on capital observations [[2024,0.5206581772335644],[2025,0.46191210171254543]]; median 0.49128513947305497. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 5.2% of cash earnings; paid no dividends in 1 year.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2023-12-31 (filed 2026-10-16T07:29:05.971Z); FY2023: growth capex 0; upkeep 387000000; cash acquisitions 0; owner earnings 2524000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2024-12-31 (filed 2026-10-16T07:29:05.971Z); FY2024: growth capex 142000000; upkeep 346000000; cash acquisitions 2130000000; owner earnings 2817000000. Growth capex plus acquisitions / owner earnings = 0.8065317713880015.

- Source: https://eodhd.com/api/fundamentals/HONA.US.json#2025-12-31 (filed 2026-10-16T07:29:05.971Z); FY2025: growth capex 92000000; upkeep 412000000; cash acquisitions 0; owner earnings 1780000000. Growth capex plus acquisitions / owner earnings = 0.051685393258426963.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:05.971Z); Dividend observations: [[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HONA.US SharesStats.PercentInsiders = 0.078 percentage points; cache date 2026-10-16.

### What the price says

The price is 3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:05.971Z); Closing price 163.11 USD; reporting-to-trading FX 1; FY2025 annual sales per share 54.936868686868685; price multiple 2.9690443576189387. FY2025 cash earnings/share 5.6186868686868685. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2026-06: $221.08 per share

- 2026-07: $206.74 per share

- 2026-08: $158.11 per share

- 2026-09: $154.97 per share

- 2026-10: $158.18 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 4,009 HONA shares; USD 886,000 reported position value; 0% of portfolio; new; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 100,041 HONA shares; USD 22,117,000 reported position value; 0.2% of portfolio; new; quarter 2026 Q2.

# HONA — Honeywell Aerospace Inc

Held by 2 investors · USD 23,003,000 total · 2026 Q2 · reported price USD 221.08 (split-adjusted).
Page: https://gigainvestors.com/s/HONA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andrew Adams (https://gigainvestors.com/MPF) | USD 22,117,000 | 0.2% | new |
| David Hoeft (https://gigainvestors.com/DAC) | USD 886,000 | 0.0% | new |

## Total held by quarter

- 2026 Q2: USD 23,003,000 · 2 holders · USD 221.08