Honeywell International Inc

HONActive

CIK 773840 · Mega-Cap Diversified Acquirers

Honeywell International Inc is a public company in Conglomerates, tracked in the mega-cap diversified acquirers sub-sector, with $37B TTM revenue and $6.5B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, HON filings, SEC EDGAR

$135,044

Market cap ($MM)

$156,707

Enterprise value ($MM)

$36,763

Revenue · LTM ($MM)

$6,550

EBITDA · LTM ($MM)

18%

EBITDA margin

4.3x

EV / revenue

23.9x

EV / EBITDA

3.3x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01HON is a scaled public consolidator in Mega-Cap, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is BRK-A, MMM, CAT.

Balance sheet & capacity

Indicative capacity read: 3.3x net debt / EBITDA with EBITDA of $6.6B.

$11,977

Cash & equiv. ($MM)

$33,640

Total debt ($MM)

$21,663

Net debt ($MM)

3.3x

Net debt / EBITDA

Valuation

Where it trades against its peer set

HON versus the scaled public Mega-Cap Diversified Acquirers comparables.

EV / EBITDA distribution · peer set

HON 23.9x

Indexed share-price performance

HON versus available Mega-Cap Diversified Acquirers peers and SPY.

+0.4%

HON

+66%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Honeywell International Inc	HON	$36,763	$6,550	18%	$135,044	$156,707	4.3x	23.9x	3.3x
Berkshire Hathaway Inc.	BRK-A	$375,394	$71,097	19%	$1,025,929	$1,113,922	3.0x	14.8x	-0.8x
3m Company	MMM	$25,024	$5,022	20%	$74,735	$83,562	3.3x	16.6x	1.4x
Caterpillar Inc.	CAT	$70,755	$15,312	22%	$413,399	$452,393	6.4x	29.5x	2.1x
Mega-Cap Diversified Acquirers median		$53,759	$10,931	20%	$274,221	$304,550	3.8x	20.3x	1.8x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

HON's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

3.3

Acq. cash outflow ($MM)

N/A

Banker read

01HON reads as a programmatic acquirer: 65 disclosed acquisitions across 20 active years, or 3.3 per active year. The chart shows activity in 6 of the last 12 visible years.
02In the last three years, the file shows 8 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $30B of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $8.9B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

HON count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

8 / 3

Last three years is up 167% vs prior three.

Peak count year

FY16

5 disclosed acquisitions in the peak visible year.

Recent spend

$12B

is up 569% vs prior three; peak FY24 at $8.9B.

Named evidence

10 rows

15% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Sep 30, 2024	Carrier Global Corporation's Global Access Solutions business	Mega-cap diversified acquirers	$5,000	On December 8, 2023, the Company agreed to acquire Carrier Global Corporation's Global Access Solutions business in an all-cash transaction for $5.0 billion. The transaction is...	10-K^†
Jun 3, 2024	Carrier Global Corporation's Global Access Solutions Business	Mega-cap diversified acquirers	$4,913	On June 3, 2024, the Company acquired 100% of the outstanding equity interests of Carrier Global Corporation's Global Access Solutions business (Access Solutions), an innovative...	10-K^†
Dec 1, 2015	Elster Division of Melrose Industries plc	Mega-cap diversified acquirers	$4,899	In December 2015, the Company completed the acquisition of the Elster Division of Melrose Industries plc (Elster), for an aggregate value, net of cash acquired, of $4,899 millio...	10-K^†
Mar 31, 2005	NOVAR plc	Mega-cap diversified acquirers	$2,400	On March 31, 2005, the Company purchased 100% of the issued and ordinary preference share capital of NOVAR plc (NOVAR) for $1.7 billion, net of cash acquired, which represented...	10-K^†
Jan 1, 2005	Novar plc	Mega-cap diversified acquirers	$2,400	On December 13, 2004, we announced that we had reached agreement with the board of directors of Novar plc (Novar) on the terms of recommended Offers for the entire issued and or...	10-K^†
Oct 1, 2010	Sperian Protection	Mega-cap diversified acquirers	$1,475	In October 2010, we completed the acquisition of the issued and outstanding shares of Sperian Protection (Sperian), a French company that operates globally in the personal prote...	10-K^†
Nov 30, 2005	UOP LLC	Mega-cap diversified acquirers	$800	Effective November 30, 2005, we acquired the 50 percent interest in UOP LLC (UOP) formerly indirectly owned by Union Carbide Corporation, a wholly owned subsidiary of the Dow Ch...	10-K^†
Sep 17, 2013	Intermec	Mega-cap diversified acquirers	$607	On September 17, 2013, the Company acquired 100 percent of the issued and outstanding shares of Intermec, a leading provider of mobile computing, RFID and bar code, label and re...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+

No filing source clears this category.

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 14, 2025	10-K	Carrier Global Corporation's Global Access Solutions Business	Named deals	SEC filing
Feb 16, 2024	10-K	Carrier Global Corporation's Global Access Solutions business	Named deals	SEC filing
Feb 10, 2017	10-K	Elster Division of Melrose Industries plc	Named deals	SEC filing
Feb 14, 2014	10-K	Intermec	Named deals	SEC filing
Feb 15, 2013	10-K	Sperian Protection; EMS Technologies, Inc.	Named deals	SEC filing
Feb 15, 2008	10-K	NOVAR plc	Named deals	SEC filing
Mar 1, 2006	10-K	UOP LLC	Named deals	SEC filing
Feb 25, 2005	10-K	Novar plc; Invensys Sensor Systems	Named deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Apr 24, 2026	DEFA14A	N/A	DEFA14A	FinancialsRecent SEC	SEC filing
Apr 23, 2026	8-K	8.01,9.01	8-K	Recent SEC	SEC filing
Apr 23, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Apr 23, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Apr 10, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Apr 10, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Apr 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Mar 23, 2026	8-K	8.01,9.01	8-K	Recent SEC	SEC filing
Mar 16, 2026	8-K	1.02,8.01,9.01	8-K	Recent SEC	SEC filing
Mar 6, 2026	8-K	1.01,1.02,2.03,8.01,9.01	8-K	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Global Access Solutions business acquisition

10-K - Feb 16, 2024

Medium

On December 8, 2023, the Company agreed to acquire Carrier Global Corporation's Global Access Solutions business in an all-cash transaction for $5.0 billion. The transaction is subject to regulatory review and approval…

SEC source

Carrier Global Corporation's Global Access Solutions Business

10-K - Feb 14, 2025

Medium

On June 3, 2024, the Company acquired 100% of the outstanding equity interests of Carrier Global Corporation's Global Access Solutions business (Access Solutions), an innovative global leader in advanced access and secu…

SEC source

Elster Division of Melrose Industries plc

10-K - Feb 10, 2017

Medium

In December 2015, the Company completed the acquisition of the Elster Division of Melrose Industries plc (Elster), for an aggregate value, net of cash acquired, of $4,899 million. Elster had 2015 revenues of $1,670 mill…

SEC source

NOVAR plc

10-K - Feb 15, 2008

Medium

On March 31, 2005, the Company purchased 100% of the issued and ordinary preference share capital of NOVAR plc (NOVAR) for $1.7 billion, net of cash acquired, which represented $2.4 billion for consideration of all outs…

SEC source

Novar plc acquisition

10-K - Feb 25, 2005

Medium

On December 13, 2004, we announced that we had reached agreement with the board of directors of Novar plc (Novar) on the terms of recommended Offers for the entire issued and ordinary preference share capital of Novar.…

SEC source

Sperian Protection

10-K - Feb 15, 2013

Medium

In October 2010, we completed the acquisition of the issued and outstanding shares of Sperian Protection (Sperian), a French company that operates globally in the personal protection equipment desi...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive