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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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
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 | $304,550 | 3.8x | 20.3x | 1.8x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
HON's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
65
Active years
20
Named deals
10
Avg / active year
3.3
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
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
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
0
Named deal filings
8
Recent SEC filings
10
Evidence clips
6
| 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 |
| 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 |
Global Access Solutions business acquisition
10-K - Feb 16, 2024
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…
Carrier Global Corporation's Global Access Solutions Business
10-K - Feb 14, 2025
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…
Elster Division of Melrose Industries plc
10-K - Feb 10, 2017
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…
NOVAR plc
10-K - Feb 15, 2008
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…
Novar plc acquisition
10-K - Feb 25, 2005
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.…
Sperian Protection
10-K - Feb 15, 2013
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...
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.