{"schemaVersion":1,"research":true,"symbol":"hon","name":"Honeywell International","topic":"moat","path":"/stock/hon/moat","status":"published","version":5,"updatedAt":"2026-10-19T15:56:01.689Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Current HON has a substantial automation installed base, integrated systems, service relationships and licensed process technology. These support plausible switching costs and intangible advantages, but the passages do not demonstrate customer captivity, replacement costs or sustained competitive superiority. Building Automation shows sustained organic growth; portfolio results and realized pricing are mixed and partly reflect the separated Aerospace business. Insufficient evidence of a moat does not establish a weak competitive position.","advantages":[{"mechanism":"switching_costs","claim":"Installed building and process systems, integrated software, maintenance and upgrades provide a plausible basis for switching costs. The installed base and service offerings exist today; meaningful customer replacement barriers remain unproven.","durability":"Long-term customer relationships and continued Building Automation growth support franchise continuity, but customer tenure, replacement economics and retained-customer revenue are not disclosed.","risks":"Competitive bidding, price competition and new technologies could weaken incumbent relationships. Construction and industrial investment cycles can reduce demand independently of competitive erosion.","invalidation":"The switching-cost thesis would be undermined by demonstrated low-cost migrations to rival systems, persistent losses of installed-base service contracts, or declining repeat demand despite stable customer investment.","competitors":["Johnson Controls","Schneider Electric","Siemens"],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9"]},{"mechanism":"intangible_assets","claim":"UOP currently supplies licensed process technology, catalysts, engineering and services. Domain expertise and proprietary technology provide differentiation, but the catalog does not establish superior licensing economics or exclusion of competing technologies.","durability":"The disclosed process-plant footprint supports accumulated experience. Patent lives, license renewal behavior and the persistence of technology premiums are unavailable; leadership in autonomous operations remains management's prospective claim.","risks":"Product commoditization, competing process technologies and weaker intellectual-property enforcement could reduce differentiation. Customer capital spending also affects demand.","invalidation":"The thesis would be undermined by sustained losses of process-technology awards, falling license or catalyst repeat demand, or evidence that competing technologies provide equivalent outcomes at materially lower total cost.","competitors":["Clariant","Flowserve","Topsoe"],"evidenceIds":["e1","e6","e10"],"counterEvidenceIds":["e7","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Automation business overview / installed building and process-plant footprint","excerpt":">10M\nGlobal Installed Base in Buildings\n~20K\nProcess Plants with HON Technology\nIn 2024, we progressed further in each of our GDMs, deploying best practices in a consistent manner across the portfolio while enabling scaled capabilities across business models, and our operating system proved to be a powerful integration tool throughout the significant M&A actions that we took during the year."},{"id":"e2","sourceId":"filing-2","location":"Revenue recognition / Building Automation offerings and lifecycle services","excerpt":"Building Automation offerings include fire detection, building controls and optimization software, energy management systems, access control, and video management software, complemented by installation, maintenance, and upgrades."},{"id":"e3","sourceId":"filing-6","location":"Building Automation business description / Forge lifecycle integration","excerpt":"Honeywell Forge integrates hardware, software and services—enhanced by AI-enabled solutions—to support revenue generation and performance over the lifecycle of a building."},{"id":"e4","sourceId":"filing-2","location":"Risk factors / existing long-term contractual relationships","excerpt":"We maintain long-term contractual relationships with many of our customers, suppliers, and other counterparties."},{"id":"e5","sourceId":"filing-7","location":"Non-GAAP reconciliation / Building Automation organic growth in 2023 and 2025","excerpt":"About Honeywell Technologies\nTwelve Months Ended December 31,\n2025\n2023\nBuilding Automation\nReported sales percent change\n13%\n1%\nLess: Impact of divestitures to the prior period\n—%\n—%\nReported sales percent change, adjusted for impact of divestitures\n13%\n1%\nLess: Foreign currency translation\n—%\n(1)%\nLess: Acquisitions\n5%\n—%\nLess: Other\n—%\n—%\nOrganic sales percent change\n8%\n2%\nWe define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, adjusted for the impact of divestitures to the prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature."},{"id":"e6","sourceId":"filing-1","location":"Business / named competitors and competitive factors","excerpt":"Some of our key competitors include but are not limited to:\nAEROSPACE TECHNOLOGIES\nBUILDING AUTOMATION\n•Garmin\n•L3 Harris\n•Rolls Royce\n•RTX Corporation\n•Safran\n•Thales\n•Johnson Controls\n•Schneider Electric \n•Siemens\nENERGY AND SUSTAINABILITY SOLUTIONS\n•Clariant\n•Flowserve\n•Topsoe\n•Dematic\n•Emerson Electric\n•Itron\n•MSA Safety Incorporated\n•Rockwell Automation\n•TE Connectivity\n•Zebra Technologies\nOur businesses compete on a variety of factors such as performance, applied technology, product innovation, product recognition, quality, reliability, customer service, delivery, and price."},{"id":"e7","sourceId":"filing-1","location":"Competition / considerable price competition","excerpt":"Our products face considerable price competition."},{"id":"e8","sourceId":"filing-2","location":"Risk factors / competitive contract awards","excerpt":"In certain of our businesses, our contracts are typically awarded on a competitive basis."},{"id":"e9","sourceId":"filing-2","location":"Risk factors / Building Automation cyclicality and potential competitive changes","excerpt":"•Building Automation—Operating results may be adversely impacted by downturns in the level of global buildings and infrastructure construction activity (including retrofits and upgrades), lower capital spending and operating expenditures on projects, changes in the competitive landscape, including new market entrants and new technologies, and fluctuations in inventory levels in distribution channels."},{"id":"e10","sourceId":"filing-1","location":"Business / UOP licensed technology, equipment, catalysts and services","excerpt":"The UOP business delivers licensed process technology, equipment, engineering, catalysts, adsorbents, and services through end-to-end solutions to its customers enabled by the convergence of its domain expertise and vast installed base, combined with the Honeywell Forge platform."},{"id":"e11","sourceId":"filing-2","location":"Risk factors / Process Automation and Technology demand and commoditization risks","excerpt":"•Process Automation and Technology—Operating results may be adversely impacted by reduced investments in process automation and downturns in capacity utilization for chemical, industrial, refining and petrochemical plants, our customers’ availability of capital for refinery construction and expansion, raw material demand and supply, product commoditization, and our ability to maximize our facilities’ production capacity and minimize downtime."},{"id":"e12","sourceId":"filing-2","location":"Risk factors / potential intellectual-property protection failures","excerpt":"Failure of foreign jurisdictions to protect our intellectual property rights, an inability to effectively enforce such rights in foreign jurisdictions, or the imposition of foreign jurisdiction investment or sourcing restrictions or requirements could result in loss of valuable proprietary information and could impact our competitive position and financial results."},{"id":"e13","sourceId":"filing-6","location":"MD&A / Q1 2026 consolidated price and volume sales bridge","excerpt":"Q1 2025\nVolume\n(2 %)\nPrice\n4 %\nForeign currency translation\n2 %\nAcquisitions\n1 %\nDivestitures\n(3 %)\nOther\n— %\n Total % change in Net sales\n2 %\nA discussion of Net sales by reportable business segment can be found in the Review of Business Segments section of this Management's Discussion and Analysis."},{"id":"e14","sourceId":"filing-2","location":"MD&A / realized pricing contribution to consolidated sales","excerpt":"•Increased pricing and price adjustments to offset inflation,"},{"id":"e15","sourceId":"filing-1","location":"Critical accounting estimates / negotiated contract prices and price-adjustment clauses","excerpt":"Contract revenues are largely determined by negotiated contract prices and quantities, modified by our assumptions regarding contract options, change orders, incentive and award provisions associated with technical performance and price adjustment clauses (such as inflation or index-based clauses)."},{"id":"e16","sourceId":"filing-7","location":"Management biography / reported seven-quarter Building Automation growth and margin expansion","excerpt":"With a sharper focus on higher-growth verticals, empowering local teams through a regional structure and bringing innovative new products to customers ─ including Honeywell Technologies Forge Connected Buildings ─ Hammoud led Building Automation to seven consecutive quarters of high-single-digit organic growth and margin expansion."},{"id":"e17","sourceId":"filing-9","location":"Recast annual continuing operations / operating income, segment profit and excluded charges","excerpt":"Years Ended December 31,\n2025\n2024\nContinuing Operations\nDiscontinued Operations1\nContinuing Operations\nDiscontinued Operations1\nOperating income\n$\n1,171 \n$\n5,247 \n$\n2,173 \n$\n5,268 \nStock compensation expense2\n153 \n54 \n153 \n41 \nRepositioning, Other3,4\n390 \n304 \n147 \n145 \nPension and other postretirement service costs4\n57 \n19 \n46 \n19 \nAmortization of acquisition-related intangibles5\n509 \n64 \n374 \n41 \nAcquisition-related costs5,6\n2 \n— \n25 \n— \nIndefinite-lived intangible asset impairment5\n44 \n— \n48 \n— \nImpairment of goodwill\n724 \n— \n— \n— \nImpairment of assets held for sale\n270 \n— \n219 \n— \nLoss on Quantinuum7\n187 \n— \n142 \n— \nSegment profit\n$\n3,507 \n$\n5,688 \n$\n3,327 \n$\n5,514 \n1 \nEffective June 29, 2026, Honeywell International Inc."},{"id":"e18","sourceId":"filing-6","location":"MD&A / identified automation-segment firm backlog at March 31, 2026","excerpt":"Our backlog by reportable business segment is as follows:\n \nMarch 31, 2026\nAerospace Technologies\n$\n18,822 \nBuilding Automation\n9,255 \nProcess Automation and Technology\n7,437 \nIndustrial Automation\n2,667 \nCorporate and All Other1\n81 \nTotal backlog\n$\n38,262 \n1\nThe backlog within Corporate and All Other relates to the Quantinuum business."},{"id":"e19","sourceId":"filing-1","location":"Liquidity / actual acquisition spending, capital expenditure and disposal proceeds","excerpt":"Net cash used for investing activities from continuing operations driven by $2,211 million of cash paid for acquisitions, $986 million of capital expenditures, and $399 million of net payments for settlements of derivative contracts, partially offset by $1,157 million proceeds from the sale of the PPE business."},{"id":"e20","sourceId":"filing-1","location":"Liquidity / actual shareholder distributions and financing","excerpt":"Net cash used for financing activities driven by $3,804 million of repurchases of common stock, $2,976 million of cash dividends paid, and $2,909 million of payments of long-term debt, partially offset by $4,035 million of long-term debt proceeds, $1,962 million of pre-separation funding related to the spin-off of the Advanced Materials business, and $1,482 million of net proceeds from commercial paper."},{"id":"e21","sourceId":"filing-2","location":"Cash flow statement / first-half operating cash generation and investing expenditure","excerpt":"CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 (Dollars in millions) Cash flows from operating activities Net income $ 6,481 $ 3,036 Less: Net income from discontinued operations — 357 Net income from continuing operations 6,481 2,679 Adjustments to reconcile net income from continuing operations to net cash (used for) provided by operating activities Depreciation 290 269 Amortization 379 404 Gain on deconsolidation of subsidiary (6,629) — Equity loss of affiliated companies 240 (23) (Gain) loss on sale of non-strategic businesses and assets (6) 29 Impairment of assets held for sale 311 15 Loss on debt extinguishment 241 — Repositioning and other charges 159 84 Net payments for repositioning and other charges (145) (195) Pension and other postretirement income (336) (233) Pension and other postretirement benefit payments (11) (12) Stock compensation expense 108 114 Deferred income taxes 962 (31) Other 252 (317) Changes in assets and liabilities, net of the effects of acquisitions and divestitures: Accounts receivable (718) (853) Inventories (234) (438) Other current assets (449) (154) Accounts payable 89 112 Accrued liabilities 70 412 Income taxes (428) (420) Net cash provided by operating activities from continuing operations 626 1,442 Net cash provided by operating activities from discontinued operations — 474 Net cash provided by operating activities 626 1,916 Cash flows from investing activities Capital expenditures (538) (416) Increase in investments (505) (681) Decrease in investments 513 753 Receipts (payments) from settlements of derivative contracts 127 (415) Deconsolidation of subsidiary cash (623) — Cash paid for acquisitions, net of cash acquired (28) (2,163) Proceeds from sale of business, net of cash transferred 6 1,157 Net cash used for investing activities from continuing operations (1,048) (1,765) Net cash used for investing activities from discontinued operations — (115) Net cash used for investing activities (1,048) (1,880) The Notes to Consolidated Financial Statements are an integral part of this statement."},{"id":"e22","sourceId":"filing-2","location":"Acquisitions and divestitures / first-half disposal-group write-down","excerpt":"The Company recognized a $311 million increase to the valuation allowance during the six months ended June 30, 2026, to write down the disposal groups to fair value, less costs to sell, as applicable."},{"id":"e23","sourceId":"filing-3","location":"Compensation discussion / reported three-year average adjusted ROIC versus compensation peers","excerpt":"Honeywell’s three-year average ROIC was 15.6%, which outperformed the Compensation Peer Group median."},{"id":"e24","sourceId":"filing-3","location":"Compensation risk oversight / executive ownership requirements","excerpt":"Ownership thresholds in the Company’s stock ownership guidelines for officers require NEOs to hold shares of common stock equal to five times their current annual base salary (10 times for the CEO), as detailed in the Stock Ownership Guidelines."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / post-vesting holding requirement","excerpt":"In addition, upon vesting, RSUs are settled in shares of Honeywell stock with the NEO required to hold the resulting net shares at least one year before being able to sell them."},{"id":"e26","sourceId":"filing-3","location":"Recoupment / adopted clawback policy and coverage","excerpt":"This Clawback Policy is administered by our MDCC and enables the Company to recover from covered current and former executives certain incentive-based compensation in the event of an accounting restatement resulting from material noncompliance with any financial reporting requirements under the federal securities laws."},{"id":"e27","sourceId":"filing-3","location":"Compensation design / approved simplified 2026 incentive structure","excerpt":"However, with the expected spin-off of Honeywell Aerospace in the third quarter of 2026 and other ongoing portfolio optimization projects (as described above), taking into consideration that these transactions will significantly transform our business portfolio, the MDCC approved a simplified and streamlined ICP and LTI structure for 2026."},{"id":"e28","sourceId":"filing-3","location":"Compensation design / 2026 replacement of PSUs with options and RSUs","excerpt":"Long Term Incentives (LTI)\nAfter thorough analysis of various options, the MDCC determined that for 2026, rather than PSUs, an equal mix of Stock Options and Restricted Stock Units provides the best balance between executive retention and alignment with shareowner interests, in light of the expected Aerospace spin-off."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion / Industrial Automation actual results against 2025 targets","excerpt":"Mr. Masso's formulaic payout portion of ICP (80% of ICP) was based on actual 2025 performance against the 2025 ICP goals for both Total Honeywell and the IA business unit (each weighted equally), as follows:\nICP Goal\n2025 ICP Goal\n(Target)\n2025 Actual Plan Performance(1)\nAchievement\nMetric\nPercentage(2)\nWeighting\nCalculated\nPercentage\nTotal Honeywell ICP\n106.9\n53.4\nIA ICP Sales\n$9.013 billion\n$8.936 billion\n99.1\n97.9\n19.6\nIA ICP Income Contribution\n$1.529 billion\n$1.294 billion\n84.6\n61.5\n9.2\nIA ICP Free Cash Flow\n$1.651 billion\n$1.477 billion\n89.4\n73.6\n11.0\nTotal Calculated (Formulaic) Payout: IA (Mr."},{"id":"e30","sourceId":"filing-8","location":"June 29, 2026 announcement / completed Aerospace spin-off","excerpt":"CHARLOTTE, N.C., June 29, 2026 – Honeywell Technologies (NASDAQ: HON) today announced it has completed the previously announced spin-off of its Aerospace Technologies business, which now operates as Honeywell Aerospace."},{"id":"e31","sourceId":"filing-3","location":"Governance / independent Audit Committee responsibilities","excerpt":"CAP vs SEGMENT MARGIN 2026 NOTICE AND PROXY STATEMENT | 107 PROPOSAL 3: APPROVAL OF INDEPENDENT ACCOUNTANTS The Audit Committee, which consists entirely of independent directors, is directly responsible for the appointment, compensation, retention, and oversight of the Company’s independent registered public accounting firm."},{"id":"e32","sourceId":"filing-3","location":"Governance / independent Lead Director","excerpt":"Independent Lead Director with expanded responsibilities elected by independent directors."},{"id":"e33","sourceId":"filing-3","location":"Board leadership / CEO serving as chairman","excerpt":"BOARD LEADERSHIP STRUCTURE\nCHAIRMAN OF THE BOARD\nVimal Kapur has served as Chairman of the Board since June 2024."},{"id":"e34","sourceId":"filing-1","location":"Commitments and contingencies / formal SEC financial-reporting investigation","excerpt":"SEC MATTER\nThe Company is cooperating with a formal investigation by the SEC which is focused on certain financial reporting matters, including with respect to the Company's former Performance Materials and Technologies segment."},{"id":"e35","sourceId":"filing-2","location":"Basis of presentation / Aerospace retained in reported quarterly continuing operations","excerpt":"For purposes of this report, which covers the quarterly period prior to the completion of the Aerospace Spin-Off, our financial results include the assets, liabilities, and operating results of Honeywell Aerospace as continuing operations."},{"id":"e36","sourceId":"filing-2","location":"MD&A / first-half 2026 consolidated gross-margin contraction","excerpt":"YTD 2026 compared with YTD 2025 Gross margin increased by approximately $0.1 billion and gross margin percentage decreased 100 basis points to 38.1% compared to 39.1% for the same period of 2025."},{"id":"e37","sourceId":"filing-1","location":"MD&A / 2025 sales contribution from pricing and inflation adjustments","excerpt":"•Increased pricing and price adjustments to offset inflation,"}],"changes":["The uncertain verdict is retained after re-examining the current catalog; installed-base scale and licensed technology still do not establish durable customer captivity or competitive superiority.","The previous analysis's Q1 pricing bridge, Building Automation growth, compensation provisions and Industrial Automation target misses are supported by current catalog passages; no retired evidence IDs are reused.","Pricing and margin assessments explicitly distinguish historical consolidated results containing Aerospace from recast continuing automation operations.","The supplied current catalog documents executive ownership requirements and holding rules, but does not establish individual executive compliance. Approved 2026 compensation design is distinguished from actual grants or vesting."],"limitations":["All supplied sources are issuer filings or issuer releases. Operating results and contractual disclosures support numerical assessments, while management descriptions of leadership, differentiation and future autonomy remain assertions.","No customer migration costs, renewal rates, retained-customer revenue, competitive win rates or technology-specific licensing economics are supplied. Repeat demand is assessed indirectly.","Competitors are named in the catalog, but comparable competitor operating evidence is absent. The extracted competitor table has imperfect segment formatting; listed process competitors are not evidence of product-by-product overlap.","Historical consolidated pricing, cash flows and gross margins include Aerospace. The recast supplement improves automation coverage but does not provide a standalone automation price-volume bridge.","The July quarterly filing contains inconsistent spin-off timing descriptions. The explicit June 29 completion announcement supports treating Aerospace as separated; the quarterly filing expressly retains Aerospace in its presented operating results.","All source dates are treated as filing dates, retaining dateKind=filed. No retrieval date is treated as a publication date.","No explicit economic moat is inferred from margin levels, asset scale, data accumulation or management reputation alone."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Installed systems, lifecycle integration and licensed process technology establish plausible mechanisms, but do not establish economic barriers or durable superiority for current HON.","evidenceIds":["e1","e2","e3","e10"]},{"criterion":"durability","grade":null,"rationale":"Long-term relationships and a substantial installed footprint support continuity, but replacement barriers, technology exclusivity and the duration of excess returns remain unestablished.","evidenceIds":["e1","e4","e10","e12"]},{"criterion":"customer_dependency","grade":null,"rationale":"Firm automation backlog and integrated services show committed demand; they do not demonstrate that customers depend on Honeywell rather than available alternatives.","evidenceIds":["e2","e3","e18"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Building Automation growth is favorable, but the evidence does not establish resilience of a demonstrated moat. Competition and commoditization disclosures describe potential erosion, not proven losses of competitive position.","evidenceIds":["e5","e7","e9","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Price increases contributed to 2025 and 2026 sales; the Q1 bridge reports four percentage points from price alongside a two-point volume decline. This demonstrates realized historical-group pricing, tempered by considerable price competition and missing standalone automation attribution.","evidenceIds":["e7","e13","e14","e35","e37"]},{"criterion":"retention","grade":2,"rationale":"Long-term customer relationships, firm automation backlog and sustained Building Automation organic growth provide indirect evidence of continuing demand. They do not distinguish retained customers from new business or establish renewal rates.","evidenceIds":["e4","e5","e16","e18"]},{"criterion":"margin_resilience","grade":2,"rationale":"Building Automation reports seven quarters of margin expansion. Recast automation continuing operations show higher 2025 segment profit but lower operating income with substantial impairments and other charges. Historical-group first-half 2026 gross margin also contracted. Portfolio resilience is mixed and cannot be attributed solely to pricing.","evidenceIds":["e16","e17","e35","e36"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Negotiated prices and inflation or index-based adjustment clauses provide some repricing capacity. Competitive awards and considerable price competition constrain terms; unilateral repricing freedom across current automation businesses is not established.","evidenceIds":["e7","e8","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual acquisition spending, capital expenditure, disposal proceeds and distributions demonstrate active allocation. Reported three-year adjusted ROIC is favorable, but financing requirements, disposal write-downs and lower first-half operating cash generation make outcomes mixed. Historical cash flows include Aerospace; acquisition-specific returns are unavailable.","evidenceIds":["e19","e20","e21","e22","e23","e35"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed executive ownership requirements, post-vesting holding periods and an adopted clawback support alignment. The approved 2026 replacement of PSUs with options and RSUs reduces explicit multiyear financial-performance conditions. These disclosures establish policy and design, not individual ownership compliance or actual 2026 vesting.","evidenceIds":["e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":2,"rationale":"The completed Aerospace separation and reconciled Building Automation organic growth demonstrate delivery. Industrial Automation missed disclosed 2025 income and cash-flow targets, and disposal-group write-downs continued in 2026. Operating execution is partly assessed from indirect segment evidence; issuer praise is not treated as independent proof.","evidenceIds":["e5","e16","e22","e29","e30"]},{"criterion":"governance","grade":2,"rationale":"An independent Audit Committee, independent Lead Director and adopted clawback provide documented safeguards. Combined chairman and CEO roles and the unresolved formal SEC financial-reporting investigation temper the assessment. The investigation is not a finding of misconduct.","evidenceIds":["e26","e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"8861dac5d074c3ff42f4269660efbc3a62869c2e0da56a2a5abf2a570120eae5","updatedAt":"2026-10-19T15:56:01.689Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000013/hon-20251231.htm","publishedAt":"2026-02-17","sha256":"c580546f421a57e515afe96f4da2e5e8d40097ab984ed7e06e8ae261b7e65d8f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000124/hon-20260630.htm","publishedAt":"2026-07-23","sha256":"357aa01f26e90658b5477683c20f865713841fe74b72dd11104aea4a0c05e252","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000029/hon-20260409.htm","publishedAt":"2026-04-10","sha256":"6107dc7e41486672a98eb711a2b93c07fc9181c4abb85a28fa7a17fd9fd8b63b","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384025000010/hon-20241231.htm","publishedAt":"2025-02-14","sha256":"19df0418d8afe5bba11e07199853c666ab47e90be5313da9c43bfbcf5678c3d3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384024000014/hon-20231231.htm","publishedAt":"2024-02-16","sha256":"d94308b510903f61758f74ba30242fc9d07c3a1dd2e74232bffc00a2711cb05d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000057/hon-20260331.htm","publishedAt":"2026-04-23","sha256":"9c7250292a5d463663473a8cb06aeaa79a1ea5779ea098397766a48e2d9c8f51","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000130/exhibit991-pressrelease.htm","publishedAt":"2026-08-19","sha256":"218811c78ef11d452c4deb5aaae0b78d21023f60f807d004bcca9865f95ae37b","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000084/exhibit991-pressrelease629.htm","publishedAt":"2026-06-29","sha256":"1589382085d2a82b00f01703114464ab1c4cefa089c24a285c433caa6b424720","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000084/exhibit992-junexwintersupp.htm","publishedAt":"2026-06-29","sha256":"0f2f0846cef3670a23f9210baa148314d9ef0b6204be1f10dd811b4a3a2c6ecb","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:1cd0026019f915ac1fc78f1251732553cf2fd38aae881da119c7ff0baea94c1f","usage":{"input_tokens":131481,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4141,"reasoning_output_tokens":86}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":31.978367062107466,"operating_margin":null,"roic":null,"fcf_margin":14.954059083507792,"sbc_revenue":0.6309606885322168},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":32.8229853944623,"operating_margin":22.61884621891389,"roic":22.65457637944868,"fcf_margin":12.710765239948119,"sbc_revenue":0.5300851519765409},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":37.27838088483989,"operating_margin":20.628989144072882,"roic":21.318834909675807,"fcf_margin":11.731493099121707,"sbc_revenue":0.5509792155365228},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":38.085095329627514,"operating_margin":22.595979011896723,"roic":20.17115034184351,"fcf_margin":12.813652657280898,"sbc_revenue":0.5039222816769703},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":36.93445862934672,"operating_margin":21.70557128358528,"roic":17.266243823520156,"fcf_margin":14.481064045724054,"sbc_revenue":0.5234763100261738},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000013/hon-20251231.htm","publishedAt":"2026-02-17","sha256":"c580546f421a57e515afe96f4da2e5e8d40097ab984ed7e06e8ae261b7e65d8f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000124/hon-20260630.htm","publishedAt":"2026-07-23","sha256":"357aa01f26e90658b5477683c20f865713841fe74b72dd11104aea4a0c05e252","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000029/hon-20260409.htm","publishedAt":"2026-04-10","sha256":"6107dc7e41486672a98eb711a2b93c07fc9181c4abb85a28fa7a17fd9fd8b63b","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384025000010/hon-20241231.htm","publishedAt":"2025-02-14","sha256":"19df0418d8afe5bba11e07199853c666ab47e90be5313da9c43bfbcf5678c3d3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384024000014/hon-20231231.htm","publishedAt":"2024-02-16","sha256":"d94308b510903f61758f74ba30242fc9d07c3a1dd2e74232bffc00a2711cb05d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000057/hon-20260331.htm","publishedAt":"2026-04-23","sha256":"9c7250292a5d463663473a8cb06aeaa79a1ea5779ea098397766a48e2d9c8f51","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000130/exhibit991-pressrelease.htm","publishedAt":"2026-08-19","sha256":"218811c78ef11d452c4deb5aaae0b78d21023f60f807d004bcca9865f95ae37b","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000084/exhibit991-pressrelease629.htm","publishedAt":"2026-06-29","sha256":"1589382085d2a82b00f01703114464ab1c4cefa089c24a285c433caa6b424720","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000084/exhibit992-junexwintersupp.htm","publishedAt":"2026-06-29","sha256":"0f2f0846cef3670a23f9210baa148314d9ef0b6204be1f10dd811b4a3a2c6ecb","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-19T18:33:29.802Z","verdict":"uncertain","value":null},{"version":4,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}