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Research · S&P 500 · Industrials
HONA · Honeywell Aerospace
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
20/40
low-moderate value score8 of 12 checks scored8 of the 12 checks that carry a score were scored from the data available. 4 could not be scored (ROE Trend, ROIC, Retained Earnings, Capital Allocation) and were left out, so the score is out of 40 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
2/5Diluted EPS: $9.11 (2023), $8.89 (2024), $5.62 (2025). It ended at or below 2023; the framework scores that as 2.
ROE Trend
Not scoredFewer than 3 years of net income and shareholder equity in the data source.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
4/5Net margin of 10.9%; the framework scores 10-20% as 4; gross margin 34.5%, operating margin 14.7%.
Balance sheet & cash
Debt-to-Equity
1/5Shareholder equity is negative, so debt-to-equity has no meaningful value (total debt $16.15B, total cash $1.06B). The framework scores negative equity as 1. Calculated from the balance sheet in yfinance (at Jun 30, 2026) because yfinance's summary figure was not available.
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $2.60B (2023), $2.05B (2024), $3.20B (2025). It rose every year but one and ended above 2023; the framework scores that as 4.
Retained Earnings
Not scoredFewer than 3 years of retained earnings figures are available, so it is not scored.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $3.28 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $27.26 (EPS CAGR -21.5% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $168.09; price is 516.6% above the model value.
DCF Value
4/5FCF/share = $10.099, stage 1 growth = 12.3% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $53.75, PV of terminal value = $164.80, DCF value = $218.56. Current price $168.09; price is 23.1% below the model value. Free cash flow here is operating cash flow minus capital expenditure. Calculated from the annual statements in yfinance (fiscal year to Dec 31, 2025) because yfinance's summary figure was not available.
Margin of Safety
3/5Graham value $27.26 (price is 516.6% above the model value); DCF value $218.56 (price is 23.1% below the model value).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words
Not available: SEC EDGAR lists no annual report (10-K) for this company yet.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
Not scoredCapital allocation, 2023-2025: dividends or buybacks paid in 0 of 3 years (fail); $0 paid out against $7.85B of free cash flow (pass); total debt not available; share count not available. Fewer than 3 of the 4 tests have data, so it is not scored.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $3.28, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -21.5%; below -4.25% the formula returns a negative value)
IV = $27.26
Current price $168.09 vs Graham value $27.26 — price is 516.6% above the model value.
DCF:
FCF/share = $10.099
Stage 1 growth = 12.3% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $11.342 → PV $10.310
Y2: $12.737 → PV $10.526
Y3: $14.303 → PV $10.746
Y4: $16.062 → PV $10.971
Y5: $18.038 → PV $11.200
Stage 1 PV sum = $53.75
Terminal value at end of Y5 = $265.42
PV of terminal value = $164.80
DCF value = $218.56
Current price $168.09 vs DCF value $218.56 — price is 23.1% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $168.09. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.