HONA changes
Pick any two versions below to diff them.
- Price
- $154.97 → $157.94(+1.9%)
- Discount
- 39.5% → 38.3%(−1.2 pts)
- Balance sheet
- Cash: $1.1B Debt: $16.0B Net debt: $14.9B Undrawn credit line: $4.0B Last debt due: 2066 Ratings: S&P BBB+ (positive outlook), Fitch A- (stable outlook), Moody's A3 (stable outlook) Honeywell Aerospace started life with debt that it did not use for its own business. In March 2026, it issued $16.0 billion of senior unsecured notes in nine series. It and paid $15.1 billion of the proceeds to Honeywell as part of the spin-off. Thus total equity was negative $5.6 billion at June 27, 2026. This comes from that payment to the former parent, not from losses, so it is not a sign of distress by itself. The notes have an average coupon of about 5.0% and mature from 2028 to 2066. Only $1.25 billion is due before 2029, and almost all of the notes are at fixed rates. Cash was $1.06 billion, so netNet debt was about $15.0 billion. This is about 3.4 times the guided 2026 adjusted EBIT of $4.35 to $4.45 billion. S&P rates the company BBB+ with a positive outlook. Fitch rates it A- and Moody's rates it A3, both stable. Liquidity comes from $4.0 billion ofThe undrawn revolving credit lines that back a $4.0 billion commercial paper program. The company also owes Honeywell $1.125 billion over less than five years for the right to use the Honeywell name. This works like extra debt. Interest costs are about $200 million a quarter, and guided second-half free cash flow is $1.0 to $1.5 billion. This leaves limited room for buybacks or a dividend until earnings recover from the parts shortage. As of 2026-06-27.