Honeywell stock forecast 2027–2029
MyStockButler's October 2026 analysis: Honeywell's weighted forecast is $176.37 in October 2027, $193.68 in October 2028 and $207.77 in October 2029. It hinges on Honeywell turning backlog into durable growth without giving back margin or cash.
Where could Honeywell's shares be by 2029?
The forecast’s weighted outcome is below today’s $218.31 in every window. The weighted price is $176.37 in October 2027 and $193.68 in October 2028. By October 2029 it reaches $207.77, or a -1% return including dividends. The earlier returns are -18% and -9%, respectively.
The final range is wide: $78.79 in the bear case and $378.15 in the bull case. The bear probability is 32%, the base probability is 50%, and the bull probability is 18%, because execution evidence is mixed but management still has a credible improvement programme.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 32 % | 117.67 (-45 %) | 97.53 (-53 %) | 78.79 (-60 %) |
| Base | 50 % | 189.51 (-12 %) | 215.26 (+1 %) | 228.99 (+9 %) |
| Bull | 18 % | 244.20 (+13 %) | 304.68 (+42 %) | 378.15 (+77 %) |
| Weighted | 100 % | 176.37 (-18 %) | 193.68 (-9 %) | 207.77 (-1 %) |
What has to go right for Honeywell's forecast—and what could go wrong?
This path assumes the 4%–6% organic-growth framework, backlog conversion, stranded-cost removal and lower interest expense. The bear case falls from $2,500 million to $2,300 million as orders lag sales, projects convert late and margins weaken. The bull case rises from $3,200 million to $4,500 million as orders broaden, aftermarket and Forge repeat revenue improve, and Catalyst integration succeeds.
The bull case requires broad order growth, timely projects, stronger aftermarket and Forge revenue, successful Catalyst integration and faster deleveraging.
How much cash does Honeywell really make?
Honeywell’s cash generation is improving, but exceptional receipts and payments obscure the operating trend. Capital spending was $582 million in 2025, versus $431 million in 2023, so free cash flow must account for a real investment need.
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| − Capital spending | 582 | 500 | 431 |
| − Stock pay | 153 | 153 |
What this means. The stock pay number is missing for 2023 because the company did not recalculate that older year after removing Aerospace.
What does an investor pay for Honeywell today?
| Today (Oct 23, 2026) | |
|---|---|
| Share price | 218.31 |
| Market value (calculated) | 69,282.54 |
| Enterprise value (calculated) | 79,689.54 |
| P/E, last 12 months (calculated) | 12.5x |
| P/E, next 12 months (calculated) | 22.2x |
| Dividend yield (calculated) | 1.3% |