LIVE TRACKERUpdated March 2026

Honeywell Aerospace Spin-Off

Tracking the separation of Honeywell Aerospace into an independent pure-play company. Ticker: HONA (Nasdaq) — expected Q3 2026.

Revenue

$17.4B

FY 2025 pro forma

Adj. EBIT

$4.26B

24.5% margin

Spin Date

Q3 2026

Tax-free distribution

Debt Load

$22B

Investment grade

01 — Timeline

Key Milestones

FilingMar 3, 2026

Form 10 Filed with SEC

Honeywell files registration statement for Honeywell Aerospace (HONA) spin-off. Pro forma financials disclosed: $17.4B revenue, $4.26B adjusted EBIT.

FinancingMar 18, 2026

Debt Offering Announced

$16B in New Money Notes + $6B Exchange Notes = $22B total debt financing. Investment-grade credit rating secured.

EventJun 3, 2026NEXT

HONA Investor Day

Phoenix, Arizona. Management to present standalone strategy, financial targets, capital allocation framework, and long-term guidance.

MilestoneQ3 2026NEXT

Spin-Off Completion

100% of HONA shares distributed tax-free to HON shareholders. Trading begins on Nasdaq under ticker 'HONA'.

EarningsQ3 2026

First Standalone Earnings

HONA reports first quarter as independent company. Key watch: organic growth rate, margin trajectory, FCF conversion.

MilestoneQ4 2026

Index Inclusion Assessment

Potential S&P 500 inclusion based on market cap. Could drive significant passive fund buying.

02 — Business Overview

Three Segments

Electronic Solutions

$6.8B

Avionics, connectivity, electronic warfare, defense electronics

39% of total revenue

Flight management systems

JetWave satellite comms

Defense sensors

Electronic warfare

Engines & Power Systems

$5.4B

APUs, turboprops, turbofans, power systems

31% of total revenue

APUs (50%+ market share)

TPE331 turboprops

HTF7000 turbofans

Power generation

Control Systems

$5.2B

Cockpit systems, navigation, sensors, flight controls

30% of total revenue

Cockpit displays

Navigation systems

Wheels & brakes

Landing gear

03 — Valuation Model

Scenario Builder

Adjust assumptions below to model HONA's implied equity value

Financial Inputs

Adj. EBIT ($B)4.3

Revenue ($B)17.4

1522

Net Income ($B)1.48

0.53

Net Debt ($B)22.0

1525

Valuation Multiples

EV/EBIT Multiple20.0

1240

EV/Revenue Multiple4.0

P/E Multiple25.0

1050

Implied Valuation

EV/EBIT

$85.2B

Equity

$63.2B

EV/Revenue

$69.6B

Equity

$47.6B

P/E

—

Equity

$37.0B

Average Implied Equity$49.3B

Valuation Context

At the default assumptions (20x EV/EBIT, 4x EV/Revenue), HONA's implied equity value is approximately $49.3B. For reference, GE Aerospace trades at 8.4x EV/Revenue and ~38x EV/EBIT, reflecting its larger scale and dominant engine aftermarket. The $22B debt load from spin financing is the key headwind — at 5.2x EBIT, it limits near-term financial flexibility.

04 — Peer Comparison

Aerospace Comps

Company	Ticker	Revenue	EBIT	Margin	EV/Rev	P/E (Fwd)	Mkt Cap
GE Aerospace	GE	$42.3B	$9.1B	21.4%	8.4x	~41x	~$356B
RTX Corporation	RTX	$88.6B	$10.8B	12.2%	3.1x	~31x	~$275B
Safran	SAF.PA	$34B	$5.7B	16.6%	4.1x	~16x	~$140B
Rolls-Royce	RR.L	$25B	$4.4B	17.3%	2.8x	~20x	~$70B
TransDigm	TDG	$8B	$4.5B	56%	10.6x	~35x	~$85B
HEICO	HEI	$4B	$1.1B	27%	8x	~55x	~$32B
HONA (Projected)	HONA	$17.4B	$4.26B	24.5%	4x	~25x	~$49.3B

HONA row reflects your model assumptions above. Market data as of March 2026.

05 — What to Watch

Key Questions for Investor Day

What is the standalone organic growth target?

Honeywell guided 4-6% organic growth. Will HONA maintain or raise this?

What is the capital allocation framework?

With $22B in debt, how will HONA balance deleveraging vs. buybacks vs. M&A?

What is the aftermarket revenue mix?

Higher aftermarket % = higher multiple. GE is ~70% services. Where is HONA?

What are the margin expansion levers?

At 24.5% EBIT margin, is there room to expand? Or is this already optimized?

What is the defense backlog trajectory?

NATO rearmament is driving defense spending. How much does HONA benefit?

Will HONA pursue transformative M&A?

Collins Aerospace ($30B) and L3Harris ($21B) are the main systems competitors. Scale matters.