Key Takeaways:
- Honeywell Aerospace began trading as HONA on the Nasdaq on June 29
- The standalone supplier entered public markets with $18.4 billion in backlog
- Aftermarket revenue provides a recurring base against aircraft-cycle volatility
뒤로
HONA debuts with $18.4B backlog as Honeywell aerospace goes standalone
Honeywell Aerospace Inc. began trading as a standalone public company on the Nasdaq under the ticker HONA on June 29, entering markets as one of the world's largest pure-play aerospace suppliers with $18.4 billion in backlog and a recurring aftermarket revenue stream that cushions the sector's inherent cyclicality.
"The spin-off allows Honeywell Aerospace to focus capital allocation and product development entirely on aerospace and defense rather than competing for resources inside a conglomerate," said Tom Brennan, an analyst covering IPOs and corporate actions. "The backlog provides multiyear revenue visibility, but investors will watch how margins hold up as the company navigates supply constraints and aircraft production ramp-ups."
HONA's portfolio spans avionics, propulsion, auxiliary power units, flight control systems, wheels and brakes, and connected aerospace software — content installed across commercial airliners, business jets, helicopters, military aircraft and spacecraft. The company generated roughly $19 billion in revenue in its first fiscal year as a standalone entity, with commercial aftermarket representing the largest end-market segment. Gross margin stood at 34.89 percent, with an EBIT margin of 19.64 percent and net income margin of 14.39 percent. The company carries $16.15 billion in total debt against $989 million in cash, giving it an enterprise value of $81.3 billion and a market capitalization of $66 billion.
The spin-off changes the investment case for Honeywell Aerospace in a fundamental way. As part of Honeywell International, the aerospace division's performance was blended with industrial automation, building technologies and safety products. As a standalone entity, HONA gives investors direct exposure to aerospace cycles — both the upside from a multiyear commercial aircraft production ramp and the downside risk from supply chain disruptions or a downturn in air travel demand. The company's "develop once, deploy everywhere" strategy aims to apply common avionics, power and thermal management technologies across multiple end markets, potentially improving research and development efficiency over time. Wall Street has taken a measured stance: Evercore ISI rates HONA Inline, J.P. Morgan rates it Neutral, and Morgan Stanley started coverage at Equal Weight, citing lower peer-relative growth expectations. The stock traded at $211.33 as of July 17, with a forward price-to-earnings multiple of 23.3 times estimated 2026 earnings of $8.96 per share.
This article is for informational purposes only and does not constitute investment advice.
