Honeywell International vs Lockheed Martin: Business Model & Financial Comparison 2026
Honeywell International · Industrials / Conglomerates·Lockheed Martin · Industrials / Aerospace & Defense
Financial Comparison
| Metric | HONHoneywell International | LMTLockheed Martin |
|---|---|---|
| Market Cap | $149.07B | $149.48B |
| Revenue (TTM) | $37.44B | $75.05B |
| Revenue Growth | -3.3% | 9.1% |
| Gross Margin | 36.9% | 10.2% |
| Operating Margin | 15.4% | 9.0% |
| Net Margin | 12.6% | 6.7% |
| Return on Equity | 26.1% | 76.9% |
| P/E (Trailing) | 33.8x | 30.0x |
| P/E (Forward) | 20.4x | 20.2x |
| Free Cash Flow | $4.66B | $5.28B |
| Cash | $12.93B | $4.12B |
| Total Debt | $35.56B | $22.77B |
Data sourced from Yahoo Finance. Green highlights indicate better performance for that metric. Use the interactive tool for real-time data.
Business Model Comparison
Honeywell International
Honeywell International Inc. stands as a leading company in Industrials. Generating $37.44 billion in annual revenue (growing -3.3% year-over-year) and carrying a market capitalization of $160.64 billion, the company has cemented its position as a foundational player in the global Conglomerates landscape. Under the leadership of its leadership team, Honeywell International Inc. continues to execute on a multi-year strategic vision that balances g…
Full Honeywell International analysis →Lockheed Martin
Lockheed Martin Corporation stands as a leading company in Industrials. Generating $75.05 billion in annual revenue (growing 9.1% year-over-year) and carrying a market capitalization of $151.57 billion, the company has cemented its position as a foundational player in the global Aerospace & Defense landscape. Under the leadership of its leadership team, Lockheed Martin Corporation continues to execute on a multi-year strategic vision that balance…
Full Lockheed Martin analysis →SWOT Analysis Comparison
Strengths
Honeywell International
- With a market capitalization of $160.64B, Honeywell International Inc. is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capita
- Honeywell International Inc. maintains a gross margin of 36.9% and operating margin of 15.4%, demonstrating consistent operational execution and cost discipline in a competitive market.
- A return on equity of 26.1% demonstrates that Honeywell International Inc. generates strong returns from shareholder capital, a hallmark of companies with durable competitive advantages.
Lockheed Martin
- With a market capitalization of $151.57B, Lockheed Martin Corporation is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital
- A return on equity of 76.9% demonstrates that Lockheed Martin Corporation generates strong returns from shareholder capital, a hallmark of companies with durable competitive advantages.
- Lockheed Martin Corporation generated $5.28B in free cash flow, providing financial flexibility to invest in growth initiatives, return capital to shareholders, or strengthen the balance sheet.
Weaknesses
Honeywell International
- With a debt-to-equity ratio of 236.6, Honeywell International Inc. carries significant debt relative to equity. While manageable given its cash flow, elevated leverage limits financial flexibility and
- Year-over-year revenue declined 3.3%, raising questions about demand for Honeywell International Inc.'s core offerings and requiring management to articulate a credible recovery path.
- With 101,000 employees globally, Honeywell International Inc. faces inherent challenges in agility, decision-making speed, and maintaining a consistent culture across geographies — advantages that sma
Lockheed Martin
- With a debt-to-equity ratio of 338.8, Lockheed Martin Corporation carries significant debt relative to equity. While manageable given its cash flow, elevated leverage limits financial flexibility and
- With 123,000 employees globally, Lockheed Martin Corporation faces inherent challenges in agility, decision-making speed, and maintaining a consistent culture across geographies — advantages that smal
Opportunities
Honeywell International
- Honeywell International Inc. operates in the Conglomerates segment of the broader Industrials sector, which represents a $8.4 trillion global industrial market. Even modest share gains in this environ
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Honeywe
- With $12.93B in cash and strong free cash flow generation, Honeywell International Inc. is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic r
Lockheed Martin
- Lockheed Martin Corporation operates in the Aerospace & Defense segment of the broader Industrials sector, which represents a $8.4 trillion global industrial market. Even modest share gains in this en
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Lockhee
- Earnings growth of 161.0% YoY demonstrates Lockheed Martin Corporation's ability to convert revenue growth into shareholder value. Analysts project continued earnings expansion driven by operating lev
Threats
Honeywell International
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Honeywell International Inc.'s revenue is not fully insulated from macroeconomic cycles, and
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Honeywell Internati
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
Lockheed Martin
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Lockheed Martin Corporation's revenue is not fully insulated from macroeconomic cycles, and
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Lockheed Martin Cor
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
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Open Comparison ToolHoneywell International vs Lockheed Martin: FAQ
- Is Honeywell International bigger than Lockheed Martin?
- By market capitalization, Lockheed Martin is larger at $149.48B vs Honeywell International's $149.07B.
- Which has better profit margins — Honeywell International or Lockheed Martin?
- Honeywell International has higher net profit margins (12.6%) compared to Lockheed Martin (6.7%). Gross and operating margins are compared in the table above.
- What sectors do Honeywell International and Lockheed Martin operate in?
- Honeywell International operates in the Industrials sector (Conglomerates). Lockheed Martin operates in the Industrials sector (Aerospace & Defense).
- How does Honeywell International's revenue compare to Lockheed Martin's?
- Honeywell International generates $37.44B in annual revenue (TTM) while Lockheed Martin generates $75.05B. Lockheed Martin is the larger company by revenue as of 2026.