Honeywell International Inc. (HON)

The base modal case underwrites steady organic revenue growth of 3.5% to 5.0%, led by steady mid-single-digit commercial aerospace delivery growth, robust aftermarket maintenance cycles, and normalizing catalyst shipment volumes. Consolidated operating margins expand by 250 to 290 basis points from 22.5% in FY2026 to 24.5% by FY2030, supported by 100-120 bps of operational productivity and the elimination of $60M-$65M in stranded corporate costs. Diluted EPS advances from $8.30 in FY2026 to $9.82 in FY2027 and $12.70 by FY2030, supported by disciplined share repurchases.

• Organic revenue growth compounding between 3.5% and 5.0% annually
• Consolidated operating margin reaching 24.5% by FY2030 (up 250-290 bps over cycle)
• Diluted EPS of $8.30 in FY2026, $9.82 in FY2027, and $11.99 in FY2029
• Terminal valuation multiple reflecting historical averages and a sustainable long-term terminal growth rate