HON vs. NOC: Honeywell vs. Northrop Grumman Stock Comparison

November 11, 2026

How do Honeywell (HON) and Northrop Grumman (NOC) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Honeywell (HON) and Northrop Grumman (NOC) both fall under the Capital Goods industry group, but HON is classified in Industrial Conglomerates while NOC is classified in Aerospace & Defense.

Company profile comparison for Honeywell (HON) and Northrop Grumman (NOC)
Profile Item	HON	NOC
Name	Honeywell International Inc.	Northrop Grumman Corporation
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Industrial Conglomerates	Aerospace & Defense
GICS Sub-Industry	Industrial Conglomerates	Aerospace & Defense
Market Capitalization	69.74 billion USD	74.59 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	January 2, 1962	December 31, 1981
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

HON

NOC

GSPC

Honeywell (HON) vs. Northrop Grumman (NOC), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Honeywell (HON) and Northrop Grumman (NOC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Honeywell (HON) and Northrop Grumman (NOC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
Total Return (1Y)	14.14%	-3.34%
Total Return (3Y, Annualized)	9.90%	7.23%
Total Return (5Y, Annualized)	2.32%	9.98%

Risk Profile

Drawdown History

HON

NOC

GSPC

Honeywell (HON) vs. Northrop Grumman (NOC), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Honeywell (HON) and Northrop Grumman (NOC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Northrop Grumman (NOC) reports a negative beta of -0.12, suggesting inverse market sensitivity over the measurement window. That is uncommon for ordinary equities and can reflect commodity-linked or hedge-like exposure, but it can also come from statistical noise. Honeywell (HON) has a non-negative beta of 0.80.

Risk profile metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
Volatility (1Y, Annualized)	27.11%	28.86%
Beta (5Y)	0.80	-0.12
Max Drawdown (5Y)	-25.21%	-37.80%
Avg. Volume (3M)	2.82M	902.47K

Risk-Adjusted Performance

Risk-Return Positioning

HON and NOC are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
Sharpe Ratio (1Y)	0.36	-0.26
Sortino Ratio (1Y)	0.52	-0.37

Profitability

ROE (TTM)

Both companies show strong equity returns, but Honeywell (HON) at 44.39% is the standout with ROE above its industry range; Northrop Grumman (NOC) at 26.07% also sits in the top quartile.

HON

Capital Goods industry group

44.39%

HON: 44.39%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

NOC

Capital Goods industry group

26.07%

Max: 40.55%
NOC: 26.07%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

Honeywell (HON) at 18.68% retains a top-quartile share of revenue as profit, ahead of Northrop Grumman (NOC) at 10.37%, which keeps about the industry-typical share.

HON

Capital Goods industry group

18.68%

Max: 27.47%
HON: 18.68%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

NOC

Capital Goods industry group

10.37%

Max: 27.47%
Q3: 12.10%
NOC: 10.37%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Both Honeywell (HON) at 16.92% and Northrop Grumman (NOC) at 12.91% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

HON

Capital Goods industry group

16.92%

Max: 36.60%
Q3: 18.33%
HON: 16.92%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

NOC

Capital Goods industry group

12.91%

Max: 36.60%
Q3: 18.33%
NOC: 12.91%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
ROE (TTM)	44.39%	26.07%
ROA (TTM)	7.13%	7.11%
Net Margin (TTM)	18.68%	10.37%
Operating Margin (TTM)	16.92%	12.91%
Gross Margin (TTM)	37.21%	20.03%

Growth

Revenue Growth

Both Honeywell (HON) at 7.85% and Northrop Grumman (NOC) at 2.24% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Honeywell (HON) at -8.27% and Northrop Grumman (NOC) at 2.61% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
Revenue Growth (YoY)	7.85%	2.24%
Revenue Growth (3Y CAGR)	1.82%	4.65%
EPS Growth (YoY)	-8.27%	2.61%
EPS Growth (3Y CAGR)	3.20%	-2.60%

Financial Strength

Current Ratio (MRQ)

Both Honeywell (HON) at 0.96 and Northrop Grumman (NOC) at 1.23 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

HON

Capital Goods industry group

0.96

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
HON: 0.96
Min: 0.36

NOC

Capital Goods industry group

1.23

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
NOC: 1.23
Min: 0.36

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Both Honeywell (HON) at 0.76 and Northrop Grumman (NOC) at 0.93 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

HON

Capital Goods industry group

0.76

Max: 2.33
Q3: 1.12
HON: 0.76
Median: 0.60
Q1: 0.29
Min: 0.00

NOC

Capital Goods industry group

0.93

Max: 2.33
Q3: 1.12
NOC: 0.93
Median: 0.60
Q1: 0.29
Min: 0.00

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their debt-to-equity ratio against the Capital Goods industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
Current Ratio (MRQ)	0.96	1.23
Debt / Equity (MRQ)	0.76	0.93
Net Debt / EBITDA	1.23	1.87

Dividends

Dividend Yield (TTM)

Northrop Grumman (NOC) at 1.82% earns its spot in the top quartile of its industry’s yields; Honeywell (HON) at 3.63% is past the top of its own peer range — territory where a dividend-safety check matters more than the headline number.

HON

Capital Goods industry group

3.63%

HON: 3.63%
Max: 2.66%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

NOC

Capital Goods industry group

1.82%

Max: 2.66%
NOC: 1.82%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Both Honeywell (HON) at 38.87% and Northrop Grumman (NOC) at 30.18% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

HON

Capital Goods industry group

38.87%

Max: 67.39%
HON: 38.87%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

NOC

Capital Goods industry group

30.18%

Max: 67.39%
NOC: 30.18%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
Dividend Yield (TTM)	3.63%	1.82%
Dividend Payout Ratio (TTM)	38.87%	30.18%

Valuation

P/E Ratio (TTM)

Both Honeywell (HON) at 10.91 and Northrop Grumman (NOC) at 16.57 sit in the cheaper earnings-multiple quartile for P/E ratio, with the market paying less for a dollar of trailing earnings than it pays for typical peers.

HON

Capital Goods industry group

10.91

Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
HON: 10.91
Min: 3.03

NOC

Capital Goods industry group

16.57

Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
NOC: 16.57
Min: 3.03

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Honeywell (HON) at 1.85 and Northrop Grumman (NOC) at 1.71 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

HON

Capital Goods industry group

1.85

Max: 7.54
Q3: 3.76
Median: 2.15
HON: 1.85
Q1: 1.03
Min: 0.03

NOC

Capital Goods industry group

1.71

Max: 7.54
Q3: 3.76
Median: 2.15
NOC: 1.71
Q1: 1.03
Min: 0.03

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Honeywell (HON) at 3.12 and Northrop Grumman (NOC) at 3.99 are valued close to their industries’ norm against book — neither stands out from peers.

HON

Capital Goods industry group

3.12

Max: 9.66
Q3: 5.00
HON: 3.12
Median: 3.12
Q1: 1.81
Min: -1.08

NOC

Capital Goods industry group

3.99

Max: 9.66
Q3: 5.00
NOC: 3.99
Median: 3.12
Q1: 1.81
Min: -1.08

Honeywell (HON) vs. Northrop Grumman (NOC): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Honeywell (HON) and Northrop Grumman (NOC)
Metric	HON	NOC
P/E Ratio (TTM)	10.91	16.57
P/S Ratio (TTM)	1.85	1.71
P/B Ratio (MRQ)	3.12	3.99
Free Cash Flow Yield (TTM)	10.07%	4.21%