Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder in spirit. Before we can say anything intelligent about Honeywell, we have to be clear about which Honeywell we're talking about, because the company that exists on July 24, 2026 bears little resemblance to the one that existed eighteen months ago. In rapid succession: May 2025: Sold the personal protective equipment (PPE) business. Q4 2025: Spun off Advanced Materials (Solstice). June 4, 2026: Took Quantinuum, its quantum computing unit, public at a valuation that reached roughly $15.7 billion by the close of its first day; Honeywell retained a 48% stake, now held at equity method, and booked a $6.6 billion non-cash gain on deconsolidation. June 29, 2026: Completed the spin-off of Honeywell Aerospace (now HONA, promptly added to the S&P 500), the crown-jewel segment that produced $4.5 billion of revenue at a 24.8% margin in Q2 alone.
Recent filings analysed: 10-Q/A (2026-07-24), 8-K (2026-07-23), 10-Q (2026-07-23), 8-K (2026-06-29).
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