Honeywell International Inc. (HON)
Honeywell is a diversified industrial company spanning aerospace, building automation, performance materials, and safety technology. Its software-driven automation offerings tie its many end markets together.
HON vs PAYX: how the two businesses compare
- Bigger business: HON, with $37.4B of yearly revenue, about 5.7× PAYX's $6.5B.
- More profitable: PAYX keeps 27 cents of each sales dollar as profit, against 13 cents at HON.
- More cash from each sale: PAYX turns 39 cents of each sales dollar into operating cash flow, against 17 cents at HON.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Honeywell International (HON) is the larger business by reported revenue: $37.4B in its fiscal year ended Dec 2025, about 5.7× PAYX's $6.5B (fiscal year ended May 2026). HON's net margin was 12.6% and PAYX's 27.0%. The SEC classifies them differently (Aircraft Engines & Engine Parts; Services-Engineering, Accounting, Research, Management); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- Different
- HON December 31 · PAYX May 31
- Jul 17, 2026
HON vs PAYX: quick comparison
| Company fact | HON | PAYX |
|---|---|---|
| Company | Honeywell International Inc. | Paychex, Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | Charlotte, North Carolina | — |
| Founded | 1906 | — |
| SEC industry | Aircraft Engines & Engine Parts | Services-Engineering, Accounting, Research, Management |
| Fiscal year-end | December 31 | May 31 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-07-17 |
HON vs PAYX: audited financials
- Scale: HON's $37.4B of revenue is about 5.7× PAYX's $6.5B.
- Net margin: PAYX kept 27.0% of revenue as net income versus 12.6% at HON.
- Cash conversion: operating cash flow equalled HON 17.1% of revenue, or 1.36× net income; PAYX 39.3% of revenue, or 1.45× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 5 months apart (2025-12-31 for HON, 2026-05-31 for PAYX), so each figure reflects somewhat different demand and cost conditions.
| Metric | HON | PAYX |
|---|---|---|
| Revenue | $37.4B2025-01-01 to 2025-12-31 · SEC filing | $6.5B2025-06-01 to 2026-05-31 · SEC filing |
| Net income | $4.7B2025-01-01 to 2025-12-31 · SEC filing | $1.8B2025-06-01 to 2026-05-31 · SEC filing |
| Operating cash flow | $6.4B2025-01-01 to 2025-12-31 · SEC filing | $2.6B2025-06-01 to 2026-05-31 · SEC filing |
| Diluted EPS | $7.362025-01-01 to 2025-12-31 · SEC filing | $4.892025-06-01 to 2026-05-31 · SEC filing |
| Net margin | 12.6%2025-01-01 to 2025-12-31 · SEC filing | 27.0%2025-06-01 to 2026-05-31 · SEC filing |
HON: FY ending 2025-12-31 · PAYX: FY ending 2026-05-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where HON and PAYX overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
Differences
- Different SEC industries: HON files as Aircraft Engines & Engine Parts; PAYX as Services-Engineering, Accounting, Research, Management.
- Offset fiscal calendars: HON's year ends December 31 and PAYX's May 31, about 5 months apart.
- Scale: HON reported about 5.7× the annual revenue of PAYX.
- Profitability: net margin of 12.6% for HON versus 27.0% for PAYX.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Paychex, Inc. (PAYX)
Paychex provides payroll, HR, and benefits-administration services to small and midsize businesses.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves HON
We have not yet published a company-specific driver list for HON. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
What moves PAYX
We have not yet published a company-specific driver list for PAYX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-07-17.
The investment question
You now know HON reports about 5.7× PAYX's revenue, and PAYX keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. HON's fiscal year ends December 31, while PAYX's ends May 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 28 matched transaction rows for HON and 31 matched transaction rows for PAYX. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
HON primary filings
PAYX primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving HON or PAYX
HON vs PAYX FAQs
Are HON and PAYX direct competitors?
Not necessarily. Honeywell International files as Aircraft Engines & Engine Parts and Paychex as Services-Engineering, Accounting, Research, Management. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is HON or PAYX the bigger company by revenue?
Honeywell International (HON) is the larger business by reported revenue: $37.4B in its fiscal year ended Dec 2025, about 5.7× PAYX's $6.5B (fiscal year ended May 2026). HON's net margin was 12.6% and PAYX's 27.0%. The SEC classifies them differently (Aircraft Engines & Engine Parts; Services-Engineering, Accounting, Research, Management); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, HON or PAYX?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this HON vs PAYX comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Honeywell International Inc. and Paychex, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
HON vs PAYX compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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