Skip to content
American Made star and rivet mark American Made

A century-old American industrial name split in two last Monday — here is what changed

If you held HON before June 29 you already own both sides of the deal — jet engines on one ticker, factory automation on the other.

AMERICANMADE

Elon Musk's Insane Projection: 7,692,207%

Where should you invest $100 right now?

Elon Musk just invented and patented this new AI technology…

And he's predicting it will launch a NEW industry that will grow more than 7 million percent in the coming years.

Even if he's only 10% right, that would still be enough to grow $100 into more than $700,000.

Click here to see the details on what Elon Musk called "an infinite money glitch."

Last Monday, one of America’s oldest industrial companies did something it had never done in over a century.

It split in two.

Honeywell. You know the name. Jet engines. Thermostats. Factory controls. One company. A thousand products.

On June 29, Honeywell spun off its aerospace business. The new company is called Honeywell Aerospace. Ticker: HONA.

The old Honeywell kept the HON ticker. It renamed itself Honeywell Technologies. Then it cut its share count in half with a reverse stock split.

Two companies. Two tickers. One legacy… cut right down the middle.

Let me explain why this deal matters.

Before the split, Wall Street had a problem. Honeywell made jet engines and warehouse robots. Fighter jet avionics and building thermostats. Too many businesses under one roof.

Investors gave it what’s called a “conglomerate discount.” The parts were worth more than the whole. Nobody could prove it.

Until now.

Here’s how the deal works.

If you owned two shares of Honeywell before June 15, you got one new share of HONA. On June 29, HONA started trading on the Nasdaq.

Here’s the kicker. HONA was added to the S&P 500 and S&P 100 on its very first day. That almost never happens. Index funds had to buy it right away.

HON kept its seat in the Dow Jones. It did a reverse split. Two old shares became one new share. Same total value. Fewer shares.

Both companies ended up with market caps around $70–72 BILLION. That makes the split look even.

But the profits tell a different story.

HONA makes engines, avionics, and APUs — the small power units that keep a plane running on the ground. It builds parts for Boeing, Airbus, and the U.S. military.

In 2025, HONA pulled in $17.4 BILLION in revenue. Up 12% from the year before.

The backlog sits at $19 BILLION. Up 20% in one year. Boeing and Airbus have over 10 years of aircraft orders stacked up. That means steady demand for years.

And here’s where it gets good… the aftermarket. Planes fly for decades. Every flight hour means more repairs. More parts. More upgrades. HONA’s operating margins run around 24%. That’s strong.

Management targets $6.5 billion in adjusted earnings by 2030. That’s a big jump from roughly $4.3 billion today.

Now the other half.

Honeywell Technologies keeps the buildings, factories, and industrial controls. Process automation. Sensing. Software for the factory floor.

Its 2026 revenue outlook? About $20 BILLION. Similar size to HONA. But the margins are thinner. Free cash flow is guided at roughly $2 billion.

Management guides 2–3% organic growth in 2026, with a three-year target of 4–6%. Over 10% annual earnings growth. Those are solid targets. But this side has more to prove without aerospace doing the heavy lifting.

Here’s why I’m watching this closely.

We saw this movie before. GE did the same thing in April 2024. It spun off GE Vernova and became GE Aerospace. That stock rose approximately 24% in year one. Today it’s up 470% over five years. Market cap: $390 BILLION.

One research firm called Honeywell’s split “a clarity trade.” Not a rescue. Not a restructuring. Just two good businesses getting separate price tags.

That’s the kind of setup that creates value.

Distribution: 1 HONA share for every 2 HON shares held as of June 15, 2026. Completion: June 29, 2026.

HONA opened at ~$72 billion market cap. Added to S&P 500 and S&P 100 on day one. HON retained ~$71 billion market cap. Kept its Dow Jones seat.

HONA has the stronger pitch right now. Aerospace demand is booming. The backlog is massive. And index buying creates a floor under the stock.

But don’t sleep on HON. At $224 a share with a P/E around 17, it’s the cheaper half. Automation is a growth market. If management hits 10%-plus annual earnings growth, this could be the quiet winner.

The GE playbook says aerospace spinoffs create value. HONA has a shot at a premium multiple. And if you owned Honeywell before June 29, you already own both sides of the trade.

Think about that.

This issue is for informational purposes only and does not constitute financial advice. Always do your own research before you invest.

Back to the archive
Keep Reading

More from the line

★ Free Every Weekday

Get tomorrow's issue
before the market opens.

One story a day about an American product, company or policy, and what it means for your money.

Almost there. Check your inbox to confirm.

No cost. No noise. Unsubscribe in one click.