Buy HONA by Feb 20, 2027.

HONA spun-off HON on June 29th as their stand-alone aerospace sibling. Total assets of about $18.86B against total liabilities of $24.37B, leaving negative common equity of roughly -$5.62B. Long-term debt sits at $15.85B, with long-term debt-to-capital above 1.5. Note that $15B of these liabilities was HON debt off-loaded to HONA with significantly better refinancing terms. Q2 revenue was about $4.35B, annualizing near a $17.4B run-rate, with EBIT of $850M implying a mid-teens EBIT margin and 18.4% pretax margin. Net income …