A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
L3HARRIS TECHNOLOGIES, INC. /DE/
LHX
$56.5B
Mkt Cap
$300.21
+0.18%
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a current P/E ratio of 35.2, compared to its historical median P/E of 28.7. The stock is currently considered Fair based on its historical valuation range.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a market capitalization of $56.5B. It is classified as a large-cap stock.
Yes, L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) pays a dividend with a trailing twelve-month yield of 1.60%. The company also returns capital through share buybacks, with a buyback yield of 2.04%.
Based on historical P/E analysis, L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) appears fair. The current P/E of 35.2 is 23% above its historical median of 28.7. The estimated fair value CAGR (P/E method) is 1.3%.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) operates in the Search, Detection, Navigation, Guidance, Aeronautical Sys industry, within the Technology sector.
L3Harris Technologies is a defense prime contractor providing end-to-end technology solutions across space, air, land, sea, and cyber domains for national security customers. The company operates through four reportable segments: Communication Systems (tactical radios, broadband communications, and integrated vision solutions for warfighters and public safety); Integrated Mission Systems (ISR, maritime, targeting and sensor systems, and defense electronics); Space & Airborne Systems (space systems, intelligence and cyber, mission networks, and airborne combat systems); and Aerojet Rocketdyne (missile propulsion, space propulsion and power systems). L3Harris serves primarily U.S. Government customers (75% of revenue in fiscal 2025), including the Department of War and major prime contractors, as well as international allies across more than 100 countries, with no single foreign country exceeding 5% of total revenue. The company's business model combines fixed-price production contracts with cost-type development contracts, generating revenue through milestone payments and progress billings, while competing on quality, reliability, technological capability, and ability to deliver complex integrated solutions. The company maintains a substantial intellectual property portfolio and operates under strict government procurement regulations, with significant exposure to U.S. defense spending priorities and acquisition reform initiatives emphasizing speed, flexibility, and mission outcomes.
【Record backlog driving durable growth】 Management expects sustained revenue growth supported by a record contractual backlog exceeding $38 billion (with additional $25 billion in Munitions Acceleration Council programs under negotiation), positioning the company for 2x revenue coverage and more predictable cash generation. The company is investing in production capacity across key locations to meet accelerating customer demand, particularly in solid rocket motors, space systems, and resilient communications, while continuing to execute on multi-year modernization programs with the Department of War. Management anticipates definitized contracts from ongoing multi-year procurement framework negotiations to close by year-end, with expectations that a significantly increased defense budget would enable L3Harris to deliver growth faster than competitors given its agile operational structure and recent capacity investments. The company is pursuing strategic transactions including a planned Missile Solutions IPO in the second half of 2026 and a majority stake sale of its space propulsion business, while maintaining disciplined execution on program delivery and cost structure efficiency through the LHX NeXt transformation initiative.
| Metric | Target | Period |
|---|---|---|
| Revenue | $23 billion–$23.5 billion | FY2026 |
| Segment Operating Margin | low 16% | FY2026 |
| GAAP Diluted EPS | $11.40–$11.60 | FY2026 |
| Free Cash Flow | $3 billion | FY2026 |
| Communications and Spectrum Dominance (CSD) Revenue | approximately $5.7 billion | FY2025 |
| Integrated Mission Systems (IMS) Revenue | approximately $6.5 billion | FY2025 |
| Aerojet Rocketdyne Revenue | $2.8 billion–$2.9 billion | FY2025 |
| SMS Revenue | approximately $11.5 billion | FY2026 |
| SMS Operating Margin | mid-10% range | FY2026 |
| Missile Solutions (MSL) Revenue | approximately $4.4 billion | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 15.5B | 15.5B | 21.3B | 21.3B | 19.4B | 17.1B |
| Net Income | 1.6B | 1.6B | 1.5B | 1.5B | 1.2B | 1.1B |
| EPS | $8.53 | $8.53 | $7.87 | $7.87 | $6.44 | $5.49 |
| Free Cash Flow | 2.7B | 2.7B | 2.2B | 2.2B | 1.6B | 1.9B |
| ROIC | 6.0% | 6.1% | 5.8% | 5.8% | 4.9% | 3.7% |
| Gross Margin | 27.3% | 27.3% | 25.9% | 25.9% | 26.3% | 28.9% |
| Debt/Equity | 0.53 | 0.53 | 0.63 | 0.63 | 0.74 | 0.43 |
| Dividends/Share | $4.80 | $4.80 | $4.64 | $4.64 | $4.56 | $4.48 |
| Operating Income | 2.1B | 2.1B | 1.9B | 1.9B | 1.4B | 1.1B |
| Operating Margin | 13.6% | 13.6% | 9.0% | 9.0% | 7.3% | 6.6% |
| ROE | 8.2% | 8.2% | 7.7% | 7.8% | 6.6% | 5.6% |
| Shares Outstanding | 188M | 188M | 191M | 191M | 191M | 193M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.9B | 6.0B | 5.9B | 6.2B | 6.8B | 12.9B | 17.8B | 17.1B | 19.4B | 21.3B | 21.3B | 15.5B | 15.5B |
| Gross Margin | 39.0% | 36.0% | 34.7% | 34.2% | 34.3% | 29.3% | 30.2% | 28.9% | 26.3% | 25.9% | 25.9% | 27.3% | 27.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 123M | 150M | 91M | 1.2B | 1.2B | 2.5B | 3.3B | 3.0B | 3.3B | 3.6B | 3.6B | 3.4B | 3.4B |
| EBIT | 573M | 1.1B | 1.1B | 1.1B | 1.4B | 1.7B | 2.1B | 1.1B | 1.4B | 1.9B | 1.9B | 2.1B | 2.1B |
| Op. Margin | 14.7% | 17.6% | 18.2% | 18.1% | 21.3% | 13.2% | 11.8% | 6.6% | 7.3% | 9.0% | 9.0% | 13.6% | 13.6% |
| Net Income | 334M | 609M | 627M | 700M | 951M | 1.3B | 1.8B | 1.1B | 1.2B | 1.5B | 1.5B | 1.6B | 1.6B |
| Net Margin | 8.6% | 10.2% | 10.6% | 11.3% | 14.0% | 10.4% | 10.4% | 6.2% | 6.3% | 7.0% | 7.0% | 10.4% | 10.4% |
| Non-Recurring | 120M | 333M | 284M | 0 | 0 | 275M | 308M | 839M | 245M | 14M | 14M | 85M | 85M |
| Returns on Capital | |||||||||||||
| ROIC | 7.5% | 9.7% | 11.5% | 13.7% | 19.3% | 8.9% | 6.2% | 3.7% | 4.9% | 5.8% | 5.8% | 6.1% | 6.0% |
| ROE | 12.8% | 18.9% | 21.0% | 22.7% | 28.6% | 10.3% | 8.8% | 5.6% | 6.6% | 7.8% | 7.7% | 8.2% | 8.2% |
| ROA | 3.7% | 4.8% | 5.7% | 7.0% | 9.5% | 5.5% | 5.1% | 3.1% | 3.3% | 3.6% | 3.6% | 3.9% | 3.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 854M | 924M | 569M | 751M | 1.2B | 0 | 2.7B | 2.2B | 2.1B | 2.6B | 2.6B | 3.1B | 3.1B |
| Free Cash Flow | 706M | 772M | 450M | 615M | 1.0B | N/A | 2.3B | 1.9B | 1.6B | 2.2B | 2.2B | 2.7B | 2.7B |
| Owner Earnings | 573M | 524M | 216M | 441M | 869M | -345M | 1.6B | 1.1B | 841M | 1.2B | 1.2B | 1.8B | 1.8B |
| CapEx | 148M | 152M | 119M | 136M | 161M | 0 | 342M | 252M | 449M | 408M | 408M | 424M | 424M |
| Maint. CapEx | 244M | 361M | 311M | 259M | 258M | 318M | 967M | 938M | 1.2B | 1.3B | 1.3B | 1.2B | 1.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 244M | 361M | 311M | 259M | 258M | 318M | 967M | 938M | 1.2B | 1.3B | 1.3B | 1.2B | 1.2B |
| CapEx/OCF | 17.3% | 16.5% | 20.9% | 18.1% | 13.6% | N/A | 13.2% | 11.7% | 21.4% | N/A | 15.9% | 13.7% | 13.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 198M | 252M | 262M | 272M | 325M | 0 | 817M | 864M | 868M | 886M | 886M | 903M | 903M |
| Dividend Yield | 1.6% | 0.8% | 1.2% | 1.1% | 1.0% | N/A | 2.4% | 2.3% | 2.1% | N/A | 2.1% | 1.9% | 1.6% |
| Share Buybacks | 150M | 0 | 710M | 272M | 200M | 0 | 3.7B | 1.1B | 518M | 554M | 554M | 1.2B | 1.2B |
| Buyback Yield | 2.5% | N/A | 6.6% | 1.8% | 1.3% | 0.0% | 6.7% | 2.8% | 1.4% | 0.0% | 1.4% | 1.7% | 2.0% |
| Stock-Based Comp | 37M | 39M | 42M | 51M | 58M | 27M | 129M | 109M | 89M | 97M | 97M | 113M | 113M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 931M | 14M | 623M | 0 | 567M | 515M | 515M |
| Balance Sheet | |||||||||||||
| Net Debt | 4.7B | 4.0B | 3.5B | 3.5B | 3.0B | 6.1B | 7.0B | 7.0B | 13.4B | 11.6B | 11.6B | 8.3B | 9.4B |
| Cash & Equiv. | 481M | 487M | 484M | 288M | 530M | 824M | 941M | 880M | 560M | 615M | 615M | 1.1B | 1.1B |
| Long-Term Debt | 5.1B | 4.1B | 3.4B | 3.4B | 2.8B | 6.7B | 7.0B | 6.2B | 11.2B | 11.1B | 11.1B | 10.4B | 10.4B |
| Debt/Equity | 1.54 | 1.48 | 1.39 | 1.16 | 1.05 | 0.31 | 0.41 | 0.43 | 0.74 | 0.63 | 0.63 | 0.53 | 0.53 |
| Interest Coverage | 4.4 | 5.8 | 6.2 | 6.6 | 8.6 | 7.8 | 7.8 | 4.0 | 2.6 | N/A | 66.1 | 3.5 | 3.5 |
| Equity | 3.4B | 3.1B | 2.9B | 3.3B | 3.4B | 22.6B | 19.2B | 18.5B | 18.8B | 19.5B | 19.5B | 19.6B | 19.6B |
| Total Assets | 13.1B | 12.0B | 10.1B | 9.9B | 10.1B | 38.3B | 34.7B | 33.5B | 41.7B | 42.0B | 42.0B | 41.2B | 41.2B |
| Total Liabilities | 9.7B | 9.0B | 7.2B | 6.6B | 6.8B | 15.6B | 15.4B | 14.9B | 22.9B | 22.4B | 22.4B | 21.6B | 21.6B |
| Intangibles | 1.8B | 1.2B | 1.1B | 989M | 870M | 8.5B | 6.6B | 6.0B | 8.5B | 20.3B | 7.6B | 6.5B | 6.5B |
| Retained Earnings | 1.3B | 1.3B | 1.3B | 1.6B | 2.2B | 2.2B | 2.9B | 2.9B | 3.2B | 3.7B | 3.7B | 4.2B | 4.2B |
| Working Capital | 909M | 643M | 105M | 374M | 310M | 2.3B | 1.8B | 978M | 51M | 585M | 585M | 1.4B | 1.4B |
| Current Assets | 3.2B | 2.6B | 2.1B | 2.2B | 2.6B | 6.3B | 6.4B | 6.8B | 8.1B | 8.2B | 8.2B | 8.6B | 8.6B |
| Current Liabilities | 2.3B | 2.0B | 2.0B | 1.9B | 2.3B | 4.0B | 4.6B | 5.8B | 8.0B | 7.6B | 7.6B | 7.2B | 7.2B |
| Per Share Data | |||||||||||||
| EPS | 1.56 | 1.30 | 2.18 | 2.88 | 3.93 | 7.89 | 9.09 | 5.49 | 6.44 | 7.87 | 7.87 | 8.53 | 8.53 |
| Owner EPS | 2.67 | 1.11 | 0.75 | 1.81 | 3.59 | -2.04 | 7.83 | 5.74 | 4.41 | 6.15 | 6.15 | 9.40 | 9.40 |
| Book Value | 15.82 | 6.50 | 10.09 | 13.49 | 13.90 | 133.69 | 94.56 | 95.75 | 98.49 | 102.25 | 102.25 | 104.29 | 104.29 |
| Cash Flow/Share | 3.98 | 1.96 | 1.98 | 3.09 | 4.90 | N/A | 13.22 | 11.16 | 11.00 | 13.41 | 13.41 | 16.50 | 15.03 |
| Dividends/Share | 0.92 | 0.54 | 0.91 | 1.12 | 1.34 | N/A | 4.08 | 4.48 | 4.56 | 4.64 | 4.64 | 4.80 | 4.80 |
| Shares Out. | 214.8M | 470.3M | 287.6M | 243.1M | 242.0M | 168.9M | 203.2M | 193.4M | 190.5M | 190.9M | 190.9M | 188.3M | 188.3M |
| Valuation | |||||||||||||
| P/E Ratio | 17.7 | 27.0 | 19.8 | 21.8 | 15.9 | N/A | 30.7 | 36.7 | 30.9 | N/A | 26.6 | 42.2 | 35.2 |
| P/FCF | 16.7 | 42.6 | 55.3 | 49.7 | 29.5 | N/A | 13.8 | 20.4 | 23.0 | N/A | 18.6 | 25.3 | 21.1 |
| EV/EBIT | N/A | 15.8 | 83.4 | 118.3 | 93.2 | N/A | 98.7 | 39.2 | 35.0 | N/A | 26.2 | 36.1 | 31.2 |
| Price/Book | 1.7 | 2.9 | 3.7 | 4.7 | 4.5 | N/A | 1.8 | 2.1 | 2.0 | N/A | 2.0 | 3.5 | 2.9 |
| Price/Sales | 3.4 | 6.8 | 1.6 | 2.1 | 2.4 | N/A | 2.0 | 2.2 | 2.1 | N/A | 2.0 | 3.1 | 3.6 |
| FCF Yield | 12.0% | 8.8% | 4.2% | 4.0% | 6.8% | N/A | 6.8% | 4.9% | 4.3% | N/A | 5.4% | 4.0% | 4.7% |
| Market Cap | 5.9B | 8.7B | 10.8B | 15.2B | 15.1B | 0 | 34.4B | 38.9B | 37.9B | 0 | 39.9B | 67.8B | 56.5B |
| Avg. Price | 56.77 | 64.36 | 73.47 | 104.32 | 133.42 | 0.00 | 166.06 | 196.97 | 214.74 | 0.00 | 218.76 | 257.91 | 300.21 |
| Year-End Price | 54.89 | 69.91 | 86.54 | 125.64 | 124.69 | 0.00 | 159.56 | 201.30 | 199.00 | 0.00 | 209.29 | 360.30 | 300.21 |
L3HARRIS TECHNOLOGIES, INC. /DE/ passes 3 of 9 quality checks, indicating weak fundamentals.
L3HARRIS TECHNOLOGIES, INC. /DE/ trades at 35.2x trailing earnings, compared to its 15-year median P/E of 28.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 20.9x vs a median of 24.2x. The company's 5-year average ROIC is 5.3% with a gross margin of 26.9%. Total shareholder yield (dividends + buybacks) is 3.6%. At current prices, the estimated annualized return to fair value is +0.6%.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) reported annual revenue of $15.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a net profit margin of 10.4%. This is a healthy margin.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) generated $2.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a debt-to-equity ratio of 0.53. This indicates moderate leverage.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) reported earnings per share (EPS) of $8.53 in its most recent fiscal year.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a return on equity (ROE) of 8.2%. This indicates moderate shareholder returns.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a 5-year average gross margin of 26.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has a book value per share of $104.29, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sustained revenue growth supported by a record contractual backlog exceeding $38 billion (with additional $25 billion in Munitions Acceleration Council programs under negotiation), positioning the company for 2x revenue coverage and more predictable cash generation. The company is investing in production capacity across key locations to meet accelerating customer demand, particularly in solid rocket motors, space systems, and resilient communications, while continuing to execute on multi-year modernization programs with the Department of War. Management anticipates definitized contracts from ongoing multi-year procurement framework negotiations to close by year-end, with expectations that a significantly increased defense budget would enable L3Harris to deliver growth faster than competitors given its agile operational structure and recent capacity investments. The company is pursuing strategic transactions including a planned Missile Solutions IPO in the second half of 2026 and a majority stake sale of its space propulsion business, while maintaining disciplined execution on program delivery and cost structure efficiency through the LHX NeXt transformation initiative.
Based on recent SEC filings and earnings calls, L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) has provided the following forward guidance: Revenue: $23 billion–$23.5 billion (FY2026); Segment Operating Margin: low 16% (FY2026); GAAP Diluted EPS: $11.40–$11.60 (FY2026); Free Cash Flow: $3 billion (FY2026); Communications and Spectrum Dominance (CSD) Revenue: approximately $5.7 billion (FY2025), plus 8 additional metrics.
| Missile Solutions Operating Margin |
| mid-12% range |
| FY2026 |
| Non-service Pension Income | $290 million | FY2026 |
| Total Pension Income | $310 million | FY2026 |
Revenue (FY2026): “we are reaffirming the full year revenue guidance of $23 billion-$23.5 billion, representing 7% organic growth at the midpoint”
Segment Operating Margin (FY2026): “We are maintaining our segment operating margin guidance of low 16%”
GAAP Diluted EPS (FY2026): “We are increasing both the bottom end and top end of our GAAP EPS range by $0.10- $11.40- $11.60”
Free Cash Flow (FY2026): “We are reaffirming our free cash flow guidance of $3 billion”
Communications and Spectrum Dominance (CSD) Revenue (FY2025): “we are increasing our CS revenue guidance to $5.7 billion”
Integrated Mission Systems (IMS) Revenue (FY2025): “IMS revenue is now expected to be approximately $6.5 billion”
Aerojet Rocketdyne Revenue (FY2025): “We are increasing our Aerojet Rocketdyne revenue guidance to $2.8 billion- $2.9 billion”
SMS Revenue (FY2026): “SMS revenue is expected to be approximately $11.5 billion”
No recent press releases.