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L3Harris Technologies Inc

LHX Industrials Aerospace & Defense

L3Harris Technologies Inc’s revenue for fiscal 2025 (year ended December 2025) was $21.9 billion, up 2.53% from fiscal 2024.

Revenue
+7.09%
EPS
+37.5%
Free cash flow
+198.1%
Total debt
−0.01%

Quarter to September 2026, against a year earlier

260.17 17.50 −6.30%
Market cap
$51.7B
P/E
25.4×
Fwd P/E
22.5×
Dividend yield
1.79%
F-score
8/9
Altman Z
2.42
Beneish M
−2.65
Dividend safety
71/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • SMS
  • MSL
  • CSD
  • AR

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 7.50
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 2 — 1 — — — — — —
Insider Ownership 0.37%

Capital & Financial Ratios $m

Size
Market Cap 51,700.00
Revenue ttm 23,333.00
Net income ttm 2,044.00
Free cash flow ttm 3,652.00
Net debt Q 7,975.00
Valuation
P/E 25.44
Forward P/E 22.50
Price / sales 2.21
Forward P/S Powerpack
Price / FCF 14.11
Price / book 2.55
Financial health
Current ratio Q 1.20
Debt / equity Q 0.54
Interest coverage Q 6.78
Growth
Revenue growth Q +7.09% (above 0%: growing)
Operating income growth Q +26.57% (above 0%: growing)
EPS, this year +13.21%
EPS, next year A +11.69%
Revenue, next year A +7.88%
EPS, past 5 yrs +10.45%
EPS, next 5 yrs A +13.33%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 2.8×; over the ten years it ranged from 2.2× in 2020 to 5.4× in 2019.
P/E against its own 10 years 21.76%
10-year low 10-year high
P/S against its own 10 years 37.94%
10-year low 10-year high
P/B against its own 10 years 53.61%
10-year low 10-year high
EV/Sales against its own 10 years 25.50%
10-year low 10-year high
EV/FCF against its own 10 years 22.86%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.79%
Annual rate
4.95
Payout ratio
45.7%
Growth, 2017–25
+10.2%/yr
  1. 2.20 ’17
  2. 2.51 ’18 +14
  3. 2.87 ’19 +14
  4. 3.40 ’20 +18
  5. 4.08 ’21 +20
  6. 4.48 ’22 +10
  7. 4.56 ’23 +2
  8. 4.64 ’24 +2
  9. 4.80 ’25 +3
  10. 5.00 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 560 615 1,069 3,021
Receivables 1,291 1,451 1,424 1,640
Inventory 1,472 1,330 1,219 1,278
Other 4,732 4,822 4,881 4,634
8,055 8,218 8,593 10,573
2023 2024 2025 Q'26
Payables 2,106 2,005 2,461 2,182
ST’ Debt 363 640 — 1,815
Other 2,716 5,113 4,765 4,844
8,004 7,633 7,226 8,841

Compound Annual Growth %

10y 5y 3y
Sales 14.00% 3.74% 8.62%
Cash Flow 18.50% 2.17% 12.91%
Earnings 11.07% 7.49% 14.78%
Book Value 20.96% (1.19%) 1.78%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.99 Actual 3.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.76 2.86 Beat by 0.10
Q1 FY26 2.53 2.72 Beat by 0.19
Q2 FY26 2.80 3.13 Beat by 0.33
Q3 FY26 2.99 3.28 Beat by 0.29
Q4 FY26 3.12 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.72 3.13 3.38 — —
’25 2.04 2.44 2.46 1.59 8.53
’24 1.48 1.92 2.10 2.37 7.87
’23 1.76 1.83 2.02 0.83 6.44
’22 2.44 2.42 (1.56) 2.17 5.49
’21 2.25 2.01 2.39 2.46 9.09
’20 0.99 1.30 1.98 0.91 5.19
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,744 5,881 6,060 — —
’25 5,132 5,426 5,659 5,648 21,865
’24 5,211 5,299 5,292 5,523 21,325
’23 4,471 4,693 4,915 5,340 19,419
’22 4,103 4,135 4,246 4,578 17,062
’21 4,567 4,668 4,229 4,350 17,814
’20 4,626 4,445 4,463 4,660 18,194
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (95) 879 1,439 — —
’25 (42) 640 546 1,962 3,106
’24 (104) 754 780 1,129 2,559
’23 350 414 543 789 2,096
’22 39 749 588 782 2,158
’21 661 720 484 822 2,687
’20 533 802 757 698 2,790
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (187) 771 1,273 — —
’25 (101) 561 427 1,795 2,682
’24 (219) 657 702 1,011 2,151
’23 279 392 395 581 1,647
’22 (16) 709 512 715 1,920
’21 597 660 408 2,416 4,081
’20 485 742 671 615 2,513
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.1% a year for ten years. It grew 15.7% a year over the last ten.

Implied
4.1%
10 years, reported
15.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,992 5,900 6,182 18,526 18,194 17,814 17,062 19,419 21,325 21,865 23,333 +15.5% 23,587 25,242 27,195 +7.5%
Gross margin, % 33.33 34.86 34.78 27.39 29.17 30.18 28.88 26.33 25.90 25.73 25.55 (7.6) pt
EBT 884 905 926 1,816 1,322 2,283 1,273 1,221 1,597 1,932 2,424 +9.1%
EBT margin, % 14.75 15.34 14.98 9.80 7.27 12.82 7.46 6.29 7.49 8.84 10.39 (5.9) pt
Net income 609 636 719 1,646 1,086 1,842 1,061 1,198 1,512 1,606 2,044 +11.4%
Per share, $
Per share, $ Revenue 48.32 47.97 51.95 83.83 85.02 88.49 88.96 102.42 112.36 116.68 125.38 +10.3%
Earnings 2.59 4.44 5.92 8.04 5.23 9.17 5.54 6.47 7.91 8.57 10.89 +14.2%
Cash flow 7.45 4.63 6.31 4.25 13.04 13.35 11.25 11.05 13.48 16.57 22.49 +9.3%
Capex 0.00 0.00 0.00 0.00 (1.29) 6.93 (1.24) (2.37) (2.15) (2.26) (2.86) n/m
Free cash flow 7.45 4.63 6.31 4.25 11.74 20.27 10.01 8.69 11.33 14.31 19.62 +7.5%
Book value 24.65 23.80 27.92 102.20 97.39 95.97 97.10 99.31 103.16 104.78 108.76 +17.4%
Shares, m 124 123 119 221 214 201 192 190 190 187 187 +4.7%
Valuation, ×
Valuation, × P/E 36.30 30.62 20.43 24.70 36.14 23.23 37.42 32.47 26.58 34.26 25.44 30.2
P/S 2.06 2.86 2.51 3.43 2.22 2.41 2.33 2.05 1.87 2.52 2.21 2.4
P/B 4.02 5.62 4.64 1.94 1.94 2.22 2.13 2.11 2.04 2.80 2.55 2.9
EV/Sales 2.69 3.46 3.05 3.90 2.54 2.75 2.69 2.61 2.39 2.98 2.55 2.9
EV/FCF 17.09 15.18 23.70 28.65 18.35 12.02 23.88 30.81 23.72 24.26 16.29 21.8
Cash, $m
Cash, $m Operating cash flow 924 569 751 939 2,790 2,687 2,158 2,096 2,559 3,106 4,185 +14.4%
Capex (152) (119) (136) (173) (277) 1,394 (238) (449) (408) (424) (533) +12.1%
Free cash flow 924 569 751 939 2,513 4,081 1,920 1,647 2,151 2,682 3,652 +12.6%
Balance, $m
Balance, $m Working capital 643 147 435 2,303 2,427 1,808 978 51 585 1,367 1,732 +8.7%
Net debt 4,030 3,546 3,502 7,040 5,675 6,118 6,163 10,963 11,106 9,374 7,975 +9.8%
Shareholders’ equity 3,056 2,928 3,322 22,587 20,841 19,319 18,624 18,829 19,579 19,635 20,240 +23.0%
Returns, %
Returns, % ROA 2.86 5.57 7.27 6.79 2.97 5.15 3.11 3.26 3.59 3.86 4.74 +1.0 pt
ROIC 0.00 0.00 0.00 0.00 4.70 5.15 4.86 3.78 3.98 4.73 5.69 +4.7 pt
ROE 11.22 19.19 21.70 12.67 5.15 9.19 5.60 6.55 7.82 8.19 10.11 (3.0) pt
People
People Employees 21,000 17,000 17,500 18,200 48,000 47,000 46,000 50,000 47,000 45,000 — +8.8%
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.38 0.38 0.37 0.39 0.45 0.49 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

L3Harris Technologies supplies technology and services for defense, national security and civil government customers. Its work spans space, aircraft, land vehicles, ships and cyber systems. Customers use its products to communicate securely, detect and track threats, gather intelligence and power missiles and spacecraft.

The company makes tactical radios and battlefield communications networks, night-vision equipment, sensors and electronic warfare systems. It also integrates equipment into aircraft, supplies satellite systems and payloads, and manufactures rocket propulsion and armament products. Alongside making hardware, L3Harris designs, develops, modernizes and supports systems throughout their working lives.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
SMS 6,869 32.21%
MSL 6,618 31.03%
CSD 5,459 25.60%
AR 2,580 12.10%
Gross margin 25.90%
Operating margin 9.17%
Pre-tax margin 7.49%

Revenue by segment since 2009

L3Harris Technologies Inc vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HWM Howmet Aerospace Inc. $88.7B 43.4× 35.4× +29.39% (above 0%: growing) +48.40% (above 0%: growing) +32.78% (above 0%: growing) 37.11% 28.75% Compare
NOC Northrop Grumman Corporation $78.2B 17.3× 18.7× +6.71% (above 0%: growing) +2.86% (above 0%: growing) +44.11% (above 0%: growing) 21.15% 11.41% Compare
TDG Transdigm Group Incorporated $66.8B 36.6× 31.8× +22.53% (above 0%: growing) +10.86% (above 0%: growing) +13.44% (above 0%: growing) 59.39% 44.76% Compare
LHX L3Harris Technologies Inc $51.7B 25.4× 22.5× +7.09% (above 0%: growing) +37.49% (above 0%: growing) +198.13% (above 0%: growing) 26.60% 12.97%
HONA Honeywell Aerospace inc. $49.9B — — — — — 36.93% 22.14% Compare
HEI Heico Corporation $39.9B 55.5× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
HEI.A Heico Corporation $39.7B 41.1× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
ESLT Elbit Systems Ltd. $35.5B 55.1× 53.7× +15.94% (above 0%: growing) +34.42% (above 0%: growing) +113.91% (above 0%: growing) 25.32% 9.57% Compare
AXON Axon Enterprise, Inc $33.8B 168× 123× +35.28% (above 0%: growing) −19.57% (below 0%: shrinking) +99.15% (above 0%: growing) 60.42% 5.17% Compare
Median of peers $44.9B 43.4× 50.7× +23.13% +33.07% +47.74% 39.12% 23.64%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO Sam Mehta said L3Harris is investing in missile capacity and using automation to speed production, while focusing on converting its backlog into sales.
  • CFO Ken Sharp said component shortages slowed communications revenue growth in the quarter, but the company had resolved much of the disruption.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Oct 21, 2026 Target cut — 370.00 → 280.00
Susquehanna Oct 6, 2026 Reiterated Outperform —
Bernstein Oct 6, 2026 Reiterated Outperform —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.89%
Held by the ten largest 44.56%
Holder Shares Stake Change
Vanguard 23.72m 12.74% +115.68k
BlackRock 19.02m 10.22% +1.14m
State Street 9.10m 4.89% +252.66k
Capital Group 7.02m 3.77% −4.25m
Geode Capital Management 5.31m 2.85% −3.65k
Wellington Management 4.71m 2.53% +313.43k
Wells Fargo 4.51m 2.42% −124.90k
Morgan Stanley 3.63m 1.95% −192.92k
T. Rowe Price 3.30m 1.77% −453.89k
Franklin Templeton 2.64m 1.42% −215.21k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.20%
BlackRock, Inc. 7.20%
Capital World Investors 6.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

L3Harris Technologies Inc (LHX) Latest News

4 Nov

Impact 3 · · The Motley Fool

30 Oct

Impact 4 · · MarketBeat transcript
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

29 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · InvestorsHub
Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Investing.com earnings
Impact 4 · · Business Wire earnings
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks earnings
Impact 3 · · Associated Press

28 Oct

Impact 4 · · Trefis

27 Oct

Impact 4 · · Oilprice.com
Impact 3 · · cfodive.com

26 Oct

Impact 3 · · Zacks

25 Oct

Impact 4 · · Oilprice.com

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Business Wire

21 Oct

Impact 4 · · Business Wire
Impact 4 · · Insider Monkey
Impact 4 · · The Motley Fool

20 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks

LHX metrics, ten years each

stockrow.com/LHX · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com