L3Harris Technologies, Inc. LHX

IndustrialsAerospace & DefenseUnited States of America

Last close 277.61 USD on Nov 1, 2026, −4.3% year to date

Quant rating

Quant rating C Rank 215 of 486 in Industrials

Growth C 208 of 486
Valuation B 100 of 486
Quality C 235 of 486
Revisions C 313 of 486
Momentum B 187 of 486

Wall Street consensus Buy (2.14)Average target 337.39 USD +21.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 51.7B
Enterprise value: 60.7B
52-week range: 232.61 – 379.23
3-year range: 178.72 – 379.23
Dividend yield: 1.80%
Beta (5 years): 0.50
Shares outstanding: 186M
Next earnings: Jan 29, 2027

About the company

L3Harris Technologies, Inc. provides end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Its segments include Space & Airborne Systems (SAS), Integrated Mission Systems (IMS), Communication Systems (CS), and Aerojet Rocketdyne (AR). The SAS segment supplies full mission solutions as a prime and subsystem integrator in the space, airborne and cyber domains. The IMS segment delivers differentiated mission capabilities and prime systems integration to support intelligence, reconnaissance and surveillance (ISR), passive sensing and targeting, electronic attack, autonomy, power and communications, networks and sensors. CS enables warfighters across all domains with solutions critical to mission success even in the contested environments. The AR segment provides propulsion, power and armament products and systems to the U.S. Government, including the DoD, NASA and various aerospace and defense prime contractors.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	21,865	21,325	19,419	17,062	17,814	–
Revenue growth	2.5%	9.8%	13.8%	−4.2%	−2.1%	3.7%
EPS (basic, normalized)	10.73	13.10	12.36	12.90	12.95	–
EPS growth	−18.1%	6.0%	−4.2%	−0.4%	–	–
Gross margin	25.7%	25.9%	26.3%	28.9%	30.2%	27.4%
Net margin	7.3%	7.0%	6.3%	6.2%	10.4%	7.5%
ROE	8.2%	7.8%	6.6%	5.6%	9.2%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,021
Current ratio	1.20x
Long-term debt (mil)	9,181
Net debt (mil)	8,962
Total equity (mil)	21,227
Net debt / equity	0.42x
Net debt / EBITDA	2.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	21,865	+2.5%	2.8x	3,906	−2.9%	15.5x	10.73	−18.1%	25.9x
2026	23,632	+8.1%	2.6x	4,421	+13.2%	13.7x	12.12	+13.0%	22.9x
2027	25,246	+6.8%	2.4x	4,791	+8.4%	12.7x	13.46	+11.0%	20.6x
2028	27,201	+7.7%	2.2x	5,269	+10.0%	11.5x	15.40	+14.5%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	23,632	+0.1%	0.0%	+0.5%	12.12	+0.9%	+2.7%	+4.4%
2027	25,246	+0.1%	−0.6%	−0.4%	13.46	−0.5%	−1.1%	−1.0%
2028	27,201	+0.1%	−0.4%	−0.4%	15.40	−0.5%	−1.4%	−2.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	5,211	5,299	5,292	5,523	5,132	5,426	5,659	5,648	5,744	5,881
Sales mean (mil)	5,106	5,298	5,279	5,502	5,217	5,322	5,519	5,777	5,419	5,808
Surprise	+2.1%	0.0%	+0.2%	+0.4%	−1.6%	+2.0%	+2.5%	−2.2%	+6.0%	+1.3%
EPS reported	3.06	3.24	3.34	3.47	2.41	2.78	2.70	2.86	2.72	3.13
EPS mean	2.90	3.18	3.26	3.42	2.32	2.50	2.58	2.76	2.54	2.80
Surprise	+5.5%	+2.0%	+2.5%	+1.5%	+4.0%	+11.4%	+4.8%	+3.5%	+7.0%	+11.6%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LHX L3Harris Technologies, Inc.	51.7B	2.29x	7.3%	2.43x	22.9x	20.6x	13.7x	12.7x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
GD General Dynamics Corp	100.8B	0.42x	8.0%	3.76x	21.8x	19.9x	15.2x	14.0x
Mean		1.88x	8.5%	10.53x	7.3x	54.0x	22.6x	18.0x
Median		1.72x	7.5%	9.23x	22.3x	22.7x	16.4x	15.2x

Technical analysis

1M+16.8%
3M−8.6%
1Y−1.8%
3Y+72.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, L3Harris Technologies, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	21,865	21,325	19,419	17,062	17,814	18,194
Cost of revenue	16,240	15,801	14,306	12,135	12,438	12,886
Gross profit	5,625	5,524	5,113	4,927	5,376	5,308
Selling, general & administrative expenses	2,008	1,886	1,806	2,243	2,460	2,627
Research & development	536	515	480	603	692	684
Depreciation/amortization	–	779	687	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	914	426	714	954	149	820
Other operating expenses	57.0	0	0	0	0	0
Operating income	2,110	1,918	1,426	1,127	2,075	1,177
Net interest income (expense)	−597	−675	−543	−297	−265	−254
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	419	354	338	443	473	399
Net income before taxes	1,932	1,597	1,221	1,273	2,283	1,322
Provision for taxes	326	85.0	23.0	212	440	234
Minority interest	0	−10.0	29.0	1.0	4.0	33.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,606	1,502	1,227	1,062	1,847	1,121
Extraordinary items	–	–	0	0	−1.0	−2.0
Net income	1,606	1,502	1,227	1,062	1,846	1,119
EBIT, normalized	3,024	2,344	2,140	2,081	2,224	2,158
EBITDA, normalized	4,248	3,633	3,308	3,028	3,194	3,205
Basic EPS, normalized	10.73	13.10	12.36	12.90	12.95	–

Balance sheet in millions of USD, fiscal years

Balance sheet, L3Harris Technologies, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,069	615	560	880	941	1,276
Receivables	4,990	4,681	4,426	4,278	4,164	4,076
Total inventory	1,219	1,330	1,472	1,291	982	973
Prepaid expenses	–	–	–	–	48.0	–
Other current assets	1,315	1,592	1,597	305	224	342
Total current assets	8,593	8,218	8,055	6,754	6,359	6,667
Property, plant & equipment	3,382	3,465	3,605	2,860	2,870	2,868
Goodwill	20,010	20,325	19,979	17,283	18,189	18,876
Intangibles	6,509	7,639	8,540	6,001	6,640	7,908
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2,701	2,354	1,508	626	651	641
Total assets	41,195	42,001	41,687	33,524	34,709	36,960
Liabilities
Accounts payable	2,461	2,005	2,106	1,945	1,767	1,406
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,717	2,067	1,673	1,216	1,446	1,564
Short-term debt	0	515	1,602	2.0	2.0	2.0
Current portion of long-term debt	673	640	363	818	11.0	8.0
Other current liabilities	2,375	2,406	2,260	1,795	1,325	1,260
Total current liabilities	7,226	7,633	8,004	5,776	4,551	4,240
Long-term debt	10,443	11,081	11,160	6,225	7,048	6,908
Minority interest	0	65.0	64.0	101	106	117
Other liabilities	3,891	3,708	3,694	2,899	3,791	4,971
Total liabilities	21,560	22,487	22,922	15,001	15,496	16,236
Shareholders' equity
Preferred stock	–	0	–	0	0	0
Common stock	187	190	190	191	194	208
Additional paid-in capital	15,117	15,558	15,553	15,677	16,248	19,008
Retained earnings (accumulated deficit)	4,212	3,739	3,220	2,943	2,917	2,347
Treasury stock	–	–	–	–	–	–
Other equity	119	27.0	−198	−288	−146	−839
Total equity	19,635	19,514	18,765	18,523	19,213	20,724
Total liabilities & shareholders' equity	41,195	42,001	41,687	33,524	34,709	36,960

Cash flow statement in millions of USD, fiscal years

Cash flow statement, L3Harris Technologies, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,606	1,512	1,198	1,061	1,842	1,086
Depreciation, depletion & amortization	1,224	1,289	1,166	938	967	1,032
Deferred taxes	206	174	−423	−596	−114	−215
Non-cash items	121	113	470	738	−10.0	775
Changes in working capital	−51.0	−529	−315	17.0	2.0	112
Cash from operations	3,106	2,559	2,096	2,158	2,687	2,790
Investing activities
Capital expenditures	−424	−408	−449	−252	−342	−368
Other investing cash flows	831	145	−6,572	2.0	1,736	1,119
Cash from investing	407	−263	−7,021	−250	1,394	751
Financing activities
Financing cash flow items	108	−40.0	−41.0	−51.0	−11.0	−123
Cash dividends paid	−903	−886	−868	−864	−817	−725
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,287	−1,298	5,503	−1,036	−3,585	−2,264
Cash from financing	−3,082	−2,224	4,594	−1,951	−4,413	−3,112
Foreign exchange effects	23.0	−17.0	11.0	−18.0	−3.0	23.0
Net change in cash	454	55.0	−320	−61.0	−335	452
Free cash flow	2,682	2,151	1,647	1,906	2,345	2,422

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.