— Know what they know.
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Not Investment Advice

LHX

NYSE · USD
L3Harris Technologies, Inc.
Industrials · Aerospace & Defense
CEO Sam Mehta Employees 45,000 R&D / revenue 0.0%
Last price
$248.51+3.33%last session
Market cap
$46.3B
P/E (TTM)
25.0x
From 52w high
−34.5%
From 52w low
+7.0%
1-year return
−12.2%
RSI 14 · vs SMA200
57.1 · −19.3%
IS score
57.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

LHX   SPY   XLI (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111LHX 88

Score DNA

Each bar is a 0-100 score within the scored universe
34
Profitability
52
Growth
49
Value
81
Momentum
50
Risk (safety)
74
Quality
52
Balance sheet
69
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Altman Z 2.5Beta 0.753 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $676,781
Form 144 notices (12m): 18, $44.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
7
Last disclosed purchase 2026-06-12
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−44
145 new holders, 165 closed
1,703 filers hold 88.3% · 705 added, 577 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+256
887 funds adding shares
631 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
14.8%
20-day avg 37.2%, 50-day avg 36.9%
Latest 22.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$21.9B
Revenue growth YoY+2.5%
Gross margin25.7%
Operating income$2.2B
Operating margin10.0%
Net income$1.6B
Net margin7.3%
EPS (diluted)$8.53
Cash flow
Operating cash flow$3.1B
Capital expenditure$424.0M
Free cash flow$2.7B
FCF conversion (FCF / OCF)86.3%
Stock-based compensation$0
FCF less SBC$2.7B
Buybacks$1.2B
Dividends$903.0M
Balance sheet & returns
Cash & short-term investments$1.1B
Total debt$10.4B
Net debt$9.4B
Shareholders' equity$19.6B
Goodwill & intangibles$26.5B
Debt / equity0.53
ROE (TTM)9.4%
ROIC (TTM)5.3%
Operating margin by fiscal year
12.5%FY202110.5%FY20239.7%FY20249.8%FY2025
Revenue $17.8B (FY2021) to $21.9B (FY2025), a 5.3% CAGR.

Valuation

P/E (TTM)25.0x
EV / EBITDA13.9x
Price / sales2.02x
Price / FCF16.5x
FCF yield6.07%
Buyback yield2.49%
SBC / revenue1.0%
Price / book2.23x
Forward P/E FY202620.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $340.00 across 2 analysts last quarter is theirs, not ours.

LHX vs industry median

197 companies in Aerospace & Defense
Gross margin 25.5% 22.1% Operating margin 10.0% 4.5% Net margin 8.2% 1.2% ROIC 5.3% 7.2%
LHX (TTM)Industry median Asset turnover 0.53 vs industry 0.57 · financial leverage 2.06

Earnings delivery

Next report 2026-10-29 · consensus EPS $2.96
100%
beat rate, 12 of 12 quarters
+4.3%
median EPS surprise
12
longest beat streak
+4+1+5+2+3+1+4+12+5+4+8+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LHX L3Harris Technologies, Inc. $46.3B25.0x9.4%8.2%+2.5% −12.2%
ERJ Embraer S.A. $47.4B56.7x9.4%5.7%+19.9% +12.9%
HEI HEICO Corporation $43.2B51.0x18.7%16.7%+20.7% +0.9%
ESLT Elbit Systems Ltd. $35.4B53.9x15.3%7.6%+12.9% +53.7%
TDG TransDigm Group Incorporated $63.0B34.6x-28.7%19.7%+16.6% −8.8%
AXON Axon Enterprise, Inc. $31.7B157.2x6.2%3.3%+34.6% —
RKLB Rocket Lab USA, Inc. $30.4Bn/m-7.9%-21.0%+52.5% —
NOC Northrop Grumman Corporation $73.9B16.5x27.0%10.1%+5.9% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-17Officer/Director Change; Regulation FD; Other Events; Exhibits
2026-07-29Earnings Release; Exhibits
2026-07-24Officer/Director Change; Exhibits
2026-05-12Shareholder Vote; Exhibits
2026-04-30Earnings Release; Exhibits
2026-04-23Other Events; Exhibits

Context

Shares outstanding186,215,000
Free float99.6%
Institutional ownership88.3%
Beta0.75
Dividend yield1.99%
Last dividend$1.25 on 2026-09-04
50 / 200-day average$255.72 / $308.19
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where LHX sits among 56 scored companies in Aerospace & Defense (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureLHXIndustry medianIndustry percentileSector median
P/E (TTM) 24.7x 33.9x
26th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 0.82 1.76
17th		 1.42
Price / sales 2.0x 4.3x
27th		 2.0x
Price / book 2.2x 3.6x
25th		 2.9x
Price / tangible book —
Price / free cash flow 16.5x 32.5x
23rd		 20.8x
Price / operating cash flow 14.1x 29.1x
21st		 14.5x
Enterprise value $55.8B $6.6B
85th		 $4.8B
EV / sales 2.4x 4.1x
29th		 2.4x
EV / EBITDA 13.9x 20.6x
24th		 13.6x
EV / EBIT 19.9x 25.7x
31st		 19.9x
EV / free cash flow 19.9x 40.0x
23rd		 24.3x
Earnings yield 4.0% 2.2%
82nd		 3.3%
FCF yield 6.1% 2.0%
85th		 3.8%
Operating cash flow yield 7.1% 2.7%
85th		 6.2%
Graham number (per share) $157.52 $48.57
89th		 $38.21

Profitability (TTM)

MeasureLHXIndustry medianIndustry percentileSector median
Gross margin 25.5% 26.5%
48th		 30.5%
EBITDA margin 17.4% 12.4%
75th		 14.3%
Operating margin 10.0% 9.6%
55th		 9.8%
EBIT margin 12.2% 9.6%
72nd		 9.9%
Net margin 8.2% 6.1%
62nd		 6.0%
NOPAT margin 8.3% 7.9%
57th		 7.8%
FCF margin 12.2% 5.6%
81st		 7.0%
Operating cash flow margin 14.4% 8.6%
75th		 11.2%
R&D / revenue 1.9% 1.8%
52nd		 0.0%
SG&A / revenue 12.7% 13.7%
45th		 14.1%
Stock comp / revenue 0.5% 0.7%
33rd		 0.6%
Effective tax rate 16.6% 21.0%
24th		 21.0%

Returns on capital

MeasureLHXIndustry medianIndustry percentileSector median
ROE (on average equity) 9.3% 10.8%
43rd		 11.9%
ROA 4.5% 4.5%
49th		 4.8%
ROIC 6.3% 8.1%
40th		 8.7%
ROCE 8.2% 8.8%
45th		 9.4%
Return on tangible assets 6.7% 6.7%
47th		 7.9%
Cash ROIC (OCF / invested capital) 10.9% 9.6%
54th		 12.8%
Gross profitability (GP / assets) 13.6% 14.6%
44th		 19.2%
ROIC, 3-yr average 5.0% 8.7%
28th		 7.8%
ROIC, 5-yr average 5.5% 8.3%
27th		 8.6%
ROE, 5-yr average 7.7% 9.5%
41st		 12.5%
Incremental ROIC 105.9% 27.1%
82nd		 20.5%

Growth

MeasureLHXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.3% 20.7%
12th		 8.6%
Revenue growth (QoQ) 2.4% 10.2%
18th		 9.9%
Revenue CAGR, 3 yr 9.3% 13.7%
30th		 5.0%
Revenue CAGR, 5 yr 4.8% 12.1%
16th		 8.3%
Gross profit CAGR, 3 yr 7.9% 13.8%
29th		 6.5%
Operating income CAGR, 3 yr 5.8% 21.0%
24th		 6.4%
Net income growth (TTM YoY) 10.4% 32.1%
22nd		 11.3%
Net income CAGR, 3 yr 29.8% 19.1%
67th		 6.6%
EPS growth (TTM YoY) 10.2% 31.8%
19th		 13.3%
EPS CAGR, 3 yr 30.2% 18.5%
70th		 5.6%
EPS CAGR, 5 yr 8.3% 16.4%
46th		 8.3%
FCF growth (TTM YoY) 29.8% 34.1%
39th		 14.7%
FCF CAGR, 3 yr 15.7% 20.0%
32nd		 12.2%
Operating cash flow CAGR, 3 yr 16.1% 22.9%
28th		 8.8%
Book value CAGR, 3 yr 4.5% 10.5%
32nd		 7.3%
Dividend CAGR, 3 yr 1.3% 2.5%
31st		 2.7%
Sustainable growth rate 4.8% 11.5%
18th		 11.0%

Margin history & stability

MeasureLHXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 23.4% 26.2%
35th		 30.6%
Operating margin, 3-yr average 10.1% 9.0%
59th		 10.0%
Net margin, 3-yr average 7.3% 6.3%
59th		 6.2%
FCF margin, 3-yr average 9.8% 6.0%
76th		 7.1%
Revenue stability (0-1) 0.79 0.91
27th		 0.81
Earnings stability (0-1) 0.09 0.56
6th		 0.47
Margin stability (0-1) 0.88 0.88
51st		 0.90

Liquidity (latest quarter)

MeasureLHXIndustry medianIndustry percentileSector median
Cash & short-term investments $1.5B $337.2M
82nd		 $249.6M
Net cash (− = net debt) −$9.5B −$747.7M
11th		 −$666.5M
Working capital $1.6B $878.9M
71st		 $376.4M
Current ratio 1.18 2.57
9th		 1.79
Quick ratio 1.03 1.57
20th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.18 0.34
18th		 0.32
Defensive interval (days) 734 days 960 days
33rd		 614 days

Leverage & solvency (latest quarter)

MeasureLHXIndustry medianIndustry percentileSector median
Total debt $11.0B $917.3M
89th		 $919.8M
Debt / equity 0.53 0.52
53rd		 0.65
Net debt / equity 0.45 0.34
57th		 0.46
Debt / assets 25.6% 24.3%
56th		 29.3%
Debt / capital 34.5% 34.0%
53rd		 39.5%
Debt / EBITDA 2.75 2.38
62nd		 2.44
Net debt / EBITDA 2.37 1.88
57th		 1.86
Interest coverage (EBIT / interest) 5.0x 5.1x
48th		 5.0x
Cash interest coverage 5.9x 5.6x
54th		 6.1x
Debt payback (years of OCF) 3.3 yrs 3.1 yrs
56th		 3.2 yrs
Liabilities / assets 51.4% 52.4%
45th		 56.7%
IS credit model rating BBB — —
Implied credit spread (bps) 275 175
65th		 200

Efficiency

MeasureLHXIndustry medianIndustry percentileSector median
Asset turnover 0.54 0.62
40th		 0.75
Fixed asset turnover 8.54 5.00
83rd		 5.14
Inventory turnover 13.5 3.6
80th		 5.0
Receivables turnover 6.3 6.6
46th		 6.7
Days sales outstanding 58 days 56 days
55th		 54 days
Days inventory outstanding 27 days 103 days
20th		 72 days
Days payables outstanding 44 days 39 days
58th		 41 days
Cash conversion cycle (days) 41 days 104 days
27th		 63 days
Capex / revenue 2.1% 3.6%
21st		 3.0%
Capex / depreciation 0.41 1.14
17th		 0.76
Operating expense ratio 14.4% 16.0%
38th		 17.7%

Cash flow & earnings quality

MeasureLHXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.76 1.31
82nd		 1.50
FCF / net income 1.50 0.87
85th		 1.15
FCF / operating cash flow 85.3% 72.4%
71st		 74.0%
Capex / operating cash flow 14.7% 27.6%
29th		 26.1%
Accruals ratio -3.4% -2.8%
42nd		 -4.0%
Sloan accruals ratio 0.2% -0.3%
55th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
49th		 1.00

Dividends & buybacks

MeasureLHXIndustry medianIndustry percentileSector median
Dividend yield 2.0% 0.0%
95th		 0.6%
Dividend per share (TTM) $4.95 $0.00
93rd		 $0.44
Payout ratio (dividends / net income) 49.1% 13.6%
87th		 22.5%
Dividends / FCF 32.8% 15.3%
81st		 19.6%
Dividend growth (YoY) 2.7% 8.9%
24th		 5.6%
Buyback yield 1.9% 0.0%
85th		 0.5%
Shareholder yield (dividends + buybacks) 3.8% 0.7%
91st		 2.0%
Share count change (YoY) 0.2% 0.9%
37th		 0.0%
Buybacks, last 5 years $5.0B $14.0M
93rd		 $76.0M

Scores & forensic checks

MeasureLHXIndustry medianIndustry percentileSector median
IS score 58 55
55th		 53
IS profitability 34 31
55th		 37
IS growth 52 70
12th		 54
IS value 49 43
78th		 47
IS momentum 81 80
51st		 76
IS risk (safety) 50 100
11th		 80
IS quality 74 65
84th		 67
IS balance sheet 52 58
42nd		 56
IS earnings quality 69 67
60th		 70
IS cash flow 69 44
75th		 54
Piotroski F-score (0-9) 8 6
84th		 6
Altman Z-score 2.5 4.8
16th		 3.3
Beneish M-score −2.82 −2.40
20th		 −2.52
Ohlson O-score −8.57 −7.88
25th		 −7.49
IS credit score 56 69
25th		 65

Per share

MeasureLHXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $9.96 $1.65
84th		 $2.21
Book value per share $110.77 $14.45
96th		 $18.38
Tangible book per share −$30.43 $3.65
2nd		 $4.39
Revenue per share $121.83 $29.92
84th		 $36.64
FCF per share $14.92 $1.44
91st		 $2.70
Operating cash flow per share $17.49 $2.14
89th		 $4.28
Cash per share $8.08 $2.93
78th		 $3.02

Size (TTM)

MeasureLHXIndustry medianIndustry percentileSector median
Market cap $46.3B $6.0B
85th		 $3.9B
Revenue $22.9B $2.0B
89th		 $2.7B
EBITDA $4.0B $252.5M
87th		 $394.8M
Net income $1.9B $85.5M
87th		 $136.3M
Free cash flow $2.8B $80.1M
91st		 $162.9M
Total assets $42.9B $4.1B
89th		 $3.5B
Shareholders' equity $20.9B $1.6B
96th		 $1.4B
Employees 45,000 4,020
85th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Bedingfield Kenneth L
President, Missile Solutions
 Award / grant 27——381
2026-10-01Zamarro Christina L
Director
 Award / grant 157$238.40$37,5006,453
2026-10-01Regnery David S
Director
 Award / grant 157$238.40$37,5002,987
2026-10-01Geraghty Joanna
Director
 Award / grant 184$238.40$43,7495,913
2026-09-01Barnes Lauren N.
Pres., Space & Mission Sys.
 Award / grant 5,692——5,692
2026-09-01Aebli Christopher T.
Pres., Comm & Spect. Dominance
 Award / grant 5,692——5,692
2026-09-01Mehta Samir
President and CEO
 Award / grant 11,831$263.56$3.1M11,831
2026-09-01Mehta Samir
President and CEO
 Award / grant 3,036——3,036
2026-08-25Barnes Lauren N.
Pres., Space & Mission Sys.
 — 1,171$214.45$251,1210
2026-08-25Barnes Lauren N.
Pres., Space & Mission Sys.
 — 1,398$206.11$288,1420
2026-08-25Barnes Lauren N.
Pres., Space & Mission Sys.
 — 747$355.16$265,3050
2026-08-25Aebli Christopher T.
Pres., Comm & Spect. Dominance
 — 1,464$214.45$313,9550

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired31120,171$6.7M
Open-market saleDisposed12,180$676,781
Option exerciseAcquired13,596—
Option exerciseDisposed13,596—
Tax withholdingDisposed11,416$443,732
—Disposed1521,769$5.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 18 notices · 147,511 shares · $44.5M
FiledFilerShares proposedEst. proceeds
2026-09-11Christopher Kubasik18,000$4.4M
2026-09-10Christopher Kubasik21,916$5.4M
2026-06-09Rambeau Jon16,050$4.9M
2026-06-02Robert B. Millard10,000$3.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 14 trades (8 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-06-12Rich McCormickHousePurchase$1,001 - $15,0002026-07-10
2026-06-12Rich McCormickHousePurchase$1,001 - $15,0002026-07-10
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2025-05-13Markwayne MullinSenatePurchase$15,001 - $50,0002025-06-11
2025-05-13Markwayne MullinSenatePurchase$15,001 - $50,0002025-06-11
2025-05-13Markwayne MullinSenatePurchase$15,001 - $50,0002025-06-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.19,015,816$5.5B10.21%
VANGUARD CAPITAL MANAGEMENT LLC12,163,586$3.5B6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC9,604,027$2.8B5.16%
STATE STREET CORP9,097,353$2.6B4.89%
Capital World Investors6,608,133$1.9B3.55%
GEODE CAPITAL MANAGEMENT, LLC5,306,845$1.5B2.85%
WELLINGTON MANAGEMENT GROUP LLP4,707,086$1.4B2.53%
WELLS FARGO & COMPANY/MN4,510,672$1.3B2.42%
MORGAN STANLEY3,468,644$1.0B1.86%
PRICE T ROWE ASSOCIATES INC /MD/3,294,631$957.4M1.77%
Invesco Ltd.2,547,316$740.2M1.37%
GOLDMAN SACHS GROUP INC2,405,374$699.0M1.29%
Bank of New York Mellon Corp2,161,034$628.0M1.16%
AMERIPRISE FINANCIAL INC2,016,656$586.0M1.08%
BANK OF AMERICA CORP /DE/1,945,342$565.3M1.04%

Institutional ownership by quarter

2023-092026-0688.3%
% of shares held by 13F filers
2023-092026-061,703
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,70388.3%145705577165
2026-03-311,74788.1%22959161989
2025-12-311,63188.4%21061251898
2025-09-301,55088.4%18856051669
2025-06-301,45589.3%19555247398
2025-03-311,37688.4%129542498140
2024-12-311,40887.8%190523489114
2024-09-301,35685.9%11651047578
2024-06-301,33386.2%14351741585
2024-03-311,28885.3%13149241186
2023-12-311,26586.2%20743843394
2023-09-301,17483.1%9645942092

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital World Investors3.6%6,767,234
2026-07-29SCHEDULE 13G/ABlackRock, Inc.8.3%15,474,104
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%13,994,852
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.1%9,573,507
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.4B
VTI0.06%$1.4B
VSMPX0.06%$1.4B
VTSAX0.06%$1.4B
VFFSX0.07%$1.2B
VFIAX0.07%$1.2B

Share structure

Shares outstanding186,215,000
Float185,433,828
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$17.8B$17.1B$19.4B$21.3B$21.9B
Cost of revenue$12.4B$12.1B$15.0B$16.6B$16.2B
Gross profit$5.4B$4.9B$4.4B$4.7B$5.6B
R&D$692.0M$603.0M$480.0M$515.0M$0
SG&A$3.3B$3.0B$1.9B$3.6B$3.4B
Operating income$2.2B$1.1B$2.0B$2.1B$2.2B
EBITDA$3.5B$2.5B$2.9B$3.6B$3.8B
Pretax income$2.3B$1.3B$1.2B$1.6B$1.9B
Income tax$440.0M$212.0M$23.0M$85.0M$326.0M
Net income$1.8B$1.1B$1.2B$1.5B$1.6B
EPS, diluted$9.08$5.49$6.44$7.87$8.53
Diluted shares203.2M193.5M190.6M190.7M188.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$941.0M$880.0M$560.0M$615.0M$1.1B
Receivables$4.2B$4.3B$4.4B$4.7B$5.0B
Inventory$982.0M$1.3B$1.5B$1.3B$1.2B
Total current assets$6.4B$6.8B$7.9B$8.2B$8.6B
PP&E, net$2.9B$2.9B$3.6B$2.8B$2.7B
Goodwill & intangibles$24.8B$23.3B$28.5B$28.0B$26.5B
Total assets$34.7B$33.5B$41.7B$42.0B$41.2B
Accounts payable$1.8B$1.9B$2.1B$2.0B$2.5B
Total current liabilities$4.6B$5.8B$8.0B$7.6B$7.2B
Long-term debt$7.0B$6.2B$10.9B$10.9B$10.4B
Total liabilities$15.4B$14.9B$22.9B$22.4B$21.6B
Shareholders' equity$19.3B$18.6B$18.8B$19.6B$19.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.8B$1.1B$1.2B$1.5B$1.6B
Depreciation & amortization$967.0M$938.0M$1.2B$1.3B$1.2B
Stock-based compensation$348.0M$325.0M$320.0M$97.0M$0
Change in working capital$126.0M$90.0M−$315.0M−$529.0M−$51.0M
Operating cash flow$2.7B$2.2B$2.1B$2.6B$3.1B
Capital expenditure−$342.0M−$252.0M−$449.0M−$408.0M−$424.0M
Free cash flow$2.3B$1.9B$1.6B$2.2B$2.7B
Investing cash flow$1.4B−$250.0M−$7.0B−$263.0M$407.0M
Net debt issued / repaid−$7.0M−$10.0M$6.0B−$877.0M−$1.1B
Buybacks−$3.7B−$1.1B−$518.0M−$554.0M−$1.2B
Dividends paid−$817.0M−$864.0M−$868.0M−$886.0M−$903.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2023FY2024FY2025
Gross margin30.2%23.4%22.3%24.1%
Operating margin12.5%10.5%9.7%9.8%
Net margin10.4%6.3%7.0%7.3%
FCF margin13.2%8.5%10.1%12.3%
ROE9.1%6.6%7.8%8.2%
ROIC6.9%6.2%6.1%6.1%
ROA5.1%3.3%3.6%3.9%
Debt / equity0.410.740.670.53
Interest coverage9.5x3.2x3.4x4.2x
Current ratio1.400.991.081.19
Revenue growth−3.0%+15.4%+9.8%+2.5%
EPS growth+53.0%+9.0%+22.4%+8.3%
P/E at year end20.9x31.5x26.1x35.7x
EV / EBITDA at year end12.9x17.7x14.5x17.8x
FCF yield at year end6.07%4.27%5.48%4.68%
Dividend payout44.3%70.7%59.0%56.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Space and Airborne Systems$5.1B$6.1B$6.9B$6.9B$6.9B
Integrated Mission Systems$5.8B$6.9B$6.6B$6.8B$6.6B
Communication Systems$4.3B$4.2B$5.1B$5.5B$5.7B
Aerojet Rocketdyne Segment——$1.1B$2.3B$2.8B

Revenue by region · FY2025

Communication Systems Segment$2.0B · 42%
Integrated Mission Systems Segment$1.7B · 35%
Space and Airborne Systems Segment$837.0M · 17%
Aerojet Rocketdyne Segment$272.0M · 6%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $2.96 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$22.0B$21.7B – $22.1B$10.65$10.60 – $10.701423.3x
2026$22.0B$21.9B – $22.0B$10.65$10.60 – $10.701323.3x
2026$23.4B$23.3B – $23.7B$11.88$11.36 – $12.611320.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$2.80$3.13+11.8%$5.8B$5.9B+1.2%
2026-04-30$2.53$2.72+7.5%$5.4B$5.7B+6.0%
2026-01-29$2.76$2.86+3.6%$5.8B$5.6B−2.1%
2025-10-30$2.58$2.70+4.7%$5.5B$5.7B+2.4%
2025-07-24$2.48$2.78+12.1%$5.3B$5.4B+2.1%
2025-04-24$2.31$2.41+4.3%$5.2B$5.1B−1.4%
2025-01-30$3.42$3.47+1.5%$5.5B$5.5B+0.4%
2024-10-24$3.25$3.34+2.8%$5.3B$5.3B+0.2%
2024-07-25$3.18$3.24+1.9%$5.3B$5.3B−0.0%
2024-04-25$2.91$3.06+5.2%$5.1B$5.2B+2.0%
2024-01-25$3.31$3.35+1.2%$5.2B$5.3B+3.3%
2023-10-26$3.06$3.19+4.2%$4.8B$4.9B+3.3%
2023-07-26$2.94$2.97+1.0%$4.4B$4.7B+7.3%
2023-04-27$2.87$2.86−0.3%$3.9B$4.5B+15.7%
2023-01-26$3.21$3.27+1.9%$4.3B$4.6B+5.4%
2022-10-27$3.44$3.26−5.2%$4.4B$4.2B−3.6%
2022-07-28$3.16$3.23+2.2%$4.2B$4.1B−2.1%
2022-04-28$3.05$3.12+2.3%$4.1B$4.1B−0.9%
2022-01-31$3.25$3.30+1.5%$3.6B$4.3B+19.7%
2021-10-29$3.16$3.21+1.6%$4.5B$4.2B−6.8%
2021-08-03$3.17$3.26+2.8%$4.6B$4.7B+0.9%
2021-04-30$2.92$3.18+8.9%—$4.6B—
2021-01-29$3.07$3.14+2.3%—$4.7B—
2020-10-30$2.72$2.84+4.4%$4.3B$4.5B+3.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.906-220.506-290.507-060.407-130.707-200.907-270.708-030.508-100.708-170.508-240.508-31
Week ofNotionalSharesTrades
2026-08-31$466.7M1,780,45062,049
2026-08-24$474.3M1,805,79258,395
2026-08-17$748.3M2,708,17775,705
2026-08-10$518.7M1,798,52759,516
2026-08-03$690.3M2,442,31178,249
2026-07-27$905.3M3,219,33590,669

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1514.8%
DateShort shareShort volumeTotal volume
2026-10-1514.8%193,9401,309,762
2026-10-1413.5%137,3591,013,716
2026-10-1333.5%210,655628,916
2026-10-1237.7%163,888434,927
2026-10-0950.4%198,566394,095
2026-10-0837.7%191,810508,818
2026-10-0735.0%157,553450,151
2026-10-0644.8%206,454461,026
2026-10-0538.7%189,127488,422
2026-10-0228.0%180,384645,059
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.0Jan+1.5Feb+0.3Mar+2.1Apr+1.2May-1.4Jun+3.4Jul+2.7Aug-0.1Sep+1.1Oct+1.8Nov+2.1Dec
MonthAvg returnUp yearsYears
Jan+2.0%55%20
Feb+1.5%60%20
Mar+0.3%57%21
Apr+2.1%70%20
May+1.2%55%20
Jun−1.4%30%20
Jul+3.4%65%20
Aug+2.7%60%20
Sep−0.1%45%20
Oct+1.1%65%20
Nov+1.8%55%20
Dec+2.1%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1457.1
MFI67.8
ADX49.7
Stochastic %K / %D80.8 / 60.7
Williams %R-0.2
CCI214
TSI / signal-24.6 / -38.6
Chaikin money flow-0.04
ATR$5.02
Bollinger width5.8%
Volume vs 20-day avg1.79x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$238.47 (+4.2%)
SMA 50$254.67 (−2.4%)
SMA 200$307.78 (−19.3%)
EMA 21$241.58 (+2.9%)
EMA 50$253.37 (−1.9%)
EMA 200$284.06 (−12.5%)
Bollinger upper$245.35 (+1.3%)
Bollinger lower$231.60 (+7.3%)
Parabolic SAR$233.32 (+6.5%)
Open the live chart, 110+ indicators

About L3Harris Technologies, Inc.

L3Harris Technologies, Inc. is a prominent technology firm specializing in aerospace and defense, delivering vital, high-stakes solutions to governmental and commercial clients across the globe. Its diverse operations are organized into several key segments: The Integrated Mission Systems division is responsible for providing versatile intelligence, surveillance, and reconnaissance (ISR) platforms, alongside various communication technologies. This unit also offers comprehensive support for fleet management, as well as the development, modification, and routine maintenance of sensors for ISR and airborne operations. Furthermore, it develops and integrates specialized mission systems tailored for naval vessels and maritime operations, including sophisticated signals and multi-intelligence platforms, autonomous surface and undersea vehicles, and advanced power and ship control electronics. Cutting-edge electro-optical and infrared technologies are also part of its offerings. The Space and Airborne Systems segment is dedicated to providing sophisticated space payloads, advanced sensor technologies, and complete mission solutions for space-based operations. It also offers secure intelligence and robust cyber defense capabilities, specialized avionics for mission-specific applications, and state-of-the-art electronic warfare systems. The Communication Systems division delivers reliable tactical communication tools and secure, broadband mobile networked communication devices. This encompasses airborne, space, and surface data link terminals, ground stations, and portable tactical satellite communication (SATCOM) systems designed for manned aircraft, unmanned aerial vehicles (UAVs), and naval vessels. The segment also produces integrated night vision systems, mountable on helmets and weapons, along with radio systems, applications, and equipment essential for critical public safety and professional communication needs. Additionally, it supplies SATCOM terminals and integrated battlefield management networks. Finally, the Aviation Systems segment focuses on defense-oriented aviation products, training for commercial pilots, and mission-critical network solutions for effective air traffic management. Originally established in 1895 as Harris Corporation, the company adopted its current name, L3Harris Technologies, Inc., in June 2019. Its headquarters are located in Melbourne, Florida.

https://www.l3harris.com

Key executives

NameTitlePayBorn
Christopher E. KubasikChairman & Chief Executive Officer$11.0M1961
Kenneth L. BedingfieldPresident of Missile Solutions$2.7M1973
Samir MehtaCEO, President & Director$2.3M1973
Christoph T. FeddersenSenior Vice President, General Counsel & Secretary$1.3M1972
Kenneth SharpSenior Vice President & Chief Financial Officer$302,7501970
John CantillonVice President & Principal Accounting Officer—1967
John DelayChief Strategy Officer——
Melanie RakitaVice President & Chief Human Resources Officer—1979

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Christopher Kubasik Chairman and Chief Executive Officer2025$1.6M$11.0M$6.2M$25.6M
Kenneth Bedingfield President, Missile Solutions2025$937,163$3.5M$1.6M$7.3M
Samir Mehta President, Space & Mission Systems and Communications & Spectrum Dominance2025$812,163$2.7M$1.2M$5.9M
Jonathan Rambeau Former President, Communications & Spectrum Dominance2025$770,721$2.2M$1.4M$5.3M
Edward Zoiss Vice President, Engineering & Innovation2025$770,721$2.2M$1.0M$4.9M

Employees

18k201818k201948k202147k202146k202250k202347k202545k2026

Dividends

Ex-dateAmountPaid
2026-09-04$1.252026-09-18
2026-06-05$1.252026-06-26
2026-03-06$1.252026-03-20
2025-11-17$1.22025-12-05
2025-09-05$1.22025-09-22
2025-06-03$1.22025-06-18
2025-03-10$1.22025-03-21
2024-11-18$1.162024-12-06

Moat model

Narrow · Efficient Scale · 2026-07-03
Cost advantage55
Intangibles63
Switching costs33
Network effect55
Efficient scale85
Our component scores (0-100) and overall 56.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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