L3harris Technologies, Inc. (LHX)
Industrials · Aerospace & Defense · US stock · S&P 500 component
$254.23
▲ +6.68 (2.70%)
Fair valueUndervalued
$317 +24.6% to fair value
$158fair band $270–$384$475
Day's range
$249.16 – $254.79
52-week range
$232.34 – $379.23
About L3harris Technologies, Inc.
This company is a defense and aerospace company that builds communications equipment, sensors, electronic systems, space payloads and aircraft mission systems. Its main customers are the United States government and allied governments, with a smaller share of commercial sales. It earns money from long-term contracts for developing and producing systems, and from maintenance and upgrades. Government budgets and contract awards therefore play a central role in its results.
Sales came to $39.1 billion in the last twelve months. Its operating margin came to 10.3%, and return on invested capital was 12%. Net debt stands at 1.8 times EBITDA. The company pays a dividend, yielding 1.9%. On the site's X-Ray Score it receives 60 out of 100.
Price chart
52-wk range $232.34 – $379.23Volume 1,888,469Daily, split-adjusted
Vitals
Market cap$47.6B
52-week range$232.34 – $379.23
Volume (last day)1,888,469
P/E (TTM)25.5
EBIT / EV yield7.1%
Free-cash-flow yield5.9%
Dividend yield1.9%
Revenue (TTM)$39.1B
Net income (TTM)$1.9B
Operating margin10.3%
Return on capital12.4%
Debt incl. leases$11.0B
Cash & securities$1.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$317middle half of models $288 – $360
Undervalued
+24.6% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $254
Undervalued < $270Fair $270 – $384Overvalued > $384
P/E multiple
$265
P/B multiple
$270
P/S multiple · not used
$548
EV/EBITDA multiple
$330
EV/EBIT multiple
$372
EV/revenue multiple · not used
$565
10-year DCF, EBITDA exit
$360
5-year DCF, EBITDA exit
$338
10-year DCF, revenue exit
$394
5-year DCF, revenue exit
$381
10-year DCF, growth exit
$319
5-year DCF, growth exit
$288
Dividend discount, stable
$176
Dividend discount, multi-stage
$314
Earnings power value
$311
Growth the price implies
5.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business at a low price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
89/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield7.1%
Free-cash-flow yield5.9%
Fair value vs price1.2×
Growth
Fair
55/100
Growing at a typical pace for its sector.
See the numbers →
EPS growth (3y)15.8%
Growth consistency90%
Profitability
Weak
40/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital12.4%
Operating margin10.3%
Gross profitability23.3%
Financial health
Fair
63/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA1.8×
Interest coverNo interest cost
Dividends
Weak
46/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.9%
Dividends vs free cash flow33%
Dividend growth1.5%
Quarterly results: last 6 quarters
-1.5%
Mar '25
+2.4%
Jun '25
+6.9%
Oct '25
+2.5%
Jan '26
+11.9%
Apr '26
+8.4%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.9B, diluted EPS $3.13.
Compare with peers
GD General Dynamics Corp70 TXT Textron Inc65 TDG TransDigm Group INC57 LMT Lockheed Martin Corp55Other Aerospace & Defense companies by X-Ray Score.
SWOT analysis: L3harris Technologies, Inc.
Strengthsinside the company
- Earnings per share have compounded at 15.8% a year over three years.
- Free cash flow equals 5.9% of the market value, which funds dividends, buybacks or debt paydown.
- Operating profit covers interest 50x, so debt costs are a small drag.
- Passes 9 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Dividends use only 33% of free cash flow, which leaves room to raise them.
- The price is 25% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare LHX with peers and sector
Medians of 11 Aerospace & Defense peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): GE 49, RTX 51, BA 35, LMT 55, GD 70, NOC 49.
| Metric | LHX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 60 | 51 | 50 |
| Valuation | 89 | 52 | 44 |
| Growth | 55 | 64 | 50 |
| Profitability | 40 | 45 | 51 |
| Financial health | 63 | 55 | 49 |
| Dividends | 46 | 54 | 53 |
Sector leaders: highest X-Ray Score in Industrials
LHX ranks #15 of 81 in Industrials and #3 of 12 in Aerospace & Defense by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for LHX
Each factor is rated by where LHX stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 6 Average · 5 Bad of 21
Growth: 1 · 0 · 0
Profitability: 0 · 1 · 4
Financial strength: 2 · 2 · 0
Valuation: 4 · 1 · 0
Cash flow: 1 · 2 · 1
Efficiency: 2 · 0 · 0
| Factor | LHX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| EPS growth, 3 years a year | +15.8% | Good beats 74% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 25.6% | Bad beats 18% | 38.0% | 27.6% | ≈ In line |
| Operating margin | 10.3% | Bad beats 28% | 17.5% | 8.2% | ▲ Better |
| Net margin | 4.8% | Bad beats 13% | 12.8% | 6.7% | ▼ Worse |
| Return on invested capital | 12.4% | Average beats 34% | 14.9% | – | – |
| Return on equity | 9.4% | Bad beats 11% | 23.7% | 7.7% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 1.8x | Average beats 50% | 1.8x | 3.0x | ▲ Better |
| Interest cover | 50.0x | Good beats 76% | 21.4x | – | – |
| Current ratio | 1.18 | Average beats 39% | 1.25 | 1.17 | ≈ In line |
| Piotroski F-score | 9 / 9 | Good beats 96% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 25.4x | Average beats 60% | 28.9x | 32.7x | ▲ Better |
| Price / book | 2.4x | Good beats 89% | 6.2x | 2.2x | ≈ In line |
| Price / sales | 1.2x | Good beats 87% | 3.5x | 2.2x | ▲ Better |
| EV / EBITDA | 10.9x | Good beats 91% | 18.5x | 20.2x | ▲ Better |
| Free cash flow yield | 5.9% | Good beats 82% | 3.8% | 4.7% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 7.2% | Bad beats 16% | 13.8% | 10.6% | ▼ Worse |
| Cash from operations / net income | 1.76 | Good beats 75% | 1.39 | 1.71 | ≈ In line |
| Free cash flow growth, 3 years a year | +12.1% | Average beats 37% | +14.5% | – | – |
| Accruals (lower is better) | −3.3% | Average beats 52% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 22.9x | Good beats 86% | 4.0x | 10.8x | ▲ Better |
| Days sales outstanding | 18 days | Good beats 91% | 57 days | 22 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 7 Average · ● 2 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 59/100.
Financials
| FY21 | FY22 | FY23 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $17.8B | $17.1B | $19.4B | $21.3B | – |
| Operating income | $2.1B | $1.1B | $1.4B | $1.9B | $2.1B |
| Net income | $1.8B | $1.1B | $1.2B | $1.5B | $1.6B |
| Operating cash flow | $2.7B | $2.2B | $2.1B | $2.6B | $3.1B |
| Operating margin | 11.8% | 6.6% | 7.3% | 9.0% | – |
| Free cash flow | $2.3B | $1.9B | $1.6B | $2.2B | $2.7B |
| Diluted EPS | $9.09 | $5.49 | $6.44 | $7.87 | $8.53 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 1 neutral · 8 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 243.1 | Bullish |
| EMA 10 | 245.1 | Bullish |
| SMA 20 | 240.0 | Bullish |
| EMA 20 | 243.8 | Bullish |
| SMA 50 | 251.3 | Bullish |
| EMA 50 | 252.4 | Bullish |
| SMA 100 | 271.9 | Bearish |
| EMA 100 | 268.2 | Bearish |
| SMA 200 | 304.6 | Bearish |
| EMA 200 | 281.1 | Bearish |
Oscillators (daily)
| RSI (14) | 61.69 | Neutral |
| MACD (12, 26) | -0.42 | Bearish |
| Momentum (12) | 6.86 | Bullish |
| Stochastic %K (14) | 97.53 | Bearish |
| Williams %R (14) | -2.47 | Bearish |
| CCI (20) | 208.4 | Bearish |
Pivot points (classic, last session)
S3 245.0 | S2 247.1 | S1 250.7 | Pivot 252.7 | R1 256.3 | R2 258.4 | R3 261.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.95 USD
Yield on today's price
1.95%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.2500 | |
| 1.2500 | |
| 1.2500 | |
| 1.2000 | |
| 1.2000 | |
| 1.2000 | |
| 1.2000 | |
| 1.1600 | |
| 1.1600 | |
| 1.1600 | |
| 1.1600 | |
| 1.1400 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold LHX
| ETF | Share of the fund |
|---|---|
| ARKX ARK Space Exploration & Innovation | 7.52% |
| SHLD Global X Defense Tech | 4.69% |
| PPA Invesco Aerospace & Defense | 3.83% |
| ITA iShares U.S. Aerospace & Defense | 3.80% |
| XAR SPDR S&P Aerospace & Defense | 2.47% |
| DFEN Daily Aerospace & Defense Bull 3X | 2.40% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.08% |
| FMDE Fidelity Enhanced Mid Cap | 0.97% |
The eight funds with the largest weight in LHX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
LHX stock splits
LHX has split its stock 2 times since 1997. The latest was a 2-for-1 split on 31 Mar 2005.
Full LHX stock split history →LHX SEC filings
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.