Industrials · Aerospace & Defense · US stock · price as of 22 Oct 2026
Key indicators
Price
$254.23
52-week range
$232.34 – $379.23
Market cap
$47.6B
P/E (trailing)
25.5×
EV / EBITDA
10.9×
Free-cash-flow yield
5.9%
Dividend yield
1.9%
Revenue (last 12 months)
$39.1B
Revenue growth (3y a year)
–
Operating margin
10.3%
Return on invested capital
12.4%
Net debt / EBITDA
1.8×
Fair value
Fair value (average of valid models)$316.85 middle half of models $288 – $360
Versus priceUndervalued+25% to fair value
P/E multiple
$265.15
P/B multiple
$270.24
EV/EBITDA multiple
$330.06
EV/EBIT multiple
$372.44
10-year DCF, EBITDA exit
$360.25
5-year DCF, EBITDA exit
$338.20
10-year DCF, revenue exit
$394.46
5-year DCF, revenue exit
$380.79
10-year DCF, growth exit
$318.75
5-year DCF, growth exit
$288.35
Dividend discount, stable
$175.82
Dividend discount, multi-stage
$313.75
Earnings power value
$310.78
Model uncertainty
Medium
X-Ray Score
60/ 100 · Medium confidence · ahead of 81% of sector peers
Valuation89
Growth55
Profitability40
Financial health63
Dividends46
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives L3harris Technologies, Inc. an X-Ray Score of 60 out of 100 (medium confidence), ahead of 81% of the S&P 500 stocks in its sector. Its strongest lens is valuation (89) and its weakest is profitability (40).
Our fair value (the average of the valid models) is $316.85 (range $288.35 to $360.25). At $254.23 the stock trades 20% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
L3harris Technologies, Inc. (LHX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2025
FY2026
Now
Price
$193.90
$192.97
$200.05
$203.29
$300.76
$254.23
Market cap
$39.4B
$37.3B
$38.1B
$38.8B
$56.7B
$47.6B
P/E
21.3×
35.1×
31.1×
25.8×
35.3×
25.5×
EV / revenue
2.6×
2.6×
2.6×
2.4×
–
1.5×
EV / EBITDA
14.8×
21.1×
19.6×
15.7×
20.0×
10.9×
Price / free cash flow
16.8×
19.6×
23.2×
18.0×
21.1×
17.0×
Free-cash-flow yield
6.0%
5.1%
4.3%
5.5%
4.7%
5.9%
Price / book
2.1×
2.0×
2.0×
2.0×
2.9×
2.4×
Dividend yield
2.10%
2.32%
2.28%
2.28%
1.60%
1.95%
Fundamentals checklist ● 6 Good · ● 7 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.3%Average
Free-cash-flow yield5.9%Good
Risk models
Altman Z score2.2×Bad
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)15.8%Good
Free-cash-flow growth (3y)12.1%Average
Growth consistency90%Average
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA1.8×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.2×Good
EBIT / EV yield7.1%Good
Profitability
Return on invested capital12.4%Average
Operating margin10.3%Bad
Gross profitability23.3%Average
XStocksXray
L3harris Technologies, Inc. (LHX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY25
FY26
LTM
Revenue
17,814
17,062
19,419
21,325
–
39,149
Gross profit
5,376
4,927
5,113
5,524
–
10,023
Operating income
2,109
1,127
1,426
1,918
2,110
4,037
Net income
1,846
1,062
1,227
1,502
1,606
1,874
Diluted EPS ($)
9.09
5.49
6.44
7.87
8.53
9.97
Free cash flow
2,345
1,906
1,647
2,151
2,682
2,808
Gross margin
30.2%
28.9%
26.3%
25.9%
–
25.6%
Operating margin
11.8%
6.6%
7.3%
9.0%
–
10.3%
Net margin
10.4%
6.2%
6.3%
7.0%
–
4.8%
Balance sheet
FY21
FY22
FY23
FY25
FY26
LTM
Total assets
34,709
33,524
41,687
42,001
41,195
42,938
Cash
941
880
560
615
1,069
1,521
Total debt
7,061
7,045
13,125
12,236
11,116
10,999
Equity
19,213
18,523
18,765
19,514
19,635
19,882
Dividend per share ($)
4.08
4.48
4.56
4.64
4.80
4.90
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
