L3Harris (LHX)
Industrials · $44.8B market cap · SEC CIK 0000202058
fundamentals score out of 100
Next reports on Oct 28, 2026, after the close, with analysts expecting $3.01 in earnings per share.
The case for LHX
- Moves less than the market (beta 0.49).
- Pays a modest 2.4% dividend.
The case against
- Near the bottom of its 52-week range, 37% below the high. Falling prices usually have a reason; find it first.
- Return on equity of 9% is lower than 92% of Industrials companies.
- Long-term debt of $10.4B against $1.1B of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 71 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 43 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 33 |
| Momentumhow the price has behaved lately | 17 |
| Stabilityhow violently it moves, what it owes and what it pays you | 74 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 23.9× |
|---|---|
| Price / book | 2.70× |
| Price / sales | 2.0× |
| Revenue growth (YoY) | +7.3% |
| EPS growth (YoY) | +11.4% |
| Gross margin | 25% |
| Operating margin | 10% |
| Net margin | 8% |
| Return on equity | 9% |
| Debt / equity | 0.53× |
| Current ratio | 1.18 |
| Dividend yield | 2.39% |
| Beta | 0.49 |
| 52-week range | $244.76 – $379.23 |
| Position in that range | 0% of the way up |
| 3-month return | -16.2% |
| 1-year return | -13.0% |
Five years of financials, as filed
Pulled from L3Harris's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | — | $21.3B | $21.3B | $19.4B | $17.1B |
| Operating income | $2.1B | $1.9B | $1.9B | $1.4B | $1.1B |
| Net income | $1.6B | $1.5B | $1.5B | $1.2B | $1.1B |
| Operating cash flow | $3.1B | $2.6B | $2.6B | $2.1B | $2.2B |
| Capital expenditure | $424M | $408M | $408M | $449M | $252M |
| Total assets | $41.2B | $42.0B | $42.0B | $41.7B | $33.5B |
| Total liabilities | $21.6B | $22.4B | $22.4B | $22.9B | $14.9B |
| Shareholder equity | $19.6B | $19.5B | $19.5B | $18.8B | $18.5B |
| Cash | $1.1B | $615M | $615M | $560M | $880M |
| Long-term debt | $10.4B | $11.1B | $11.1B | $11.2B | $6.2B |
| Free cash flow | $2.7B | $2.2B | $2.2B | $1.6B | $1.9B |
| Operating margin | — | 9.0% | 9.0% | 7.3% | 6.6% |
| Net margin | — | 7.0% | 7.0% | 6.3% | 6.2% |
| Diluted shares | 188M | 191M | 191M | 191M | 194M |
Share count is essentially flat over 4 years.
What L3Harris says it does
" of this Report for a description of the sectors in each segment. CS. Our CS segment includes software defined communication products and waveforms for domestic and international customers; broadband communications; integrated vision solutions; and public safety radios, system applications and equipment. Fiscal Year (Dollars in millions) 2025 2024 % Inc/(Dec) Revenue $ 5,673 $ 5,459 4 % Operating income 1,432 1,324 8 % Operating margin 25.2 % 24.3 % Ending contractual backlog $ 6,935 $ 7,340 CS revenue increased in fiscal 2025 compared with fiscal 2024 primarily due to higher revenue of $179 million in Tactical Communications associated with increased international deliveries for our software-defined resilient communications equipment, partially offset by lower DoW demand, and higher revenue of $82 million in Broadband Communications from program ramps, including the Next Generation Jammer Electronic Warfare program. Such increases…
Risk factors LHX lists in its 10-K
- U.S. and International Budget Environment
- Note 15: Legal Proceedings, Commitments and Contingencies
- Operating Environment, Strategic Priorities and Key Performance Measures
- (Dollars in millions, except per share amounts)
- General and Administrative ("G&A") Expenses
- Note 13: Acquisitions and Divestitures
- Note 1: Significant Accounting Policies),
- Impairment of Goodwill and Other Assets
- Non-service FAS Pension Income and Other, Net
- Note 8: Debt and Credit Arrangements
- Business Segment Results of Operations
- Note 1: Significant Accounting Policies)
- Operating and finance lease commitments
- Defined Benefit Pension Contributions