L3Harris Technologies, Inc.
- Open
- 292.27
- Day high
- 294.93
- Day low
- 288.18
- Prev close
- 293.44
- Volume
- 892K
- Mkt cap
- $54.2B
- P/E (TTM)
- 31.4
- EPS (TTM)
- $9.23
- P/B
- 2.8
- P/S
- 2.4
- Yield
- 1.69%
- Per share
- $4.90
- ▼Insiders net selling -$677K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
L3Harris Technologies, Inc. (LHX) is a Industrials company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 4 published research articles covering LHX.
L3Harris Technologies, Inc. (LHX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LHX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.53 | $2.72 | +7.5% | $5.7B | +6.0% |
| Jan 29, 2026 | $2.76 | $2.86 | +3.6% | $5.6B | -2.1% |
| Oct 30, 2025 | $2.58 | $2.70 | +4.7% | $5.7B | +2.4% |
| Jul 24, 2025 | $2.48 | $2.78 | +12.1% | $5.4B | +2.1% |
| Apr 24, 2025 | $2.31 | $2.41 | +4.3% | $5.1B | -1.4% |
| Jan 30, 2025 | $3.42 | $3.47 | +1.5% | $5.5B | +0.4% |
| Oct 24, 2024 | $3.25 | $3.34 | +2.8% | $5.3B | +0.2% |
| Jul 25, 2024 | $3.18 | $3.24 | +1.9% | $5.3B | -0.0% |
| Apr 25, 2024 | $2.91 | $3.06 | +5.2% | $5.2B | +2.0% |
| Jan 25, 2024 | $3.31 | $3.35 | +1.2% | $5.3B | +3.3% |
| Oct 26, 2023 | $3.06 | $3.19 | +4.2% | $4.9B | +3.3% |
| Jul 26, 2023 | $2.94 | $2.97 | +1.0% | $4.7B | +7.3% |
LHX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Bedingfield Kenneth Lofficer: President, Missile Solutions | Grant | 19 | — |
| Jul 2, 2026 | Zamarro Christina Ldirector | Grant | 128 | $292.93 |
| Jul 2, 2026 | Geraghty Joannadirector | Grant | 150 | $292.93 |
| Jul 2, 2026 | Regnery David Sdirector | Grant | 128 | $292.93 |
| May 12, 2026 | Rice Edward A Jrdirector | Grant | 661 | — |
| May 12, 2026 | FRADIN ROGERdirector | Grant | 661 | — |
| May 12, 2026 | Zamarro Christina Ldirector | Grant | 661 | — |
| May 12, 2026 | HAY LEWIS IIIdirector | Grant | 661 | — |
| May 12, 2026 | HACHIGIAN KIRK Sdirector | Grant | 661 | $302.35 |
| May 12, 2026 | BAILEY SALLIE Bdirector | Grant | 661 | — |
| May 12, 2026 | DATTILO THOMAS Adirector | Grant | 661 | — |
| May 12, 2026 | Harris Harry B. Jrdirector | Grant | 661 | — |
| May 12, 2026 | Geraghty Joannadirector | Grant | 661 | — |
| May 12, 2026 | Regnery David Sdirector | Grant | 661 | — |
| May 5, 2026 | Rakita Melanieofficer: Vice President & CHRO | Tax | 1,416 | $313.37 |
Source: LHX SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full LHX insider & 13F page →LHX research & analysis
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L3Harris Technologies, Inc. company profile
Overview
L3Harris Technologies, Inc. (NYSE:LHX) is a major American aerospace and defense technology company formed through the merger of L3 Technologies and Harris Corporation in June 2019. The company traces its origins back to 1895 and is headquartered in Melbourne, Florida. L3Harris has established itself as one of the largest defense contractors in the United States, serving government and commercial customers worldwide with mission-critical solutions across air, land, sea, space, and cyber domains. The company operates through four primary business segments and has grown significantly through strategic acquisitions, including the major acquisition of Aerojet Rocketdyne in 2023.
Business
L3Harris Technologies operates in the aerospace and defense industry, providing sophisticated technology solutions primarily to government customers including the U.S. Department of Defense, NATO allies, and other international defense organizations. The company's business is organized into four main segments: Communication Systems (CS) represents approximately 25% of total revenue and focuses on tactical communications equipment. This segment produces software-defined radios, secure communication networks, and satellite communication (SATCOM) systems used by military forces for battlefield communications. The products enable secure voice and data transmission across various platforms including aircraft, naval vessels, and ground operations. This segment also provides critical public safety communications equipment for first responders. Integrated Mission Systems (IMS) accounts for roughly 30% of revenue and specializes in intelligence, surveillance, and reconnaissance (ISR) systems. This segment creates sophisticated sensor systems, maritime platforms, and unmanned autonomous solutions. Products include advanced radar systems, electronic warfare capabilities, and integrated mission systems for naval platforms. The segment also produces electro-optical and infrared solutions used for surveillance and targeting applications. Space and Airborne Systems (SAS) generates approximately 30% of revenue and focuses on space-based technologies and airborne mission systems. This segment develops satellite payloads, space sensors, and complete mission solutions for both military and intelligence applications. It also produces classified intelligence and cyber defense solutions, mission avionics for aircraft, and electronic warfare systems that protect military platforms from enemy threats. Aerojet Rocketdyne is the newest segment, acquired in 2023, contributing about 15% of revenue. This division manufactures rocket engines and propulsion systems for space launch vehicles, missile defense systems, and hypersonic weapons. The segment produces solid rocket motors used in various defense applications and is critical to U.S. national security infrastructure for space access and missile defense capabilities.
Revenue model
L3Harris generates revenue primarily through product sales and service contracts with government customers. The company operates under both cost-plus and fixed-price contract structures. Cost-plus contracts provide reimbursement for allowable costs plus a predetermined fee, offering more predictable margins but typically lower returns. Fixed-price contracts can offer higher margins but carry execution risk. The company's primary customers are government entities, with the U.S. Department of Defense representing the largest customer segment. International customers, particularly NATO allies, represent a growing portion of revenue, especially in the Communications Systems segment where demand for interoperable radio systems is strong. The customer base also includes intelligence agencies, space organizations like NASA, and select commercial aerospace customers. Revenue growth is driven by several factors including increased defense spending, modernization of aging military equipment, growing international demand for U.S. defense technology, and expansion into emerging areas like space-based missile defense and hypersonic weapons. The company benefits from long product lifecycles and multi-year service contracts that provide recurring revenue streams. Margin pressures can arise from supply chain disruptions, inflation in component costs, competitive bidding environments, and the complexity of fixed-price development contracts. However, margins are supported by the company's technology leadership, barriers to entry in defense markets, and ongoing cost reduction initiatives through the LHX NeXt transformation program, which targets over $1 billion in cost savings. The company's scale advantages and vertical integration capabilities also help maintain competitive positioning and margin stability.
Competitive moat
L3Harris possesses a strong competitive moat built on several key factors. The company benefits from extremely high barriers to entry in the defense industry, including stringent security clearance requirements, lengthy qualification processes, and the need for substantial R&D investments. Many of L3Harris's products are mission-critical systems where reliability and performance are paramount, creating strong customer switching costs and preference for proven suppliers. The company's technological leadership in specialized areas like tactical communications, space systems, and electronic warfare creates significant competitive advantages. L3Harris holds numerous patents and proprietary technologies that are difficult to replicate. The long product development cycles and extensive testing requirements in defense markets favor established players with deep technical expertise and manufacturing capabilities. Government customer relationships built over decades provide another layer of protection. The company's track record of successful program execution and security clearances create trust that is difficult for new entrants to establish. Additionally, the "Buy American" requirements and International Traffic in Arms Regulations (ITAR) restrictions limit foreign competition in many market segments. However, the moat faces some challenges. Large defense primes like Lockheed Martin, Raytheon, and Northrop Grumman compete in overlapping markets. The consolidation trend in defense could create larger, more capable competitors. Additionally, the government's push for more commercial-like procurement practices and increased competition could pressure margins over time. Emerging technology companies backed by venture capital are also beginning to challenge traditional defense contractors in certain niche areas, particularly in software-defined systems and autonomous platforms.
Risks & safety
L3Harris demonstrates moderate financial safety with some areas of concern regarding leverage and cash flow timing. • Liquidity and Debt: The company maintains $615 million in cash and short-term investments as of Q1 2025, with a debt-to-equity ratio of 0.64. While not excessive, this leverage level requires monitoring, especially given the cyclical nature of defense spending. • Cash Flow Volatility: Free cash flow showed significant quarterly variation, turning negative at -$101 million in Q1 2025 compared to positive $1.0 billion in Q4 2024, indicating working capital timing issues typical in government contracting. • Valuation Metrics: Trading at 25.4x P/E ratio and 14.0x EV/EBITDA, suggesting the stock is not obviously cheap but reasonable for a quality defense contractor with growth prospects. • Operational Stability: Strong backlog of $32 billion provides revenue visibility, and the company has demonstrated consistent profitability with segment operating margins around 15-16%. • Working Capital: Current ratio of 1.02 indicates tight working capital management, though this is typical for government contractors with milestone-based payment structures.
Recent development
Over the past few years, L3Harris has undergone significant strategic transformation focused on portfolio optimization and operational efficiency. The company completed its largest acquisition with the $4.7 billion purchase of Aerojet Rocketdyne in 2023, adding critical rocket propulsion capabilities and expanding presence in the growing space and hypersonic weapons markets. The company launched the LHX NeXt transformation initiative, targeting over $1 billion in cost savings by 2026 through workforce optimization, supply chain management, and infrastructure consolidation. This program has already exceeded initial targets, achieving $800 million in savings ahead of schedule. L3Harris has been actively reshaping its portfolio through strategic divestitures, selling non-core businesses including antenna products and commercial aviation solutions to focus resources on higher-growth, higher-margin defense markets. The company has also made targeted acquisitions like Tactical Data Links to strengthen capabilities in critical communication systems. A key strategic pivot has been the emphasis on partnerships with technology companies, including collaborations with Palantir for AI capabilities, Shield AI for autonomous systems, and Amazon's Project Kuiper for space-based communications. These partnerships represent a shift toward integrating commercial innovation with traditional defense capabilities. The company has significantly expanded its international presence, particularly in NATO countries, capitalizing on increased defense spending and demand for interoperable communication systems. Recent wins include a $1.1 billion contract with the Dutch Ministry of Defense, demonstrating the success of this international strategy.
LHX company profile · for informational purposes only — not investment advice.
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