L3Harris Technologies, Inc.LHX
NYSE•Industrials•Aerospace & Defense
L3Harris Technologies, Inc. provides mission-critical solutions for government and commercial customers worldwide. It operates through three segments: Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), and Missile Solutions (MSL). The SMS segment integrates satellite and payload capabilities, including missile warning and defense, with maritime, air special missions, and other global defense and civil government programs. Its MSL segment unites propulsion, hypersonic, and other advanced missile technologies. The CSD segment provides tactical radios, software, waveforms, satellite terminals, and end-to-end battlefield systems for the U.S. Department of Defense, international, federal, and state agency customers; broadband communications; integrated vision solutions, such as helmet-mounted integrated night vision goggles with image intensifier tubes and weapon-mounted sights, aiming lasers, and range finders; and public safety radios and system applications and equipment. The company was formerly known as Harris Corporation and changed its name to L3Harris Technologies, Inc. in June 2019. L3Harris Technologies, Inc. was founded in 1895 and is headquartered in Melbourne, Florida.
L3Harris Technologies, Inc. (LHX) reported trailing twelve months revenue of $22.48B as of April 2026, a 5.8% increase year-over-year. Quarterly revenue reached $5.74B, reflecting continued top-line momentum.
L3Harris Technologies, Inc. generated $1.73B in TTM net income, with quarterly EBITDA of $934.00M. The operating margin expanded from 10.2% to 11.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.4%) and net margin (8.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.5% a year ago, signaling stronger bottom-line efficiency.
LHX trades at a P/E of 38.4x (a premium multiple) and a P/S of 3.0x. The price-to-book ratio of 3.4x reflects a moderate premium to book value.
The company reported negative free cash flow of $-194.00M, indicating cash consumption over the period. The balance sheet shows $41.38B in total assets with $9.19B in long-term debt against $19.68B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~7.9% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~8.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~10.0% — no sign of cost or pricing stress.
FCF covers net income by 1.7x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation