L3Harris Technologies (LHX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

L3Harris Technologies

NYSE•Industrials•Aerospace & Defense

$250.46-0.28(<0.01%)After hours

Market Cap

$46.64B

P/E

24.9x

P/S

2.0x

P/B

2.3x

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.

How this company scores

GoodMetricSide Score: 75/100

Strongest: Cash & Earnings Quality (23/25); weakest: Profitability (15/25).

Profitability15/25

Growth19/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowLow leverageCash-backed earningsImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 24.9x5y range 22.0x – 46.1x

Currently near its 20-quarter median.

P/S · 2.0x5y range 1.7x – 3.0x

Currently near its 20-quarter median.

P/B · 2.3x5y range 1.8x – 3.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $46.64B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $22.93B
Q. Revenue: $5.88B
TTM EBITDA: $3.51B
TTM Op. Income: $2.32B
Q. Op. Income: $654.00M
TTM Net Income: $1.87B
Q. Net Income: $600.00M
EPS: $3.15
Shares Out.: $186.20M

$22.93B in TTM revenue grew 7.3% YoY, reaching $5.88B last quarter. TTM EBITDA of $3.51B and TTM operating income of $2.32B show growth is flowing through to the bottom line. TTM net income of $1.87B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 25.5%
EBITDA Margin: 16.0%
Op. Margin: 11.1%
Net Margin: 10.2%

Op. margin of 11.1% is up 0.6% YoY — cost efficiency is improving. Net margin at 10.2% and gross margin of 25.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 6% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 24.9x
P/S Ratio: 2.0x
P/B Ratio: 2.3x

At 24.9x P/E, the stock trades within typical market levels. P/S of 2.0x and P/B of 2.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 8% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $42.94B
Cash: $1.52B
Long-Term Debt: $9.18B
Book Value: $19.88B
D/E Ratio: 0.5
Debt/EBITDA: 9.7

With $42.94B in assets and $9.18B in long-term debt, D/E is 0.5and book value is $19.88B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 5 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $879.00M
TTM Free Cash Flow: $2.81B
FCF Margin: 12.2%
FCF / Net Income: 1.5

TTM FCF of $2.81B on $879.00M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 30% — an improving trend.