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Defense electronics company making communications, sensors and space systems formed by the 2019 L3-Harris merger.
Defense electronics company making communications, sensors and space systems formed by the 2019 L3-Harris merger.
Is paid mostly by the US Department of Defense under long-running contracts, with a smaller share from allied governments and commercial customers, so revenue follows program awards. Its radios are used across the US military. The 2023 Aerojet Rocketdyne purchase added rocket motors for missiles and space launch.
Moat: narrow (IP / patents, customer qualification, installed base). Deep defense-electronics program relationships and proprietary communications/sensor IP.
Headquarters: Melbourne, Florida, US · Founded: 2019 · Employees: 45,000
Size L3Harris (LHX) is a United States Industrials company (Aerospace & Defense) with a market value of $48.4B, the 262nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $259.89 on 6 Nov 2026.
Performance Over six months the shares fell 12.9%, against -4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +12.0%); the operating margin is 11.7% (peer median 10.6%).
Valuation It trades at 20.1× forward earnings against a peer median of 25.5× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.5 points above its cost of capital (6.9% WACC).
Backlog Backlog (remaining performance obligations) was $42.0B at 3 Jul 2026, up 19% on a year earlier. Backlog detail →
Credit L3Harris has 13 bonds outstanding ($8.59B), rated BBB by the agencies and trading like A- at a weighted spread of 72 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $23.3B | $21.9B | $21.3B | $19.4B | $17.1B |
| Revenue growth | — | +3% | +10% | +14% | — |
| Gross profit | $5.32B | $4.92B | $4.75B | $4.43B | $4.93B |
| EBITDA | $3.88B | $3.56B | $3.35B | $3.19B | $3.09B |
| Net income | $2.04B | $1.61B | $1.50B | $1.23B | $1.06B |
| Free cash flow | $3.64B | $2.68B | $2.15B | $1.65B | $1.91B |
| Capital expenditure | $544M | $424M | $408M | $449M | $252M |
| Total debt | $12.0B | $11.2B | $13.0B | $13.9B | $7.91B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Northrop Grumman NOC | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| General Dynamics GD | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LHX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.7% | +3.1% | 4th highest of 21 |
| 6-month return | -12.9% | -4.2% | 6th lowest of 20 |
| Distance from 52-week high | -30.9% | -21.6% | 9th lowest of 21 |
| Revenue growth (TTM) | +7.3% | +12.0% | 6th lowest of 20 |
| Operating margin | 11.7% | 10.6% | 9th highest of 21 |
| Forward P/E | 20.1× | 25.5× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 6.5% | 9th most demanding of 18 |
| Growth delivered (Del g) | +3.7% | +9.4% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | +3.3 pp | -1.9 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | +0.5 pp | +8.4 pp | 5th lowest of 20 |
| EV / EBITDA | 14.8× | 19.0× | 5th cheapest of 18 |
| Net debt / EBITDA | 2.3× | 1.2× | 5th most indebted of 19 |
| Bond spread | 72 bp | 72 bp | 6th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
L3Harris has 13 bonds outstanding with $8.59B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.43%, a spread of 72 bp over government bonds.
L3Harris reported $42.0B of remaining performance obligations at 3 Jul 2026, up 19% from a year earlier and up 3% from the previous quarter. Book-to-bill last quarter: 1.22.