L3Harris
LHX NYSE Aerospace & Defense Financials FY2016–FY2025
L3Harris' revenue rose 2.5% to $21.9 billion in fiscal 2025. Its operating margin was 9.7%, up from 9.0% a year earlier. Free cash flow was $2.7 billion, up 24.7%. It paid out $2.1 billion in dividends and buybacks, 77% of free cash flow. The diluted share count fell 1.2%.
About these figures. L3Harris' fiscal 2025 10-K gives its full-year revenue and cost of sales the dates of its fourth quarter; they are read as the full year, and the fourth quarter is the year minus the first nine months.
What L3Harris does
L3Harris makes defense technology: secure radios and communications networks, sensors, space systems, and rocket and missile propulsion. Its largest customers are U.S. Government departments and agencies, the prime contractors (main contractors) that work for them, and allied governments, and it serves customers in more than 100 countries. Sales to U.S. Government customers, including foreign military sales the U.S. Government funds, made up 75% of fiscal 2025 revenue. Revenue from customers outside the U.S., counting those same foreign military sales, was $4.8 billion, or 22%.
In fiscal 2025 it reported four segments. Communication Systems makes tactical radios, night vision goggles, and radios for first responders and other public agencies. Integrated Mission Systems builds surveillance and targeting systems for aircraft, and power, sensor and autonomous systems for navy vessels. Space & Airborne Systems makes space systems for surveillance, navigation and weather monitoring, air traffic management networks, and electronics and weapons for combat aircraft. Aerojet Rocketdyne makes propulsion and armament systems for missiles and space missions. L3Harris names BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, RTX and Thales as competitors, along with newer defense contractors such as Anduril.
L3Harris had about 45,000 employees as of January 2, 2026, including about 18,000 engineers and scientists, with 90% in the U.S. Its contractual backlog, work under contract still to be done, was $38.7 billion. It divested its Commercial Aviation Solutions business in March 2025, and starting in fiscal 2026 it reorganized into three segments.
- Legal name
- L3HARRIS TECHNOLOGIES, INC.
- Fiscal year ends
- January 2, 2026
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0000202058-26-000015
0000202058
Revenue and margins
L3Harris had $21.9B of revenue in fiscal 2025, up 2.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 14.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.7B in fiscal 2025, 12.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
L3Harris returned $2.1B to shareholders in fiscal 2025, 77% of free cash flow. The diluted share count fell 1.2%.
Value L3Harris yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$10.0B and divides by 188.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 25.6x · peers 16.9x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably L3Harris can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $941M | $880M | $560M | $615M | $1.1B |
| Debt incl. finance leases | $7.1B | $7.0B | $13.1B | $12.2B | $11.1B |
| Net debt / EBITDA | 2.0x | 3.0x | 4.9x | 3.6x | 3.0x |
| Debt / equity | 0.4x | 0.4x | 0.7x | 0.6x | 0.6x |
| Interest coverage | 7.4x | 3.8x | 2.9x | 2.9x | 3.5x |
| Current ratio | 1.4x | 1.2x | 1.0x | 1.1x | 1.2x |
| Quick ratio | 1.2x | 1.0x | 0.8x | 0.9x | 1.0x |
| Total assets | $34.7B | $33.5B | $41.7B | $42.0B | $41.2B |
| Total liabilities | $15.4B | $14.9B | $22.9B | $22.4B | $21.6B |
| Shareholders' equity | $19.2B | $18.5B | $18.8B | $19.5B | $19.6B |
| Net debt (− = net cash) | $6.1B | $6.2B | $12.6B | $11.6B | $10.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.7M
4 insiders
Of sales under plans
100%
$9.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 5, 2026 | Melanie RakitaVice President & CHRO | Sold plan | 2,180 | $310.45 | $0.7M | Form 4 |
| Mar 2, 2026 | Jon RambeauPres., Coms. & Spec. Dom. | Sold plan | 5,528 | $370.32 | $2.0M | Form 4 |
| Mar 2, 2026 | Melanie RakitaVice President & CHRO | Sold plan | 751 | $370.32 | $0.3M | Form 4 |
| Feb 26, 2026 | Melanie RakitaVice President & CHRO | Sold plan | 2,378 | $341.45 | $0.8M | Form 4 |
| Feb 5, 2026 | Samir MehtaPres., Space & Missions Sys. | Sold plan | 4,840 | $338.85 | $1.6M | Form 4 |
| Nov 13, 2025 | Christopher E KubasikChair and CEO, Director | Sold plan | 14,171 | $301.05 | $4.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 6 / 9 | 5 / 9 | 8 / 9 |
| Accruals ratio | −2.3% | −2.5% | −3.6% |
| Altman Z'' | 1.35 | 1.61 | 1.85 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| L3Harris LHX | $47.6B | 2.5% | 9.7% | 12.3% | 5.8% | 25.6x | 8 | |
| Textron TXT | $13.4B | 8.0% | — | 6.3% | — | 14.5x | — | Compare → |
| Huntington Ingalls Industries HII | $10.8B | 8.2% | 5.3% | 6.4% | 7.3% | 16.3x | 7 | Compare → |
| Northrop Grumman NOC | $78.5B | 2.2% | 10.8% | 7.9% | 13.5% | 17.4x | 6 | Compare → |
| GE Aerospace GE | $297.4B | 18.5% | — | 15.8% | 35.8% | 33.0x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.0B | $5.9B | $6.2B | $6.8B | $18.2B | $17.8B | $17.1B | $19.4B | $21.3B | $21.9B |
| Gross profit | $2.2B | $2.0B | $2.1B | $2.3B | $3.9B | $5.4B | $4.9B | $5.1B | $5.5B | $5.6B |
| Operating income | $1.1B | $1.1B | $1.1B | $1.4B | $2.2B | $2.1B | $1.1B | $1.4B | $1.9B | $2.1B |
| Interest expense | $183M | $172M | $170M | $169M | $270M | $284M | $296M | $489M | $654M | $604M |
| Pretax income | $884M | $889M | $908M | $1.1B | $1.3B | $2.3B | $1.3B | $1.2B | $1.6B | $1.9B |
| Income tax | $273M | $261M | $206M | $160M | $234M | $440M | $212M | $23.0M | $85.0M | $326M |
| Net income | $324M | $543M | $699M | $949M | $1.1B | $1.8B | $1.1B | $1.2B | $1.5B | $1.6B |
| Diluted EPS | $2.59 | $4.36 | $5.76 | $7.86 | $5.19 | $9.09 | $5.49 | $6.44 | $7.87 | $8.53 |
| Diluted shares | 0.13B | 0.12B | 0.12B | 0.12B | 0.22B | 0.20B | 0.19B | 0.19B | 0.19B | 0.19B |
| Cash flow | ||||||||||
| Cash from operations | $924M | $569M | $751M | $1.2B | $2.8B | $2.7B | $2.2B | $2.1B | $2.6B | $3.1B |
| Capital expenditure | $152M | $119M | $136M | $161M | $368M | $342M | $252M | $449M | $408M | $424M |
| Free cash flow | $772M | $450M | $615M | $1.0B | $2.4B | $2.3B | $1.9B | $1.6B | $2.2B | $2.7B |
| Depreciation and amortization | $361M | $311M | $259M | $258M | $1.0B | $967M | $938M | $1.2B | $1.3B | $1.2B |
| Stock-based compensation | $39.0M | $42.0M | $51.0M | $58.0M | $94.0M | $129M | $109M | $89.0M | $97.0M | $113M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $6.7B | $0.0M | $0.0M |
| Share buybacks | $0.0M | $710M | $272M | $200M | $2.3B | $3.7B | $1.1B | $518M | $554M | $1.2B |
| Dividends paid | $252M | $262M | $272M | $325M | $725M | $817M | $864M | $868M | $886M | $903M |
| Dividends and buybacks | $252M | $972M | $544M | $525M | $3.0B | $4.5B | $1.9B | $1.4B | $1.4B | $2.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $487M | $484M | $288M | $530M | $1.3B | $941M | $880M | $560M | $615M | $1.1B |
| Total debt | $4.1B | $4.0B | $3.8B | $3.5B | $7.0B | $7.1B | $7.0B | $13.1B | $12.2B | $11.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $37.0M | $161M | $170M | $251M | $238M | $231M |
| Current assets | $2.6B | $2.1B | $2.2B | $2.6B | $6.7B | $6.4B | $6.8B | $8.1B | $8.2B | $8.6B |
| Current liabilities | $2.0B | $2.0B | $1.9B | $2.3B | $4.2B | $4.6B | $5.8B | $8.0B | $7.6B | $7.2B |
| Inventory | $867M | $392M | $411M | $360M | $973M | $982M | $1.3B | $1.5B | $1.3B | $1.2B |
| Property and equipment, net | $924M | $904M | $900M | $894M | $2.1B | $2.1B | $2.1B | $2.9B | $2.8B | $2.7B |
| Total assets | $12.0B | $10.1B | $9.9B | $10.1B | $37.0B | $34.7B | $33.5B | $41.7B | $42.0B | $41.2B |
| Total liabilities | $9.0B | $7.2B | $6.6B | $6.8B | $16.1B | $15.4B | $14.9B | $22.9B | $22.4B | $21.6B |
| Shareholders' equity | $3.1B | $2.9B | $3.3B | $3.4B | $20.7B | $19.2B | $18.5B | $18.8B | $19.5B | $19.6B |
| Margins | ||||||||||
| Gross margin | 36.1% | 34.7% | 34.2% | 34.3% | 21.4% | 30.2% | 28.9% | 26.3% | 25.9% | 25.7% |
| Operating margin | 17.6% | 18.2% | 18.2% | 21.3% | 11.9% | 11.8% | 6.6% | 7.3% | 9.0% | 9.7% |
| EBITDA margin | 23.6% | 23.5% | 22.3% | 25.1% | 17.6% | 17.3% | 12.1% | 13.4% | 15.0% | 15.3% |
| Net margin | 5.4% | 9.2% | 11.3% | 14.0% | 6.2% | 10.4% | 6.2% | 6.3% | 7.0% | 7.4% |
| FCF margin | 12.9% | 7.6% | 10.0% | 15.1% | 13.3% | 13.2% | 11.2% | 8.5% | 10.1% | 12.3% |
| Returns | ||||||||||
| Return on capital | 9.8% | 11.5% | 13.1% | 18.9% | 10.8% | 6.6% | 3.7% | 5.0% | 5.8% | 5.8% |
| Return on capital employed | 10.1% | 11.8% | 13.9% | 18.3% | 10.7% | 6.7% | 3.9% | 4.6% | 5.6% | 6.2% |
| Return on equity | 10.0% | 18.2% | 22.6% | 28.6% | 9.3% | 9.2% | 5.6% | 6.6% | 7.9% | 8.2% |
| Return on assets | 2.6% | 4.9% | 7.0% | 9.5% | 4.8% | 5.2% | 3.1% | 3.3% | 3.6% | 3.9% |
| Growth | ||||||||||
| Revenue growth | 54.2% | −1.5% | 4.8% | 10.0% | 167.5% | −2.1% | −4.2% | 13.8% | 9.8% | 2.5% |
| Net income growth | −3.0% | 67.6% | 28.7% | 35.8% | 17.9% | 65.0% | −42.5% | 15.5% | 22.4% | 6.9% |
| EPS growth | −16.7% | 68.3% | 32.1% | 36.5% | −34.0% | 75.1% | −39.6% | 17.3% | 22.2% | 8.4% |
| FCF growth | 9.4% | −41.7% | 36.7% | 66.5% | 136.5% | −3.2% | −18.7% | −13.6% | 30.6% | 24.7% |
| Share count change | 17.0% | −0.6% | −2.6% | −0.5% | 79.2% | −5.9% | −4.8% | −1.5% | 0.1% | −1.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.6x | 2.6x | 2.5x | 1.8x | 1.8x | 2.0x | 3.0x | 4.9x | 3.6x | 3.0x |
| Debt / equity | 1.4x | 1.4x | 1.2x | 1.1x | 0.3x | 0.4x | 0.4x | 0.7x | 0.6x | 0.6x |
| Interest coverage | 5.8x | 6.2x | 6.6x | 8.6x | 8.0x | 7.4x | 3.8x | 2.9x | 2.9x | 3.5x |
| Current ratio | 1.3x | 1.1x | 1.2x | 1.1x | 1.6x | 1.4x | 1.2x | 1.0x | 1.1x | 1.2x |
| Quick ratio | 0.9x | 0.9x | 1.0x | 1.0x | 1.3x | 1.2x | 1.0x | 0.8x | 0.9x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.5% | 2.0% | 2.2% | 2.4% | 2.0% | 1.9% | 1.5% | 2.3% | 1.9% | 1.9% |
| Stock comp / revenue | 0.7% | 0.7% | 0.8% | 0.9% | 0.5% | 0.7% | 0.6% | 0.5% | 0.5% | 0.5% |
| Payouts / FCF | 32.6% | 216.0% | 88.5% | 51.3% | 124.5% | 191.6% | 102.2% | 84.2% | 67.0% | 76.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 6.0 | 7.0 | 8.0 | 7.0 | 6.0 | 5.0 | 6.0 | 5.0 | 8.0 |
| Altman Z'' | 1.7 | 1.6 | 2.1 | 2.4 | 2.4 | 2.3 | 2.0 | 1.4 | 1.6 | 1.9 |
| Accruals ratio | −4.8% | −0.2% | −0.5% | −2.4% | −7.1% | −2.4% | −3.2% | −2.3% | −2.5% | −3.6% |
Source: SEC EDGAR XBRL filings (CIK 0000202058). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.