L3Harris Technologies, Inc. (LHX) Stock Analysis
Industrials · Aerospace & Defense · NYSE
L3Harris Technologies, Inc. (LHX) posted $21.86B in revenue for fiscal 2025 (up 2.5% year over year), at a 7.3% net margin, and has compounded revenue about 3.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on L3Harris Technologies, Inc.
L3Harris Technologies, Inc. has grown revenue from $5.90B to $21.86B over the last 10 fiscal years, compounding about 3.7% a year. The most recent year was up 2.5%, so growth has cooled from its longer-run pace.
Net margin sits at 7.3%, up 0.3 points year over year. It carries about $10.44B of total debt.
At today's valuation the market is pricing in roughly 7.2% annual free-cash-flow growth — versus the 2.1% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from L3Harris Technologies, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
L3Harris Technologies, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.90B | $6.18B | $6.80B | $12.86B | $18.19B | $17.81B | $17.06B | $19.42B | $21.32B | $21.86B |
| Gross profit | $2.05B | $2.12B | $2.33B | $3.77B | $3.89B | $5.38B | $4.93B | $5.11B | $5.52B | — |
| Net income | $543.00M | $699.00M | $949.00M | $1.33B | $1.12B | $1.85B | $1.06B | $1.23B | $1.50B | $1.61B |
| Net margin | 9.2% | 11.3% | 14.0% | 10.4% | 6.2% | 10.4% | 6.2% | 6.3% | 7.0% | 7.3% |
Source: L3Harris Technologies, Inc. SEC filings (10-K). 19 years of history available in the interactive view.
L3Harris Technologies, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 27.9% while revenue rose 2.5% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
What growth is priced into LHX stock?
At today's market cap of $51.59B, L3Harris Technologies, Inc. is priced for free-cash-flow growth of about 7.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.68B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 2.1%/yr over the last five fiscal years and revenue 3.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of L3Harris Technologies, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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L3Harris Technologies, Inc. financial history by metric
Compare L3Harris Technologies, Inc. with peers
About L3Harris Technologies, Inc.
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. — frequently asked questions
What is L3Harris Technologies, Inc.'s revenue?
L3Harris Technologies, Inc. (LHX) reported revenue of $21.86B for fiscal year 2025, up 2.5% from the prior year, according to its SEC filings.
Is L3Harris Technologies, Inc. profitable?
Yes. LHX earned net income of $1.61B in fiscal 2025, a net margin of 7.3%.
What is LHX's P/E ratio?
L3Harris Technologies, Inc. trades at a price-to-earnings ratio of about 28.0 based on the latest data in our nightly-refreshed cache.
How fast is L3Harris Technologies, Inc. growing?
LHX's revenue grew at roughly 3.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does L3Harris Technologies, Inc. have?
As of fiscal year 2025, LHX carried roughly $10.44B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is L3Harris Technologies, Inc.'s market cap?
L3Harris Technologies, Inc. (LHX) has a market capitalization of about $51.59B, based on the latest data in our nightly-refreshed cache.
When does L3Harris Technologies, Inc.'s fiscal year end?
LHX's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into LHX stock?
At today's market cap of $51.59B, L3Harris Technologies, Inc. is priced for free-cash-flow growth of about 7.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.68B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 2.1%/yr over the last five fiscal years and revenue 3.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from L3Harris Technologies, Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.