L3Harris Technologies, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2024, Product was 71% and Services was 29% of revenue.

Quarters: L3Harris Technologies, Inc.'s SEC filings, named by the month they end. Fiscal years: L3Harris Technologies, Inc.'s annual reports to the SEC; FY25: Yahoo Finance.

How it makes money

Of every $100 in revenue, $7.3 ends up as net income. Net margin rose from 6.2% to 7.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: L3Harris Technologies, Inc.'s annual reports to the SEC; FY25: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year; quarters: SEC filings.

How much work is already signed?

Customers had signed $42.0B of work L3Harris Technologies has not yet delivered at the end of Jun 2026. New orders in that quarter were about 1.2× revenue, so the backlog grew.

Backlog: remaining performance obligations in L3Harris Technologies, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report L3Harris Technologies sells to the U.S. government; it names no suppliers.

Their suppliers

Redwire RDWto Firefly Aerospace

AE Industrial Partnersto Firefly Aerospace

AE Operatingto Firefly Aerospace

Show 3

Suppliers

Firefly Aerospace FLY

Kratos Defense & Security Solutions KTOS

 

LHXL3Harris Technologies

Customers

U.S. government 75%

L3Harris Technologies's 10-K for the year to Dec 2025 gives one customer's share of its revenue: US Government (75%).

From L3Harris Technologies, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

Palantir PLTRDevelop new capabilities for customers

SShield CapitalDevelop new capabilities for customers

AndurilDevelop new capabilities for customers

Amazon AMZNDevelop new capabilities for customers

AE Industrial PartnersEstablish jointly owned space technology companyApproximately 60% controlling interest under fiscal 2025 agreement

Changes since the previous annual report (10-K filed Feb 14, 2025)

AE Industrial PartnersNamed for the first time, as a partnerApproximately 60% controlling interest under fiscal 2025 agreement

Amazon AMZNNamed for the first time, as a partner

AndurilNamed for the first time, as a partner

U.S. governmentCustomer, share of revenue76% → 75%

Named in other companies’ filings

Infleqtion INFQco-develops with it · Co-develop mission-oriented systemsJoby Aviation JOBYco-develops with it · Develops turbine-electric autonomous aircraft for defense

Only the companies L3Harris Technologies names in its 10-K filed Feb 12, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names L3Harris Technologies. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 25.3x, below the peer median of 32.2x, with earnings still growing.

Priced 21% below the peer median of 32.2x.

At 25.3× trailing earnings LHX is below most of its five-year range; the five-year median is 32.3×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $336, 24% above the current price; 61% of 23 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 14 analysts (61%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $323.78 to $327.44 (+1%), while LHX went from $288.37 to $271.84 (−6%). In the past three months targets were raised 3 times and cut 5 times. 1 upgrade and no downgrades over the year; the latest: Morgan Stanley moved it to Overweight from Equal-Weight on Dec 16, 2025.

The day after each of these reports the stock moved −4.8% (Dec 2025, beat); −2.5% (Mar 2026, beat); −10.9% (Jun 2026, beat); +6.5% (Sep 2026, beat).

For the quarter ending Dec 2026 (L3Harris Technologies reports on Jan 28, 2027), analysts expect adjusted earnings of $3.17 a share, 11% more than the $2.86 of a year earlier, and revenue of $6.0B. For the fiscal year ending Dec 2027, they expect adjusted earnings of $13.63 a share, 11% more than the year before's estimate of $12.25, and revenue of $25.3B, up 7% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.6B in free cash flow over the year, of which $1.6B went back to shareholders (dividends plus buybacks), leaving $2.0B in the company.

L3Harris Technologies had 187M diluted shares in the quarter ended Sep 2026, 0.6% fewer than a year earlier, and 2.4% fewer each year on average since Jun 2020. It spent $754M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 15.4% and its net income rose 16.2%: more shares took about 1 point off.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 5 funds whose copy leaves LHX out (on the exchange, not in the app yet): Canada Pension Plan Investment Board, Swiss National Bank, Mirae Asset Global Investments, Rob Bresnahan, Bridgewater Associates, Fisher Asset Management.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held LHX at the end of their latest quarter (for most, Q2 2026). Over that quarter 8 added shares, 3 cut, 1 bought new and 1 sold all. The largest of them is Canada Pension Plan Investment Board, 585,375 shares worth $170M at Jun 30, 2026, 42.9% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LHX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $11.8M of LHX on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Christopher E Kubasik (Chair and CEO; director), who sold $4.3M in 1 sale.

From the Form 4s filed with the SEC about L3Harris Technologies, Inc. (57 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 52 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).