L3Harris Technologies, Inc. (LHX) 10-Year Financial Performance & Capital Metrics

LHX • • Industrial / General

IndustrialsAerospace & DefenseDefense Electronics & Mission SystemsElectronic Warfare & C4ISR

AboutL3Harris Technologies, Inc., an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions. It also manufactures and integrates mission systems for maritime platforms, such as signals intelligence and multi-intelligence platforms; unmanned surface and undersea autonomous solutions; and power and ship control systems and other electronic and electrical products and systems. In addition, this segment offers advanced electro-optical and infrared solutions. Its Space and Airborne Systems segment offers space payloads, sensors, and full-mission solutions; classified intelligence and cyber defense solutions; mission avionics; and electronic warfare systems. The company's Communication Systems segment provides tactical communications; broadband secured mobile networked communication equipment, including airborne, space, and surface data link terminals, ground stations, and transportable tactical satellite communication (SATCOM) systems for use in manned aircraft, unmanned aerial vehicles, and naval ships; and helmet and weapon mounted integrated night vision systems. This segment also offers radios, systems applications, and equipment for critical public safety and professional communications; and SATCOM terminals and battlefield management networks. Its Aviation Systems segment offers defense aviation products; commercial pilot training; and mission networks solutions for air traffic management. 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.Show more

Revenue $21.32B +9.8%
EBITDA $3.35B +4.8%
Net Income $1.5B +22.4%
EPS (Diluted) 7.87 +22.2%
Gross Margin 22.25% -2.4%
EBITDA Margin 15.7% -4.5%
Operating Margin 9.65% -7.5%
Net Margin 7.04% +11.5%
ROE 7.82% +19.4%
ROIC 4.81% -8.5%
Debt/Equity 0.66 -10.5%
Interest Coverage 3.05 -18.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.42%

5Y2.85%

3Y6.18%

TTM2.83%

Profit (Net Income) CAGR

10Y16.22%

5Y-1.79%

3Y-6.64%

TTM45.73%

EPS CAGR

10Y9.73%

5Y1.38%

3Y-4.66%

TTM47.08%

ROCE

10Y Avg9.54%

5Y Avg6.02%

3Y Avg5.51%

Latest6.05%

Peer Comparison

Electronic Warfare & C4ISR

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ESLTElbit Systems Ltd.	33.46B	720.43	100.34	14.3%	5.92%	11.57%	0.95%	0.42
DRSLeonardo DRS, Inc.	11.24B	42.26	52.83	14.44%	7.42%	10.01%	1.65%	0.18
LHXL3Harris Technologies, Inc.	63.68B	340.42	43.26	9.82%	8.09%	9.01%	3.38%	0.66
CODACoda Octopus Group, Inc.	129.02M	11.47	35.84	4.98%	14.09%	7.18%	1.44%	0.01
OPXSOptex Systems Holdings, Inc	106.63M	15.37	20.77	1214.97%	12.45%	21.19%	100%	0.08
ASTCAstrotech Corporation	6.56M	3.73	-0.45	-36.96%	-10.7%	-73.54%		0.12
VWAVVisionWave Holdings, Inc.	220.39M	13.36	-60.73			-6.24%
MRCYMercury Systems, Inc.	6.19B	102.95	-158.38	9.19%	-7.86%	-4.64%	1.92%	0.44

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Dec 2019	Jan 2021	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Sales/Revenue+	5.99B	5.9B	6.18B	6.8B	18.53B	18.19B	17.81B	17.06B	19.42B	21.32B
Revenue Growth %	0.18%	-0.02%	0.05%	0.1%	1.72%	-0.02%	-0.02%	-0.04%	0.14%	0.1%
Cost of Goods Sold+	4B	3.84B	4.03B	4.47B	13.45B	12.86B	12.44B	12.13B	14.99B	16.58B
COGS % of Revenue	0.67%	0.65%	0.65%	0.66%	0.73%	0.71%	0.7%	0.71%	0.77%	0.78%
Gross Profit+	2B	2.06B	2.15B	2.33B	5.07B	5.34B	5.38B	4.93B	4.43B	4.75B
Gross Margin %	0.33%	0.35%	0.35%	0.34%	0.27%	0.29%	0.3%	0.29%	0.23%	0.22%
Gross Profit Growth %	0.16%	0.03%	0.05%	0.09%	1.17%	0.05%	0.01%	-0.08%	-0.1%	0.07%
Operating Expenses+	768M	926M	978M	1.24B	2.81B	3.17B	3.15B	3.8B	2.4B	2.69B
OpEx % of Revenue	0.13%	0.16%	0.16%	0.18%	0.15%	0.17%	0.18%	0.22%	0.12%	0.13%
Selling, General & Admin	463M	616M	667M	1.24B	2.16B	2.48B	3.28B	3B	1.92B	3.57B
SG&A % of Revenue	0.08%	0.1%	0.11%	0.18%	0.12%	0.14%	0.18%	0.18%	0.1%	0.17%
Research & Development	305M	310M	311M	0	658M	684M	692M	603M	480M	515M
R&D % of Revenue	0.05%	0.05%	0.05%	-	0.04%	0.04%	0.04%	0.04%	0.02%	0.02%
Other Operating Expenses	0	0	0	0	0	0	-820M	199M	0	-1.4B
Operating Income+	1.23B	1.13B	1.17B	1.28B	2.26B	2.17B	2.22B	1.13B	2.02B	2.06B
Operating Margin %	0.21%	0.19%	0.19%	0.19%	0.12%	0.12%	0.12%	0.07%	0.1%	0.1%
Operating Income Growth %	0.36%	-0.08%	0.04%	0.09%	0.77%	-0.04%	0.02%	-0.49%	0.8%	0.02%
EBITDA+	1.52B	1.4B	1.43B	1.54B	3.15B	3.22B	3.19B	2.07B	3.19B	3.35B
EBITDA Margin %	0.25%	0.24%	0.23%	0.23%	0.17%	0.18%	0.18%	0.12%	0.16%	0.16%
EBITDA Growth %	0.35%	-0.08%	0.02%	0.07%	1.05%	0.02%	-0.01%	-0.35%	0.54%	0.05%
D&A (Non-Cash Add-back)	289M	273M	260M	258M	894M	1.05B	970M	947M	1.17B	1.29B
EBIT	1.07B	1.08B	1.1B	1.28B	2.09B	1.59B	2.55B	1.55B	1.76B	2.27B
Net Interest Income+	-181M	-170M	-168M	-167M	0	-254M	-265M	-279M	-543M	-675M
Interest Income	2M	2M	2M	0	0	16M	0	0	0	0
Interest Expense	183M	172M	170M	167M	0	270M	265M	279M	543M	675M
Other Income/Expense	-345M	-226M	-246M	21M	-444M	-849M	59M	146M	-804M	-461M
Pretax Income+	884M	889M	908M	1.11B	1.82B	1.32B	2.28B	1.27B	1.22B	1.6B
Pretax Margin %	0.15%	0.15%	0.15%	0.16%	0.1%	0.07%	0.13%	0.07%	0.06%	0.07%
Income Tax+	273M	261M	206M	160M	146M	234M	440M	212M	23M	85M
Effective Tax Rate %	0.37%	0.61%	0.77%	0.85%	0.91%	0.85%	0.81%	0.83%	1%	0.94%
Net Income+	324M	543M	699M	949M	1.64B	1.12B	1.85B	1.06B	1.23B	1.5B
Net Margin %	0.05%	0.09%	0.11%	0.14%	0.09%	0.06%	0.1%	0.06%	0.06%	0.07%
Net Income Growth %	-0.03%	0.68%	0.29%	0.36%	0.73%	-0.32%	0.65%	-0.42%	0.16%	0.22%
Net Income (Continuing)	611M	628M	702M	953M	1.67B	1.09B	1.84B	1.06B	1.2B	1.51B
Discontinued Operations	47M	0	-3M	0	-2M	-2M	-1M	0	0	0
Minority Interest	1M	0	0	0	157M	117M	106M	101M	64M	65M
EPS (Diluted)+	2.59	4.44	5.77	7.88	7.35	5.18	9.08	5.49	6.44	7.87
EPS Growth %	-0.17%	0.71%	0.3%	0.37%	-0.07%	-0.3%	0.75%	-0.4%	0.17%	0.22%
EPS (Basic)	2.61	4.50	5.89	8.04	7.43	5.23	9.17	5.54	6.47	7.91
Diluted Shares Outstanding	125M	124.3M	121.1M	120.5M	223.7M	215.9M	203.2M	193.5M	190.6M	190.7M
Basic Shares Outstanding	123.8M	122.6M	118.6M	118M	221.2M	214M	201.3M	191.8M	189.6M	189.8M
Dividend Payout Ratio	0.78%	0.48%	0.39%	0.34%	0.2%	0.65%	0.44%	0.81%	0.71%	0.59%

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Dec 2019	Jan 2021	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Total Current Assets+	2.62B	2.07B	2.13B	2.58B	6.31B	6.67B	6.36B	6.75B	7.91B	8.22B
Cash & Short-Term Investments	487M	484M	422M	530M	824M	1.28B	941M	880M	560M	615M
Cash Only	487M	484M	422M	530M	824M	1.28B	941M	880M	560M	615M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	749M	647M	666M	1.46B	3.88B	4.08B	4.16B	4.28B	4.43B	4.68B
Days Sales Outstanding	45.63	40.03	39.32	78.09	76.38	81.77	85.32	91.52	83.19	80.12
Inventory	867M	841M	942M	360M	1.22B	973M	982M	1.29B	1.47B	1.33B
Days Inventory Outstanding	79.21	79.88	85.28	29.42	33.08	27.63	28.82	38.83	35.84	29.28
Other Current Assets	521M	101M	102M	1.23B	392M	281M	272M	305M	1.45B	1.59B
Total Non-Current Assets+	9.38B	8.02B	7.72B	7.54B	32.02B	30.29B	28.35B	26.77B	33.77B	33.78B
Property, Plant & Equipment	924M	904M	878M	894M	2.95B	2.87B	2.87B	2.86B	3.6B	2.81B
Fixed Asset Turnover	6.48x	6.53x	7.04x	7.61x	6.27x	6.34x	6.21x	5.97x	5.39x	7.60x
Goodwill	5.35B	5.37B	5.37B	5.34B	20B	18.88B	18.19B	17.28B	19.98B	20.32B
Intangible Assets	1.23B	1.1B	1.05B	870M	8.46B	7.91B	6.64B	6B	8.54B	7.64B
Long-Term Investments	0	0	0	0	2M	3M	1M	1M	0	0
Other Non-Current Assets	1.33B	234M	215M	262M	507M	519M	565M	552M	1.56B	2.89B
Total Assets+	12.01B	10.09B	9.86B	10.12B	38.34B	36.96B	34.71B	33.52B	41.69B	42B
Asset Turnover	0.50x	0.58x	0.63x	0.67x	0.48x	0.49x	0.51x	0.51x	0.47x	0.51x
Asset Growth %	-0.09%	-0.16%	-0.02%	0.03%	2.79%	-0.04%	-0.06%	-0.03%	0.24%	0.01%
Total Current Liabilities+	1.98B	1.93B	1.74B	2.27B	4.01B	4.24B	4.55B	5.78B	8B	7.63B
Accounts Payable	494M	540M	462M	525M	1.26B	1.41B	1.77B	1.95B	2.11B	2B
Days Payables Outstanding	45.13	51.29	41.82	42.9	34.22	39.92	51.85	58.5	51.27	44.14
Short-Term Debt	397M	634M	528M	759M	260M	10M	13M	820M	2.08B	1.3B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	413M	140M	120M	197M	331M	509M	444M	417M	1.28B	1.74B
Current Ratio	1.32x	1.08x	1.22x	1.14x	1.57x	1.57x	1.40x	1.17x	0.99x	1.08x
Quick Ratio	0.89x	0.64x	0.68x	0.98x	1.27x	1.34x	1.18x	0.95x	0.80x	0.90x
Cash Conversion Cycle	79.7	68.61	82.77	64.61	75.25	69.48	62.28	71.85	67.76	65.26
Total Non-Current Liabilities+	6.97B	5.24B	5.12B	4.49B	11.58B	11.88B	10.84B	9.12B	14.85B	14.79B
Long-Term Debt	4.12B	3.4B	3.39B	2.76B	6.69B	6.94B	7.05B	6.22B	10.92B	10.88B
Capital Lease Obligations	0	0	0	-1.17B	781M	734M	768M	741M	948M	804M
Deferred Tax Liabilities	4M	34M	34M	12M	1.48B	1.24B	1.34B	719M	815M	942M
Other Non-Current Liabilities	2.85B	1.81B	1.7B	1.71B	2.54B	2.96B	1.57B	1.32B	2.08B	2.07B
Total Liabilities	8.95B	7.16B	6.86B	6.75B	15.59B	16.12B	15.39B	14.9B	22.86B	22.42B
Total Debt+	4.52B	4.03B	3.92B	3.52B	7.86B	7.69B	7.83B	7.79B	13.95B	12.98B
Net Debt	4.03B	3.55B	3.5B	2.99B	7.04B	6.41B	6.89B	6.91B	13.39B	12.37B
Debt / Equity	1.48x	1.38x	1.31x	1.05x	0.35x	0.37x	0.41x	0.42x	0.74x	0.66x
Debt / EBITDA	2.98x	2.87x	2.74x	2.29x	2.49x	2.39x	2.45x	3.75x	4.37x	3.88x
Net Debt / EBITDA	2.65x	2.53x	2.44x	1.95x	2.23x	1.99x	2.16x	3.33x	4.19x	3.69x
Interest Coverage	6.72x	6.58x	6.89x	7.66x	-	8.04x	8.39x	4.04x	3.73x	3.05x
Total Equity+	3.06B	2.93B	2.99B	3.36B	22.74B	20.84B	19.32B	18.62B	18.83B	19.58B
Equity Growth %	-0.1%	-0.04%	0.02%	0.12%	5.76%	-0.08%	-0.07%	-0.04%	0.01%	0.04%
Book Value per Share	24.46	23.56	24.72	27.91	101.67	96.53	95.07	96.25	98.79	102.67
Total Shareholders' Equity	3.06B	2.93B	2.99B	3.36B	22.59B	20.72B	19.21B	18.52B	18.77B	19.51B
Common Stock	125M	120M	119M	119M	218M	208M	194M	191M	190M	190M
Retained Earnings	1.33B	1.34B	1.42B	2.17B	2.18B	2.35B	2.92B	2.94B	3.22B	3.74B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-495M	-276M	-254M	-707M	-508M	-839M	-146M	-288M	-198M	27M
Minority Interest	1M	0	0	0	157M	117M	106M	101M	64M	65M

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Dec 2019	Jan 2021	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Cash from Operations+	924M	569M	751M	1.19B	939M	2.79B	2.69B	2.16B	2.1B	2.56B
Operating CF Margin %	0.15%	0.1%	0.12%	0.17%	0.05%	0.15%	0.15%	0.13%	0.11%	0.12%
Operating CF Growth %	0.08%	-0.38%	0.32%	0.58%	-0.21%	1.97%	-0.04%	-0.2%	-0.03%	0.22%
Net Income	324M	543M	699M	949M	1.65B	1.09B	1.84B	1.06B	1.23B	1.51B
Depreciation & Amortization	361M	311M	259M	258M	894M	1.03B	967M	938M	1.17B	1.29B
Stock-Based Compensation	39M	42M	82M	141M	454M	310M	348M	325M	320M	97M
Deferred Taxes	6M	86M	320M	44M	-2.14B	-215M	-114M	-596M	-423M	174M
Other Non-Cash Items	-57M	-461M	-423M	-115M	-21M	494M	-482M	340M	121M	16M
Working Capital Changes	257M	48M	-186M	-92M	109M	83M	126M	90M	-315M	-529M
Change in Receivables	192M	24M	-101M	-9M	89M	-250M	217M	-210M	186M	-66M
Change in Inventory	-28M	-32M	-19M	-1M	158M	60M	-68M	-310M	-182M	96M
Change in Payables	-10M	18M	82M	-84M	-148M	173M	430M	180M	87M	-90M
Cash from Investing+	-1M	870M	-141M	-159M	1.32B	751M	1.39B	-250M	-7.02B	-263M
Capital Expenditures	-152M	-119M	-136M	-161M	-173M	-368M	-342M	-252M	-449M	-408M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.02%	0.01%	0.02%	0.02%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	50M	989M	-5M	2M	0	91M	21M	44M	-11M	145M
Cash from Financing+	-893M	-1.44B	-805M	-781M	-1.97B	-3.11B	-4.41B	-1.95B	4.59B	-2.22B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-252M	-262M	-272M	-325M	-337M	-725M	-817M	-864M	-868M	-886M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	28M	-21M	27M	25M	-134M	-63M	91M	6M	-17M	93M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	772M	450M	615M	1.02B	766M	2.42B	2.35B	1.91B	1.65B	2.15B
FCF Margin %	0.13%	0.08%	0.1%	0.15%	0.04%	0.13%	0.13%	0.11%	0.08%	0.1%
FCF Growth %	0.09%	-0.42%	0.37%	0.67%	-0.25%	2.16%	-0.03%	-0.19%	-0.14%	0.31%
FCF per Share	6.18	3.62	5.08	8.50	3.42	11.22	11.54	9.85	8.64	11.28
FCF Conversion (FCF/Net Income)	2.85x	1.05x	1.07x	1.25x	0.57x	2.49x	1.46x	2.03x	1.71x	1.70x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.03%	18.15%	23.61%	29.86%	12.59%	5.13%	9.19%	5.6%	6.55%	7.82%
Return on Invested Capital (ROIC)	12.11%	12.51%	13.56%	14.95%	9.38%	5.71%	6.24%	3.27%	5.26%	4.81%
Gross Margin	33.33%	34.86%	34.78%	34.32%	27.39%	29.34%	30.18%	28.88%	22.79%	22.25%
Net Margin	5.41%	9.2%	11.31%	13.95%	8.87%	6.15%	10.36%	6.22%	6.32%	7.04%
Debt / Equity	1.48x	1.38x	1.31x	1.05x	0.35x	0.37x	0.41x	0.42x	0.74x	0.66x
Interest Coverage	6.72x	6.58x	6.89x	7.66x	-	8.04x	8.39x	4.04x	3.73x	3.05x
FCF Conversion	2.85x	1.05x	1.07x	1.25x	0.57x	2.49x	1.46x	2.03x	1.71x	1.70x
Revenue Growth	17.88%	-1.54%	4.78%	10.01%	172.4%	-1.79%	-2.09%	-4.22%	13.81%	9.82%

Revenue by Segment

	2014	2015	2016	2017	2018	2020	2021	2022	2023	2024
Space and Airborne Systems	-	-	1.9B	1.9B	1.92B	4.95B	5.09B	6.06B	6.86B	6.87B
Space and Airborne Systems Growth	-	-	-	0.16%	1.00%	157.47%	2.97%	18.99%	13.14%	0.19%
Integrated Mission Systems	-	-	-	-	-	5.54B	5.84B	6.92B	6.63B	6.84B
Integrated Mission Systems Growth	-	-	-	-	-	-	5.44%	18.44%	-4.14%	3.20%
Communication Systems	1.8B	1.85B	1.86B	1.75B	1.9B	4.44B	4.29B	4.22B	5.07B	5.46B
Communication Systems Growth	-	2.99%	0.49%	-5.95%	8.56%	133.47%	-3.51%	-1.63%	20.23%	7.67%
Aerojet Rocketdyne	-	-	-	-	-	-	-	-	1.05B	2.35B
Aerojet Rocketdyne Growth	-	-	-	-	-	-	-	-	-	123.10%
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Frequently Asked Questions

Valuation & Price

L3Harris Technologies, Inc. (LHX) has a price-to-earnings (P/E) ratio of 43.3x. This suggests investors expect higher future growth.

Growth & Financials

L3Harris Technologies, Inc. (LHX) reported $21.74B in revenue for fiscal year 2024. This represents a 299% increase from $5.45B in 2011.

L3Harris Technologies, Inc. (LHX) grew revenue by 9.8% over the past year. This is steady growth.

Yes, L3Harris Technologies, Inc. (LHX) is profitable, generating $1.76B in net income for fiscal year 2024 (7.0% net margin).

Dividend & Returns

Yes, L3Harris Technologies, Inc. (LHX) pays a dividend with a yield of 1.36%. This makes it attractive for income-focused investors.

L3Harris Technologies, Inc. (LHX) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

L3Harris Technologies, Inc. (LHX) generated $1.89B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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