L3Harris Technologies, Inc. (LHX) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Aerospace & Defense
EV/EBITDA
↑
18.85
+4% vs avg
5yr avg: 18.08
30Y Low5.0·High48.2
P/FCF
↑
20.53
-1% vs avg
5yr avg: 20.79
30Y Low6.9·High57.8
P/B Ratio
↑
2.83
↑+23% vs avg
5yr avg: 2.30
30Y Low1.6·High6.8
ROE
↓
8.2%
↓+10% vs avg
5yr avg: 7.5%
30Y Low1%·High32%
Debt/EBITDA
↑
3.05
↓-13% vs avg
5yr avg: 3.50
30Y Low1.0·High12.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
LHX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
L3Harris Technologies, Inc. trades at 34.6x earnings, 10% above its 5-year average of 31.3x, sitting at the 70th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a premium of 35%. On a free-cash-flow basis, the stock trades at 20.5x P/FCF, roughly in line with the 5-year average of 20.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $55.1B | $57.4B | $40.0B | $40.1B | $40.3B | $43.3B | $40.8B | $44.3B | $22.8B | $17.5B | $13.6B |
| Enterprise Value | $64.4B | $66.7B | $52.4B | $53.5B | $47.2B | $50.2B | $47.2B | $51.3B | $25.8B | $21.0B | $17.1B |
| P/E Ratio → | 34.56 | 35.70 | 26.65 | 32.70 | 37.93 | 23.48 | 36.49 | 26.92 | 24.00 | 25.05 | 24.57 |
| P/S Ratio | 2.52 | 2.62 | 1.88 | 2.07 | 2.36 | 2.43 | 2.24 | 2.39 | 3.35 | 2.83 | 2.30 |
| P/B Ratio | 2.83 | 2.92 | 2.04 | 2.13 | 2.16 | 2.24 | 1.96 | 1.95 | 6.78 | 5.85 | 4.63 |
| P/FCF | 20.53 | 21.39 | 18.60 | 24.37 | 21.14 | 18.48 | 16.85 | 57.79 | 22.26 | 28.46 | 30.13 |
| P/OCF | 17.73 | 18.47 | 15.63 | 19.15 | 18.67 | 16.13 | 14.63 | 47.14 | 19.23 | 23.31 | 23.83 |
P/E links to full P/E history page with 30-year chart
LHX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
L3Harris Technologies, Inc.'s enterprise value stands at 18.8x EBITDA, roughly in line with its 5-year average of 18.1x. The Industrials sector median is 13.8x, placing the stock at a 36% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.05 | 2.46 | 2.76 | 2.77 | 2.82 | 2.60 | 2.77 | 3.79 | 3.40 | 2.90 |
| EV / EBITDA | 18.85 | 19.52 | 15.65 | 16.77 | 22.76 | 15.72 | 14.67 | 16.27 | 16.76 | 14.67 | 12.18 |
| EV / EBIT | 29.36 | 26.39 | 23.05 | 30.35 | 30.41 | 19.71 | 29.66 | 24.59 | 20.14 | 19.16 | 15.88 |
| EV / FCF | — | 24.88 | 24.34 | 32.50 | 24.76 | 21.42 | 19.50 | 66.98 | 25.18 | 34.15 | 38.01 |
LHX Profitability
Margins and return-on-capital ratios measuring operating efficiency
L3Harris Technologies, Inc. earns an operating margin of 10.0%, above the Industrials sector average of 4.3%. ROE of 8.2% is modest. ROIC of 5.4% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.7% | 25.7% | 22.3% | 22.8% | 28.9% | 30.2% | 29.3% | 27.4% | 34.3% | 34.8% | 34.9% |
| Operating Margin | 10.0% | 10.0% | 9.7% | 10.4% | 6.6% | 12.5% | 11.9% | 12.2% | 18.8% | 19.0% | 19.2% |
| Net Profit Margin | 7.3% | 7.3% | 7.0% | 6.3% | 6.2% | 10.4% | 6.2% | 8.9% | 14.0% | 11.3% | 9.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 7.8% | 6.6% | 5.6% | 9.2% | 5.1% | 12.6% | 29.9% | 23.6% | 18.1% |
| ROA | 3.9% | 3.9% | 3.6% | 3.3% | 3.1% | 5.2% | 3.0% | 6.8% | 9.5% | 7.0% | 4.9% |
| ROIC | 5.4% | 5.4% | 4.8% | 5.3% | 3.3% | 6.2% | 5.7% | 9.4% | 14.9% | 13.6% | 12.5% |
| ROCE | 6.4% | 6.4% | 6.0% | 6.6% | 3.9% | 7.1% | 6.5% | 10.7% | 16.0% | 14.4% | 12.4% |
LHX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
L3Harris Technologies, Inc. carries a Debt/EBITDA ratio of 3.1x, which is moderately leveraged (6% below the sector average of 3.2x). Net debt stands at $9.4B ($10.4B total debt minus $1.1B cash). Interest coverage of 4.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.66 | 0.74 | 0.42 | 0.41 | 0.37 | 0.35 | 1.05 | 1.31 | 1.38 |
| Debt / EBITDA | 3.05 | 3.05 | 3.88 | 4.37 | 3.75 | 2.45 | 2.39 | 2.49 | 2.29 | 2.74 | 2.87 |
| Net Debt / Equity | — | 0.48 | 0.63 | 0.71 | 0.37 | 0.36 | 0.31 | 0.31 | 0.89 | 1.17 | 1.21 |
| Net Debt / EBITDA | 2.74 | 2.74 | 3.69 | 4.19 | 3.33 | 2.16 | 1.99 | 2.23 | 1.95 | 2.44 | 2.53 |
| Debt / FCF | — | 3.50 | 5.75 | 8.13 | 3.62 | 2.94 | 2.65 | 9.19 | 2.92 | 5.69 | 7.88 |
| Interest Coverage | 4.24 | 4.24 | 3.37 | 3.25 | 5.56 | 9.62 | 5.90 | — | 7.66 | 6.45 | 6.26 |
LHX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.19x means L3Harris Technologies, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.99x to 1.19x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 1.08 | 0.99 | 1.17 | 1.40 | 1.57 | 1.57 | 1.14 | 1.22 | 1.08 |
| Quick Ratio | 1.02 | 1.02 | 0.90 | 0.80 | 0.95 | 1.18 | 1.34 | 1.27 | 0.98 | 0.68 | 0.64 |
| Cash Ratio | 0.15 | 0.15 | 0.08 | 0.07 | 0.15 | 0.21 | 0.30 | 0.21 | 0.23 | 0.24 | 0.25 |
| Asset Turnover | — | 0.53 | 0.51 | 0.47 | 0.51 | 0.51 | 0.49 | 0.48 | 0.67 | 0.63 | 0.58 |
| Inventory Turnover | 13.32 | 13.32 | 12.47 | 10.19 | 9.40 | 12.67 | 13.21 | 11.04 | 12.41 | 4.28 | 4.57 |
| Days Sales Outstanding | — | 83.30 | 80.12 | 83.19 | 91.52 | 85.32 | 81.77 | 76.38 | 78.09 | 39.32 | 40.03 |
LHX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
L3Harris Technologies, Inc. returns 3.7% to shareholders annually — split between a 1.6% dividend yield and 2.1% buyback yield. A payout ratio of 56.2% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 2.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.6% | 2.2% | 2.2% | 2.1% | 1.9% | 1.8% | 0.8% | 1.4% | 1.6% | 1.9% |
| Payout Ratio | 56.2% | 56.2% | 59.0% | 70.7% | 81.4% | 44.3% | 64.8% | 20.5% | 34.2% | 38.9% | 48.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.8% | 3.8% | 3.1% | 2.6% | 4.3% | 2.7% | 3.7% | 4.2% | 4.0% | 4.1% |
| FCF Yield | 4.9% | 4.7% | 5.4% | 4.1% | 4.7% | 5.4% | 5.9% | 1.7% | 4.5% | 3.5% | 3.3% |
| Buyback Yield | 2.1% | 2.0% | 1.4% | 1.3% | 2.7% | 8.5% | 5.6% | 3.4% | 0.9% | 1.6% | 5.2% |
| Total Shareholder Yield | 3.7% | 3.6% | 3.6% | 3.5% | 4.8% | 10.4% | 7.4% | 4.2% | 2.3% | 3.1% | 7.2% |
| Shares Outstanding | — | $188M | $191M | $191M | $194M | $203M | $216M | $224M | $121M | $121M | $124M |
Peer Comparison
Compare LHX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LHXYou | $55B | 34.6 | 18.8 | 20.5 | 25.7% | 10.0% | 8.2% | 5.4% | 3.1 |
 RTX | $250B | 37.4 | 21.9 | 31.5 | 20.1% | 10.0% | 10.4% | 6.7% | 3.1 |
 NOC | $74B | 17.9 | 15.5 | 22.4 | 19.8% | 10.2% | 26.2% | 10.2% | 3.4 |
 LMT | $118B | 23.8 | 16.0 | 17.0 | 10.2% | 10.3% | 76.9% | 23.9% | 2.6 |
 GD | $95B | 22.6 | 16.9 | 23.9 | 15.1% | 10.2% | 17.7% | 12.5% | 1.6 |
 BA | $176B | 89.8 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 HII | $11B | 18.5 | 14.5 | 14.2 | 12.7% | 4.9% | 12.4% | 6.2% | 3.4 |
 LDOS | $13B | 9.6 | 7.6 | 8.3 | 17.7% | 12.3% | 30.9% | 17.1% | 2.5 |
 BAH | $8B | 9.6 | 9.0 | 8.4 | 20.9% | 9.8% | 80.7% | 18.6% | 3.3 |
 SAIC | $4B | 13.3 | 10.2 | 7.5 | 12.1% | 7.2% | 23.3% | 9.9% | 4.0 |
 DRS | $12B | 44.7 | 27.5 | 54.2 | 23.2% | 9.5% | 10.5% | 10.5% | 1.1 |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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LHX — Frequently Asked Questions
Quick answers to the most common questions about buying LHX stock.
What is L3Harris Technologies, Inc.'s P/E ratio?
L3Harris Technologies, Inc.'s current P/E ratio is 34.6x. The historical average is 38.2x. This places it at the 70th percentile of its historical range.
What is L3Harris Technologies, Inc.'s EV/EBITDA?
L3Harris Technologies, Inc.'s current EV/EBITDA is 18.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
What is L3Harris Technologies, Inc.'s ROE?
L3Harris Technologies, Inc.'s return on equity (ROE) is 8.2%. The historical average is 12.3%.
Is LHX stock overvalued?
Based on historical data, L3Harris Technologies, Inc. is trading at a P/E of 34.6x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is L3Harris Technologies, Inc.'s dividend yield?
L3Harris Technologies, Inc.'s current dividend yield is 1.63% with a payout ratio of 56.2%.
What are L3Harris Technologies, Inc.'s profit margins?
L3Harris Technologies, Inc. has 25.7% gross margin and 10.0% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does L3Harris Technologies, Inc. have?
L3Harris Technologies, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.