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LHX

L3Harris Technologies, Inc.
$248.77
+2.02% Oct 20 close
IndustrialsS&P 500
-18%-6%+6%+19%+31%Oct 2025Oct 2026Apr 2026
LHXSPY
1W
+6.0%
1M
+0.6%
3M
-10.0%
6M
-26.2%
YTD
-14.2%
1Y
-13.0%

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What they do

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.

Industrials · Aerospace & Defense

For information only · Important disclosures

Grades vs sector

Momentum
19th percentile in sector
D
12-1 return: -16.7%
Percentile within its GICS sector across the S&P 1500.
Growth
48th percentile in sector
C
Revenue growth (YoY): +8.4%
Percentile within its GICS sector across the S&P 1500.
Value
49th percentile in sector
C+
Forward E/P: 5.4% · EBITDA/EV: 7.2%
Percentile within its GICS sector across the S&P 1500.
Profitability
39th percentile in sector
C-
Profit margin: +8.2% · Return on equity: +9.3%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
Momentum Top 15
ranked 410 of 499 · 12-month momentum -11.8%
Momentum Blend
Not in the current book
New Highs Growth
Outside this model's universe or screens
Coteau Long Book
Not in the current book

News

More news
Could Growing Dividend and Record Backlog Support L3Harris Technologies, Inc. (LHX) Recovery?
Insider Monkey · 2h ago
L3Harris Wins $876 Million Next Generation Jamming Contract
Nasdaq · 12h ago
L3Harris Secures $876.4 Mln Contract Modification From U.S Navy
Nasdaq · Oct 19

Key stats

Market value$46.3B
P/E (last 12 months)25.1
P/E (next 12 months, estimated)18.4
52-week range$232.34 – $379.23
Revenue growth (latest quarter vs a year ago)+8.4%
Dividend yield2.05%
Analyst consensusBuy (17)
Average analyst price target$316.65 (+27%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Looks undervalued
Model read-out from the numbers below, not advice. Score +4 (DCF counts double).
▲DCF (base case)above the price by 65%
•Forward P/E vs sector18.4x vs median 17.1x
▲Piotroski F-score8/9
•Altman Z2.1 (grey)
•Net debt / EBITDA2.4x
▲Analyst target+27% (17 analysts)

Discounted cash flow

Bear
$215
-14%
growth 2% · disc. 8.0% · term. 2.0%
Base
$410
+65%
growth 7% · disc. 7.0% · term. 2.5%
Bull
$762
+206%
growth 10% · disc. 6.0% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 1% a year for 10 years.
Implied
+1%/yr
FCF, last 3 yrs
-3%/yr
FCF, last 5 yrs
n/a
Revenue, last 3 yrs
+6%/yr
Revenue, last 5 yrs
+11%/yr
Same inputs as the DCF above: trailing free cash flow 2.8B, 7.0% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2025-10-03). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.51 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Industrials

P/E (trailing)
sector median 26.4× · 47th pct
25.1×
cheaper
Forward P/E
sector median 17.1× · 57th pct
18.4×
pricier
EV / EBITDA
sector median 14.8× · 55th pct
15.6×
pricier
Price / sales
sector median 2.1× · 52nd pct
2.1×
pricier
Price / book
sector median 3.5× · 30th pct
2.3×
cheaper
FCF yield
sector median 4.5% · 67th pct
6.1%
cheaper

Forward EPS $13.51 vs trailing $9.92 (+36% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO
$42.0B
as of 2026-07-03
vs a year ago
+19%
YoY
× TTM revenue
1.93×
coverage
24-09
25-01
25-03
25-06
25-10
26-01
26-04
26-07

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin
8.6%
Operating margin
10.7%
FCF margin
12.9%
Net margin
8.6%
Return on equity
9.4%
Return on invested capital
6.8%
Net debt / EBITDA
2.4×
Current ratio
1.2×
Interest cover
–
Cash conversion (OCF/NI)
1.8×
Piotroski F-score 8/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✗ Gross margin improved✓ Asset turnover improved

Altman Z-score 2.1 (grey zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$317
+27%
Analysts
17
Buy
Range
$241–$393
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$21.3B$1.5B$2.2B
2023$19.4B$1.2B$1.6B
2022$17.1B$1.1B$1.9B
2021$17.8B$1.8B$2.3B
2021$18.2B$1.1B$2.4B
2020$12.9B––

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +6.2%.

Earnings

Next report: 2026-10-29 · before open · EPS est 3.04
24-1025-0125-0425-0725-1026-0126-0426-070.003.63
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-07-292.843.63+27.9%
2026-04-302.572.91+13.0%
2026-01-292.762.86+3.6%
2025-10-302.572.70+5.1%
2025-07-242.502.78+11.3%
2025-04-242.322.41+4.0%
2025-01-303.423.47+1.5%
2024-10-243.263.34+2.3%

Quarterly revenue

QuarterRevenueYoY
2026-06-30$5.9B+8.4%
2026-03-31$5.7B–
2025-12-31$5.6B–
2025-09-30$5.7B–
2025-06-30$5.4B–
Analyst actions
RBC Capital
2026-10-15 · main
Sector Perform → Sector Perform
PT $265
Bernstein
2026-10-14 · main
Outperform → Outperform
PT $318
Goldman Sachs
2026-10-12 · main
Buy → Buy
PT $361
TD Cowen
2026-10-09 · main
Buy → Buy
PT $280
Bernstein
2026-09-23 · main
Outperform → Outperform
PT $346
Guggenheim
2026-09-15 · init
→ Buy
PT $365

Recent dividends

2026-09-04: $1.250 · 2026-06-05: $1.250 · 2026-03-06: $1.250 · 2025-11-17: $1.200 · 2025-09-05: $1.200 · 2025-06-03: $1.200 · 2025-03-10: $1.200 · 2024-11-18: $1.160
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Stats refreshed 2026-10-20 18:13:32 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

COTEAU

Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

Beta 0.9 · Oct 21, 2026