L3Harris Technologies, Inc. (LHX) Stock

L3Harris Technologies, Inc. (LHX) is a Technology stock trading at $270.40 (as of 2026-08-20), with a market capitalization of $50.35B and a trailing P/E of 26.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

L3Harris 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.

Understand L3Harris Technologies, Inc.: how it makes money

L3Harris Technologies provides mission-critical aerospace and defense technology, building and supporting ISR and communications systems (including fleet management, sensor work, and depot maintenance) for government and commercial customers, with revenue driven by delivery of those mission systems and related services under defense programs.

Profit momentum depends on converting newly won demand into funded, deliverable work, because operating results are tied to the stream of orders and funded book-to-bill that indicate how quickly booked business turns into revenue.

Revenue by segment (latest quarter)
Space & Mission	$3.0B
Comms & Spectrum	$1.9B
Missile Solutions	$1.0B

Business quality (Mixed): A long-cycle defense systems provider with a mix of mission and communications capabilities, where near-term execution and funded backlog conversion (not just total demand) matter for results.

Valuation: At 32× earnings, LHX trades 38% below the Semiconductors average (51×). Note: one-time items can distort reported P/E.

Bull case

Demand signal remains above 1: Book-to-bill is 1.4, which indicates new orders are exceeding the corresponding sales base.
Funded conversion is a key check: Book-to-bill (funded) is 0.98, close to parity, suggesting booked work is largely supported by funding, though not clearly expanding.
Business mix is built around mission systems and communications: Revenue is sourced mainly from Space and Mission (3.0B) and Comms and Spectrum (1.9B), areas aligned with ISR and communications program needs described in the company profile.

Bear case

Funded book-to-bill is slightly below 1: Book-to-bill (funded) of 0.98 suggests booked demand may not translate into funded growth immediately, which can pressure near-term revenue timing.
Margins can be constrained: Gross margin is 24.4% and operating margin is 11.4%, so cost growth or program execution issues could matter for operating profit.
Revenue concentration by capability can increase program risk: The biggest revenue streams are Space and Mission and Comms and Spectrum, so changes in those program schedules or spending levels can have outsized effects.

Valuation — source: SEC EDGAR (first-party)
Price	$270.40
Market Cap	$50.35B
P/E Ratio	26.9
EV / EBITDA	16.5
Price / Book	2.53
Price / Sales	2.20
FCF Yield	5.6%
DCF Value (model)	$39.59
DCF Upside vs Price	-85.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$21.86B
Net Margin	7.3%
Revenue Growth (YoY)	8.4%
EPS Growth (YoY)	28.6%
FCF Growth (YoY)	39.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.29 (grey)
Piotroski F-Score	8/9 (strong)

Valuation vs Sector & Industry
Stock P/E	26.9
Sector P/E (Technology)	33.9
Industry P/E (Electronic Equipment)	39.4
vs Sector	-20.8%
vs Industry	-31.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($6.87B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Technology
Industry	Electronic Equipment
CEO	Kenneth L. Bedingfield
Employees	47,000
Country	US
IPO Date	1981-12-31

Related Companies (Business model: Defense & Aerospace Prime (Defense Primes + Commercial Aerospace OEMs); 8 closest by market cap)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.