L3Harris Technologies Inc
LHX—
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L3Harris Technologies Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 20.4B is 104% of equity (19.5B) - tangible book value is NEGATIVE (-7.9B), creating material impairment risk if defense contracts underperform.[Goodwill]
- FCF TTM of 1.9B (8.7% margin) vs capex of only 384M - capital-light model funds 4.76/share dividend (5% yield at cost) plus debt paydown.[Free Cash Flow TTM]
- Interest expense TTM 615M consumes 33% of operating income (2.4B) with 11.7B total debt at 0.6x debt/equity - manageable but limits flexibility.[Interest Expense TTM]
Watch Triggers
- Goodwill: Any impairment charge or write-down announcement — At 104% of equity, even 10% impairment would erase 2B+ of book value
- Free Cash Flow TTM: Falls below 1.5B or FCF margin drops under 7% — Dividend coverage (900M annual) requires sustained FCF generation
- Interest Expense TTM: Rises above 700M or exceeds 35% of operating income — Signals refinancing risk or debt burden constraining capital allocation
Bull Case
Prime defense contractor with 21.7B TTM revenue, operating margin 10.9% (1.6x industry median), and 1.9B FCF enables sustained dividends plus deleveraging.
Operating Margin TTMFree Cash Flow TTMTotal Revenue TTM
Capital-light model: capex only 1.8% of revenue vs 4.5% industry typical, driving FCF margin of 8.7% and supporting 4.76/share annual dividend.
Capital Expenditure TTMDividends Paid Per Share TTM
Bear Case
Negative tangible book (-7.9B) from 20.4B goodwill means any acquisition write-down directly impairs equity - M&A integration risk is existential.
GoodwillTangible Book Value
P/E of 29.2x vs industry median 24.3x (20% premium) with ROE only 9.1% and ROIC 5.6% - valuation assumes growth that returns don't yet justify.
PE RatioROE TTMROIC TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Defense budget stability supports mid-single-digit revenue growth with margin expansion from integration synergies
1-3ymed
- 21.7B revenue base with sticky government contracts
- Operating margin 10.9% vs industry median 6.7% - room to expand
- R&D spend 523M (2.4% of revenue) protecting competitive moat
Operating Income TTM 2.4B on 21.7B revenueFCF conversion 83% of operating cash flowDebt paydown of 263M in recent period
Valuation Context
Caveats
Public Strategies Rankings
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LHX Fundamentals
Manufacturing → Machinery Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$66.86B | — | ||
$76.9B | — | ||
42 | — | ||
$21.86B | +2.5% | — | |
$8.53 | +0.5% | — | |
9.83% | +0.1% | — | |
7.35% | +0.3% | — | |
$2.68B | +24.7% | — | |
8.20% | +0.4% | — | |
Beta 5Y (Monthly) | unknown | — |
LHX Dividend History
105 dividends
2026
$1.250003/06/26$1.2500
2025
$4.800011/17/25$1.2000
09/05/25$1.2000
06/03/25$1.2000
03/10/25$1.2000
2024
$4.640011/18/24$1.1600
09/06/24$1.1600
06/04/24$1.1600
03/07/24$1.1600
2023
$4.560011/16/23$1.1400
09/01/23$1.1400
06/01/23$1.1400
03/09/23$1.1400
2022
$4.480011/17/22$1.1200
09/01/22$1.1200
06/02/22$1.1200
03/10/22$1.1200
2021
$4.080011/18/21$1.0200
09/02/21$1.0200
05/28/21$1.0200
03/11/21$1.0200
2020
$3.400011/19/20$0.8500
09/08/20$0.8500
06/01/20$0.8500
03/12/20$0.8500
2019
$2.870011/21/19$0.7500
09/03/19$0.7500
05/16/19$0.6850
03/07/19$0.6850
2018
$2.510011/21/18$0.6850
09/06/18$0.6850
05/31/18$0.5700
03/07/18$0.5700
2017
$2.200011/16/17$0.5700
09/07/17$0.5700
05/31/17$0.5300
03/10/17$0.5300
2016
$2.060011/16/16$0.5300
09/07/16$0.5300
05/27/16$0.5000
03/08/16$0.5000
2015
$1.940011/17/15$0.5000
09/09/15$0.5000
05/20/15$0.4700
03/06/15$0.4700
2014
$1.780011/18/14$0.4700
09/05/14$0.4700
05/28/14$0.4200
03/07/14$0.4200
2013
$1.580011/19/13$0.4200
09/06/13$0.4200
05/29/13$0.3700
03/05/13$0.3700
2012
$1.400011/20/12$0.3700
09/05/12$0.3700
05/30/12$0.3300
03/05/12$0.3300
2011
$1.060011/16/11$0.2800
09/02/11$0.2800
05/26/11$0.2500
03/03/11$0.2500
2010
$0.940011/17/10$0.2500
09/03/10$0.2500
05/27/10$0.2200
03/04/10$0.2200
2009
$0.840011/18/09$0.2200
09/04/09$0.2200
05/28/09$0.2000
03/05/09$0.2000
2008
$0.700011/19/08$0.2000
09/02/08$0.2000
05/28/08$0.1500
02/29/08$0.1500
2007
$0.520011/20/07$0.1500
09/04/07$0.1500
05/25/07$0.1100
03/02/07$0.1100
2006
$0.380011/15/06$0.1100
09/01/06$0.1100
05/26/06$0.0800
03/03/06$0.0800
2005
$0.280011/16/05$0.0800
09/02/05$0.0800
05/26/05$0.0600
03/10/05$0.0600
2004
$0.220011/17/04$0.0600
09/03/04$0.0600
05/27/04$0.0500
03/04/04$0.0500
2003
$0.180011/19/03$0.0500
09/03/03$0.0500
05/28/03$0.0400
03/07/03$0.0400
2002
$0.130011/20/02$0.0400
09/04/02$0.0400
05/29/02$0.0250
03/04/02$0.0250
2001
$0.100011/15/01$0.0250
09/05/01$0.0250
05/25/01$0.0250
03/02/01$0.0250
2000
$0.100011/15/00$0.0250
09/06/00$0.0250
05/26/00$0.0250
03/03/00$0.0250
LHX Stock Splits
1 stock split
03/31/050.5:1 split
LHX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/12/26 | 01/02/26 | 10-K | |
10/30/25 | 10/03/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/28/25 | 10-Q | |
02/14/25 | 01/03/25 | 10-K | |
10/25/24 | 09/27/24 | 10-Q | |
07/26/24 | 06/28/24 | 10-Q | |
04/26/24 | 03/29/24 | 10-Q | |
02/20/24 | 12/29/23 | 10-K | |
10/27/23 | 09/29/23 | 10-Q | |
07/26/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/30/22 | 10-K | |
10/31/22 | 09/30/22 | 10-Q | |
07/29/22 | 07/01/22 | 10-Q | |
04/29/22 | 04/01/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
10/29/21 | 10/01/21 | 10-Q | |
08/04/21 | 07/02/21 | 10-Q | |
05/03/21 | 04/02/21 | 10-Q | |
03/01/21 | 01/01/21 | 10-K | |
11/02/20 | 10/02/20 | 10-Q | |
08/04/20 | 07/03/20 | 10-Q | |
05/07/20 | 04/03/20 | 10-Q | |
10/31/19 | 09/27/19 | 10-Q | |
08/22/19 | 06/28/19 | 10-K | |
05/02/19 | 03/29/19 | 10-Q | |
01/30/19 | 12/28/18 | 10-Q | |
10/26/18 | 09/28/18 | 10-Q | |
08/27/18 | 06/29/18 | 10-K | |
05/03/18 | 03/30/18 | 10-Q | |
01/31/18 | 12/29/17 | 10-Q | |
10/31/17 | 09/29/17 | 10-Q | |
08/29/17 | 06/30/17 | 10-K | |
05/03/17 | 03/31/17 | 10-Q | |
02/03/17 | 12/30/16 | 10-Q | |
11/02/16 | 09/30/16 | 10-Q | |
08/29/16 | 06/30/16 | 10-K | |
05/04/16 | 04/01/16 | 10-Q | |
02/03/16 | 01/01/16 | 10-Q | |
11/06/15 | 10/02/15 | 10-Q | |
08/31/15 | 06/30/15 | 10-K | |
05/06/15 | 04/03/15 | 10-Q | |
02/10/15 | 01/02/15 | 10-Q | |
10/29/14 | 09/26/14 | 10-Q | |
08/25/14 | 06/27/14 | 10-K | |
04/30/14 | 03/28/14 | 10-Q | |
01/29/14 | 12/27/13 | 10-Q | |
10/30/13 | 09/27/13 | 10-Q | |
08/26/13 | 06/28/13 | 10-K | |
05/01/13 | 03/29/13 | 10-Q | |
01/30/13 | 12/28/12 | 10-Q | |
10/31/12 | 09/28/12 | 10-Q | |
08/27/12 | 06/29/12 | 10-K | |
05/02/12 | 03/30/12 | 10-Q | |
02/01/12 | 12/30/11 | 10-Q | |
10/27/11 | 09/30/11 | 10-Q | |
08/29/11 | 07/02/11 | 10-K | |
05/04/11 | 04/01/11 | 10-Q | |
01/27/11 | 12/31/10 | 10-Q | |
10/28/10 | 10/01/10 | 10-Q | |
08/30/10 | 07/02/10 | 10-K | |
04/29/10 | 04/02/10 | 10-Q | |
01/28/10 | 01/01/10 | 10-Q | |
10/28/09 | 10/02/09 | 10-Q | |
08/31/09 | 07/03/09 | 10-K | |
05/12/09 | 04/03/09 | 10-Q | |
02/10/09 | 12/31/08 | Unknown | -- |
11/04/08 | 09/30/08 | Unknown | -- |
08/26/08 | 06/30/08 | Unknown | -- |
05/06/08 | 03/30/08 | Unknown | -- |
02/05/08 | 12/31/07 | Unknown | -- |
11/06/07 | 09/30/07 | Unknown | -- |
08/27/07 | 06/30/07 | Unknown | -- |
05/08/07 | 03/31/07 | 10-Q | |
01/31/07 | 12/31/06 | Unknown | -- |
10/26/06 | 09/30/06 | Unknown | -- |
09/07/06 | 06/30/06 | 10-K | |
05/02/06 | 03/30/06 | Unknown | -- |
01/26/06 | 12/31/05 | Unknown | -- |
10/27/05 | 09/30/05 | 10-Q | |
09/02/05 | 06/30/05 | 8-K | |
04/27/05 | 03/31/05 | 8-K | |
01/27/05 | 12/31/04 | 10-Q | |
10/21/04 | 09/30/04 | Unknown | -- |
09/01/04 | 06/30/04 | 11-K | |
04/28/04 | 03/30/04 | Unknown | -- |
01/28/04 | 12/31/03 | Unknown | -- |
10/22/03 | 09/30/03 | Unknown | -- |
08/28/03 | 06/30/03 | 8-K | |
05/06/03 | 03/30/03 | Unknown | -- |
01/23/03 | 12/31/02 | Unknown | -- |
11/06/02 | 09/30/02 | Unknown | -- |
09/03/02 | 06/30/02 | 11-K | |
05/10/02 | 03/30/02 | Unknown | -- |
02/04/02 | 12/31/01 | Unknown | -- |
11/06/01 | 09/30/01 | Unknown | -- |
08/31/01 | 06/30/01 | 11-K | |
05/14/01 | 03/31/01 | 10-Q | |
02/08/01 | 12/31/00 | Unknown | -- |
11/07/00 | 09/30/00 | Unknown | -- |
08/30/00 | 06/30/00 | 10-K | |
05/09/00 | 03/30/00 | Unknown | -- |