At a glance
L3Harris Technologies Inc is worth $51.94B, about 33 times its fiscal 2025 earnings. It pays a 1.77% dividend yield, raised every year for at least 8 years, and returned $11.32B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.9% over the past year with dividends reinvested and +7.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.2% in the 2020 crash (S&P 500: 33.7%) and 22.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 25 months after the lows.
The business in plain English
L3Harris Technologies is a defense contractor. It makes and maintains equipment for space, air, land, sea and cyber missions, from tactical radios to missile propulsion. Its main customers are U.S. Government agencies, the prime contractors that lead big weapons programs, and allied governments. In fiscal 2025 (the year ended January 2, 2026), 75% of revenue came from U.S. Government customers, including some foreign sales routed through Washington. End users outside the U.S., in more than 100 countries, accounted for 22%, or $4.8 billion.
It reported four segments. In the fiscal year ended January 3, 2025, Space & Airborne Systems made up 32% of revenue (space systems for surveillance, weather and missile defense, plus aircraft sensors); Integrated Mission Systems 31% (surveillance and targeting systems for aircraft, naval equipment and infrared sensors); Communication Systems 26% (tactical radios, night vision and radios for first responders); and Aerojet Rocketdyne 12% (propulsion for missiles and space missions). Starting in fiscal 2026, the company streamlined these into three segments.
L3Harris is paid under two main contract types. Fixed-price contracts, 75% of fiscal 2025 revenue, let it keep any savings but leave it paying for overruns. Cost-type contracts repay allowable costs plus a fee. At the end of fiscal 2025, its backlog of signed orders not yet booked as revenue was $38.7 billion.
Price history
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LHX -1.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $15.13B | 71% |
| Services | $6.19B | 29% |
By business segment
| SAS | $6.87B | 32.2% |
| IMS | $6.62B | 31% |
| CS | $5.46B | 25.6% |
| AR | $2.58B | 12.1% |
Latest results
- In Q3 FY2026 (ended Oct 2, 2026), revenue was $6.06B, up 7.1% from a year earlier, and net income was $632.0M (+36.8%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 8.2% watch |
|---|---|
| Return on assets (FY2025) | 3.9% watch |
| Net cash (cash minus debt) | $-7.43B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $18.19B | $1.12B | $2.42B |
| FY2021 | $17.81B | $1.85B | $2.35B |
| FY2022 | $17.06B | $1.06B | $1.91B |
| FY2023 | $19.42B | $1.23B | $1.65B |
| FY2024 | $21.32B | $1.50B | $2.15B |
| FY2025 | — | $1.61B | $2.68B |
Valuation snapshot
| Market value | $51.94B |
|---|---|
| P/E ratio | 32.7 |
| Dividend yield | 1.77% |
Rank among 1514 US companies
Market value at each year end
L3Harris Technologies’s market value went from $25.47B at the end of 2016 to $51.94B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $51.94B | -5.4% |
| 2025 | $54.91B | +37.7% |
| 2024 | $39.88B | -0.1% |
| 2023 | $39.92B | +0.7% |
| 2022 | $39.64B | -5.3% |
| 2021 | $41.84B | +5.4% |
| 2020 | $39.72B | -9.2% |
| 2019 | $43.74B | +38.1% |
| 2018 | $31.69B | -6.2% |
| 2017 | $33.77B | +32.6% |
| 2016 | $25.47B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LHX price data to Nov 2, 2026 | -3.8% | -1.9% | +17.3% | +7.1% | +13.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.8% |
| 2025 | +42.3% |
| 2024 | +1.9% |
| 2023 | +3.7% |
| 2022 | -0.5% |
| 2021 | +15.0% |
| 2020 | -2.7% |
| 2019 | +49.2% |
| 2018 | -3.4% |
| 2017 | +40.8% |
| 2016 | +20.7% |
| 2015 | +24.0% |
| 2014 | +5.4% |
| 2013 | +46.8% |
| 2012 | +40.2% |
| 2011 | -18.4% |
| 2010 | -2.8% |
| 2009 | +34.8% |
| 2008 | -38.4% |
| 2007 | +37.9% |
| 2006 | +7.5% |
| 2005 | +40.1% |
| 2004 | +63.5% |
| 2003 | +45.0% |
| 2002 | -13.5% |
| 2001 | -0.0% |
| 2000 | +15.1% |
| 1999 | -20.6% |
| 1998 | -19.3% |
| 1997 | +34.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49% over that stretch · deepest drop along the way 56.1%, back to its old high 56.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.2% over that stretch · deepest drop along the way 33.2%, back to its old high 14.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 7.4% over that stretch · deepest drop along the way 22.2%, back to its old high 25.2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.3% | Jun 30, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.12% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 4.6% | Jun 30, 2025 |
| Capital World Investors | 3.6% | Jun 30, 2026 |
ETFs with the most weight in LHX
| ITA iShares U.S. Aerospace & Defense ETF | 4.69% |
| PPA Invesco Aerospace & Defense ETF | 4.28% |
| ARKX ARK Space Exploration & Innovation ETF | 4.27% |
| MISL First Trust Indxx Aerospace & Defense ETF | 4.21% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 4.12% |
| NATO Themes Transatlantic Defense ETF | 3.98% |
| XAR SPDR S&P Aerospace & Defense ETF | 3.97% |
| SHLD Global X Defense Tech ETF | 3.21% |
What could go wrong
- Heavy reliance on U.S. defense budgets. U.S. Government customers supplied 75% of fiscal 2025 revenue. Congress funds programs year by year, so budget cuts, shifting priorities, stopgap funding bills or shutdowns can delay or shrink orders.
- Fixed-price contracts can turn into losses. Fixed-price contracts made up 75% of fiscal 2025 revenue. L3Harris keeps any savings but absorbs the extra cost of overruns, inflation or delays, a bigger danger on new development programs.
- Planned Missile Solutions IPO adds uncertainty. L3Harris has planned an initial public offering (IPO), or stock market listing, of Missile Solutions, its missile propulsion and armaments unit. This and other deals may not go as planned and could hurt results.
- Newer rivals and looser purchasing rules. Defense purchasing reforms, including contracts exempt from many traditional rules, could make it easier for newcomers to compete. Some rivals have deeper pockets, and multi-vendor contracts have added pricing pressure.
- Foreign sales depend on export approvals. Customers outside the U.S. made up 22% of fiscal 2025 revenue. Those sales can require U.S. export licenses, which may not be granted, and Congress can block proposed sales to certain foreign governments.
- Sizable debt limits flexibility. As of July 3, 2026, L3Harris had about $11.0 billion of debt and $1.5 billion of cash and investments. Debt payments could limit its options and make new borrowing harder.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
For income and retirement investors
L3Harris pays a rising dividend. Dividends per share grew from $3.40 in fiscal 2020 to $4.80 in fiscal 2025, about 7.1% a year, with increases for at least eight straight years. The fiscal 2025 payout used 56% of earnings and 34% of free cash flow (cash left after capital spending). Buybacks (share repurchases) were larger: $7.0 billion from fiscal 2021 to 2025, against $4.3 billion in dividends, and the share count fell 7.3% from July 2021 to July 2026. The dividend yield was 1.9% as of October 28, 2026.
Downturns have hit the stock unevenly. It fell 56% in the 2008 financial crisis, taking about 56 months to recover, and 33% in the 2020 COVID crash, recovering in about 14 months. In the 2022 bear market it gained 7.4% while the broad market fell, yet dropped 22% from its March high and needed about 25 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does L3Harris make money?
L3Harris makes money by designing, building and supporting defense and government technology, mostly under contracts. Products include tactical radios, night-vision goggles, aircraft sensors, space systems and missile propulsion. In fiscal 2025 (the year ended January 2, 2026), 75% of revenue came from U.S. Government customers, directly or through prime contractors, and 22% came from end customers outside the U.S. Products made up 71% of revenue and services 29% in the fiscal year ended January 3, 2025.
Does L3Harris raise its dividend every year?
Yes, for at least eight straight years, and the streak may be longer. Dividends per share rose from $4.64 in fiscal 2024 to $4.80 in fiscal 2025, and grew about 7.1% a year from fiscal 2020 to fiscal 2025. The fiscal 2025 dividend took 56% of earnings and 34% of free cash flow, leaving a cushion. The dividend yield was 1.9% as of October 28, 2026. Future increases are not guaranteed.
Is L3Harris revenue growing?
Yes, though unevenly. Revenue dipped from $18.2 billion in fiscal 2020 to $17.1 billion in fiscal 2022, then climbed to $21.3 billion in fiscal 2024. In the quarter ended July 3, 2026, revenue rose 8.4% from a year earlier to $5.9 billion, and net income rose 31% to $600 million. Contractual backlog, meaning signed orders not yet booked as revenue, was $38.7 billion at the end of fiscal 2025, with about 45% expected to become revenue by the end of fiscal 2026.
How has L3Harris stock performed?
Mixed, depending on the period. As of October 28, 2026, the share price was down 7.8% over one year and down 10.1% from the end of 2025, after a 42% gain in calendar 2025. Over longer periods it rose an average of 17.3% a year over three years, 5.1% a year over five years and 13.4% a year over ten years. In the year to October 28, 2026, it fell as much as 37.5% from a high, showing how sharply it can swing.
Who are L3Harris's competitors?
Its main named competitors are BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, RTX and Thales, plus newer non-traditional defense contractors such as Anduril, Ursa Major and Silvus Technologies. The lines blur: L3Harris often teams up with companies that compete with it on other programs, and it has strategic partnerships with Palantir Technologies, Shield Capital, Anduril and Amazon Kuiper to combine hardware, software and artificial intelligence.