L3Harris Technologies
ConvictionStrong
Long-cycle US government program contractor (cost-plus + fixed-price), ~75% DoD/government, revenue recognized over time on multi-year programs backed by a ~2x-revenue backlog. Capital-light relative to platform OEMs; cash returned via dividend + buyback while deleveraging post-Aerojet.
Revenuefact
$5.744B Q1 FY26qtr ended Apr 3 2026; fact); FY25 $21.9BRev growthfact
+12% reported / +15% organic YoYQ1 FY26; fact); FY26 guide $23.0–23.5B ≈ +7% organicGross margin
Not separately disclosed by L3Harrisproxy is 15.7% adjusted segment operating margin (Q1 FY26; factOp marginfact
11.4% GAAP total operating marginQ1 FY26; fact); FY26 guide 'low 16%' segment OMCapex intensity
Low~2–3% of revenue (estimate); rising as Missile Solutions solid-rocket-motor capacity rampsMarket cap
~$54Bprice ~$288.50, Jun 25 2026; factAcross the boards
The thesis on this name
opportunityStrong
State of Space & Launch
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-12. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$17.8B
FY’22
$17.1B-4%
FY’23
$19.4B+14%
FY’24
$21.3B+10%
FY’25
$21.9B+3%
Margins & balance sheet — FY’25
Operating margin9.7%
Net margin7.3%
Net debt$9.2B
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for L3Harris Technologies
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.