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L3Harris Technologies

LHX
54
Aerospace & Defense · Industrials
Also trades as: 0L3H.L GBP 2.45 (+2.06%)
Price
$248.51
+8.01 (+3.33%)
Market Cap
$46.28B
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jul 3, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Strong
15/20
Cash Flow
Strong
8/10
Stability
Strong
8/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Good
3/5

54 of 100 counted points = Winston Score 54.

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Share count falling — buybacks

−7.3% over 5y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 203.2M (2021) → 188.4M (2026)

§Winston Score History

The full picture

L3Harris Technologies makes advanced equipment for the military and government agencies. Its main products include radios and communication systems, sensors, electronic warfare tools, night-vision devices, and space technology. The U.S. Department of Defense is its largest customer, making L3Harris one of the top six defense contractors in the United States.

The company earns most of its revenue through long-term government contracts, where it builds and maintains specialized hardware and systems. L3Harris operates primarily in the United States but also sells to allied governments around the world, generating roughly $20 billion in annual revenue. Its moat comes from deep government relationships, security clearances, and highly specialized technology that takes years to develop — but its main risk is heavy dependence on U.S. defense budget decisions, meaning any cuts to military spending could directly hurt its business.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+28.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$536M/ year

→ Flat (+4% vs prior year)

2.5% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

L3Harris Technologies is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
25.5%
Modest — 25.5% gross margin
Profit after running costs
Operating Margin
11.1%
Modest — 11.1% operating margin
Return on the money invested
ROCE
10.6%
Below par — 10.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+7.3%
Steady sales growth (+7.3% YoY)
Profit growth
EPS YoY
+10.8%
Earnings growing (+10.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
163%
Turns 163% of profit into real cash
Spare cash per sale
FCF Margin
11.3%
Modest free cash flow (11.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.09
Conservative — low debt load (0.09)
Covers its interest
Interest Cover
7.63x
Adequate interest coverage (7.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
25.0x
Growth-priced — P/E 25.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (25.0 → 15.3)

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Dividends

Dividend
Dividend Yield
2.11%
Moderate income — 2.11% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.0%
Dividend growing modestly (4.0% YoY)
Payout Ratio
49%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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