L3Harris Technologies

LHX

Aerospace & Defense · Industrials

Also trades as: 0L3H.L

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jul 3, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Mixed

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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

For growth stock investors

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

Revenue Growth

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-32.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

L3Harris Technologies is growing revenue at 2% 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.

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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)

26.8x

no trend

Growth-priced — P/E 26.8

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

Cheaper or dearer next year

P/E vs Forward

+9.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.8 → 17.7)

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Dividends

Dividend

Dividend Yield

1.77%

no trend

Small dividend — 1.77% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+4.0%

no trend

Dividend growing modestly (4.0% YoY)

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