L3Harris Technologies, Inc. (LHX) Key Metrics
LHX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $46.28B
- Enterprise value
- $54.99B
- P/E (TTM)
- 25.1 10-yr median 33.0
- Forward P/E
- 17.9
- PEG ratio
- 1.19
- Price / sales
- 2.0 10-yr median 2.4
- Price / book
- 2.2 10-yr median 2.2
- EV / EBITDA
- 17.7 10-yr median 16.4
- Dividend yield
- 2.01% $5.00 a year
- Beta
- 0.51
LHX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLHX valuation Price multiples at each fiscal year-end price.
LHX returns How much profit the business earns on the capital it uses.
LHX per-share figures Results divided by the shares outstanding at year-end.
LHX financial health Debt, liquidity and how easily interest is covered.
LHX efficiency & capital use Working capital cycle and where the cash goes.
LHX valuation history
LHX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LHX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LHX cash returned to shareholders
LHX price vs earnings per share
LHX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $55.31B | $40.10B | $40.14B | $40.29B | $43.33B | $40.81B | $44.26B | $16.31B | $17.61B | $12.81B |
| Enterprise value | $65.49B | $52.47B | $53.53B | $47.19B | $50.22B | $47.22B | $51.30B | $19.80B | $21.15B | $16.84B |
| P/E ratio | 34.4 | 26.7 | 32.7 | 37.9 | 23.5 | 36.5 | 33.2 | 23.3 | 32.4 | 39.5 |
| Price / sales | 2.5 | 1.9 | 2.1 | 2.4 | 2.4 | 2.2 | 3.4 | 2.6 | 3.0 | 2.1 |
| Price / book | 2.8 | 2.1 | 2.1 | 2.2 | 2.3 | 2.0 | 2.0 | 5.4 | 6.0 | 4.2 |
| Price / free cash flow | 20.6 | 18.6 | 24.4 | 21.1 | 18.4 | 16.8 | 57.8 | 26.5 | 39.1 | 16.6 |
| Price / operating cash flow | 17.8 | 15.7 | 19.2 | 18.7 | 16.1 | 14.6 | 47.1 | 21.7 | 30.9 | 13.9 |
| EV / sales | 3.0 | 2.5 | 2.8 | 2.8 | 2.8 | 2.6 | 4.0 | 3.2 | 3.6 | 2.8 |
| EV / EBITDA | 17.4 | 14.7 | 18.3 | 19.0 | 14.3 | 18.1 | 57.4 | 14.8 | 15.4 | 11.8 |
| EV / free cash flow | 24.4 | 24.4 | 32.5 | 24.8 | 21.4 | 19.5 | 67.0 | 32.2 | 47.0 | 21.8 |
| Earnings yield | 2.9% | 3.7% | 3.1% | 2.6% | 4.3% | 2.7% | 3.0% | 4.3% | 3.1% | 2.5% |
| Free cash flow yield | 4.8% | 5.4% | 4.1% | 4.7% | 5.4% | 5.9% | 1.7% | 3.8% | 2.6% | 6.0% |
| Dividend yield | 1.6% | 2.2% | 2.2% | 2.1% | 1.9% | 1.8% | 0.8% | 1.7% | 1.5% | 2.0% |
| Shareholder yield (dividends + buybacks) | 3.7% | 3.6% | 3.5% | 4.8% | 10.4% | 7.4% | 4.2% | 3.3% | 5.5% | 3.1% |
| Share price at fiscal year-end | $293.57 | $210.28 | $210.62 | $208.21 | $213.24 | $189.02 | $197.87 | $134.65 | $141.65 | $102.47 |
| Per share | ||||||||||
| Revenue per share | $116.06 | $111.82 | $101.88 | $88.18 | $87.67 | $84.27 | $57.47 | $50.93 | $47.44 | $47.94 |
| Earnings per share | $8.52 | $7.88 | $6.44 | $5.49 | $9.08 | $5.18 | $5.96 | $5.77 | $4.37 | $2.59 |
| Operating cash flow per share | $16.49 | $13.42 | $11.00 | $11.15 | $13.22 | $12.92 | $4.20 | $6.20 | $4.58 | $7.39 |
| Free cash flow per share | $14.24 | $11.28 | $8.64 | $9.85 | $11.57 | $11.22 | $3.42 | $5.08 | $3.62 | $6.18 |
| Cash per share | $5.67 | $3.22 | $2.94 | $4.55 | $4.63 | $5.91 | $3.68 | $3.48 | $3.89 | $3.90 |
| Book value per share | $104.22 | $102.33 | $98.45 | $95.73 | $94.55 | $95.99 | $100.97 | $24.72 | $23.56 | $24.45 |
| Tangible book value per share | −$36.54 | −$44.31 | −$51.18 | −$24.60 | −$27.64 | −$28.07 | −$26.25 | −$28.31 | −$28.50 | −$28.22 |
| Dividends per share | $4.79 | $4.65 | $4.55 | $4.47 | $4.02 | $3.36 | $1.51 | $2.25 | $2.11 | $2.02 |
| Capex per share | $2.25 | $2.14 | $2.36 | $1.30 | $1.65 | $1.70 | $0.77 | $1.12 | $0.96 | $1.22 |
| Debt per share | $59.70 | $68.07 | $73.19 | $40.24 | $38.53 | $35.60 | $35.15 | $32.36 | $32.42 | $36.14 |
| Shares outstanding | 188.4M | 190.7M | 190.6M | 193.5M | 203.2M | 215.9M | 223.7M | 121.1M | 124.3M | 125.0M |
| Change in shares outstanding | −1.2% | +0.1% | −1.5% | −4.8% | −5.9% | −3.5% | +84.7% | −2.6% | −0.6% | +17.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.2% | 7.8% | 6.6% | 5.6% | 9.2% | 5.2% | 10.4% | 23.6% | 18.1% | 10.0% |
| Return on invested capital (ROIC) | 5.8% | 6.0% | 6.1% | 6.2% | 6.4% | 6.3% | 5.2% | 13.4% | 9.3% | 9.6% |
| Return on assets (ROA) | 3.9% | 3.6% | 3.3% | 3.1% | 5.2% | 3.0% | 5.5% | 7.0% | 4.9% | 2.6% |
| Return on tangible assets | 10.9% | 10.7% | 9.3% | 10.4% | 18.7% | 11.0% | 13.5% | 20.4% | 15.0% | 6.0% |
| Free cash flow margin | 12.3% | 10.1% | 8.5% | 11.2% | 13.2% | 13.3% | 6.0% | 10.0% | 7.6% | 12.9% |
| Income quality (OCF / net income) | 1.93 | 1.70 | 1.71 | 2.03 | 1.46 | 2.49 | 0.70 | 1.07 | 1.05 | 2.85 |
| Financial health | ||||||||||
| Total debt | $11.25B | $12.98B | $13.95B | $7.79B | $7.83B | $7.69B | $7.86B | $3.92B | $4.03B | $4.52B |
| Cash & short-term investments | $1.07B | $615.0M | $560.0M | $880.0M | $941.0M | $1.28B | $824.0M | $422.0M | $484.0M | $487.0M |
| Net debt | $10.18B | $12.37B | $13.39B | $6.91B | $6.89B | $6.41B | $7.04B | $3.50B | $3.55B | $4.03B |
| Debt / equity | 0.57 | 0.67 | 0.74 | 0.42 | 0.41 | 0.37 | 0.35 | 1.31 | 1.38 | 1.48 |
| Debt / assets | 0.27 | 0.31 | 0.33 | 0.23 | 0.23 | 0.21 | 0.21 | 0.40 | 0.40 | 0.38 |
| Net debt / EBITDA | 2.71 | 3.47 | 4.57 | 2.77 | 1.96 | 2.46 | 7.87 | 2.62 | 2.58 | 2.82 |
| Current ratio | 1.19 | 1.08 | 0.99 | 1.17 | 1.40 | 1.57 | 1.57 | 1.22 | 1.08 | 1.32 |
| Quick ratio | 1.02 | 0.90 | 0.80 | 0.95 | 1.18 | 1.34 | 1.27 | 0.68 | 0.64 | 0.89 |
| Interest coverage | 3.6 | 3.0 | 3.3 | 6.9 | 8.0 | 8.0 | 6.5 | 6.6 | 5.2 | 5.8 |
| Working capital | $1.37B | $585.0M | −$92.0M | $978.0M | $1.81B | $2.43B | $2.30B | $391.0M | $147.0M | $643.0M |
| Invested capital | $29.81B | $31.88B | $32.16B | $25.43B | $26.10B | $27.14B | $29.63B | $6.49B | $6.47B | $7.09B |
| Tangible asset value | −$6.88B | −$8.38B | −$9.69B | −$4.66B | −$5.51B | −$5.94B | −$5.71B | −$3.43B | −$3.54B | −$3.53B |
| Net current asset value | −$12.97B | −$14.20B | −$14.95B | −$8.15B | −$9.03B | −$9.45B | −$9.28B | −$4.73B | −$5.09B | −$6.33B |
| Graham number | $141.38 | $134.66 | $119.42 | $108.72 | $139.02 | $105.80 | $116.35 | $56.66 | $48.12 | $37.76 |
| Graham net-net per share | −$85.66 | −$92.46 | −$95.71 | −$52.54 | −$53.32 | −$52.34 | −$50.29 | −$45.17 | −$46.44 | −$59.76 |
| Capital allocation | ||||||||||
| Dividends paid | $903.0M | $886.0M | $868.0M | $864.0M | $817.0M | $725.0M | $337.0M | $272.0M | $262.0M | $252.0M |
| Share buybacks (net) | $1.15B | $554.0M | $518.0M | $1.08B | $3.67B | $2.29B | $1.50B | $272.0M | $710.0M | $150.0M |
| Dividend payout ratio | 56.2% | 59.0% | 70.7% | 81.4% | 44.3% | 64.8% | 25.3% | 38.9% | 48.3% | 77.8% |
| Dividends + buybacks / free cash flow | 76.7% | 66.9% | 84.2% | 102.2% | 191.0% | 124.5% | 239.8% | 88.5% | 216.0% | 52.1% |
| Capex / revenue | 1.9% | 1.9% | 2.3% | 1.5% | 1.9% | 2.0% | 1.3% | 2.2% | 2.0% | 2.5% |
| Capex / operating cash flow | 13.7% | 15.9% | 21.4% | 11.7% | 12.5% | 13.2% | 18.4% | 18.1% | 20.9% | 16.5% |
| Capex / depreciation | 0.35 | 0.32 | 0.39 | 0.27 | 0.35 | 0.36 | 0.19 | 0.53 | 0.38 | 0.42 |
| Stock-based compensation / revenue | 1.7% | 0.5% | 1.6% | 1.9% | 2.0% | 1.7% | 3.5% | 1.3% | 0.7% | 0.7% |
| R&D / revenue | 2.5% | 2.4% | 2.5% | 3.5% | 3.9% | 3.8% | 5.1% | 5.0% | 5.3% | 5.1% |
| SG&A / revenue | 10.2% | 10.4% | 17.1% | 17.6% | 18.4% | 18.2% | 15.9% | 32.4% | 17.2% | 32.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 80.7 | 77.9 | 81.8 | 90.3 | 84.4 | 79.8 | 64.5 | 38.8 | 43.2 | 61.0 |
| Days of inventory on hand | 28.6 | 32.4 | 35.2 | 34.2 | 28.7 | 31.0 | 88.3 | 80.0 | 80.9 | 89.6 |
| Days payables outstanding | 50.2 | 47.5 | 51.7 | 55.8 | 46.6 | 37.8 | 70.4 | 45.0 | 49.0 | 51.2 |
| Cash conversion cycle (days) | 59.2 | 62.8 | 65.4 | 68.7 | 66.5 | 73.0 | 82.4 | 73.9 | 75.1 | 99.5 |
| Receivables turnover | 4.52 | 4.68 | 4.46 | 4.04 | 4.32 | 4.58 | 5.66 | 9.40 | 8.45 | 5.98 |
| Payables turnover | 7.27 | 7.69 | 7.06 | 6.54 | 7.84 | 9.66 | 5.19 | 8.12 | 7.45 | 7.13 |
| Inventory turnover | 12.74 | 11.28 | 10.36 | 10.68 | 12.72 | 11.76 | 4.13 | 4.56 | 4.51 | 4.07 |
| Asset turnover | 0.53 | 0.51 | 0.52 | 0.50 | 0.50 | 0.48 | 0.53 | 0.62 | 0.53 | 0.48 |
| Average receivables | $4.84B | $4.55B | $4.35B | $4.22B | $4.12B | $3.98B | $2.27B | $656.5M | $698.0M | $1.00B |
| Average payables | $2.23B | $2.06B | $2.03B | $1.86B | $1.59B | $1.33B | $861.5M | $501.0M | $517.0M | $537.5M |
| Average inventory | $1.27B | $1.40B | $1.38B | $1.14B | $977.5M | $1.10B | $1.08B | $891.5M | $854.0M | $941.0M |
| Intangibles / total assets | 64.4% | 66.6% | 68.4% | 69.5% | 71.5% | 72.5% | 74.2% | 65.2% | 64.1% | 54.8% |
Computed from LHX's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
LHX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), L3Harris traded at 34.4 times earnings, against a 10-year median of 33.0. Based on the latest twelve months, the trailing P/E is 25.1 and the forward P/E is 17.9. L3Harris earned a return on equity of 8.2% and a return on invested capital of 5.8% in fiscal 2025. It ended the year with $11.2 billion of debt and $1.1 billion in cash and short-term investments, net debt of $10.2 billion. It returned $2.1 billion to shareholders: $903.0 million in dividends and $1.2 billion in share buybacks, 77% of free cash flow. The share count rose 50.7% from 125.0M to 188.4M over 9 years.
See the LHX income statement, the LHX chart for price history, or the LHX stock overview for the latest quote and news.
LHX key metrics FAQ
What is L3Harris's P/E ratio?
L3Harris's trailing P/E ratio is 25.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.9. At the end of fiscal 2025 it was 34.4, compared with a 10-year median of 33.0.
What is L3Harris's EV/EBITDA?
L3Harris's enterprise value was 17.4 times EBITDA at the end of fiscal 2025 (enterprise value $65.5 billion, EBITDA $3.8 billion); the current EV/EBITDA is 17.7.
What is L3Harris's return on equity?
L3Harris's return on equity (ROE) was 8.2% in fiscal 2025: net income of $1.6 billion on average shareholders' equity of $19.6 billion.
What is L3Harris's ROIC?
L3Harris's return on invested capital was 5.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does L3Harris have?
L3Harris had total debt of $11.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.57 and $10.2 billion of net debt (2.71 times EBITDA).
What is L3Harris's dividend yield?
L3Harris's forward dividend yield is 2.01%. L3Harris paid $903.0 million in dividends in fiscal 2025 ($4.79 per share), a payout ratio of 56.2%.
Does L3Harris buy back its shares?
Yes. L3Harris spent $1.2 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.2% over the year, to 188.4M..
What is L3Harris's free cash flow yield?
L3Harris generated $2.7 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.8% on its market value at year-end ($55.3 billion).
What is L3Harris's current ratio?
L3Harris's current ratio was 1.19 at the end of fiscal 2025: current assets were 1.19 times current liabilities.