L3HARRIS TECHNOLOGIES, INC. /DE/
LHX · Search, Detection, Navigation, Guidance, Aeronautical Sys · 186.3M shares · +12%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $429M (gross $518M, SBC $89M)
Reference price $310.45 · est. market cap ~$57.8B — last insider sale, 2026-05-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Scaled defense-electronics prime with strong, steady free cash flow; low margins and government concentration are structural.
Strengths
- Strong free cash flow — FCF $2.68B (87th), FCF margin 12.3%
- Steady profitable growth — operating margin 9.7%, net income +6.9% (62nd)
- Large defense backlog provides visibility — qualitative (per 10-K)
Risks
- Heavy U.S. government concentration — risk factors: highly dependent on DoD/government programs and competitive bidding
- Low gross margin — 25.7% (13th), typical of a defense prime
- Moderate leverage — D/E 0.53 (65th)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~75% of revenue from one customer/distributor — In fiscal 2025, 75% of our revenue was derived from fixed-price contracts that allow us to benefit from cost savings, but subject us to the risk of potential cost overruns, including due to greater th
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +12%/yr over 4y (dilution, book value/share -36%)
- Strong balance sheetStrong balance sheet — $1.1B cash & investments
- Notable holderHeld by 7 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +4 more (as of 2026-03-31)
- Revenue declineRevenue -73.7% YoY
- Insider sellingInsider selling — 6 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$8M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
8.2%
Return on assets
3.9%
ROIC
5.5%
Revenue growth (QoQ)
-73.7%
Net-income growth
6.9%
Debt / equity
0.5×
Net debt / EBITDA
2.8×
Current ratio
1.2×
Free cash flow
$2.7B
EBITDA
$3.3B
Tangible book value
-$6.9B
Cash & investments
$1.1B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-11 | Rice Edward A Jr | Grant | 661 | — |
| 2026-05-11 | Regnery David S | Grant | 661 | — |
| 2026-05-11 | Zamarro Christina L | Grant | 661 | — |
| 2026-05-11 | FRADIN ROGER | Grant | 661 | — |
| 2026-05-11 | BAILEY SALLIE B | Grant | 661 | — |
| 2026-05-11 | DATTILO THOMAS A | Grant | 661 | — |
| 2026-05-11 | HACHIGIAN KIRK S | Grant | 661 | $302.35 |
| 2026-05-11 | HAY LEWIS III | Grant | 661 | — |
| 2026-05-11 | Harris Harry B. Jr | Grant | 661 | — |
| 2026-05-11 | Geraghty Joanna | Grant | 661 | — |
| 2026-05-05 | Rakita Melanie | Sell | 2.2K | $310.45 |
| 2026-05-01 | Rakita Melanie | Tax withheld | 1.4K | $313.37 |
| 2026-05-01 | Rakita Melanie | Option exercise | 3.6K | — |
| 2026-04-01 | Zamarro Christina L | Grant | 106 | $353.91 |
| 2026-04-01 | Geraghty Joanna | Grant | 124 | $353.91 |
| 2026-04-01 | Regnery David S | Grant | 106 | $353.91 |
| 2026-03-02 | Rakita Melanie | Sell | 751 | $370.32 |
| 2026-03-02 | MEHTA SAMIR | Sell | 5.5K | $370.32 |
| 2026-03-02 | RAMBEAU JON | Sell | 5.5K | $370.32 |
| 2026-02-26 | MEHTA SAMIR | Tax withheld | 3.6K | $355.16 |
| 2026-02-26 | Rakita Melanie | Option exercise | 1.0K | — |
| 2026-02-26 | Rakita Melanie | Tax withheld | 269 | $355.16 |
| 2026-02-26 | Rakita Melanie | Sell | 2.4K | $341.45 |
| 2026-02-26 | MEHTA SAMIR | Option exercise | 9.1K | — |
| 2026-02-26 | RAMBEAU JON | Option exercise | 9.1K | — |
| 2026-02-26 | RAMBEAU JON | Tax withheld | 3.6K | $355.16 |
| 2026-02-26 | KUBASIK CHRISTOPHER E | Option exercise | 48K | — |
| 2026-02-26 | KUBASIK CHRISTOPHER E | Tax withheld | 19K | $355.16 |
| 2026-02-24 | Rakita Melanie | Tax withheld | 83 | $354.27 |
| 2026-02-24 | MEHTA SAMIR | Option exercise | 3.0K | — |
| 2026-02-24 | MEHTA SAMIR | Tax withheld | 1.2K | $354.27 |
| 2026-02-24 | Rakita Melanie | Option exercise | 340 | — |
| 2026-02-24 | RAMBEAU JON | Option exercise | 3.0K | — |
| 2026-02-24 | RAMBEAU JON | Tax withheld | 790 | $354.27 |
| 2026-02-24 | KUBASIK CHRISTOPHER E | Option exercise | 16K | — |
| 2026-02-24 | KUBASIK CHRISTOPHER E | Tax withheld | 6.0K | $354.27 |
| 2026-02-06 | MILLARD ROBERT B | Gift | 5.8K | — |
| 2026-02-05 | MEHTA SAMIR | Sell | 4.8K | $338.85 |
| 2026-02-01 | MEHTA SAMIR | Tax withheld | 1.4K | $342.85 |
| 2026-02-01 | Rakita Melanie | Option exercise | 1.5K | — |
| 2026-02-01 | Rakita Melanie | Tax withheld | 379 | $342.85 |
| 2026-02-01 | MEHTA SAMIR | Option exercise | 3.5K | — |
| 2026-02-01 | MEHTA SAMIR | Option exercise | 3.9K | — |
| 2026-02-01 | MEHTA SAMIR | Tax withheld | 1.1K | $342.85 |
| 2026-01-02 | Zamarro Christina L | Grant | 123 | $304.48 |
| 2026-01-02 | Geraghty Joanna | Grant | 144 | $304.48 |
| 2026-01-02 | Regnery David S | Grant | 123 | $304.48 |
| 2026-01-02 | MILLARD ROBERT B | Grant | 123 | $304.48 |
| 2025-11-13 | ZOISS EDWARD J | Gift | 1.1K | — |
| 2025-11-13 | KUBASIK CHRISTOPHER E | Option exercise | 14K | $162.30 |
| 2025-11-13 | KUBASIK CHRISTOPHER E | Sell | 14K | $301.05 |
| 2025-11-13 | KUBASIK CHRISTOPHER E | I | 1.2K | $288.37 |
| 2025-11-01 | RAMBEAU JON | Option exercise | 4.1K | — |
| 2025-11-01 | RAMBEAU JON | Tax withheld | 1.6K | $289.10 |
| 2025-10-01 | MILLARD ROBERT B | Grant | 125 | $300.47 |
| 2025-10-01 | Zamarro Christina L | Grant | 125 | $300.47 |
| 2025-10-01 | Geraghty Joanna | Grant | 146 | $300.47 |
| 2025-10-01 | Regnery David S | Grant | 125 | $300.47 |
| 2025-09-12 | KUBASIK CHRISTOPHER E | Sell | 83K | $279.90 |
| 2025-09-12 | KUBASIK CHRISTOPHER E | Option exercise | 83K | — |
| 2025-08-11 | KUBASIK CHRISTOPHER E | Option exercise | 40K | $149.31 |
| 2025-08-11 | KUBASIK CHRISTOPHER E | Sell | 40K | $269.52 |
| 2025-07-29 | KUBASIK CHRISTOPHER E | Option exercise | 72K | $149.31 |
| 2025-07-29 | KUBASIK CHRISTOPHER E | Sell | 72K | $271.14 |
| 2025-07-01 | MILLARD ROBERT B | Grant | 159 | $252.18 |
| 2025-07-01 | Zamarro Christina L | Grant | 149 | $252.18 |
| 2025-07-01 | Regnery David S | Grant | 149 | $252.18 |
| 2025-07-01 | Geraghty Joanna | Grant | 169 | $252.18 |
| 2025-06-12 | KUBASIK CHRISTOPHER E | Sell | 33K | $248.48 |
| 2025-06-12 | KUBASIK CHRISTOPHER E | Option exercise | 33K | $129.85 |
| 2025-06-11 | KUBASIK CHRISTOPHER E | Option exercise | 2.2K | $129.85 |
| 2025-06-11 | KUBASIK CHRISTOPHER E | Sell | 2.2K | $247.01 |
| 2025-05-30 | KUBASIK CHRISTOPHER E | Gift | 6.7K | — |
| 2025-05-27 | ZOISS EDWARD J | Sell | 2.0K | $245.00 |
| 2025-05-02 | KUBASIK CHRISTOPHER E | Gift | 1.2K | — |
| 2025-04-21 | Lane Rita S. | Grant | 887 | — |
| 2025-04-21 | Zamarro Christina L | Grant | 887 | — |
| 2025-04-21 | Rice Edward A Jr | Grant | 887 | — |
| 2025-04-21 | Regnery David S | Grant | 887 | — |
| 2025-04-21 | MILLARD ROBERT B | Grant | 887 | — |
| 2025-04-21 | HAY LEWIS III | Grant | 887 | — |
| 2025-04-21 | Harris Harry B. Jr | Grant | 887 | — |
| 2025-04-21 | HACHIGIAN KIRK S | Grant | 887 | — |
| 2025-04-21 | Geraghty Joanna | Grant | 887 | — |
| 2025-04-21 | FRADIN ROGER | Grant | 887 | — |
| 2025-04-21 | DATTILO THOMAS A | Grant | 887 | — |
| 2025-04-21 | BAILEY SALLIE B | Grant | 887 | — |
| 2025-04-01 | Zamarro Christina L | Grant | 179 | $209.75 |
| 2025-04-01 | Regnery David S | Grant | 179 | $209.75 |
| 2025-04-01 | MILLARD ROBERT B | Grant | 238 | $209.75 |
| 2025-04-01 | Geraghty Joanna | Grant | 179 | $209.75 |
| 2025-03-10 | RAMBEAU JON | Sell | 3.2K | $226.00 |
| 2025-03-07 | ZOISS EDWARD J | Sell | 3.4K | $211.79 |
| 2025-03-06 | ZOISS EDWARD J | Sell | 1.8K | $211.48 |
| 2025-02-28 | ZOISS EDWARD J | Option exercise | 5.0K | — |
| 2025-02-28 | ZOISS EDWARD J | Tax withheld | 1.7K | $206.11 |
| 2025-02-28 | Rakita Melanie | Option exercise | 631 | — |
| 2025-02-28 | Rakita Melanie | Tax withheld | 154 | $206.11 |
| 2025-02-28 | KUBASIK CHRISTOPHER E | Option exercise | 26K | — |
| 2025-02-28 | KUBASIK CHRISTOPHER E | Tax withheld | 10K | $206.11 |
| 2025-02-25 | ZOISS EDWARD J | Tax withheld | 573 | $203.97 |
| 2025-02-25 | ZOISS EDWARD J | Option exercise | 2.4K | — |
| 2025-02-25 | Rakita Melanie | Option exercise | 295 | — |
| 2025-02-25 | Rakita Melanie | Tax withheld | 72 | $203.97 |
| 2025-02-25 | KUBASIK CHRISTOPHER E | Option exercise | 12K | — |
| 2025-02-25 | KUBASIK CHRISTOPHER E | Tax withheld | 4.2K | $203.97 |
| 2025-02-01 | Rakita Melanie | Option exercise | 1.5K | — |
| 2025-02-01 | Rakita Melanie | Tax withheld | 388 | $212.01 |
| 2025-02-01 | MEHTA SAMIR | Option exercise | 3.9K | — |
| 2025-02-01 | MEHTA SAMIR | Tax withheld | 953 | $212.01 |
| 2025-02-01 | CANTILLON JOHN P | Option exercise | 477 | — |
| 2025-02-01 | CANTILLON JOHN P | Tax withheld | 142 | $212.01 |
| 2025-01-02 | Zamarro Christina L | Grant | 181 | $207.36 |
| 2025-01-02 | MILLARD ROBERT B | Grant | 241 | $207.36 |
| 2025-01-02 | Geraghty Joanna | Grant | 181 | $207.36 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (4)
- U.S. Government (Department of War / Department of Defense) 75% of rev
- Federal Aviation Administration (FAA)
- NASA
- Republic of Korea Air Force
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-12 | Shareholder voteExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-04-23 | OtherExhibits | filing ↗ |
| 2026-03-12 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-02 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-06 | OtherExhibits | filing ↗ |
| 2026-01-29 | ResultsExhibits | filing ↗ |
| 2026-01-05 | Exec/director changeOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-12 | 2026-05-11 | 0000202058-26-000037 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000202058-26-000032 ↗ |
| 10-Q | 2026-04-30 | 2026-04-03 | 0000202058-26-000035 ↗ |
| 8-K | 2026-04-23 | 2026-04-16 | 0000202058-26-000024 ↗ |
| 8-K | 2026-03-12 | 2026-03-06 | 0000202058-26-000022 ↗ |
| 8-K | 2026-03-02 | 2026-02-26 | 0000202058-26-000020 ↗ |
| 10-K | 2026-02-12 | 2026-01-02 | 0000202058-26-000015 ↗ |
| 8-K | 2026-02-06 | 2026-02-04 | 0000202058-26-000010 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0000202058-26-000008 ↗ |
| 8-K | 2026-01-05 | 2026-01-02 | 0000202058-26-000002 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0000202058-25-000169 ↗ |
| 10-Q | 2025-10-30 | 2025-10-03 | 0000202058-25-000173 ↗ |