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L3Harris Technologies (LHX) Financials

L3Harris Technologies logo
$269.69 -4.12 (-1.50%)
Closing price 03:59 PM Eastern
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$269.94 +0.25 (+0.09%)
As of 06:47 PM Eastern
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Annual Income Statements for L3Harris Technologies

Annual Income Statements for L3Harris Technologies

This table shows L3Harris Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/27/2014 7/3/2015 7/1/2016 6/30/2017 6/29/2018 6/28/2019 1/1/2021 12/31/2021 12/30/2022 12/29/2023 1/3/2025
Net Income / (Loss) Attributable to Common Shareholders		 535 334 324 543 699 949 1,119 1,846 1,062 1,227 1,502
Consolidated Net Income / (Loss)		 534 334 324 543 699 949 1,086 1,842 1,061 1,198 1,512
Net Income / (Loss) Continuing Operations		 539 287 611 628 702 953 1,088 1,843 1,061 1,198 1,512
Total Pre-Tax Income 		795 396 884 889 908 1,113 1,322 2,283 1,273 1,221 1,597
Total Operating Income		 882 632 1,055 893 920 1,092 1,226 2,109 1,127 1,426 1,918
Total Gross Profit		 1,702 1,515 2,160 2,043 2,102 2,334 5,308 5,376 4,927 5,113 5,524
Total Revenue		 5,012 3,885 5,992 5,897 6,168 6,801 18,194 17,814 17,062 19,419 21,325
Operating Revenue		 5,012 3,885 5,992 5,897 6,168 6,801 18,194 17,814 17,062 19,419 21,325
Total Cost of Revenue		 3,310 2,370 3,832 3,854 4,066 4,467 12,886 12,438 12,135 14,306 15,801
Operating Cost of Revenue		 3,310 2,370 3,832 3,854 4,066 4,467 12,886 12,438 12,135 14,306 15,801
Total Operating Expenses		 820 883 1,105 1,150 1,182 1,242 4,082 3,267 3,800 3,687 3,606
Selling, General & Admin Expense		 820 883 1,105 1,150 1,182 1,242 3,315 3,280 2,998 3,313 3,568
Impairment Charge		 0.00 - - - 0.00 0.00 767 207 802 374 38
Total Other Income / (Expense), net		 -87 -236 -171 -4.00 -12 21 96 174 146 -205 -321
Interest & Investment Income		 3.00 2.00 2.00 2.00 2.00 - - - -279 -543 -675
Other Income / (Expense), net		 4.00 -108 10 166 156 188 350 439 425 338 354
Income Tax Expense		 256 109 273 261 206 160 234 440 212 23 85
Net Income / (Loss) Attributable to Noncontrolling Interest		 -1.00 - - 0.00 0.00 0.00 -33 -4.00 -1.00 -29 10
Basic Earnings per Share		 $5.00 $3.15 $2.61 $4.42 $5.88 $8.03 $5.23 $9.17 $5.54 $6.47 $7.91
Weighted Average Basic Shares Outstanding		 124.07M 105.70M 123.80M 122.90M 118.90M - 205.57M 193.07M 190.09M 190.11M 188.31M
Diluted Earnings per Share		 $4.95 $3.11 $2.59 $4.36 $5.76 $7.86 $5.19 $9.09 $5.49 $6.44 $7.87
Weighted Average Diluted Shares Outstanding		 124.07M 105.70M 123.80M 122.90M 118.90M - 205.57M 193.07M 190.09M 190.11M 188.31M
Weighted Average Basic & Diluted Shares Outstanding		 124.07M 105.70M 123.80M 122.90M 118.90M - 205.57M 193.07M 190.09M 190.11M 188.31M
Cash Dividends to Common per Share		 - - - - - - $3.40 $4.08 $4.48 $4.56 $4.64

Quarterly Income Statements for L3Harris Technologies

This table shows L3Harris Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/30/2022 3/31/2023 6/30/2023 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 1/3/2025 3/28/2025 6/27/2025
Net Income / (Loss) Attributable to Common Shareholders		 416 337 349 383 158 283 366 400 453 386 458
Consolidated Net Income / (Loss)		 417 339 351 382 126 285 367 404 456 386 458
Net Income / (Loss) Continuing Operations		 417 339 351 382 126 285 367 404 456 386 458
Total Pre-Tax Income 		533 373 372 400 76 290 390 430 487 459 524
Total Operating Income		 495 393 400 479 154 378 476 495 569 525 571
Total Gross Profit		 1,262 1,166 1,187 1,307 1,453 1,348 1,360 1,419 1,397 1,350 1,335
Total Revenue		 4,578 4,471 4,693 4,915 5,340 5,211 5,299 5,292 5,523 5,132 5,426
Operating Revenue		 4,578 4,471 4,693 4,915 5,340 5,211 5,299 5,292 5,523 5,132 5,426
Total Cost of Revenue		 3,316 3,305 3,506 3,608 3,887 3,863 3,939 3,873 4,126 3,782 4,091
Operating Cost of Revenue		 3,316 3,305 3,506 3,608 3,887 3,863 3,939 3,873 4,126 3,782 4,091
Total Operating Expenses		 767 773 787 828 1,299 970 884 924 828 825 764
Selling, General & Admin Expense		 767 773 787 828 925 970 884 924 790 825 764
Total Other Income / (Expense), net		 38 -20 -28 -79 -78 -88 -86 -65 -82 -66 -47
Interest & Investment Income		 - - - - - -176 -172 - - -150 -152
Other Income / (Expense), net		 112 82 83 80 93 88 86 101 79 84 105
Income Tax Expense		 116 34 21 18 -50 5.00 23 26 31 73 66
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.00 2.00 2.00 -1.00 -32 2.00 1.00 4.00 3.00 0.00 0.00
Basic Earnings per Share		 $2.19 $1.77 $1.84 $2.02 $0.84 $1.49 $1.93 $2.11 $2.38 $2.05 $2.45
Weighted Average Basic Shares Outstanding		 190.09M 190.20M 189.20M 189.30M 190.11M 189.80M 189.71M 189.60M 188.31M 188.50M 187.09M
Diluted Earnings per Share		 $2.19 $1.76 $1.83 $2.02 $0.83 $1.48 $1.92 $2.10 $2.37 $2.04 $2.44
Weighted Average Diluted Shares Outstanding		 190.09M 191.20M 190.10M 190.10M 190.11M 190.80M 189.71M 190.50M 188.31M 189.10M 187.09M
Weighted Average Basic & Diluted Shares Outstanding		 190.09M 189.45M 189.13M 189.54M 190.11M 189.68M 189.71M 189.67M 188.31M 186.95M 187.09M
Cash Dividends to Common per Share		 - $1.14 $1.14 $1.14 $1.14 $1.16 $1.16 $1.16 $1.16 $1.20 $1.20

Annual Cash Flow Statements for L3Harris Technologies

This table details how cash moves in and out of L3Harris Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/27/2014 7/3/2015 7/1/2016 6/30/2017 6/29/2018 6/28/2019 1/1/2021 12/31/2021 12/30/2022 12/29/2023 1/3/2025
Net Change in Cash & Equivalents		 240 -80 6.00 -3.00 -195 242 452 -335 -61 -320 55
Net Cash From Operating Activities		 849 854 924 569 751 1,185 2,790 2,687 2,158 2,096 2,559
Net Cash From Continuing Operating Activities		 849 854 924 569 751 1,185 2,790 2,687 2,158 2,096 2,559
Net Income / (Loss) Continuing Operations		 534 334 324 543 699 949 1,086 1,842 1,061 1,198 1,512
Consolidated Net Income / (Loss)		 534 334 324 543 699 949 1,086 1,842 1,061 1,198 1,512
Depreciation Expense		 204 233 229 311 142 143 323 340 938 1,166 1,289
Non-Cash Adjustments To Reconcile Net Income		 35 191 390 -242 -415 -10 669 -823 732 481 -81
Changes in Operating Assets and Liabilities, net		 76 85 -151 -43 208 -12 3.00 701 -573 -749 -161
Net Cash From Investing Activities		 -162 -3,284 -1.00 870 -141 -159 751 1,394 -250 -7,021 -263
Net Cash From Continuing Investing Activities		 -162 -3,284 -1.00 870 -141 -159 751 1,394 -250 -7,021 -263
Purchase of Property, Plant & Equipment		 -201 -148 -152 -119 -136 -161 -368 -342 -252 -449 -408
Acquisitions		 -3.00 -3,186 - - - - -12 0.00 0.00 -6,688 0.00
Sale of Property, Plant & Equipment		 - - - 0.00 0.00 0.00 91 7.00 14 56 1.00
Divestitures		 42 50 170 1,014 0.00 0.00 1,040 1,729 23 71 273
Other Investing Activities, net		 0.00 0.00 0.00 -25 -5.00 2.00 0.00 0.00 -35 -11 -129
Net Cash From Financing Activities		 -448 2,373 -893 -1,438 -805 -781 -3,112 -4,413 -1,951 4,594 -2,224
Net Cash From Continuing Financing Activities		 -448 2,373 -893 -1,438 -805 -781 -3,112 -4,413 -1,951 4,594 -2,224
Repayment of Debt		 -143 -1,009 -746 -584 -1,665 -309 -937 -24 -65 -2,793 -4,432
Repurchase of Common Equity		 -300 -150 0.00 -710 -272 -200 -2,290 -3,675 -1,083 -518 -554
Payment of Dividends		 -180 -198 -252 -262 -272 -325 -725 -817 -864 -868 -886
Issuance of Debt		 34 3,683 61 85 1,387 27 901 6.00 4.00 8,749 3,515
Other Financing Activities, net		 141 47 44 33 17 26 -61 97 57 24 133
Effect of Exchange Rate Changes		 1.00 -23 -24 -4.00 - - 23 -3.00 - 11 -17

Quarterly Cash Flow Statements for L3Harris Technologies

This table details how cash moves in and out of L3Harris Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/30/2022 3/31/2023 6/30/2023 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 1/3/2025 3/28/2025 6/27/2025
Net Change in Cash & Equivalents		 351 -335 -179 133 61 -83 70 -8.00 76 -98 -35
Net Cash From Operating Activities		 782 350 414 543 789 -104 754 780 1,129 -42 640
Net Cash From Continuing Operating Activities		 782 350 414 543 789 -104 754 780 1,129 -42 640
Net Income / (Loss) Continuing Operations		 417 339 351 382 126 285 367 404 456 386 458
Consolidated Net Income / (Loss)		 417 339 351 382 126 285 367 404 456 386 458
Depreciation Expense		 695 85 421 310 350 320 536 324 326 301 303
Non-Cash Adjustments To Reconcile Net Income		 93 -260 126 28 587 -316 203 -199 231 -417 -183
Changes in Operating Assets and Liabilities, net		 31 21 -319 -177 -274 -393 -135 251 116 -312 62
Net Cash From Investing Activities		 -62 -2,048 -26 -4,864 -83 -116 58 -93 -112 744 -78
Net Cash From Continuing Investing Activities		 -62 -2,048 -26 -4,864 -83 -116 58 -93 -112 744 -78
Purchase of Property, Plant & Equipment		 -71 -71 -93 -148 -137 -115 -97 -78 -118 -59 -88
Other Investing Activities, net		 -42 -4.00 -4.00 -1.00 -2.00 -1.00 -3.00 -15 -110 -28 10
Net Cash From Financing Activities		 -385 1,361 -567 4,460 -660 144 -744 -709 -915 -805 -610
Net Cash From Continuing Financing Activities		 -385 1,361 -567 4,460 -660 144 -744 -709 -915 -805 -610
Repayment of Debt		 -48 -282 -274 -1,307 -930 -2,116 -1,108 -498 -675 -8.00 -132
Repurchase of Common Equity		 -183 -396 -122 - - -233 -89 -190 -42 -569 -253
Payment of Dividends		 -214 -220 -216 -216 -216 -224 -221 -220 -221 -228 -225
Effect of Exchange Rate Changes		 - 2.00 - -6.00 15 -7.00 2.00 14 -26 5.00 13

Annual Balance Sheets for L3Harris Technologies

This table presents L3Harris Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/27/2014 7/3/2015 7/1/2016 6/30/2017 6/29/2018 1/3/2020 1/1/2021 12/31/2021 12/30/2022 12/29/2023 1/3/2025
Total Assets		 4,919 13,127 12,009 10,090 9,851 38,336 36,960 34,709 33,524 41,687 42,001
Total Current Assets		 1,991 3,183 2,624 2,073 2,224 6,312 6,667 6,359 6,754 8,055 8,218
Cash & Equivalents		 561 481 487 484 288 824 1,276 941 880 560 615
Accounts Receivable		 566 1,168 674 623 466 1,216 1,344 1,045 1,251 1,230 1,072
Inventories, net		 619 1,015 867 841 411 1,219 1,034 982 1,291 1,472 1,330
Current Deferred & Refundable Income Taxes		 140 87 75 24 174 202 295 98 - 61 379
Other Current Assets		 96 165 124 101 885 2,851 2,683 3,293 3,285 3,626 3,691
Other Current Nonoperating Assets		 0.00 - 397 - 0.00 0.00 35 0.00 47 1,106 1,131
Plant, Property, & Equipment, net		 728 1,165 924 904 900 2,117 0.00 0.00 0.00 0.00 2,806
Total Noncurrent Assets		 2,200 8,779 8,461 7,113 6,727 29,907 30,293 28,350 26,770 33,632 30,977
Goodwill		 1,711 6,348 5,352 5,366 5,372 20,001 18,876 18,189 17,283 19,979 20,325
Intangible Assets		 258 1,775 1,231 1,104 989 8,458 7,908 6,640 6,001 8,540 7,639
Noncurrent Deferred & Refundable Income Taxes		 87 502 549 409 119 102 119 85 73 91 120
Other Noncurrent Operating Assets		 144 154 252 234 247 1,346 3,390 3,436 3,413 5,022 2,893
Total Liabilities & Shareholders' Equity		 4,919 13,127 12,009 10,090 9,851 38,336 36,960 34,709 33,524 41,687 42,001
Total Liabilities		 3,094 9,725 8,952 7,162 6,573 15,592 16,119 15,390 14,900 22,858 22,422
Total Current Liabilities		 1,115 2,274 1,981 1,926 1,850 4,009 4,240 4,551 5,776 8,004 7,633
Short-Term Debt		 60 163 397 634 382 260 10 13 820 1,965 1,155
Accounts Payable		 324 581 494 540 622 1,261 1,406 1,767 1,945 2,106 2,005
Current Employee Benefit Liabilities		 213 522 165 140 142 460 496 444 398 544 419
Other Current Liabilities		 - - - - 372 - 1,198 1,297 1,400 1,129 3,819
Other Current Nonoperating Liabilities		 0.00 28 248 - 0.00 0.00 13 0.00 19 272 235
Total Noncurrent Liabilities		 1,979 7,451 6,971 5,236 4,723 11,583 11,879 10,839 9,124 14,854 14,789
Long-Term Debt		 1,564 5,053 4,120 3,396 3,408 6,694 6,943 7,048 6,225 11,160 11,081
Noncurrent Deferred & Payable Income Tax Liabilities		 - - 4.00 34 79 1,481 1,237 1,344 719 815 942
Other Noncurrent Operating Liabilities		 311 443 506 528 522 1,589 1,793 1,833 2,180 2,879 2,766
Total Equity & Noncontrolling Interests		 1,825 3,402 3,057 2,928 3,278 22,744 20,841 19,319 18,624 18,829 19,579
Total Preferred & Common Equity		 1,826 3,397 3,056 2,928 3,278 22,587 20,724 19,213 18,523 18,765 19,514
Total Common Equity		 1,826 3,397 3,056 2,928 3,278 22,587 20,724 19,213 18,523 18,765 19,514
Common Stock		 615 2,155 2,221 1,861 1,832 20,912 19,216 16,442 15,868 15,743 15,748
Retained Earnings		 1,226 1,258 1,330 1,343 1,648 2,183 2,347 2,917 2,943 3,220 3,739
Accumulated Other Comprehensive Income / (Loss)		 -15 -16 -495 -276 -202 -508 -839 -146 -288 -198 27
Noncontrolling Interest		 -1.00 5.00 1.00 - - 157 117 106 101 64 65

Quarterly Balance Sheets for L3Harris Technologies

This table presents L3Harris Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/30/2022 3/31/2023 6/30/2023 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 1/3/2025 3/28/2025 6/27/2025
Total Assets		 33,524 35,507 35,362 42,293 41,687 41,816 41,657 41,889 42,001 41,248 41,240
Total Current Assets		 6,754 7,000 6,850 7,501 8,055 8,266 8,047 8,302 8,218 7,596 7,608
Cash & Equivalents		 880 545 366 499 560 477 547 539 615 517 482
Accounts Receivable		 1,251 1,231 1,383 1,381 1,230 1,209 1,230 1,042 1,072 1,501 1,437
Inventories, net		 1,291 1,541 1,555 1,638 1,472 1,476 1,432 1,399 1,330 1,252 1,258
Current Deferred & Refundable Income Taxes		 - 41 48 43 61 - - 329 379 205 93
Other Current Assets		 3,285 3,581 3,498 3,940 3,626 3,968 3,711 3,863 3,691 4,121 4,338
Other Current Nonoperating Assets		 47 61 0.00 0.00 1,106 1,136 1,127 1,130 1,131 0.00 0.00
Plant, Property, & Equipment, net		 0.00 2,133 0.00 2,818 0.00 2,836 0.00 2,795 0.00 2,755 2,742
Total Noncurrent Assets		 26,770 26,374 28,512 31,974 33,632 30,714 33,610 30,792 33,783 30,897 30,890
Goodwill		 17,283 18,291 18,417 20,736 19,979 20,070 20,367 20,433 20,325 20,337 20,372
Intangible Assets		 6,001 6,688 6,401 9,050 8,540 8,340 8,080 7,874 7,639 7,448 7,261
Noncurrent Deferred & Refundable Income Taxes		 73 74 84 87 91 113 134 119 120 128 89
Other Noncurrent Operating Assets		 3,413 1,321 3,610 2,101 5,022 2,191 5,029 2,366 5,699 2,984 3,168
Total Liabilities & Shareholders' Equity		 33,524 35,507 35,362 42,293 41,687 41,816 41,657 41,889 42,001 41,248 41,240
Total Liabilities		 14,900 17,099 16,831 23,577 22,858 23,086 22,753 22,827 22,422 22,118 21,962
Total Current Liabilities		 5,776 6,151 6,309 8,482 8,004 8,437 8,981 7,973 7,633 7,449 7,322
Short-Term Debt		 820 813 943 2,396 1,965 2,568 2,719 1,817 1,155 1,275 1,126
Accounts Payable		 1,945 2,054 2,029 2,112 2,106 2,112 1,896 2,049 2,005 2,047 2,033
Current Employee Benefit Liabilities		 398 285 389 461 544 379 445 402 419 314 444
Other Current Liabilities		 1,400 1,525 1,648 1,940 1,129 1,777 1,889 3,427 1,648 3,813 3,719
Other Current Nonoperating Liabilities		 19 20 0.00 0.00 272 245 243 243 235 0.00 0.00
Total Noncurrent Liabilities		 9,124 10,948 10,522 15,095 14,854 14,649 13,772 14,854 14,789 14,669 14,640
Long-Term Debt		 6,225 8,220 7,867 11,140 11,160 11,140 10,533 11,093 11,081 10,977 10,976
Noncurrent Deferred & Payable Income Tax Liabilities		 719 570 452 812 815 683 443 885 942 842 800
Other Noncurrent Operating Liabilities		 2,180 1,950 2,019 2,215 2,879 2,826 2,796 2,876 2,766 2,850 2,864
Total Equity & Noncontrolling Interests		 18,624 18,408 18,531 18,716 18,829 18,730 18,904 19,062 19,579 19,130 19,278
Total Preferred & Common Equity		 18,523 18,306 18,428 18,616 18,765 18,666 18,840 18,998 19,514 19,131 19,278
Total Common Equity		 18,523 18,306 18,428 18,616 18,765 18,666 18,840 18,998 19,514 19,131 19,278
Common Stock		 15,868 15,596 15,580 15,659 15,743 15,661 15,706 15,677 15,748 15,358 15,277
Retained Earnings		 2,943 2,998 3,111 3,278 3,220 3,239 3,368 3,515 3,739 3,787 3,970
Accumulated Other Comprehensive Income / (Loss)		 -288 -288 -263 -321 -198 -234 -234 -194 27 -14 31
Noncontrolling Interest		 101 102 103 100 64 64 64 64 65 -1.00 0.00

Annual Metrics And Ratios for L3Harris Technologies

This table displays calculated financial ratios and metrics derived from L3Harris Technologies' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 6/27/2014 7/3/2015 7/1/2016 6/30/2017 6/29/2018 6/28/2019 1/1/2021 12/31/2021 12/30/2022 12/29/2023 1/3/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -50.98% -22.49% 54.23% -1.59% 4.60% 10.26% 167.52% -2.09% -4.22% 13.81% 9.82%
EBITDA Growth		 -59.93% -29.54% 85.68% -3.93% -2.55% 15.21% 69.57% 34.78% -29.16% 17.67% 21.54%
EBIT Growth		 -64.55% -40.86% 103.24% -0.56% 1.61% 18.96% 23.13% 61.68% -39.09% 13.66% 28.80%
NOPAT Growth		 -66.11% -23.40% 59.20% -13.49% 12.75% 31.46% 7.91% 68.74% -44.83% 48.95% 29.79%
Net Income Growth		 389.91% -37.45% -2.99% 67.59% 28.73% 35.77% 14.44% 69.61% -42.40% 12.91% 26.21%
EPS Growth		 390.10% -37.17% -16.72% 68.34% 32.11% 36.46% -33.97% 75.14% -39.60% 17.30% 22.21%
Operating Cash Flow Growth		 1.92% 0.59% 8.20% -38.42% 31.99% 57.79% 135.44% -3.69% -19.69% -2.87% 22.09%
Free Cash Flow Firm Growth		 -65.91% -783.51% 159.66% -97.69% 545.08% 259.51% -1,419.75% 114.35% -41.39% -372.05% 147.09%
Invested Capital Growth		 -2.35% 174.33% -25.22% 9.62% 4.73% -7.70% 323.39% -3.99% -2.67% 23.42% -0.84%
Revenue Q/Q Growth		 -50.64% -20.35% 10.03% 12.52% 2.02% -26.87% 43.31% -1.71% 1.35% 4.08% 0.87%
EBITDA Q/Q Growth		 -60.01% -27.93% 29.28% 1.86% 20.38% -22.36% 75.62% 10.15% -2.01% -19.39% 11.84%
EBIT Q/Q Growth		 -64.84% -38.08% 39.95% 5.16% 3.16% -8.83% 9.98% 15.61% -3.00% -16.95% 21.43%
NOPAT Q/Q Growth		 -65.36% -23.42% 19.49% -8.46% 29.46% 6.72% -8.01% 31.38% -18.33% -10.77% 21.23%
Net Income Q/Q Growth		 16.37% -35.89% 200.00% -6.70% 15.16% -12.62% 11.04% 19.46% -5.94% -19.54% 27.92%
EPS Q/Q Growth		 17.30% -36.79% 264.79% -6.24% 14.97% 7.82% -21.24% 0.00% 0.00% -17.44% 24.33%
Operating Cash Flow Q/Q Growth		 9.72% 8.10% -4.35% -37.20% 142.26% -10.09% 12.50% 4.84% -1.82% 0.34% 15.32%
Free Cash Flow Firm Q/Q Growth		 -61.47% -711.24% 166.58% -97.03% 392.47% 46.42% -0.58% -3.68% -1.81% 16.08% -23.40%
Invested Capital Q/Q Growth		 -7.25% 167.20% -22.83% 4.00% -1.92% -7.89% -1.90% 0.00% -0.73% -3.76% -0.79%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 33.96% 39.00% 36.05% 34.64% 34.08% 34.32% 29.17% 30.18% 28.88% 26.33% 25.90%
EBITDA Margin		 21.75% 19.77% 23.80% 23.23% 21.64% 22.61% 14.33% 19.73% 14.59% 15.09% 16.70%
Operating Margin		 17.60% 16.27% 17.61% 15.14% 14.92% 16.06% 6.74% 11.84% 6.61% 7.34% 8.99%
EBIT Margin		 17.68% 13.49% 17.77% 17.96% 17.44% 18.82% 8.66% 14.30% 9.10% 9.08% 10.65%
Profit (Net Income) Margin		 10.65% 8.60% 5.41% 9.21% 11.33% 13.95% 5.97% 10.34% 6.22% 6.17% 7.09%
Tax Burden Percent		 67.17% 84.34% 36.65% 61.08% 76.98% 85.27% 82.15% 80.68% 83.35% 98.12% 94.68%
Interest Burden Percent		 89.73% 75.57% 83.00% 83.95% 84.39% 86.95% 83.88% 89.60% 82.02% 69.22% 70.29%
Effective Tax Rate		 32.20% 27.53% 30.88% 29.36% 22.69% 14.38% 17.70% 19.27% 16.65% 1.88% 5.32%
Return on Invested Capital (ROIC)		 20.52% 8.50% 10.56% 10.19% 10.73% 14.34% 6.16% 6.56% 3.74% 5.06% 5.97%
ROIC Less NNEP Spread (ROIC-NNEP)		 15.28% 4.03% -0.47% 7.44% 10.38% 14.78% 7.96% 8.93% 5.73% 2.81% 3.26%
Return on Net Nonoperating Assets (RNNOA)		 11.02% 4.28% -0.53% 7.95% 11.79% 14.24% 2.81% 2.62% 1.85% 1.34% 1.91%
Return on Equity (ROE)		 31.54% 12.78% 10.03% 18.15% 22.53% 28.58% 8.97% 9.17% 5.59% 6.40% 7.87%
Cash Return on Invested Capital (CROIC)		 22.90% -84.64% 39.43% 1.02% 6.12% 22.35% -117.41% 10.63% 6.44% -15.91% 6.81%
Operating Return on Assets (OROA)		 18.12% 5.81% 8.47% 9.58% 10.79% 12.82% 6.70% 7.11% 4.55% 4.69% 5.43%
Return on Assets (ROA)		 10.92% 3.70% 2.58% 4.91% 7.01% 9.51% 4.61% 5.14% 3.11% 3.19% 3.61%
Return on Common Equity (ROCE)		 31.55% 12.77% 10.02% 18.14% 22.53% 28.58% 8.93% 9.12% 5.56% 6.37% 7.85%
Return on Equity Simple (ROE_SIMPLE)		 29.24% 9.83% 10.60% 18.55% 21.32% 28.22% 5.24% 9.59% 5.73% 6.38% 7.75%
Net Operating Profit after Tax (NOPAT)		 598 458 729 631 711 935 1,009 1,703 939 1,399 1,816
NOPAT Margin		 11.93% 11.79% 12.17% 10.70% 11.53% 13.75% 5.55% 9.56% 5.51% 7.21% 8.52%
Net Nonoperating Expense Percent (NNEP)		 5.24% 4.47% 11.03% 2.75% 0.35% -0.44% -1.80% -2.37% -1.99% 2.25% 2.71%
Return On Investment Capital (ROIC_SIMPLE)		 17.34% 5.31% 9.63% 9.07% 10.06% 13.58% 3.63% 6.45% 3.66% 4.38% 5.71%
Cost of Revenue to Revenue		 66.04% 61.00% 63.95% 65.36% 65.92% 65.68% 70.83% 69.82% 71.12% 73.67% 74.10%
SG&A Expenses to Revenue		 16.36% 22.73% 18.44% 19.50% 19.16% 18.26% 18.22% 18.41% 17.57% 17.06% 16.73%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 16.36% 22.73% 18.44% 19.50% 19.16% 18.26% 22.44% 18.34% 22.27% 18.99% 16.91%
Earnings before Interest and Taxes (EBIT)		 886 524 1,065 1,059 1,076 1,280 1,576 2,548 1,552 1,764 2,272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,090 768 1,426 1,370 1,335 1,538 2,608 3,515 2,490 2,930 3,561
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.56 1.97 2.85 3.92 4.60 5.93 1.75 2.03 2.04 2.07 2.03
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.30 1.72 1.46 1.95 2.44 2.93 2.00 2.19 2.21 2.00 1.86
Price to Earnings (P/E)		 12.17 20.04 26.91 21.15 21.55 21.02 32.49 21.15 35.50 31.71 26.34
Dividend Yield		 2.75% 3.59% 2.86% 2.25% 1.80% 1.96% 1.96% 2.05% 2.26% 2.22% 2.22%
Earnings Yield		 8.22% 4.99% 3.72% 4.73% 4.64% 4.76% 3.08% 4.73% 2.82% 3.15% 3.80%
Enterprise Value to Invested Capital (EV/IC)		 2.63 1.41 2.16 2.32 2.74 3.67 1.59 1.78 1.78 1.69 1.69
Enterprise Value to Revenue (EV/Rev)		 1.51 2.87 2.13 2.55 3.01 3.37 2.32 2.54 2.58 2.65 2.40
Enterprise Value to EBITDA (EV/EBITDA)		 6.94 14.54 8.94 10.97 13.91 14.92 16.16 12.88 17.66 17.59 14.39
Enterprise Value to EBIT (EV/EBIT)		 8.53 21.31 11.97 14.20 17.26 17.92 26.75 17.77 28.33 29.22 22.56
Enterprise Value to NOPAT (EV/NOPAT)		 12.65 24.38 17.48 23.83 26.10 24.53 41.78 26.59 46.81 36.83 28.22
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.91 13.07 13.80 26.42 24.72 19.36 15.11 16.85 20.37 24.59 20.03
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.33 0.00 4.69 239.27 45.81 15.74 0.00 16.40 27.19 0.00 24.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.89 1.53 1.48 1.38 1.16 1.05 0.33 0.37 0.38 0.70 0.63
Long-Term Debt to Equity		 0.86 1.49 1.35 1.16 1.04 0.82 0.33 0.36 0.33 0.59 0.57
Financial Leverage		 0.72 1.06 1.14 1.07 1.14 0.96 0.35 0.29 0.32 0.48 0.58
Leverage Ratio		 2.89 3.45 3.89 3.69 3.21 3.01 1.95 1.78 1.80 2.01 2.18
Compound Leverage Factor		 2.59 2.61 3.23 3.10 2.71 2.61 1.63 1.60 1.48 1.39 1.53
Debt to Total Capital		 47.09% 60.52% 59.64% 57.92% 53.62% 51.15% 25.02% 26.77% 27.45% 41.07% 38.46%
Short-Term Debt to Total Capital		 1.74% 1.89% 5.24% 9.11% 5.40% 11.02% 0.04% 0.05% 3.19% 6.15% 3.63%
Long-Term Debt to Total Capital		 45.35% 58.63% 54.40% 48.81% 48.22% 40.13% 24.98% 26.72% 24.25% 34.93% 34.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -0.03% 0.06% 0.01% 0.00% 0.00% 0.00% 0.42% 0.40% 0.39% 0.20% 0.20%
Common Equity to Total Capital		 52.94% 39.42% 40.35% 42.08% 46.38% 48.85% 74.56% 72.83% 72.16% 58.73% 61.34%
Debt to EBITDA		 1.49 6.79 3.17 2.94 2.84 2.29 2.67 2.01 2.83 4.48 3.44
Net Debt to EBITDA		 0.97 5.82 2.83 2.59 2.62 1.95 2.18 1.74 2.48 4.29 3.26
Long-Term Debt to EBITDA		 1.43 6.58 2.89 2.48 2.55 1.80 2.66 2.01 2.50 3.81 3.11
Debt to NOPAT		 2.72 11.39 6.19 6.39 5.33 3.77 6.89 4.15 7.50 9.38 6.74
Net Debt to NOPAT		 1.76 9.75 5.53 5.62 4.92 3.20 5.63 3.59 6.56 8.98 6.40
Long-Term Debt to NOPAT		 2.62 11.03 5.65 5.38 4.79 2.96 6.88 4.14 6.63 7.98 6.10
Altman Z-Score		 3.44 1.06 1.60 2.10 2.64 3.20 2.15 2.46 2.34 1.74 1.89
Noncontrolling Interest Sharing Ratio		 -0.03% 0.08% 0.09% 0.02% 0.00% 0.00% 0.48% 0.56% 0.55% 0.44% 0.34%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.79 1.40 1.32 1.08 1.20 1.14 1.57 1.40 1.17 1.01 1.08
Quick Ratio		 1.02 0.84 0.59 0.57 0.41 0.44 0.62 0.44 0.37 0.22 0.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 667 -4,561 2,721 63 405 1,457 -19,229 2,760 1,617 -4,400 2,072
Operating Cash Flow to CapEx		 422.39% 577.03% 607.89% 478.15% 552.21% 736.02% 1,007.22% 802.09% 906.72% 533.33% 628.75%
Free Cash Flow to Firm to Interest Expense		 7.10 -35.08 14.87 0.37 2.38 8.72 -75.70 10.41 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 9.03 6.57 5.05 3.31 4.42 7.10 10.98 10.14 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 6.89 5.43 4.22 2.62 3.62 6.13 9.89 8.88 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.03 0.43 0.48 0.53 0.62 0.68 0.77 0.50 0.50 0.52 0.51
Accounts Receivable Turnover		 7.94 4.48 6.51 9.09 11.33 14.74 20.20 14.91 14.86 15.65 18.53
Inventory Turnover		 5.14 2.90 4.07 4.51 6.50 11.59 18.49 12.34 10.68 10.36 11.28
Fixed Asset Turnover		 7.26 4.10 5.74 6.45 6.84 7.58 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 9.98 5.24 7.13 7.45 7.00 7.79 13.35 7.84 6.54 7.06 7.69
Days Sales Outstanding (DSO)		 45.98 81.46 56.10 40.14 32.22 24.77 18.07 24.47 24.56 23.32 19.70
Days Inventory Outstanding (DIO)		 71.00 125.82 89.63 80.88 56.20 31.50 19.74 29.58 34.18 35.25 32.36
Days Payable Outstanding (DPO)		 36.58 69.69 51.20 48.96 52.16 46.86 27.35 46.56 55.83 51.68 47.48
Cash Conversion Cycle (CCC)		 80.40 137.59 94.54 72.06 36.26 9.41 10.46 7.50 2.92 6.89 4.58
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,879 7,898 5,906 6,474 6,780 6,258 26,496 25,439 24,761 30,560 30,304
Invested Capital Turnover		 1.72 0.72 0.87 0.95 0.93 1.04 1.11 0.69 0.68 0.70 0.70
Increase / (Decrease) in Invested Capital		 -69 5,019 -1,992 568 306 -522 20,238 -1,057 -678 5,799 -256
Enterprise Value (EV)		 7,562 11,165 12,749 15,033 18,567 22,939 42,153 45,269 43,968 51,537 51,252
Market Capitalization		 6,509 6,692 8,718 11,487 15,065 19,947 36,359 39,043 37,702 38,908 39,566
Book Value per Share		 $17.15 $32.56 $24.50 $24.02 $27.61 $28.47 $98.63 $97.91 $97.28 $99.00 $102.88
Tangible Book Value per Share		 ($1.34) ($45.30) ($28.28) ($29.05) ($25.97) ($24.10) ($28.84) ($28.62) ($25.00) ($51.46) ($44.55)
Total Capital		 3,449 8,618 7,574 6,958 7,068 6,885 27,794 26,380 25,669 31,954 31,815
Total Debt		 1,624 5,216 4,517 4,030 3,790 3,522 6,953 7,061 7,045 13,125 12,236
Total Long-Term Debt		 1,564 5,053 4,120 3,396 3,408 2,763 6,943 7,048 6,225 11,160 11,081
Net Debt		 1,054 4,468 4,030 3,546 3,502 2,992 5,677 6,120 6,165 12,565 11,621
Capital Expenditures (CapEx)		 201 148 152 119 136 161 277 335 238 393 407
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 366 324 553 297 468 539 1,161 880 918 1,456 1,125
Debt-free Net Working Capital (DFNWC)		 936 1,072 1,040 781 756 1,069 2,437 1,821 1,798 2,016 1,740
Net Working Capital (NWC)		 876 909 643 147 374 310 2,427 1,808 978 51 585
Net Nonoperating Expense (NNE)		 64 124 405 88 12 -14 -77 -139 -122 201 304
Net Nonoperating Obligations (NNO)		 1,054 4,496 2,849 3,546 3,502 2,895 5,655 6,120 6,137 11,731 10,725
Total Depreciation and Amortization (D&A)		 204 244 361 311 259 258 1,032 967 938 1,166 1,289
Debt-free, Cash-free Net Working Capital to Revenue		 7.30% 8.34% 9.23% 5.04% 7.59% 7.93% 6.38% 4.94% 5.38% 7.50% 5.28%
Debt-free Net Working Capital to Revenue		 18.68% 27.59% 17.36% 13.24% 12.26% 15.72% 13.39% 10.22% 10.54% 10.38% 8.16%
Net Working Capital to Revenue		 17.48% 23.40% 10.73% 2.49% 6.06% 4.56% 13.34% 10.15% 5.73% 0.26% 2.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $5.00 $3.15 $2.61 $4.50 $6.04 $8.03 $5.23 $9.17 $5.54 $6.47 $7.91
Adjusted Weighted Average Basic Shares Outstanding		 104.77M 124.07M 124.22M 119.76M 117.32M 0.00 205.57M 193.07M 190.09M 190.11M 188.31M
Adjusted Diluted Earnings per Share		 $4.95 $3.11 $2.59 $4.44 $5.92 $7.86 $5.19 $9.09 $5.49 $6.44 $7.87
Adjusted Weighted Average Diluted Shares Outstanding		 104.77M 124.07M 124.22M 119.76M 117.32M 0.00 205.57M 193.07M 190.09M 190.11M 188.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $8.03 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 104.77M 124.07M 124.22M 119.76M 117.32M 0.00 205.57M 193.07M 190.09M 190.11M 188.31M
Normalized Net Operating Profit after Tax (NOPAT)		 598 458 729 631 711 935 1,640 1,692 1,608 1,766 1,852
Normalized NOPAT Margin		 11.93% 11.79% 12.17% 10.70% 11.53% 13.75% 9.02% 9.50% 9.42% 9.09% 8.68%
Pre Tax Income Margin		 15.86% 10.19% 14.75% 15.08% 14.72% 16.37% 7.27% 12.82% 7.46% 6.29% 7.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.43 4.03 5.82 6.16 6.33 7.66 6.20 9.62 0.00 0.00 0.00
NOPAT to Interest Expense		 6.36 3.52 3.98 3.67 4.18 5.60 3.97 6.42 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 7.29 2.89 4.99 5.47 5.53 6.70 5.11 8.35 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 4.22 2.38 3.15 2.98 3.38 4.63 2.88 5.16 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 33.71% 59.28% 77.78% 48.25% 38.91% 34.25% 66.76% 44.35% 81.43% 72.45% 58.60%
Augmented Payout Ratio		 89.89% 104.19% 77.78% 179.01% 77.83% 55.32% 277.62% 243.87% 183.51% 115.69% 95.24%

Quarterly Metrics And Ratios for L3Harris Technologies

This table displays calculated financial ratios and metrics derived from L3Harris Technologies' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/30/2022 3/31/2023 6/30/2023 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 1/3/2025 3/28/2025 6/27/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.24% 8.97% 13.49% 15.76% 16.64% 16.55% 12.91% 7.67% 3.43% -1.52% 2.40%
EBITDA Growth		 44.83% -13.28% 9.58% 4,673.68% -54.15% 8.41% 21.46% 5.87% 63.15% 15.78% 11.12%
EBIT Growth		 -7.33% -21.36% -18.41% 322.71% -59.31% -1.89% 16.36% 6.62% 162.35% 30.69% 20.28%
NOPAT Growth		 -34.84% -19.07% -12.90% 286.71% -34.07% 4.01% 18.68% 1.67% 108.68% 18.85% 11.42%
Net Income Growth		 -13.84% -28.63% -25.32% 226.91% -69.78% -15.93% 4.56% 5.76% 261.90% 35.44% 24.80%
EPS Growth		 0.00% -27.87% -24.38% 229.49% -62.10% -15.91% 4.92% 3.96% 185.54% 37.84% 27.08%
Operating Cash Flow Growth		 -4.87% 797.44% -44.73% -7.65% 0.90% -129.71% 82.13% 43.65% 43.09% 59.62% -15.12%
Free Cash Flow Firm Growth		 -35.49% -99.36% -30.98% -2,621.25% -620.40% -711.17% -322.49% 126.32% 114.23% 116.82% 109.88%
Invested Capital Growth		 -2.67% 3.19% 4.49% 27.31% 23.42% 15.70% 13.90% -3.80% -0.84% -0.66% 0.56%
Revenue Q/Q Growth		 7.82% -2.34% 4.97% 4.73% 8.65% -2.42% 1.69% -0.13% 4.37% -7.08% 5.73%
EBITDA Q/Q Growth		 6,952.63% -44.32% 24.69% -3.87% -31.30% 31.66% 39.69% -16.21% 5.87% -6.57% 7.58%
EBIT Q/Q Growth		 341.83% -21.75% 1.68% 15.74% -55.81% 88.66% 20.60% 6.05% 8.72% -6.02% 11.00%
NOPAT Q/Q Growth		 258.07% -7.77% 5.67% 21.20% -44.19% 45.50% 20.58% 3.83% 14.56% -17.13% 13.04%
Net Income Q/Q Growth		 238.54% -18.71% 3.54% 8.83% -67.02% 126.19% 28.77% 10.08% 12.87% -15.35% 18.65%
EPS Q/Q Growth		 240.38% -19.63% 3.98% 10.38% -58.91% 78.31% 29.73% 9.38% 12.86% -13.92% 19.61%
Operating Cash Flow Q/Q Growth		 32.99% -55.24% 18.29% 31.16% 45.30% -113.18% 825.00% 3.45% 44.74% -103.72% 1,623.81%
Free Cash Flow Firm Q/Q Growth		 322.73% -144.48% -64.95% -712.91% 12.75% 30.67% 14.09% 150.64% -52.83% -18.04% -49.56%
Invested Capital Q/Q Growth		 -0.73% 8.46% 0.45% 17.71% -3.76% 1.67% -1.11% -0.58% -0.79% 1.85% 0.11%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.57% 26.08% 25.29% 26.59% 27.21% 25.87% 25.67% 26.81% 25.29% 26.31% 24.60%
EBITDA Margin		 28.44% 16.22% 19.26% 17.68% 11.18% 15.08% 20.72% 17.38% 17.64% 17.73% 18.04%
Operating Margin		 10.81% 8.79% 8.52% 9.75% 2.88% 7.25% 8.98% 9.35% 10.30% 10.23% 10.52%
EBIT Margin		 13.26% 10.62% 10.29% 11.37% 4.63% 8.94% 10.61% 11.26% 11.73% 11.87% 12.46%
Profit (Net Income) Margin		 9.11% 7.58% 7.48% 7.77% 2.36% 5.47% 6.93% 7.63% 8.26% 7.52% 8.44%
Tax Burden Percent		 78.24% 90.88% 94.35% 95.50% 165.79% 98.28% 94.10% 93.95% 93.63% 84.10% 87.40%
Interest Burden Percent		 87.81% 78.53% 77.02% 71.56% 30.77% 62.23% 69.40% 72.15% 75.15% 75.37% 77.51%
Effective Tax Rate		 21.76% 9.12% 5.65% 4.50% -65.79% 1.72% 5.90% 6.05% 6.37% 15.90% 12.60%
Return on Invested Capital (ROIC)		 5.75% 5.27% 5.48% 6.13% 3.36% 4.96% 6.08% 5.96% 6.76% 5.90% 6.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.24% 5.03% 5.13% 5.35% 1.91% 4.13% 5.29% 5.47% 6.08% 5.44% 6.03%
Return on Net Nonoperating Assets (RNNOA)		 2.01% 2.01% 2.05% 2.82% 0.91% 2.31% 2.86% 3.55% 3.55% 3.46% 3.70%
Return on Equity (ROE)		 7.76% 7.28% 7.53% 8.94% 4.27% 7.27% 8.95% 9.51% 10.31% 9.36% 10.08%
Cash Return on Invested Capital (CROIC)		 6.44% 0.08% -1.40% -18.50% -15.91% -9.66% -7.83% 8.68% 6.81% 6.75% 5.73%
Operating Return on Assets (OROA)		 6.63% 5.29% 5.33% 5.61% 2.39% 4.66% 5.72% 5.66% 5.98% 6.07% 6.42%
Return on Assets (ROA)		 4.56% 3.78% 3.87% 3.83% 1.22% 2.85% 3.73% 3.83% 4.21% 3.85% 4.35%
Return on Common Equity (ROCE)		 7.72% 7.24% 7.49% 8.89% 4.25% 7.24% 8.91% 9.47% 10.28% 9.35% 10.07%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.05% 4.37% 8.00% 0.00% 6.13% 6.16% 6.22% 0.00% 8.43% 8.84%
Net Operating Profit after Tax (NOPAT)		 387 357 377 457 255 371 448 465 533 442 499
NOPAT Margin		 8.46% 7.99% 8.04% 9.31% 4.78% 7.13% 8.45% 8.79% 9.65% 8.60% 9.20%
Net Nonoperating Expense Percent (NNEP)		 -0.49% 0.24% 0.35% 0.77% 1.45% 0.83% 0.80% 0.50% 0.68% 0.46% 0.35%
Return On Investment Capital (ROIC_SIMPLE)		 1.51% 1.30% 1.38% 1.42% 0.80% 1.15% 1.39% 1.45% 1.67% 1.41% 1.59%
Cost of Revenue to Revenue		 72.43% 73.92% 74.71% 73.41% 72.79% 74.13% 74.33% 73.19% 74.71% 73.69% 75.40%
SG&A Expenses to Revenue		 16.75% 17.29% 16.77% 16.85% 17.32% 18.61% 16.68% 17.46% 14.30% 16.08% 14.08%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 16.75% 17.29% 16.77% 16.85% 24.33% 18.61% 16.68% 17.46% 14.99% 16.08% 14.08%
Earnings before Interest and Taxes (EBIT)		 607 475 483 559 247 466 562 596 648 609 676
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,302 725 904 869 597 786 1,098 920 974 910 979
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.04 1.95 1.94 1.71 2.07 2.12 2.23 2.32 2.03 2.05 2.40
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.21 2.05 1.98 1.71 2.00 1.96 2.02 2.09 1.86 1.84 2.16
Price to Earnings (P/E)		 35.50 38.61 44.51 21.48 31.71 33.74 35.26 36.56 26.34 24.38 27.21
Dividend Yield		 2.26% 2.40% 2.40% 2.69% 2.22% 2.19% 2.08% 1.99% 2.22% 2.25% 1.91%
Earnings Yield		 2.82% 2.59% 2.25% 4.66% 3.15% 2.96% 2.84% 2.74% 3.80% 4.10% 3.68%
Enterprise Value to Invested Capital (EV/IC)		 1.78 1.65 1.64 1.42 1.69 1.70 1.78 1.85 1.69 1.65 1.87
Enterprise Value to Revenue (EV/Rev)		 2.58 2.54 2.46 2.41 2.65 2.62 2.64 2.68 2.40 2.39 2.70
Enterprise Value to EBITDA (EV/EBITDA)		 17.66 18.71 17.04 12.39 17.59 17.99 17.47 17.76 14.39 13.80 15.28
Enterprise Value to EBIT (EV/EBIT)		 28.33 31.10 33.67 21.20 29.22 30.13 29.84 30.23 22.56 21.06 22.85
Enterprise Value to NOPAT (EV/NOPAT)		 46.81 51.97 56.01 28.72 36.83 37.28 36.68 37.76 28.22 26.96 29.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.37 17.93 20.73 21.56 24.59 32.20 27.61 25.49 20.03 19.40 23.05
Enterprise Value to Free Cash Flow (EV/FCFF)		 27.19 2,141.69 0.00 0.00 0.00 0.00 0.00 20.91 24.74 24.32 32.76
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.38 0.49 0.48 0.72 0.70 0.73 0.70 0.68 0.63 0.64 0.63
Long-Term Debt to Equity		 0.33 0.45 0.42 0.60 0.59 0.59 0.56 0.58 0.57 0.57 0.57
Financial Leverage		 0.32 0.40 0.40 0.53 0.48 0.56 0.54 0.65 0.58 0.64 0.61
Leverage Ratio		 1.80 1.85 1.84 2.04 2.01 2.08 2.06 2.23 2.18 2.19 2.17
Compound Leverage Factor		 1.58 1.45 1.42 1.46 0.62 1.30 1.43 1.61 1.64 1.65 1.68
Debt to Total Capital		 27.45% 32.92% 32.22% 41.97% 41.07% 42.26% 41.21% 40.38% 38.46% 39.04% 38.57%
Short-Term Debt to Total Capital		 3.19% 2.96% 3.45% 7.43% 6.15% 7.92% 8.46% 5.68% 3.63% 4.06% 3.59%
Long-Term Debt to Total Capital		 24.25% 29.96% 28.77% 34.54% 34.93% 34.34% 32.76% 34.70% 34.83% 34.98% 34.98%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.39% 0.37% 0.38% 0.31% 0.20% 0.20% 0.20% 0.20% 0.20% 0.00% 0.00%
Common Equity to Total Capital		 72.16% 66.71% 67.40% 57.72% 58.73% 57.54% 58.59% 59.42% 61.34% 60.96% 61.43%
Debt to EBITDA		 2.83 3.82 3.39 3.72 4.48 4.66 4.23 4.05 3.44 3.32 3.20
Net Debt to EBITDA		 2.48 3.59 3.25 3.59 4.29 4.50 4.06 3.89 3.26 3.18 3.07
Long-Term Debt to EBITDA		 2.50 3.47 3.03 3.06 3.81 3.79 3.36 3.48 3.11 2.98 2.90
Debt to NOPAT		 7.50 10.61 11.15 8.63 9.38 9.66 8.88 8.62 6.74 6.50 6.25
Net Debt to NOPAT		 6.56 9.97 10.69 8.31 8.98 9.33 8.51 8.26 6.40 6.22 6.00
Long-Term Debt to NOPAT		 6.63 9.65 9.96 7.10 7.98 7.85 7.06 7.41 6.10 5.82 5.67
Altman Z-Score		 2.24 1.93 1.97 1.38 1.62 1.65 1.74 1.84 1.76 1.76 1.98
Noncontrolling Interest Sharing Ratio		 0.55% 0.55% 0.55% 0.54% 0.44% 0.45% 0.45% 0.43% 0.34% 0.17% 0.17%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.17 1.14 1.09 0.88 1.01 0.98 0.90 1.04 1.08 1.02 1.04
Quick Ratio		 0.37 0.29 0.28 0.22 0.22 0.20 0.20 0.20 0.22 0.27 0.26
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,065 -474 -782 -6,354 -5,544 -3,844 -3,302 1,672 789 647 326
Operating Cash Flow to CapEx		 920.00% 492.96% 445.16% 366.89% 575.91% -90.43% 777.32% 1,000.00% 956.78% -71.19% 727.27%
Free Cash Flow to Firm to Interest Expense		 0.00 -4.65 -7.04 -39.96 0.00 -21.84 -19.20 10.07 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 3.43 3.73 3.42 0.00 -0.59 4.38 4.70 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 2.74 2.89 2.48 0.00 -1.24 3.82 4.23 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.50 0.50 0.52 0.49 0.52 0.52 0.54 0.50 0.51 0.51 0.52
Accounts Receivable Turnover		 14.86 13.87 13.98 14.81 15.65 16.52 15.89 17.45 18.53 15.68 16.03
Inventory Turnover		 10.68 9.56 9.43 9.23 10.36 9.85 10.24 10.25 11.28 11.52 11.80
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 8.11 0.00 7.53 0.00 7.60 0.00
Accounts Payable Turnover		 6.54 6.66 7.03 6.56 7.06 7.14 7.79 7.48 7.69 7.56 8.08
Days Sales Outstanding (DSO)		 24.56 26.32 26.11 24.64 23.32 22.09 22.97 20.92 19.70 23.28 22.77
Days Inventory Outstanding (DIO)		 34.18 38.17 38.72 39.56 35.25 37.04 35.64 35.62 32.36 31.67 30.93
Days Payable Outstanding (DPO)		 55.83 54.79 51.93 55.67 51.68 51.15 46.83 48.80 47.48 48.28 45.18
Cash Conversion Cycle (CCC)		 2.92 9.70 12.90 8.52 6.89 7.98 11.77 7.73 4.58 6.67 8.53
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,761 26,855 26,975 31,753 30,560 31,070 30,725 30,546 30,304 30,865 30,898
Invested Capital Turnover		 0.68 0.66 0.68 0.66 0.70 0.70 0.72 0.68 0.70 0.69 0.69
Increase / (Decrease) in Invested Capital		 -678 831 1,159 6,811 5,799 4,215 3,750 -1,207 -256 -205 173
Enterprise Value (EV)		 43,968 44,262 44,245 45,038 51,537 52,874 54,726 56,563 51,252 50,856 57,792
Market Capitalization		 37,702 35,672 35,698 31,901 38,908 39,579 41,957 44,128 39,566 39,122 46,172
Book Value per Share		 $97.28 $96.30 $97.27 $98.43 $99.00 $98.35 $99.33 $100.14 $102.88 $101.59 $103.12
Tangible Book Value per Share		 ($25.00) ($35.10) ($33.73) ($59.06) ($51.46) ($51.34) ($50.65) ($49.07) ($44.55) ($45.96) ($44.69)
Total Capital		 25,669 27,441 27,341 32,252 31,954 32,438 32,156 31,972 31,815 31,382 31,380
Total Debt		 7,045 9,033 8,810 13,536 13,125 13,708 13,252 12,910 12,236 12,252 12,102
Total Long-Term Debt		 6,225 8,220 7,867 11,140 11,160 11,140 10,533 11,093 11,081 10,977 10,976
Net Debt		 6,165 8,488 8,444 13,037 12,565 13,231 12,705 12,371 11,621 11,735 11,620
Capital Expenditures (CapEx)		 85 71 93 148 137 115 97 78 118 59 88
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 918 1,117 1,118 916 1,456 1,920 1,238 1,607 1,125 905 930
Debt-free Net Working Capital (DFNWC)		 1,798 1,662 1,484 1,415 2,016 2,397 1,785 2,146 1,740 1,422 1,412
Net Working Capital (NWC)		 978 849 541 -981 51 -171 -934 329 585 147 286
Net Nonoperating Expense (NNE)		 -30 18 26 75 129 86 81 61 77 56 41
Net Nonoperating Obligations (NNO)		 6,137 8,447 8,444 13,037 11,731 12,340 11,821 11,484 10,725 11,735 11,620
Total Depreciation and Amortization (D&A)		 695 250 421 310 350 320 536 324 326 301 303
Debt-free, Cash-free Net Working Capital to Revenue		 5.38% 6.41% 6.22% 4.91% 7.50% 9.52% 5.96% 7.60% 5.28% 4.26% 4.35%
Debt-free Net Working Capital to Revenue		 10.54% 9.54% 8.25% 7.58% 10.38% 11.89% 8.60% 10.15% 8.16% 6.69% 6.61%
Net Working Capital to Revenue		 5.73% 4.87% 3.01% -5.26% 0.26% -0.85% -4.50% 1.56% 2.74% 0.69% 1.34%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.19 $1.77 $1.84 $2.02 $0.84 $1.49 $1.93 $2.11 $2.38 $2.05 $2.45
Adjusted Weighted Average Basic Shares Outstanding		 190.09M 190.20M 189.20M 189.30M 190.11M 189.80M 189.70M 189.60M 188.31M 188.50M 187.09M
Adjusted Diluted Earnings per Share		 $2.19 $1.76 $1.83 $2.02 $0.83 $1.48 $1.92 $2.10 $2.37 $2.04 $2.44
Adjusted Weighted Average Diluted Shares Outstanding		 190.09M 191.20M 190.10M 190.10M 190.11M 190.80M 190.60M 190.50M 188.31M 189.10M 187.09M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 190.09M 189.45M 189.13M 189.54M 190.11M 189.68M 189.71M 189.67M 188.31M 186.95M 187.09M
Normalized Net Operating Profit after Tax (NOPAT)		 387 357 377 457 108 371 448 465 533 442 499
Normalized NOPAT Margin		 8.46% 7.99% 8.04% 9.31% 2.02% 7.13% 8.45% 8.79% 9.65% 8.60% 9.20%
Pre Tax Income Margin		 11.64% 8.34% 7.93% 8.14% 1.42% 5.57% 7.36% 8.13% 8.82% 8.94% 9.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 4.66 4.35 3.52 0.00 2.65 3.27 3.59 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 3.50 3.40 2.88 0.00 2.11 2.60 2.80 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 3.96 3.51 2.58 0.00 1.99 2.70 3.12 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 2.81 2.56 1.95 0.00 1.46 2.04 2.33 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 81.43% 93.62% 107.32% 58.16% 72.45% 76.22% 75.60% 74.53% 58.60% 55.18% 52.46%
Augmented Payout Ratio		 183.51% 220.22% 215.51% 105.24% 115.69% 107.26% 103.36% 117.85% 95.24% 110.35% 114.32%

Key Financial Trends

L3Harris Technologies (NYSE:LHX) has demonstrated steady financial performance over the past several years, with an improving net income trend and solid cash flow generation from operations. Here is an analysis based on their income statements, cash flow statements, and balance sheets spanning from Q3 2022 to Q2 2025.

  • Consistent Revenue Growth: Operating revenue increased from approximately $4.3 billion in Q3 2022 to $5.4 billion by Q2 2025, reflecting steady top-line growth over the past three years.
  • Improving Net Income: Net income rose from a loss of approximately -$301 million in Q3 2022 to a solid profit of $458 million in Q2 2025, indicating successful operational improvements and cost management.
  • Stable Earnings Per Share (EPS): Diluted EPS grew from negative $1.56/share in Q3 2022 to approximately $2.44/share by Q2 2025, signaling enhanced profitability and shareholder value creation.
  • Strong Operating Cash Flow: Net cash from operating activities remained consistently positive in recent quarters, reaching $640 million in Q2 2025, highlighting robust cash generation capabilities.
  • Effective Debt Management: The company has been actively repaying debt, with repayments totaling over $1.3 billion in recent quarters, helping to reduce financial leverage while maintaining access to capital.
  • Dividend Payments Maintained: L3Harris sustained dividend payments at around $1.14 to $1.20 per common share annually, indicating commitment to returning cash to shareholders.
  • Share Repurchases: The company repurchased common equity regularly, with amounts as high as $253 million in Q2 2025, supporting share price by reducing outstanding shares.
  • Inventories and Receivables Fluctuation: Accounts receivable and inventories have fluctuated but remained within reasonable ranges relative to revenue, warranting monitoring for working capital efficiency improvements.
  • Goodwill and Intangible Assets Remain Elevated: Goodwill and intangible assets are significant components (~$20 billion goodwill, ~$7 billion intangible assets), suggesting a history of acquisitions and necessitating watch for impairment risks.
  • Long-Term Debt Levels Remain High: Despite repayments, long-term debt stayed around $11 billion recently, which may pose interest and refinancing risks depending on market conditions and company cash flow.

Summary: L3Harris Technologies shows positive trends in revenue, net income, EPS, and cash flow generation over the past several years. Management’s emphasis on debt reduction, dividends, and share repurchases reflects a shareholder-friendly capital allocation strategy. Key risks include sustained high debt levels and significant goodwill on the balance sheet, emphasizing the need for continued operational execution and careful capital management. Overall, the company’s financial health and profitability appear to be improving, which may be encouraging for investors considering exposure to LHX stock.

08/08/25 05:48 PMAI Generated. May Contain Errors.

Frequently Asked Questions About L3Harris Technologies' Financials

When does L3Harris Technologies' financial year end?

According to the most recent income statement we have on file, L3Harris Technologies' fiscal year ends in January. Their fiscal year 2025 ended on January 3, 2025.

How has L3Harris Technologies' net income changed over the last 10 years?

L3Harris Technologies' net income appears to be on an upward trend, with a most recent value of $1.51 billion in 2024, rising from $534 million in 2014. The previous period was $1.20 billion in 2023. See where experts think L3Harris Technologies is headed by visiting L3Harris Technologies' forecast page.

What is L3Harris Technologies' operating income?
L3Harris Technologies' total operating income in 2024 was $1.92 billion, based on the following breakdown:
  • Total Gross Profit: $5.52 billion
  • Total Operating Expenses: $3.61 billion
How has L3Harris Technologies' revenue changed over the last 10 years?

Over the last 10 years, L3Harris Technologies' total revenue changed from $5.01 billion in 2014 to $21.33 billion in 2024, a change of 325.5%.

How much debt does L3Harris Technologies have?

L3Harris Technologies' total liabilities were at $22.42 billion at the end of 2024, a 1.9% decrease from 2023, and a 624.7% increase since 2014.

How much cash does L3Harris Technologies have?

In the past 10 years, L3Harris Technologies' cash and equivalents has ranged from $288 million in 2018 to $1.28 billion in 2020, and is currently $615 million as of their latest financial filing in 2024.

How has L3Harris Technologies' book value per share changed over the last 10 years?

Over the last 10 years, L3Harris Technologies' book value per share changed from 17.15 in 2014 to 102.88 in 2024, a change of 500.1%.


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This page (NYSE:LHX) was last updated on 8/8/2025 by MarketBeat.com Staff
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