L3Harris Technologies Inc
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+ FollowMarket Cap$51.78B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong quarter + “execution-first” margin/cash story (good):
- Organic revenue +9% YoY (despite one fewer week vs Q3’25). Reported revenue $6.1B (+7% YoY).
- EPS $3.28 (+33% YoY) supported by higher revenue and margin expansion.
- Operating income $786M (+27% YoY); segment margins 15.9% (about +200 bps).
- Free cash flow $1.3B (+195% YoY); operating cash flow $1.4B; free cash flow conversion highlighted as a core strength (company goal remains FCF > net income, and they framed cash as not “Q4 pull-forward” driven).
Backlog & demand signal is very strong (good/surprising):
- Orders $19.3B; book-to-bill 3.2x (historic).
- Backlog $53.2B (+27% QoQ; +47% YoY)—positioned as highly aligned to four growth vectors:
1) Missiles / solid rocket motors, 2) Space, 3) Resilient comms + electronic warfare, 4) Multi-domain sensing.
- Notable awards: PAC-3 + THAAD total ~$11B (largest two). Also AMDT3 $955M (space) and Next Gen Jammer low-band $876M; VAMPIRE orders >$500M in the quarter; missionized business jets $323M awards in Q3 (with Air Force Compass Call total moving toward 12 of 22 aircraft).
Guidance raised for 2026, with cash flow reaffirmed (good):
- Revenue guidance: $23.5B–$23.7B (raised bottom end by $300M; organic growth now ~9–10%).
- EPS guidance increased to $12.25–$12.35 (midpoint up $0.40), with ~half the EPS lift from lower interest expense (now expected $515M).
- Free cash flow guidance reaffirmed at ~$3B.
- 2028 framework reaffirmed organic growth ~8%, segment margins ~16% (slightly adjusted vs earlier assumptions), with FCF expected ~$3B (down from prior $3.5B framework expectations due to timing/assumptions changes).
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$214.07
17.6% downside
Current Fair Value
17.6% downsideOvervalued by 17.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $51.78 Billion |
|---|---|
| Enterprise Value | $64.19 Billion |
| Annual dividend | $4.95 |
| Dividend yield | 1.78% |
| Earnings per Share | $8.57 |
| Beta | 0.75 |
| Outstanding Shares | 186,100,000 |
Return
| Return on Equity | 9.87% |
|---|---|
| Return on Assets | 4.79% |
| Return on Invested Capital | 8.19% |
Valuation & Multiples
| P/E Ratio | 25.75 |
|---|---|
| PEG | 64.65 |
| Price to Sales | 2.06 |
| Price to Book Ratio | 2.32 |
| Enterprise Value to Revenue | 2.74 |
| Enterprise Value to EBIT | 22.77 |
| Enterprise Value to Net Income | 31 |
| Total Debt to Enterprise | 0.22 |
| Debt to Equity | 0.67 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$2.95
Consensus analyst estimateRevenue Estimate
$5.92 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$3.16
Consensus analyst estimateRevenue Estimate
$5.99 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 59.76% |
|---|---|
| Total Calls | 600▼ 99.91% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.77%▼ 84.50% |
|---|---|
| Total Invested | $1.62B▼ 96.61% |
| Investors Holding | 622▼ 1124.00% |
About L3Harris Technologies Inc
45,000 employees
CEO: William Brown
L3Harris Technologies, Inc., a prominent aerospace and defense technology firm, delivers essential, mission-focused solutions to government agencies and commercial clients globally. Its Integrated Mission Systems division provides compre...