L3Harris Technologies Inc Dossier - Source-backed chat

L3Harris Technologies Inc

LHXNYSE

SectorIndustrials

IndustryAerospace & Defense

Beta (adjusted)0.67

Intrinsic Value $348.70median of 6 methods · middle span $213-$449based on filings through 3 Jul 2026

Market Price $238.40Price as of 1 Oct 2026

UndervaluedIntrinsic value is 46% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $44.4B

Enterprise Value $52.4B

Shares Outstanding 187.6M diluted

Moat Rating Wide

Next Earnings Date29 Oct 2026

Last ex-dividend4 Sep 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

L3Harris entered the second half of 2026 with strong operating momentum: second-quarter revenue increased 8%, orders exceeded revenue, backlog reached a record $42 billion, segment operating margin was 16.0%, and management raised consolidated revenue and EPS guidance. Portfolio actions could unlock value, particularly the planned Missile Solutions IPO and sale of a controlling interest in Space Propulsion and Power Systems.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets11 analysts · as of 18 Aug 2026

Low · most bearish analyst$285.00

Mean target$343.27

High · most bullish analyst$393.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$285.0019%

Revenue or cash flow falls below guidance because of program-performance, contract-mix, government-funding or supply-chain pressure, while regulatory or market conditions delay the planned transactions.

Base CaseCentral scenario

$343.2758%

Matches the consensus mean

Backlog conversion and program execution support results within management's fiscal 2026 revenue, margin and free-cash-flow guidance, while the announced portfolio transactions progress without material value leakage.

Bull CaseUpside scenario

$393.0023%

Revenue finishes at or above the upper end of the $23.2-$23.7 billion guidance range, segment margin remains around or above the low-16% objective, free cash flow reaches or exceeds $3.0 billion, and the Missile Solutions IPO and space transaction advance on schedule.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Second-quarter orders of $7.3 billion produced a 1.2 book-to-bill ratio and lifted backlog to a record $42 billion.
Second-quarter revenue grew 8%, segment operating margin reached 16.0%, and free cash flow increased 37% to $771 million.
The planned Missile Solutions IPO and the agreed sale of a controlling stake in Space Propulsion and Power Systems provide identifiable portfolio-value catalysts.

Key Investment Risks

Results remain sensitive to U.S. government spending priorities, contract mix, unilateral government contract actions and geopolitical conditions.
The Missile Solutions IPO and associated government investment remain subject to legal, regulatory, funding, market and execution uncertainties.
The Space Propulsion and Power Systems transaction remains subject to regulatory approvals and closing conditions, while L3Harris would retain a non-controlling interest.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.