SMS
- Integrates satellite and payload capabilities, including missile warning and defense, with maritime, air special missions, and other global defense and civil government programs
L3Harris Technologies, Inc.
LHX 5.5Price and target zones价格与目标区间
In the buy zone在买入区间内
$238.67
$230–250 entry买入$324.94+ full value估值上限 · 24× fwd52wk52周 $235–$379-37% off the high距高点
What the company does公司做什么
L3Harris Technologies, Inc. provides mission-critical solutions for government and commercial customers worldwide. It operates through three segments: Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), and Missile Solutions (MSL).
The company was formerly known as Harris Corporation and changed its name to L3Harris Technologies, Inc. in June 2019.
Read the full description查看完整介绍
L3Harris Technologies, Inc. provides mission-critical solutions for government and commercial customers worldwide. It operates through three segments: Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), and Missile Solutions (MSL). The SMS segment integrates satellite and payload capabilities, including missile warning and defense, with maritime, air special missions, and other global defense and civil government programs. Its MSL segment unites propulsion, hypersonic, and other advanced missile technologies. The CSD segment provides tactical radios, software, waveforms, satellite terminals, and end-to-end battlefield systems for the U.S. Department of Defense, international, federal, and state agency customers; broadband communications; integrated vision solutions, such as helmet-mounted integrated night vision goggles with image intensifier tubes and weapon-mounted sights, aiming lasers, and range finders; and public safety radios and system applications and equipment. The company was formerly known as Harris Corporation and changed its name to L3Harris Technologies, Inc. in June 2019. L3Harris Technologies, Inc. was founded in 1895 and is headquartered in Melbourne, Florida.
Business segments业务板块 3
MSL
- Unites propulsion, hypersonic, and other advanced missile technologies
CSD
- Tactical radios, software, waveforms, satellite terminals, and end-to-end battlefield systems for the U.S. Department of Defense, international, federal, and state agency customers
- Broadband communications
- Integrated vision solutions, such as helmet-mounted integrated night vision goggles with image intensifier tubes and weapon-mounted sights, aiming lasers, and range finders
- Public safety radios and system applications and equipment
Company facts公司资料
- Founded成立时间
- 1895
- Headquarters总部
- Melbourne, Florida
- Former name曾用名
- Harris Corporation
- Employees员工人数
- 45,000
- Industry行业
- Aerospace & Defense
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
👀 ANALYZED 8/19 — first file ever. WATCH; the entry is ~10% below and two shocks just delivered most of the way. L3Harris is the #6 US defense prime — tactical radios and resilient comms (the real moat: waveform certification, NSA approval, programmes of record), space & mission systems (~50% of revenue, the contested flank — Starshield and proliferated-LEO attack it directly), and Missile Solutions, the Aerojet propulsion business that grew +14% and is negotiating $20B+ of contracts into a solid-rocket-motor shortage.
What's working
- Record $42B backlog, 1.2x book-to-bill, 7% organic, $3.0B FCF guided at a 33% payout — the dividend is very safe (it survives a 50% cut to FCF), but growth decelerated 9.5% → 7.1% → 2.3% across 10/5/3yr, so at a 1.8% yield this is not an income holding. ⚖️ The whole name is one sentence: the operating business earns ~44% on tangible capital and the shareholder earns 6.2%, because management paid $26.5B of goodwill + intangibles for it. Tangible book is −$30.6/sh — there is no asset floor. 🔻 The catalyst that would have fixed that is gone until mid-2027: the Axyv IPO was meant to re-rate the missile unit and crystallise Aerojet; the hard clock is 31 Dec 2027, when redemption terms bite on the DoW $1B convertible preferred
Red flags
- Governance tail unresolved — Kubasik fired for cause 8/17 (forfeited ~$45M, disputes the grounds); Mehta is a clean successor who already ran >80% of revenue, but WSJ 8/19 reports concerns were raised years earlier, which makes it a board question with litigation risk
- Not cheap on the right multiple: 23.3x FY26 adj EPS ≡ NOC/GD, +37% vs LMT. Entry $230-250. FV $245-300. Trim 24x fwd
👀 2026-08-19 分析 —— 首份档案。 观望；买入区间在现价下方约 10%，而最近两次冲击已经走完了大部分距离。 ** L3Harris 是 美国第 6 大国防主承包商 —— 战术电台与抗干扰通信（真正的护城河：波形认证、NSA 批准、既定采购项目）、空间与任务系统（约占营收 50%，是受冲击最大的一侧 —— Starshield 与低轨星座正面进攻），以及 Missile Solutions，即增长 +14%、正在就 $20B+ 合同谈判的 Aerojet 推进业务，背景是固体火箭发动机短缺。 ✅ 创纪录的 $42B 在手订单、1.2x 订单出货比、7% 有机增长、指引 $3.0B 自由现金流，派息率仅 33% —— 股息非常安全（自由现金流腰斩仍然覆盖得住），但股息增速在 10 年/5 年/3 年维度上依次为 9.5% → 7.1% → 2.3%，所以在 1.8% 的股息率下这不是一只收益型股票。 ⚖️ 这家公司可以用一句话概括：经营性业务在有形资本上赚约 44%，而股东只赚 6.2%，因为管理层为此付出了 $26.5B 的商誉与无形资产。 ** 有形账面价值为 −$30.6/股 —— 没有任何资产托底。 🔻 本可以修复这一点的催化剂已经推迟到 2027 年年中： Axyv 的 IPO 原本要为导弹业务重新定价并兼现 Aerojet 的收购价值；硬性时间点是 2027-12-31，届时国防部 $1B 可转换优先股 的赎回条款开始生效。 🚩 治理层面的尾部风险尚未了结 —— Kubasik 于 8/17 被以「有因解雇」除名（放弃约 $45M，本人不认可解雇理由）；Mehta 是干净的继任者，此前已经管理 超过 80% 的营收，但《华尔街日报》8/19 报道称相关担忧数年前就已被提出，这就把问题变成了董事会的问题，并带有诉讼风险。 🚩 按正确的倍数看并不便宜： 23.3x 的 2026 财年调整后市盈率与 NOC/GD 持平，比 LMT 高 37%。 买入区间 $230-250。 合理价值 $245-300。 减持 24x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
$1.91B 2022to至$2.68B 2025+12.1%/yr
$17.06B 2022to至$21.86B 2025+8.6%/yr
$2.49B 2022to至$3.75B 2025+14.7%/yr
$1.06B 2022to至$1.61B 2025+14.8%/yr
191M 2022to至187M 2025-0.7%/yr
$7.04B 2022to至$11.12B 2025+16.4%/yr
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
Gross profit毛利润
25%
Operating profit营业利润
13%
Net profit净利润
8%
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 9%
- Revenue growth营收增长
- +8%
- Dividend yield股息率
- 2.10%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- The practical consequence: the moat is real but it has already been capitalised into the purchase price and sits on the balance sheet as goodwill.
- L3Harris owns the US military's tactical-radio installed base.
- Switching costs measured in years and programmes of record.
- Solid rocket motors were a duopoly (Aerojet + Northrop).
- But the shortage has drawn in funded challengers (Anduril, Ursa Major, X-Bow) with explicit DoW encouragement to break the duopoly.