L3Harris Technologies, Inc. (LHX) Stock Price & How to Invest

L3Harris Technologies is a major US defense and aerospace contractor formed by the 2019 merger of L3 Technologies and Harris Corporation. It positions itself as an agile defense-technology company spanning communications, sensors, electronic warfare, space, intelligence, and missile systems. The business is organized into segments covering Space and Airborne Systems (avionics, sensors, electronic warfare, space payloads), Integrated Mission Systems (ISR, maritime, electro-optical), Communication Systems (tactical radios, secure communications), and, following its acquisition of Aerojet Rocketdyne, a propulsion segment that makes rocket motors and missile propulsion for the US military and space programs. L3Harris primarily sells to the US Department of Defense, allied governments, and intelligence agencies under long-term contracts, which gives it durable, often multi-year revenue backed by defense budgets. It makes money by designing, building, and supporting mission-critical hardware and software, then earning long-tail revenue from sustainment, upgrades, and spare parts. The company also pursues cost-savings programs to expand margins after its large merger and acquisitions. Headquartered in Melbourne, Florida.

L3Harris depends heavily on US government and allied defense budgets, so spending cuts, continuing resolutions, government shutdowns, or shifting priorities directly threaten revenue. Large fixed-price development programs can run over budget and hurt margins. Integrating major acquisitions like Aerojet Rocketdyne carries execution risk, and the balance sheet carries meaningful debt from deal-making. Program delays, cost overruns, supply-chain constraints, and procurement protests are recurring risks. Defense stocks can also de-rate on hopes for reduced geopolitical tension or political pressure on the defense budget, and the business is exposed to contract-concentration and regulatory risk.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see L3Harris Technologies, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$21 billion
• Operating margin: ~15%
• Net income (TTM): ~$1.5-2 billion
• P/E (TTM): ~20x
• Dividend yield: ~2%
• Backlog: tens of billions in contracted future revenue
• Free cash flow: ~$2 billion+ annually

L3Harris trades at a defense-sector multiple supported by a large multi-year backlog, predictable government revenue, and steady free cash flow. The valuation reflects the durability of defense spending and the company's margin-expansion and capital-return story, offset by debt from acquisitions and program-execution risk. Defense names like L3Harris are often valued on backlog visibility and free cash flow as much as headline earnings.

If you want LHX exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses LHX naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that show up alongside LHX in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.

There are three common ways to get LHX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (PPA, ITA, SHLD), which spreads the position across many companies. Or build it into a focused thematic basket, so LHX sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where LHX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

L3Harris Technologies (LHX) is a backlog-driven defense contractor whose tactical radios, electronic warfare, and Aerojet Rocketdyne propulsion align it with rising US and allied defense budgets. In a portfolio it behaves as a defense and national-security holding valued on backlog visibility and free cash flow, with budget cycles, acquisition debt, and program-execution risk as the main exposures.

Whether LHX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LHX a buy?, and where the stock could go from here in the LHX stock forecast.

For income investors, whether LHX pays a dividend and how the payout looks is covered in does LHX pay a dividend? And to weigh LHX against a peer, read the full side-by-side comparisons: LHX vs AVAV and LHX vs KTOS.