Key Stats for L3Harris Technologies Stock
- 6-Month Performance: 28%
- 52-Week Range: $193 to $370
- Valuation Model Target Price: $402
- Implied Upside: 16%
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What Happened?
L3Harris Technologies stock shares have climbed about 28% over the past six months, recently trading near $347 per share and approaching the 52-week high of $370.
The steady advance reflects improving earnings visibility, record backlog, and confidence in the company’s positioning across missile defense, space sensing, and tactical communications programs.
The stock moved higher after the company delivered strong fourth-quarter results and issued 2026 guidance that reinforced growth durability.
L3Harris reported Q4 revenue of $5.6 billion, up 6% organically, and non-GAAP EPS of $2.86. For full-year 2025, revenue reached $21.9 billion with 5% organic growth, and the company ended the year with backlog in excess of $38 billion and a 1.3x book-to-bill ratio.
CEO Christopher Kubasik said, “2025 was our best year ever.”
Management guided for 2026 revenue of $23.0 billion to $23.5 billion, GAAP EPS of $11.30 to $11.50, and free cash flow of $3.0 billion, while increasing capital expenditures to approximately $600 million to expand missile and space production capacity.
The company also highlighted major awards including a $2.2 billion South Korea airborne early warning contract and an $850 million SDA satellite award for 18 Tranche 3 Tracking Layer satellites, along with a post-quarter special mission aircraft selection with potential value above $2 billion.
L3Harris further announced plans to pursue an IPO of its Missile Solutions business in the second half of 2026, supported by a planned $1 billion preferred investment from the Department of War.
With record orders, scaling production capacity, and elevated defense demand, investor focus has shifted toward execution through 2026.
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Is L3Harris Technologies Undervalued?
Under valuation assumptions, the stock is modeled using:
- Revenue Growth (CAGR): 7.0%
- Operating Margins: 16.1%
- Exit P/E Multiple: 23.8x
Revenue growth is supported by sustained U.S. and allied defense modernization spending across missile defense, space sensing, tactical communications, electronic warfare, and classified ISR programs where L3Harris maintains strong positioning.
Revenue is projected to rise from approximately $21.9 billion in 2025 to about $29.5 billion by 2030, with annual growth estimates of 7.1% in 2026, 7.2% in 2027, 6.0% in 2028, 6.8% in 2029, and 3.8% in 2030. That profile reflects durable demand and backlog conversion rather than speculative program starts.
Margin expansion depends on production scaling in Missile Solutions, stabilization of classified space programs, continued operational discipline following completion of LHX NeXt, and operating leverage as long-cycle contracts convert into higher-margin revenue.
Management expects 2026 segment operating margins in the low 16% range, up from 15.8% in 2025.
Based on these inputs, the model estimates a target price of $401.63, implying about 15.9% total upside over roughly 2.9 years, or approximately 5.3% annually.
At current levels, L3Harris appears modestly undervalued, with performance in 2026 driven primarily by backlog execution, missile production ramp, satellite program scaling, and steady free cash flow growth rather than multiple expansion alone.
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