L3Harris Technologies (LHX)


Market Price (11/4/2026): $276.97 | Market Cap: $51.6 BilInvestor Relations Sector: Industrials | Industry: Aerospace & Defense

L3Harris Technologies (LHX)


Market Price (11/4/2026): $276.97
Market Cap: $51.6 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 7.2%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 4.2 Bil, FCF LTM is 3.6 Bil

Stock buyback support
Stock Buyback 3Y Total is 2.3 Bil

Low stock price volatility
Vol 12M is 29%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Cybersecurity, and 5G & Advanced Connectivity. Themes include Commercial Space Exploration, Show more.

Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -11%

Key risks
LHX key risks include [1] its high dependence on fluctuating U.S. Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 7.2%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 4.2 Bil, FCF LTM is 3.6 Bil
2 Stock buyback support
Stock Buyback 3Y Total is 2.3 Bil
3 Low stock price volatility
Vol 12M is 29%
4 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Cybersecurity, and 5G & Advanced Connectivity. Themes include Commercial Space Exploration, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -11%
6 Key risks
LHX key risks include [1] its high dependence on fluctuating U.S. Show more.

LHX in ETFs

Weight = LHX's share of each fund

SPY0.08%
VOO0.07%
IVV0.08%
VTI0.06%
ITOT0.07%
IWB0.07%
RSP0.22%
VTV0.17%
+32 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

L3Harris Technologies (LHX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Q3 2026 financial outperformance driving recovery from earlier dip.

L3Harris Technologies, whose fiscal Q3 2026 ended on October 2, 2026, announced robust financial results for the quarter on October 29, 2026. The company reported diluted earnings per share (EPS) of $3.28, significantly exceeding the consensus estimate of $2.95, and revenue of $6.07 billion, surpassing the $5.92 billion estimate. This represented a 7.1% year-over-year revenue increase and 9% organic growth. Additionally, L3Harris raised its full-year 2026 revenue guidance to a range of $23.5 billion to $23.7 billion and its EPS guidance to $12.25 to $12.35. These strong company-specific developments, coupled with a record backlog of $53.2 billion and a 3.2x book-to-bill ratio, acted as a powerful catalyst for the stock's recovery. Shares surged 6.98% to $278.80 in premarket trading following the announcement, helping the stock rebound from a 52-week low of $232.34 observed on October 8, 2026, and bringing it back towards its late July levels of approximately $275.74.

2. Broader macroeconomic and defense sector headwinds limited sustained upside.

Despite L3Harris's strong individual performance, the stock's ability to achieve a sustained, significant rally above its initial July 2026 levels was tempered by prevailing macroeconomic and geopolitical factors. The broader defense sector, within L3Harris's fiscal Q3 2026 (July 2, 2026 – October 2, 2026) and early fiscal Q4 2026 (October 2, 2026 – January 1, 2027), faced headwinds such as election uncertainty, federal deficits in the U.S. and globally, and higher interest rates. Furthermore, industry-wide inventory shortfalls and industrial base bottlenecks posed challenges, potentially slowing the conversion of a robust backlog into immediate revenue and profit growth. These external pressures created a challenging environment that likely limited overall investor enthusiasm and capped the stock's upward trajectory, offsetting some of the positive company-specific news.

Show more
Updated on 11/1/2026

L3Harris Technologies (LHX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Q3 2026 financial outperformance driving recovery from earlier dip.

L3Harris Technologies, whose fiscal Q3 2026 ended on October 2, 2026, announced robust financial results for the quarter on October 29, 2026. The company reported diluted earnings per share (EPS) of $3.28, significantly exceeding the consensus estimate of $2.95, and revenue of $6.07 billion, surpassing the $5.92 billion estimate. This represented a 7.1% year-over-year revenue increase and 9% organic growth. Additionally, L3Harris raised its full-year 2026 revenue guidance to a range of $23.5 billion to $23.7 billion and its EPS guidance to $12.25 to $12.35. These strong company-specific developments, coupled with a record backlog of $53.2 billion and a 3.2x book-to-bill ratio, acted as a powerful catalyst for the stock's recovery. Shares surged 6.98% to $278.80 in premarket trading following the announcement, helping the stock rebound from a 52-week low of $232.34 observed on October 8, 2026, and bringing it back towards its late July levels of approximately $275.74.

2. Broader macroeconomic and defense sector headwinds limited sustained upside.

Despite L3Harris's strong individual performance, the stock's ability to achieve a sustained, significant rally above its initial July 2026 levels was tempered by prevailing macroeconomic and geopolitical factors. The broader defense sector, within L3Harris's fiscal Q3 2026 (July 2, 2026 – October 2, 2026) and early fiscal Q4 2026 (October 2, 2026 – January 1, 2027), faced headwinds such as election uncertainty, federal deficits in the U.S. and globally, and higher interest rates. Furthermore, industry-wide inventory shortfalls and industrial base bottlenecks posed challenges, potentially slowing the conversion of a robust backlog into immediate revenue and profit growth. These external pressures created a challenging environment that likely limited overall investor enthusiasm and capped the stock's upward trajectory, offsetting some of the positive company-specific news.

3. Valuation considerations and prevailing market factor performance.

The stock's valuation played a role in its tendency to remain within a relatively tight range. As of October 29, 2026, L3Harris Technologies was indicated as "fairly valued at $268.72 compared to the current price of $277.64" by the GF Value™. This suggests that the market considered the stock to be trading near its intrinsic value, even after the strong fiscal Q3 earnings, which could have constrained any sustained breakout to significantly higher price levels. Additionally, during fiscal Q3 2026, "Momentum, Quality and Low Volatility" were identified as the worst-performing factors in U.S. equities, contributing to a less favorable market sentiment for certain investment styles and potentially adding downward pressure or limiting upward mobility for stocks like LHX during this period.

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Stock Movement Drivers

Fundamental Drivers

The 0.7% change in LHX stock from 7/31/2026 to 11/3/2026 was primarily driven by a 7.3% change in the company's Net Income Margin (%).
(LTM values as of)731202611032026Change
Stock Price ($)275.74277.670.7%
Change Contribution By: 
Total Revenues ($ Mil)22,93223,3331.7%
Net Income Margin (%)8.1%8.7%7.3%
P/E Multiple27.624.8-10.3%
Shares Outstanding (Mil)1861812.8%
Cumulative Contribution0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/3/2026
ReturnCorrelation
LHX0.7% 
Market (SPY)1.0%-1.2%
Sector (XLI)-4.7%22.5%

Fundamental Drivers

The -12.6% change in LHX stock from 4/30/2026 to 11/3/2026 was primarily driven by a -27.7% change in the company's P/E Multiple.
(LTM values as of)430202611032026Change
Stock Price ($)317.73277.67-12.6%
Change Contribution By: 
Total Revenues ($ Mil)22,47723,3333.8%
Net Income Margin (%)7.7%8.7%12.9%
P/E Multiple34.324.8-27.7%
Shares Outstanding (Mil)1871813.1%
Cumulative Contribution-12.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/3/2026
ReturnCorrelation
LHX-12.6% 
Market (SPY)5.2%-11.3%
Sector (XLI)-1.6%19.6%

Fundamental Drivers

The -2.4% change in LHX stock from 10/31/2025 to 11/3/2026 was primarily driven by a -18.1% change in the company's P/E Multiple.
(LTM values as of)1031202511032026Change
Stock Price ($)284.38277.67-2.4%
Change Contribution By: 
Total Revenues ($ Mil)21,74023,3337.3%
Net Income Margin (%)8.1%8.7%7.5%
P/E Multiple30.224.8-18.1%
Shares Outstanding (Mil)1871813.3%
Cumulative Contribution-2.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/3/2026
ReturnCorrelation
LHX-2.4% 
Market (SPY)11.5%7.7%
Sector (XLI)11.4%34.9%

Fundamental Drivers

The 63.9% change in LHX stock from 10/31/2023 to 11/3/2026 was primarily driven by a 25.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311032026Change
Stock Price ($)169.37277.6763.9%
Change Contribution By: 
Total Revenues ($ Mil)18,65723,33325.1%
Net Income Margin (%)8.0%8.7%9.3%
P/E Multiple21.624.814.7%
Shares Outstanding (Mil)1891814.5%
Cumulative Contribution63.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/3/2026
ReturnCorrelation
LHX63.9% 
Market (SPY)86.6%21.0%
Sector (XLI)81.1%41.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LHX Return15%-0%4%2%42%-4%65%
Peers Return17%29%-4%18%29%7%136%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
LHX Win Rate67%33%42%75%75%36% 
Peers Win Rate57%62%48%60%63%53% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
LHX Max Drawdown-17%-23%-24%-21%-13%-38% 
Peers Max Drawdown-16%-17%-24%-18%-16%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LMT, NOC, RTX, GD, LDOS. See LHX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/3/2026 (YTD)

How Low Can It Go

EventLHXS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.5%-9.5%
  % Gain to Breakeven24.2%10.5%
  Time to Breakeven60 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.5%-6.7%
  % Gain to Breakeven21.3%7.1%
  Time to Breakeven201 days31 days
2020 COVID-19 Crash
  % Loss-33.2%-33.7%
  % Gain to Breakeven49.8%50.9%
  Time to Breakeven437 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.4%-19.2%
  % Gain to Breakeven32.2%23.8%
  Time to Breakeven109 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-14.8%-12.2%
  % Gain to Breakeven17.4%13.9%
  Time to Breakeven51 days62 days
2014-2016 Oil Price Collapse
  % Loss-13.2%-6.8%
  % Gain to Breakeven15.3%7.3%
  Time to Breakeven28 days15 days

Compare to LMT, NOC, RTX, GD, LDOS

In The Past

L3Harris Technologies's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLHXS&P 500
2020 COVID-19 Crash
  % Loss-33.2%-33.7%
  % Gain to Breakeven49.8%50.9%
  Time to Breakeven437 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.4%-19.2%
  % Gain to Breakeven32.2%23.8%
  Time to Breakeven109 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-22.8%-17.9%
  % Gain to Breakeven29.6%21.8%
  Time to Breakeven141 days123 days
2008-2009 Global Financial Crisis
  % Loss-55.1%-53.4%
  % Gain to Breakeven122.6%114.4%
  Time to Breakeven1572 days1085 days

Compare to LMT, NOC, RTX, GD, LDOS

In The Past

L3Harris Technologies's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About L3Harris Technologies (LHX)

L3Harris Technologies (LHX) is a global aerospace and defense technology company that provides mission-critical solutions to government and commercial customers worldwide. The company specializes in advanced systems and technologies across various domains, including intelligence, surveillance, and reconnaissance (ISR), secure communications, space exploration, and aviation.

Its core offerings encompass a wide range of products and services. These include multi-mission ISR systems, tactical and broadband secure networked communication equipment, and advanced electro-optical and infrared solutions. L3Harris also develops space payloads, sensors, electronic warfare systems, and classified intelligence and cyber defense solutions. Furthermore, it provides mission systems for maritime platforms, unmanned surface and undersea autonomous solutions, defense aviation products, commercial pilot training, and air traffic management solutions.

Through its diverse portfolio, L3Harris Technologies serves as a vital partner in addressing complex challenges in national security, public safety, and critical infrastructure. The company's comprehensive technological capabilities support crucial operations from battlefield communications and space-based sensing to airborne missions and maritime intelligence gathering across the globe.

AI Analysis | Feedback

  • A Honeywell or Raytheon for defense and space, specializing in advanced communication, sensor, and intelligence systems.
  • The Cisco of military and government communications, also providing the 'eyes and ears' (advanced sensors and intelligence systems) for defense and space missions.

AI Analysis | Feedback

Here are the major products and services of L3Harris Technologies:

  • Intelligence, Surveillance, and Reconnaissance (ISR) Systems: Provides multi-mission systems, sensors, and support services for intelligence gathering and analysis across various platforms.
  • Communication Systems: Offers tactical, broadband, and satellite communication equipment, including radios and data link terminals, for military, public safety, and professional use.
  • Space Payloads and Sensors: Develops advanced payloads, sensors, and complete mission solutions for space-based applications.
  • Electronic Warfare Systems: Delivers systems designed to detect, jam, and counter adversary electronic signals.
  • Maritime Mission Systems: Integrates mission systems for naval platforms, encompassing signals intelligence, unmanned solutions, and ship control systems.
  • Electro-Optical and Infrared (EO/IR) Solutions: Supplies advanced imaging, sensing, and targeting technologies utilizing electro-optical and infrared spectrums.
  • Mission Avionics: Provides integrated electronic systems and software for aircraft to enhance mission performance and capability.
  • Cyber Defense Solutions: Offers classified intelligence and robust cyber defense capabilities to protect critical information and infrastructure.
  • Night Vision Systems: Manufactures integrated night vision systems for helmet and weapon mounting, enhancing visibility in low-light conditions.
  • Defense Aviation Products: Develops and supplies various products specifically for military aircraft applications.
  • Commercial Pilot Training: Provides comprehensive training programs for aspiring and current commercial pilots.
  • Air Traffic Management Solutions: Offers mission networks and systems for efficient and safe air traffic control and management.

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Christopher E. Kubasik, Chair and Chief Executive Officer

Christopher E. Kubasik has over 30 years of experience in the aerospace and defense industry. He joined L3 Technologies in 2015 as President and Chief Operating Officer, and was appointed CEO in January 2018, later becoming Chair in May 2018. Following the merger of L3 Technologies and Harris Corporation in 2019, he served as Vice Chair, President, and Chief Operating Officer of L3Harris Technologies before being named Chief Executive Officer in June 2021 and Chair in June 2022. Prior to L3, he was President and Chief Operating Officer of Lockheed Martin Corporation, where he also held senior executive and finance roles, including Executive Vice President and Chief Financial Officer since 2004. Earlier in his career, Kubasik was President and CEO of Seabury Advisory Group LLC, an aviation and aerospace professional services firm, and a partner at Ernst & Young. He holds a bachelor's degree in accounting from the University of Maryland's Smith School of Business.

Kenneth Bedingfield, Senior Vice President, Chief Financial Officer and President, Missile Solutions (MSL) segment

Kenneth Bedingfield was appointed Chief Financial Officer of L3Harris Technologies, effective March 16, 2026. In his role as CFO, he is responsible for overseeing all internal and external financial reporting, Securities and Exchange Commission and Sarbanes Oxley compliance, financial planning, financial controls, capital structure, accounting, audit, financial services, tax, treasury, investor relations, contracts, and corporate development. He also serves as the President of the Missile Solutions segment.

Samir Mehta, President, Space & Mission Systems (SMS) and Communications & Spectrum Dominance (CSD) segments

Samir Mehta was appointed President overseeing both the Space & Mission Systems and Communications & Spectrum Dominance segments, effective March 12, 2026. He brings 25 years of leadership experience within the aerospace and defense industry. Prior to this role, he led L3Harris' Communication Systems segment and, earlier in 2026, assumed responsibility for the Space & Mission Systems segment. As President of these segments, he is responsible for business strategy, financial performance, successful execution, and growth, leading approximately 34,000 employees.

Christoph T. Feddersen, Senior Vice President, General Counsel & Secretary

Christoph T. Feddersen is responsible for the company's legal, internal audit, environmental health & safety, and enterprise security organizations. He joined L3Harris in 2024 as Vice President and General Counsel for Space and Airborne Systems, bringing more than 25 years of legal practice experience from in-house roles and international law firms in the United States and Europe. Before joining L3Harris, Feddersen spent 17 years in various positions at RTX Corporation.

AI Analysis | Feedback

The key risks to L3Harris Technologies (LHX) are primarily associated with its significant reliance on government spending, the volatile global geopolitical and economic landscape, and the intense competition within the aerospace and defense sector.

  1. Dependence on U.S. Government Contracts and Spending Priorities: A substantial portion of L3Harris Technologies' revenue, approximately 75%, is derived from U.S. Government customers. This makes the company highly vulnerable to shifts in government spending, budget cuts, procurement reform initiatives, and funding uncertainties. Any prolonged uncertainty from the appropriations process, continuing resolutions, or government shutdowns could lead to funding reductions, contract modifications or terminations, and difficulties in forecasting revenue and resource requirements, thereby materially pressuring the company's business and financial performance.
  2. Geopolitical Instability, Economic Conditions, and International Market Volatility: L3Harris Technologies operates internationally, making its business susceptible to geopolitical events and economic uncertainties. Instability in key markets can disrupt sales and supply chains, while economic downturns can lead to reduced demand for defense products. Furthermore, international operations expose the company to regulatory changes, currency fluctuations, and potential trade policy changes, which are largely beyond its control and could have material adverse effects on its operations and profitability.
  3. Highly Competitive Markets and Technological Advances: The company operates in highly competitive markets that are sensitive to technological advances. L3Harris Technologies faces competition from both larger defense contractors and non-traditional players, some of whom may possess greater resources for research and development. To maintain its competitive edge, the company must continuously invest significantly in research and development to innovate and offer advanced solutions, ensuring it remains at the forefront of technological capabilities in the defense sector.

AI Analysis | Feedback

The emergence of commercial space technologies and services, particularly exemplified by proliferated low-earth orbit (LEO) satellite constellations like SpaceX's Starlink, presents a clear emerging threat. L3Harris Technologies' Communication Systems segment provides traditional satellite communication (SATCOM) systems and terminals, and its Space and Airborne Systems segment offers space payloads and full-mission solutions. Commercial LEO constellations offer a disruptive model with significantly lower costs, higher bandwidth, lower latency, and rapid deployment compared to traditional bespoke military and government SATCOM solutions. This agile, commercially-driven approach directly competes with and could potentially displace parts of L3Harris's offerings in military and government satellite communications and related space services.

AI Analysis | Feedback

L3Harris Technologies (symbol: LHX) operates within several significant addressable markets for its diverse range of products and services.

Integrated Mission Systems Segment:

  • Intelligence, Surveillance, and Reconnaissance (ISR) Systems: The global intelligence, surveillance, and reconnaissance (ISR) market was valued at approximately USD 42 billion in 2024 and is expected to reach around USD 71.2 billion by 2034, growing at a CAGR of 5.6% during the forecast period. Another estimate projects the market to grow from USD 44.4 billion in 2025 to USD 76.5 billion by 2035. North America dominated this market in 2023, accounting for over 35% of the share.
  • Advanced Electro-Optical and Infrared Solutions (related to Night Vision): The global military night vision device market is projected to grow from USD 5.68 billion in 2025 to USD 9.88 billion by 2031, at a 9.67% CAGR. Another report estimates the broader global night vision devices market at USD 11.37 billion in 2024, projected to reach USD 17.72 billion by 2033. North America held 39.7% of the market share in 2024. L3Harris Technologies is a key player in this market and received a significant order for Enhanced Night Vision Goggle – Binocular (ENVG-B) systems from the U.S. Army.
  • Maritime Autonomous Solutions: The global Maritime Autonomous Systems market was valued at USD 5.7 billion in 2025 and is projected to reach USD 22.8 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 23.4%. Another source indicates the market size at USD 6.04 billion in 2023, projected to reach USD 13.41 billion by 2030. L3Harris Technologies holds an estimated 40% of the global market share alongside Thales and Kongsberg Maritime.

Space and Airborne Systems Segment:

  • Space Payloads, Sensors, and Full-Mission Solutions (Space Militarization/Defense): The global space militarization market size was valued at USD 61.92 billion in 2025 and is projected to grow to USD 116.1 billion by 2034, exhibiting a CAGR of 7.19%. North America dominated this market with a market share of 40.15% in 2025.
  • Electronic Warfare Systems: The global electronic warfare market size was valued at USD 22.66 billion in 2025 and is expected to reach USD 31.28 billion by 2033, at a CAGR of 4.11%. Other estimates include a market size of USD 26.08 billion in 2025, predicted to increase to approximately USD 43.13 billion by 2035. North America dominated the electronic warfare market with the largest revenue share of 36.75% in 2025.
  • Mission Avionics (Military Avionics): The global next-gen military avionics market size was valued at USD 36.4 billion in 2024 and is estimated to grow to USD 57.6 billion by 2034. Another report states the global military aircraft avionics market size was valued at approximately USD 38.5 billion in 2024 and is projected to reach around USD 57.2 billion by 2030. North America is the largest market for military aircraft avionics.

Communication Systems Segment:

  • Tactical Communications (Military Communications): The global military communications market was valued at USD 38.85 billion in 2024 and is expected to grow to USD 54.35 billion by 2033. Another source indicates a market size of USD 42.10 billion in 2025, projected to grow to USD 70.20 billion by 2034. North America is the most significant global military communications market shareholder.
  • Public Safety and Professional Communications: The global public safety communications market size is estimated to reach USD 72 billion by 2031. The public safety wireless communication solution market stood at USD 3.62 billion in 2026 and is projected to reach USD 6.66 billion by 2035. North America has emerged as the most dominant region in the global public safety wireless communication solution market.

Aviation Systems Segment:

  • Air Traffic Management (ATM) Solutions: The global air traffic management market size was estimated at USD 9.4 billion in 2023 and is projected to reach approximately USD 15.2 billion by 2032. Another report indicates the global air traffic management market size was valued at USD 15.35 billion in 2025 and is projected to grow to USD 20.5 billion by 2034. North America remains a key market for air-traffic management.

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L3Harris Technologies (LHX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Robust Demand in Missile Solutions: L3Harris anticipates significant growth in its Missile Solutions segment, which includes the fully integrated Aerojet Rocketdyne business. This segment is projected to generate approximately $4.4 billion in revenue in 2026, a notable increase from $3.8 billion in 2025, as production ramps up across more than 30 missile programs. The company is also pursuing a strategic partnership with the Department of War (DoW) involving a $1 billion investment to substantially increase solid rocket motor production capacity, with a planned initial public offering (IPO) of the Missile Solutions business in the second half of 2026.

  2. Expansion in Space and Airborne Systems: Growth in the Space and Airborne Systems segment is driven by strategic investments in new space architectures, hypersonic detection capabilities, and key programs like the F-35 upgrades. The company is also heavily involved in the Golden Dome initiative for missile warning and tracking, leveraging existing investments and preparing to deploy a constellation of satellites critical for detecting hypersonic threats.

  3. Advancements in Resilient Communication and Autonomous Systems: L3Harris is developing and deploying advanced technologies, including resilient communication equipment and innovative autonomous solutions. There is increased demand for software-defined resilient communications, particularly for international deliveries. The company has also introduced its "Red Wolf" and "Green Wolf" launched effects vehicles, which are multi-role autonomous platforms for kinetic strikes and electronic warfare, along with AMORPHOUS™ software designed to control thousands of autonomous assets simultaneously, addressing critical national security needs.

  4. International Market Penetration: The company is actively expanding its global reach, focusing on high-growth areas and strategic acquisitions in emerging markets. L3Harris is capitalizing on increased defense spending, particularly in Europe and the Indo-Pacific regions, for its communication systems and electro-optic infrared capabilities, driven by evolving geopolitical dynamics and active European rearmament.

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Share Repurchases

  • L3Harris Technologies' board approved an additional $3.0 billion share repurchase authorization in October 2022, bringing the total current authorization to approximately $4.5 billion.
  • In fiscal year 2025, the company repurchased 5.1 million shares of its common stock for $1.2 billion.
  • Annual share repurchases amounted to $554 million in 2025 and $518 million in 2023.

Share Issuance

  • No significant share issuances were identified over the last 3-5 years. The number of shares outstanding has generally decreased due to ongoing share repurchase programs.

Inbound Investments

  • In January 2026, L3Harris Technologies secured a $1 billion investment from the Department of War (now Department of Defense) in connection with its plans to separate its solid rocket motor missile solutions unit. This investment will convert into common equity when the unit goes public.

Outbound Investments

  • In July 2023, L3Harris Technologies completed the acquisition of Aerojet Rocketdyne for $4.7 billion in cash, expanding its capabilities in missile and space propulsion.
  • The company acquired Viasat's tactical data link product line for $1.96 billion, with the transaction announced in October 2022 and expected to close in the first half of 2023.

Capital Expenditures

  • L3Harris Technologies' capital expenditures averaged $375 million for fiscal years ending December 2021 to 2026.
  • Capital expenditures for fiscal 2025 were $424 million, and are anticipated to be approximately $600 million for fiscal 2026.
  • The company plans $3 billion in capital expenditures for Missile Solutions capacity expansion and is investing over $1.25 billion in its manufacturing footprint, including new facilities to boost solid rocket motor production.

Better Bets vs. L3Harris Technologies (LHX)

Peer Outperformance in Aerospace & Defense

LHX has trailed 60% of its 53 Aerospace & Defense peers over 5Y. Among the peers that beat it are ATI, MOG-A and CW. Aerospace & Defense ranks 4th of 23 industries in Industrials by median 5Y return.
Share of Aerospace & Defense constituents that LHX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
56%
of 70 industry peers · -2.2% return
3Y
46%
of 59 industry peers · 58.4% return
5Y
40%
of 53 industry peers · 38.7% return
Aerospace & Defense peers with revenue growth within 4pp of LHX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
LHX L3Harris Technologies 7.8% 24.8x -2.2%58.4%38.7% —
ATI ATI 6.8% 44.2x 82.9%332.4%996.9% +958pp
MOG-A Moog 10.4% 30.4x 75.7%177.1%385.3% +347pp
CW Curtiss-Wright 10.3% 34.0x -17.2%146.0%290.7% +252pp
DCO Ducommun 5.1% -83.8x 78.5%243.7%225.5% +187pp
LMT Lockheed Martin 5.4% 22.6x 34.3%52.7%120.4% +82pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is LHX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 29 -3.6%100.0%149.1% STRL 1304% · FIX 1275% · AGX 776%
Marine Transportation 5 34.9%45.7%144.5% MATX 171% · KEX 145%
Construction Machinery & Heavy Transportation Equipment 13 16.1%58.1%103.1% ALSN 274% · CAT 233% · WAB 224%
Aerospace & Defense ← 54 -9.5%62.7%65.1% ATI 997% · FTAI 981% · HWM 644%
Industrial Machinery & Supplies & Components 71 7.9%55.4%39.9% CRS 890% · MLI 337% · SYM 273%
Trading Companies & Distributors 19 21.5%40.7%32.2% DXPE 420% · AIT 224% · URI 220%
Rail Transportation 7 35.2%58.3%31.6% CSX 52% · UNP 42% · NSC 32%
Diversified Support Services 32 23.9%42.2%27.2% CXW 233% · OPLN 166% · CACI 138%
Building Products 34 -6.4%11.9%20.1% MOD 1023% · GFF 355% · TT 149%
Cargo Ground Transportation 16 37.4%13.7%8.5% XPO 292% · R 259% · ARCB 25%
Electrical Components & Equipment 39 -3.6%76.3%7.4% POWL 1863% · VRT 819% · BE 569%
Office Services & Supplies 10 27.7%21.1%1.3% TILE 153% · PBI 146% · HNI 46%
Industrial Conglomerates 17 12.6%-4.5%-13.9% CSW 109% · CSL 78% · DD 76%
Data Processing & Outsourced Services 6 -17.5%-0.6%-15.4% EXLS 61% · BR 18% · G -14%
Research & Consulting Services 13 3.4%-16.8%-20.4% HURN 281% · FCN 32% · BAH 11%
Agricultural & Farm Machinery 16 12.9%-7.6%-22.0% DE 107% · TTC 19% · AGCO 6%
Security & Alarm Services 9 -52.9%12.7%-25.0% BCO 65%
Environmental & Facilities Services 29 -32.9%21.6%-28.3% GEO 207% · CLH 175% · RSG 95%
Passenger Airlines 11 -1.6%41.6%-34.2% LTM 2778% · UAL 119% · DAL 110%
Air Freight & Logistics 12 -23.3%-9.3%-40.9% FDX 83% · EXPD 69% · CHRW 59%
Human Resource & Employment Services 22 20.5%-9.6%-44.1% ADP 47% · FA 22% · PAYX 10%
Passenger Ground Transportation 3 -20.4%39.5%-61.4% UBER 46% · CAR -61% · LYFT -66%
Airport Services 4 -51.9%-61.5%-86.1% JOBY -49%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LHXLMTNOCRTXGDLDOSMedian
NameL3Harris.Lockheed.Northrop.RTX General .Leidos  
Mkt Price276.97637.53548.50203.51374.26134.00325.62
Mkt Cap50.2147.077.9275.2101.116.989.5
Rev LTM23,33379,11643,59195,98756,52017,63450,056
Op Inc LTM2,4949,3164,62511,2995,8592,0805,242
FCF LTM3,6418,3813,8299,1275,7792,1634,804
FCF 3Y Avg2,4416,4942,7167,0464,2911,6453,504
CFO LTM4,18510,1125,26612,4357,3062,3006,286
CFO 3Y Avg2,8928,2624,31510,2365,3911,8004,853

Growth & Margins

LHXLMTNOCRTXGDLDOSMedian
NameL3Harris.Lockheed.Northrop.RTX General .Leidos  
Rev Chg LTM7.3%7.9%6.5%11.6%9.7%3.4%7.6%
Rev Chg 3Y Avg7.8%5.4%4.1%12.7%10.9%5.9%6.9%
Rev Chg Q7.1%11.3%6.7%11.1%12.9%7.2%9.1%
QoQ Delta Rev Chg LTM1.7%2.7%1.6%2.7%3.0%1.8%2.2%
Op Inc Chg LTM8.6%52.8%12.9%28.2%10.0%2.9%11.4%
Op Inc Chg 3Y Avg12.0%8.3%10.0%53.2%11.9%21.9%12.0%
Op Mgn LTM10.7%11.8%10.6%11.8%10.4%11.8%11.2%
Op Mgn 3Y Avg10.3%10.7%9.2%10.0%10.3%11.2%10.3%
QoQ Delta Op Mgn LTM0.6%-0.1%-0.1%0.6%0.0%-0.4%-0.0%
CFO/Rev LTM17.9%12.8%12.1%13.0%12.9%13.0%12.9%
CFO/Rev 3Y Avg13.0%11.0%10.3%11.8%10.3%10.6%10.8%
FCF/Rev LTM15.6%10.6%8.8%9.5%10.2%12.3%10.4%
FCF/Rev 3Y Avg10.9%8.7%6.4%8.1%8.2%9.7%8.4%

Valuation

LHXLMTNOCRTXGDLDOSMedian
NameL3Harris.Lockheed.Northrop.RTX General .Leidos  
Mkt Cap50.2147.077.9275.2101.116.989.5
P/S2.11.91.82.91.81.01.8
P/Op Inc20.115.816.924.417.38.117.1
P/EBIT17.016.813.222.116.98.416.9
P/E24.722.617.232.721.712.322.1
P/CFO12.014.514.822.113.87.314.2
Total Yield5.9%6.6%7.5%4.4%6.2%9.4%6.4%
Dividend Yield1.8%2.2%1.7%1.4%1.6%1.3%1.7%
FCF Yield 3Y Avg5.3%5.3%3.6%3.4%4.8%10.2%5.0%
D/E0.20.10.20.10.10.40.2
Net D/E0.20.10.20.10.00.30.1

Returns

LHXLMTNOCRTXGDLDOSMedian
NameL3Harris.Lockheed.Northrop.RTX General .Leidos  
1M Rtn17.1%26.1%14.7%10.2%13.9%13.8%14.3%
3M Rtn-2.5%8.8%-0.1%-6.3%-2.5%2.9%-1.3%
6M Rtn-7.7%26.9%-0.9%18.6%8.2%-1.7%3.6%
12M Rtn-2.4%34.0%-3.1%16.7%11.5%-29.8%4.5%
3Y Rtn58.0%52.3%22.5%161.2%63.1%33.3%55.2%
1M Excs Rtn19.9%28.8%18.2%13.4%16.4%15.2%17.3%
3M Excs Rtn-0.4%13.4%1.2%-5.8%0.3%8.3%0.7%
6M Excs Rtn-11.6%23.0%-4.8%14.7%4.3%-5.5%-0.3%
12M Excs Rtn-12.8%22.7%-14.7%5.5%0.2%-39.0%-6.3%
3Y Excs Rtn-11.3%-27.2%-61.0%89.9%-16.6%-29.6%-21.9%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil2026202520232022
Space and Airborne Systems (SAS)6,9466,8696,8566,384
Integrated Mission Systems (IMS)6,6306,6186,6306,626
Communication Systems (CS)5,6735,4595,0704,217
Aerojet Rocketdyne (AR)2,8452,5801,052 
Intersegment-229-201  
Other  -189-165
Other non-reportable businesses  0 
Total21,86521,32519,41917,062


Operating Income by Segment
$ Mil2026202520232022
Communication Systems (CS)1,4321,3241,229667
Space and Airborne Systems (SAS)852812756665
Integrated Mission Systems (IMS)812826459494
Aerojet Rocketdyne (AR)270307122 
Unallocated corporate items and other, net-1,256-1,351-1,140-699
Other non-reportable businesses  0 
Other   0
Total2,1101,9181,4261,127


Assets by Segment
$ Mil20262025202320222021
Corporate10,16611,02110,6797,9668,690
Integrated Mission Systems (IMS)9,83110,38910,63111,28311,830
Space and Airborne Systems (SAS)8,9588,7059,0858,4758,151
Communication Systems (CS)7,1317,0607,0845,8006,035
Aerojet Rocketdyne (AR)5,1094,8264,208  
Other non-reportable businesses    3
Total41,19542,00141,68733,52434,709


Price Behavior

Price Behavior
Market Price$277.67 
Market Cap ($ Bil)50.3 
First Trading Date12/29/2006 
Distance from 52W High-25.7% 
   50 Days200 Days
DMA Price$250.15$302.08
DMA Trenddowndown
Distance from DMA11.0%-8.1%
 3M1YR
Volatility25.5%28.8%
Downside Capture-2.2738.35
Upside Capture-16.4931.38
Correlation (S&P 500)-9.5%8.6%
LHX Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.75-0.37-0.02-0.260.170.32
Up Beta-1.06-0.560.45-0.67-0.180.41
Down Beta-0.67-1.46-0.88-0.180.230.28
Up Capture66%15%11%-23%16%11%
Bmk +ve Days12182862130427
Stock +ve Days14203159119385
Down Capture-193%-23%9%-3%41%43%
Bmk -ve Days10253664121325
Stock -ve Days8233367132364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LHX
LHX-2.4%28.8%-0.09-
Sector ETF (XLI)11.5%17.3%0.4634.9%
Equity (SPY)11.6%12.8%0.577.7%
Gold (GLD)-2.4%28.6%-0.1019.4%
Commodities (DBC)42.0%20.9%1.567.1%
Real Estate (VNQ)10.6%13.7%0.4828.9%
Bitcoin (BTCUSD)-29.9%43.5%-0.70-0.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LHX
LHX5.6%25.0%0.19-
Sector ETF (XLI)12.0%17.6%0.5142.8%
Equity (SPY)12.0%17.1%0.5226.4%
Gold (GLD)16.5%19.0%0.6915.1%
Commodities (DBC)8.3%19.6%0.3118.3%
Real Estate (VNQ)1.0%18.9%-0.0633.7%
Bitcoin (BTCUSD)5.0%51.5%0.287.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LHX
LHX13.9%25.9%0.52-
Sector ETF (XLI)13.5%20.1%0.5955.6%
Equity (SPY)15.2%17.9%0.7143.2%
Gold (GLD)11.5%16.5%0.5710.3%
Commodities (DBC)7.8%18.1%0.3420.3%
Real Estate (VNQ)5.4%20.7%0.2244.4%
Bitcoin (BTCUSD)61.1%66.2%1.019.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity4.3 Mil
Short Interest: % Change Since 9302026-5.4%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest2.9 days
Basic Shares Quantity181.1 Mil
Short % of Basic Shares2.4%

Earnings Returns History

Updated 11/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/20266.8%  
7/29/2026-8.6%-3.8%-11.9%
4/30/2026-0.3%-6.0%-1.9%
1/29/2026-1.2%-5.9%1.2%
10/30/20253.1%0.1%-4.7%
7/24/20251.3%1.7%2.4%
4/24/2025-0.0%1.7%10.6%
1/30/20250.1%-1.4%-2.8%
...
SUMMARY STATS   
# Positive121314
# Negative12109
Median Positive3.0%1.9%4.0%
Median Negative-2.6%-5.8%-5.2%
Max Positive7.9%7.9%16.7%
Max Negative-8.6%-8.2%-12.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/20266.8%  
7/29/2026-8.6%-3.8%-11.9%
4/30/2026-0.3%-6.0%-1.9%
1/29/2026-1.2%-5.9%1.2%
10/30/20253.1%0.1%-4.7%
7/24/20251.3%1.7%2.4%
4/24/2025-0.0%1.7%10.6%
1/30/20250.1%-1.4%-2.8%
10/24/20243.5%1.4%2.1%
7/25/2024-5.7%-5.8%-5.2%
4/25/20243.5%1.9%7.7%
1/25/20242.2%2.4%3.5%
10/26/2023-2.4%4.5%7.9%
7/26/2023-6.3%-8.2%-12.2%
4/27/2023-1.4%-6.2%-9.7%
1/26/20237.9%7.9%7.2%
10/27/2022-1.6%-7.0%-10.2%
7/28/20223.5%2.6%1.0%
4/28/2022-2.9%1.0%0.8%
1/31/2022-4.3%-2.5%16.7%
10/29/20212.9%-0.8%-3.7%
8/3/20212.4%1.3%3.1%
4/30/20210.0%3.7%4.7%
1/29/2021-2.9%4.7%4.5%
SUMMARY STATS   
# Positive121314
# Negative12109
Median Positive3.0%1.9%4.0%
Median Negative-2.6%-5.8%-5.2%
Max Positive7.9%7.9%16.7%
Max Negative-8.6%-8.2%-12.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/29/202610-Q
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/30/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/14/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/20/202410-K
09/30/202310/27/202310-Q
06/30/202307/26/202310-Q
03/31/202304/28/202310-Q
12/31/202202/24/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/29/202610-Q
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/30/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/14/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/20/202410-K
09/30/202310/27/202310-Q
06/30/202307/26/202310-Q
03/31/202304/28/202310-Q
12/31/202202/24/202310-K
09/30/202210/31/202210-Q
06/30/202207/29/202210-Q
03/31/202204/29/202210-Q
12/31/202102/25/202210-K
09/30/202110/29/202110-Q
06/30/202108/04/202110-Q
03/31/202105/03/202110-Q
12/31/202003/01/202110-K
09/30/202011/02/202010-Q
06/30/202008/04/202010-Q
03/31/202005/07/202010-Q
12/31/201903/03/202010-KT

Recent Forward Guidance

Updated 10/30/2026

Latest: Q3 2026 Earnings Reported 10/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Cash from operationsReported 3.60 Bil 0.0% AffirmedGuidance: 3.60 Bil for 2026
2026 RevenueReported23.50 Bil23.60 Bil23.70 Bil0.6% RaisedGuidance: 23.45 Bil for 2026
2026 Space & Mission Systems RevenueReported 11.90 Bil    
2026 Communications & Spectrum Dominance RevenueReported 7.90 Bil    
2026 Missile Solutions RevenueReported 4.10 Bil    
2026 Space & Mission Systems Operating MarginReported 10.5%    
2026 Communications & Spectrum Dominance Operating MarginReported 25.5%    
2026 Missile Solutions Operating MarginReported 12.0%    
2026 Segment Operating MarginReported 16.0%    
2026 Diluted EPSReported12.2512.312.353.4% RaisedGuidance: 11.9 for 2026
2026 Capital ExpendituresReported 600.00 Mil 0.0% AffirmedGuidance: 600.00 Mil for 2026
2026 Free Cash FlowReported 3.00 Bil 0.0% AffirmedGuidance: 3.00 Bil for 2026


Prior: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net cash provided by operating activitiesReported 3.60 Bil 0.0% AffirmedGuidance: 3.60 Bil for 2026
2026 RevenueReported23.20 Bil23.45 Bil23.70 Bil0.9% RaisedGuidance: 23.25 Bil for 2026
2026 EPSReported11.811.9123.5% RaisedGuidance: 11.5 for 2026
2026 Capital ExpendituresReported 600.00 Mil 0.0% AffirmedGuidance: 600.00 Mil for 2026
2026 Free Cash FlowReported 3.00 Bil 0.0% AffirmedGuidance: 3.00 Bil for 2026

Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net cash provided by operating activitiesReported 3.60 Bil 0 AffirmedGuidance: 3.60 Bil for 2026
2026 RevenueReported23.00 Bil23.25 Bil23.50 Bil0 AffirmedGuidance: 23.25 Bil for 2026
2026 Segment operating marginReported 16.0%    
2026 Diluted EPSReported11.411.511.60.9%10.0%RaisedGuidance: 11.4 for 2026
2026 Capital expendituresReported 600.00 Mil 0 AffirmedGuidance: 600.00 Mil for 2026
2026 Free cash flowReported 3.00 Bil 0 AffirmedGuidance: 3.00 Bil for 2026

Q4 2025 Earnings Reported 1/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net cash provided by operating activitiesReported 3.60 Bil    
2026 RevenueReported23.00 Bil23.25 Bil23.50 Bil5.7% Higher NewGuidance: 22.00 Bil for 2025
2026 Diluted EPSReported11.311.411.57.5% Higher NewGuidance: 10.6 for 2025
2026 Capital expendituresReported 600.00 Mil    
2026 Free cash flowReported 3.00 Bil 13.2% Higher NewGuidance: 2.65 Bil for 2025

Insider Activity

Updated 8/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rakita, MelanieVice President & CHRODirectSell5052026310.452,180676,7811,301,559Form
2Rakita, MelanieVice President & CHRODirectSell3022026370.32751278,1101,529,866Form
3Mehta, SamirPres., Space & Mission Sys.DirectSell3022026370.325,5282,047,1292,872,228Form
4Rambeau, JonPres., Coms. & Spec. Dom.DirectSell3022026370.325,5282,047,1292,836,662Form
5Rakita, MelanieVice President & CHRODirectSell3022026341.452,378811,9681,667,027Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rakita, MelanieVice President & CHRODirectSell5052026310.452,180676,7811,301,559Form
2Rakita, MelanieVice President & CHRODirectSell3022026370.32751278,1101,529,866Form
3Mehta, SamirPres., Space & Mission Sys.DirectSell3022026370.325,5282,047,1292,872,228Form
4Rambeau, JonPres., Coms. & Spec. Dom.DirectSell3022026370.325,5282,047,1292,836,662Form
5Rakita, MelanieVice President & CHRODirectSell3022026341.452,378811,9681,667,027Form
6Mehta, SamirPres., Space & Missions Sys.DirectSell2062026338.854,8401,640,0342,004,660Form
7Kubasik, Christopher EChair and CEODirectSell11142025301.0514,1714,266,18043,479,447Form
8Kubasik, Christopher EChair and CEODirectSell9122025279.9083,00023,231,70040,747,232Form
9Kubasik, Christopher EChair and CEODirectSell8122025269.5240,13810,817,99439,236,134Form

Investor Activity (13F)

Updated Nov 4, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
FengHe Fund Management Pte. Ltd.$35.2 Mil4.9%31TRIM -62.3%13F
Castle Hook Partners LP$232.7 Mil4.7%44New13F
Focused Investors LLC$108.5 Mil3.5%22TRIM -28.1%13F
Martin Investment Management, LLC$10.2 Mil3.0%46Hold13F
Element Capital Management LLC$6.0 Mil2.4%34New13F
Shapiro Capital Management LLC$24.7 Mil1.5%50TRIM -44.7%13F
Gladstone Capital Management LLP$13.7 Mil1.4%32New13F
Appaloosa LP$68.3 Mil1.2%31TRIM -32.9%13F
Hancock Prospecting Pty Ltd$24.2 Mil0.7%36New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Castle Hook Partners LP$232.7 Mil4.7%44New13F
Hancock Prospecting Pty Ltd$24.2 Mil0.7%36New13F
Gladstone Capital Management LLP$13.7 Mil1.4%32New13F
Element Capital Management LLC$6.0 Mil2.4%34New13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Benson Investment Management Company, Inc.$6.4 Mil2.2%50ExitedDec 31, 202513F
FengHe Fund Management Pte. Ltd.$35.2 Mil4.9%31TRIM -62.3%Mar 31, 202613F
Shapiro Capital Management LLC$24.7 Mil1.5%50TRIM -44.7%Mar 31, 202613F
Appaloosa LP$68.3 Mil1.2%31TRIM -32.9%Mar 31, 202613F
Focused Investors LLC$108.5 Mil3.5%22TRIM -28.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Castle Hook Partners LP$232.7 Mil4.7%44New13F
Focused Investors LLC$108.5 Mil3.5%22TRIM -28.1%13F
Appaloosa LP$68.3 Mil1.2%31TRIM -32.9%13F
FengHe Fund Management Pte. Ltd.$35.2 Mil4.9%31TRIM -62.3%13F
Shapiro Capital Management LLC$24.7 Mil1.5%50TRIM -44.7%13F
Hancock Prospecting Pty Ltd$24.2 Mil0.7%36New13F
Gladstone Capital Management LLP$13.7 Mil1.4%32New13F
Martin Investment Management, LLC$10.2 Mil3.0%46Hold13F
Element Capital Management LLC$6.0 Mil2.4%34New13F
Core Cache Last Updated: 11/3/2026