Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

L3Harris (LHX)

Price updated 06 Nov 2026 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 12:55.

Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 258.11. Growth begins at 7.2% a year (the valuation's blended assumption) and fades to 2.7% by year 10. Margins held at EBITDA 16.3%, net 8.8%, free cash flow 15.6% of revenue. Bear and bull move starting growth by 5.7 points and long-run growth by 1 point.

Year 1 uses analyst consensus revenue growth (7.0%); year 2 is halfway back to the model's own path.
USD 252.24Model fair value (Free-cash-flow DCF); range USD 176.47 to USD 387.16
-2%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.

6.5%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 37.82BRevenue in year 10 (base)
USD 3.31BNet income in year 10 (base)
USD 5.90BFree cash flow in year 10 (base)
USD 8.06Dividend per share in year 10 (base)
USD 415.99Implied share price in year 10 (base), today USD 258.11
12.2%Year-10 free cash flow per share vs today's price

Free cash flow over time

USD 0 USD 2.02B USD 4.04B USD 6.06B USD 8.08B FY2022 FY2023 FY2024 FY2025 TTM through 30 Sep 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 1.3% USD 4.26B 1.6%
Base 7.0% USD 5.90B 4.9%
Bull 12.8% USD 8.08B 8.3%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Sep 2026– USD 23.33BUSD 3.81BUSD 2.04BUSD 3.64B 10.9419.484.97108.29258.11
Year 17.0% USD 24.98BUSD 4.08BUSD 2.19BUSD 3.90B 11.7120.855.32114.68275.97
Year 26.9% USD 26.69BUSD 4.36BUSD 2.34BUSD 4.17B 12.5122.295.69121.50294.61
Year 36.2% USD 28.35BUSD 4.63BUSD 2.48BUSD 4.42B 13.2923.676.04128.75312.57
Year 45.7% USD 29.97BUSD 4.89BUSD 2.63BUSD 4.68B 14.0525.026.39136.42330.05
Year 55.2% USD 31.53BUSD 5.15BUSD 2.76BUSD 4.92B 14.7826.336.72144.48346.85
Year 64.7% USD 33.02BUSD 5.39BUSD 2.89BUSD 5.15B 15.4827.577.03152.92363.19
Year 74.2% USD 34.41BUSD 5.62BUSD 3.01BUSD 5.37B 16.1328.737.33161.72378.46
Year 83.7% USD 35.68BUSD 5.82BUSD 3.13BUSD 5.57B 16.7229.797.60170.84392.48
Year 93.2% USD 36.83BUSD 6.01BUSD 3.23BUSD 5.75B 17.2630.757.84180.26405.05
Year 102.7% USD 37.82BUSD 6.17BUSD 3.31BUSD 5.90B 17.7331.588.06189.93415.99

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.