Does L3HARRIS TECHNOLOGIES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores L3HARRIS TECHNOLOGIES, INC. (LHX) 44.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 39, returns on capital 16, balance-sheet safety 59, capital discipline 80.

Is LHX stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $141.71 per share versus a recent price of $282.01 — 99% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LHX's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

L3HARRIS TECHNOLOGIES, INC.

LHX · Healthcare · $52.7B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power39

Median gross margin 30.2% over 9y, stable.

Returns on capital16

Median ROIC 6.3%, above the 9% hurdle in 30% of years.

Balance-sheet safety59

Net debt/EBITDA 3.0x, no material interest expense disclosed.

Capital discipline80

Owner earnings +18.2%/yr, share count n/a.

Margin of safety

Above valueOn sale

99% above value

Owner earnings (normalized): $2.4B
Est. intrinsic value / share: $141.71
Recent price: $282.01
Discount to value: 99% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

L3HARRIS TECHNOLOGIES, INC. booked $21.3B of revenue in FY2024 in the Healthcare sector and kept 25.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 7.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $4.6B (FY2008) to $21.3B (FY2024) — about 10.1% a year compounded over 16 years.

It earned 5.9% on invested capital in FY2025, with a median of 6.3% across 10 filed years. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $11.1B of total debt in FY2025 against $2.4B of owner earnings — roughly 4.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 59/100.

The share count rose 42.2% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 80/100.

Put together: Capital Discipline is the strongest of the four filters (80/100) and Returns on Capital the weakest (16/100), which is how LHX lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$21.3B FY2024

Gross marginRevenue kept after cost of goods25.9% FY2024

Return on invested capitalOperating profit on the capital employed5.9% FY2025

Owner earningsCash an owner could take out$2.4B FY2025

Gaps in a line mean that item isn’t in LHX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LHX has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#182 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#180CLSDQ Clearside Biomedical, Inc.44.4 out of 100, Shallow moatShallow moat
#181TMDX TransMedics Group, Inc.44.2 out of 100, Shallow moatShallow moat
#183OFIX ORTHOFIX MEDICAL INC.44.1 out of 100, Shallow moatShallow moat
#184ATEC Alphatec Holdings, Inc.44.1 out of 100, Shallow moatShallow moat

Compare LHX with its nearest peers →All Healthcare companies on the Index →

Common questions about LHX

Does L3HARRIS TECHNOLOGIES, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores L3HARRIS TECHNOLOGIES, INC. (LHX) 44.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 39, returns on capital 16, balance-sheet safety 59, capital discipline 80.
Is LHX stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $141.71 per share versus a recent price of $282.01 — 99% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LHX's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LHX. See the disclaimer.