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L3HARRIS TECHNOLOGIES, INC. DE（LHX）の決算・業績分析

L3HARRIS TECHNOLOGIES, INC. DEの2025年有価証券報告書をAI分析。売上高$21.3B(0.0%)。営業利益$2.1B。Health Care。

目次
SUMMARY — 業績サマリー

L3HARRIS TECHNOLOGIES, INC. DEの2025年度 業績サマリー

L3HARRIS TECHNOLOGIES, INC. DE（証券コード: LHX）の2025年度決算・業績分析。売上高は$21.3B（前年比0.0%）。営業利益は$2.1B（前年比+10.0%）。純利益は$1.6B（前年比+6.9%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。

L3HARRIS TECHNOLOGIES, INC. DEの2024年度 注目ポイント

※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。

  1. Revenue declined 4.2% YoY to $17.1B (XBRL), driven by U.S. Government funding uncertainty and macroeconomic headwinds (10-K).
  2. Operating income fell 46.6% YoY to $1.1B (XBRL), with net income dropping 42.5% YoY to $1.1B (XBRL), reflecting margin compression.
  3. Net debt reached $10.6B (5.1x EBITDA) (XBRL), despite $1.9B in shareholder returns (dividends + buybacks) (XBRL).
  4. Cash flow remained strong with $2.2B in operating cash flow (XBRL), but liquidity is constrained by $560M in cash (XBRL).

L3HARRIS TECHNOLOGIES, INC. DEの売上高変化の要因

  • •Total revenue declined 4.2% YoY to $17.1B (XBRL), down from $17.8B in FY2023. The 10-K attributes this to U.S. Government funding levels and macroeconomic challenges. Segment-specific revenue figures are not disclosed in the XBRL data or 10-K text (N/A). Historical revenue growth averaged 25.8% CAGR over 5 years (XBRL), but FY2024 marks a reversal due to external pressures.

L3HARRIS TECHNOLOGIES, INC. DEの営業利益変化の要因

  • •Operating income fell 46.6% YoY to $1.1B (XBRL), with operating margin at 6.6% (XBRL). Net income dropped 42.5% YoY to $1.1B (XBRL), with net margin at 6.2% (XBRL). The 10-K cites U.S. Government funding uncertainty and macroeconomic headwinds as key factors. EBITDA grew 12.1% YoY to $2.1B (XBRL), indicating resilience in core operations despite margin compression.

L3HARRIS TECHNOLOGIES, INC. DEの事業リスクと対応

Heavy reliance on U.S. Government contracts exposes LHX to funding cuts or shifting priorities (10-K).

Intense competition in government contracting, including from better-resourced firms, risks losing bids or task orders (10-K).

Fixed-price contracts (73% of revenue) pose risks of cost overruns and losses due to inflation or delays (10-K).

Uncertainty in U.S. Government appropriations and budget processes could disrupt funding and operations (10-K).

Bid protests and legal challenges from competitors may delay or cancel contracts, increasing costs (10-K).

L3HARRIS TECHNOLOGIES, INC. DEの今後の見通し・業績予想

Management projects FY2025 revenue at $19.4B (10-K), citing DoD funding at $911B. Key risks include short-term Continuing Resolution (CR) and potential sequestration (10-K). Defense spending volatility and macroeconomic challenges are expected to impact future results (10-K).

L3HARRIS TECHNOLOGIES, INC. DEの事業内容

L3Harris Technologies provides end-to-end technology solutions for defense, civil government, and commercial applications, focusing on connecting space, air, land, sea, and cyber domains (10-K). Key segments include Space & Airborne Systems (SAS), Integrated Mission Systems (IMS), Communication Systems (CS), and Commercial Aviation Solutions (CAS) (10-K). The company generates revenue through selling products and services to U.S. Government agencies, international allies, and commercial clients (10-K). Competitive advantages include integrated domain solutions, though specific intellectual property or barriers to entry are not detailed (10-K).

L3HARRIS TECHNOLOGIES, INC. DEのAI業績分析レポート（2024年度）

L3Harris Technologies, Inc. (LHX) FY2024 Annual Report Analysis

Highlights
•Revenue declined 4.2% YoY to $17.1B (XBRL), driven by U.S. Government funding uncertainty and macroeconomic headwinds (10-K).
•Operating income fell 46.6% YoY to $1.1B (XBRL), with net income dropping 42.5% YoY to $1.1B (XBRL), reflecting margin compression.
•Net debt reached $10.6B (5.1x EBITDA) (XBRL), despite $1.9B in shareholder returns (dividends + buybacks) (XBRL).
•Cash flow remained strong with $2.2B in operating cash flow (XBRL), but liquidity is constrained by $560M in cash (XBRL).
Business Overview

L3Harris Technologies provides end-to-end technology solutions for defense, civil government, and commercial applications, focusing on connecting space, air, land, sea, and cyber domains (10-K). Key segments include Space & Airborne Systems (SAS), Integrated Mission Systems (IMS), Communication Systems (CS), and Commercial Aviation Solutions (CAS) (10-K). The company generates revenue through selling products and services to U.S. Government agencies, international allies, and commercial clients (10-K). Competitive advantages include integrated domain solutions, though specific intellectual property or barriers to entry are not detailed (10-K).

Revenue Analysis

Total revenue declined 4.2% YoY to $17.1B (XBRL), down from $17.8B in FY2023. The 10-K attributes this to U.S. Government funding levels and macroeconomic challenges. Segment-specific revenue figures are not disclosed in the XBRL data or 10-K text (N/A). Historical revenue growth averaged 25.8% CAGR over 5 years (XBRL), but FY2024 marks a reversal due to external pressures.

Profitability Analysis

Operating income fell 46.6% YoY to $1.1B (XBRL), with operating margin at 6.6% (XBRL). Net income dropped 42.5% YoY to $1.1B (XBRL), with net margin at 6.2% (XBRL). The 10-K cites U.S. Government funding uncertainty and macroeconomic headwinds as key factors. EBITDA grew 12.1% YoY to $2.1B (XBRL), indicating resilience in core operations despite margin compression.

Balance Sheet Analysis

Equity ratio stands at 45.0% (XBRL), with debt-to-equity (D/E) at 1.22x (XBRL). Long-term debt is $11.2B (XBRL), and net debt is $10.6B (5.1x EBITDA) (XBRL). Current ratio is 1.01x (XBRL), indicating tight liquidity. Total assets increased to $41.7B (XBRL), while total equity rose slightly to $18.8B (XBRL). Cash and equivalents are $560M (XBRL).

Cash Flow Analysis

Operating cash flow was $2.2B (XBRL), with free cash flow (FCF) at $1.9B (XBRL) after $252M in CapEx (XBRL). Investing cash flow was -$250M (XBRL), and financing cash flow was -$2.0B (XBRL), driven by $864M in dividends paid (XBRL) and $1.1B in share repurchases (XBRL).

Working Capital Analysis

Cash conversion cycle (CCC) is 7 days (XBRL), with receivables days at 26 days (XBRL), inventory days at 44 days (XBRL), and payables days at 63 days (XBRL).

Risks
1.Heavy reliance on U.S. Government contracts exposes LHX to funding cuts or shifting priorities (10-K).
2.Intense competition in government contracting, including from better-resourced firms, risks losing bids or task orders (10-K).
3.Fixed-price contracts (73% of revenue) pose risks of cost overruns and losses due to inflation or delays (10-K).
4.Uncertainty in U.S. Government appropriations and budget processes could disrupt funding and operations (10-K).
5.Bid protests and legal challenges from competitors may delay or cancel contracts, increasing costs (10-K).
Outlook

Management projects FY2025 revenue at $19.4B (10-K), citing DoD funding at $911B. Key risks include short-term Continuing Resolution (CR) and potential sequestration (10-K). Defense spending volatility and macroeconomic challenges are expected to impact future results (10-K).

Historical Time Series

MetricFY2020FY2021FY2022FY2023FY2024FY2025
Revenue6.2B6.8B18.2B17.8B17.1B19.4B
Operating IncomeN/A1.4B2.2B2.1B1.1B1.4B
Net Income699M949M1.1B1.8B1.1B1.2B
Total Assets38.3B37.0B34.7B33.5B41.7B42.0B
Total Equity22.6B20.7B19.2B18.5B18.8B19.5B
Operating Cash Flow751M1.2B2.8B2.7B2.2B2.1B

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