ESLT vs LHX: Elbit Systems and L3Harris Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- L3Harris Technologies is the larger company, worth $44.6B, about 1.5 times Elbit Systems.
- Elbit Systems grew revenue faster over the last year (+16.3% vs +8.4%).
- L3Harris Technologies keeps more of each dollar of revenue as operating profit (10.3% vs 8.5%).
- On earnings, L3Harris Technologies is the cheaper stock (26.0x vs 57.6x).
- Elbit Systems's price assumes faster free cash flow growth: about 18% a year, against 3% for L3Harris Technologies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ESLT | LHX |
|---|---|---|
| Market cap | $30.3B | $44.6B |
| Share price | $655.74 | $236.97 |
| Revenue (last fiscal year) | $7.9B | — |
| Free cash flow (last fiscal year) | $553M | $2.7B |
| Revenue growth, last year | +16.3% | +8.4% |
| Revenue growth per year, last 5 fiscal years | +10.7% | — |
| Operating margin | 8.5% | 10.3% |
| Net margin | 6.7% | 4.8% |
| Return on equity | 12.9% | 9.4% |
| P/E (trailing) | 57.6x | 26.0x |
| Price / free cash flow | 50.7x | 16.6x |
| EV / EBITDA | 35.0x | 10.8x |
| FCF growth the price implies | 18.3% | 2.6% |
| Dividend yield | 0.62% | 1.2% |
| Debt / equity | 2.07x | 1.11x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 8 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Elbit Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.3B | $228M | 7.9% |
| 2022 | $5.5B | $35M | 6.7% |
| 2023 | $6.0B | -$73M | 6.2% |
| 2024 | $6.8B | $320M | 7.2% |
| 2025 | $7.9B | $553M | 8.5% |
L3Harris Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.8B | $2.3B | 11.8% |
| 2022 | $17.1B | $1.9B | 6.6% |
| 2023 | $19.4B | $1.6B | 7.3% |
| 2024 | $21.3B | $2.2B | 9.0% |
| 2025 | — | $2.7B | — |
Where the revenue comes from
Elbit Systems · by segments, 2025
Land$2.3B28%
Aerospace$1.8B23%
ESA$1.7B21%
ISTAR and EW$1.3B17%
C4I and Cyber$866M11%
L3Harris Technologies · by segments, 2024
SAS$6.9B32%
IMS$6.6B31%
CS$5.5B25%
AR$2.6B12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ESLT in InvestinglyQuestions
Which is bigger, Elbit Systems or L3Harris Technologies?
L3Harris Technologies (LHX), at $44.6B against $30.3B.
Is ESLT or LHX cheaper?
By trailing P/E, L3Harris Technologies (26.0x) is cheaper than Elbit Systems (57.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESLT or LHX?
Elbit Systems: revenue grew +16.3% over the last year, against +8.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.