L3Harris vs Northrop Grumman
Northrop Grumman reported revenue of $42.0 billion in fiscal 2025, 1.9 times L3Harris' $21.9 billion in fiscal 2025. L3Harris' revenue grew 2.5% in its latest year, and Northrop Grumman's grew 2.2%. L3Harris had an operating margin of 9.7%, against 10.8% at Northrop Grumman. Free cash flow was $2.7 billion at L3Harris and $3.3 billion at Northrop Grumman. Their fiscal years end in different months (January 2 and December 31), so the periods don't line up exactly.
Side by side
| L3Harris | Northrop Grumman | |
|---|---|---|
| Latest fiscal year | FY2025, Jan 2, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $21.9B | $42.0B |
| Revenue growth | 2.5% | 2.2% |
| Revenue growth a year, last 5 years | 3.7% | 2.7% |
| Gross margin | 25.7% | — |
| Operating margin | 9.7% | 10.8% |
| Net margin | 7.3% | 10.0% |
| Free cash flow | $2.7B | $3.3B |
| Free cash flow margin | 12.3% | 7.9% |
| Return on capital | 5.8% | 13.5% |
| Net debt to EBITDA | 3.0x | 1.9x |
| Dividends and buybacks | $2.1B | $2.9B |
| Change in diluted share count | −1.2% | −2.4% |
| Last close | $260.23 | $565.41 |
| P/E at the last close | 26.2× | 17.9× |
| Insider trades, last 12 months | sold $9.7 million | sold $26.4 million |
| Piotroski F-score | 8 of 9 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
L3HarrisNorthrop Grumman
Operating margin
Percent of revenue
L3HarrisNorthrop Grumman
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
L3HarrisNorthrop Grumman
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the L3Harris and Northrop Grumman pages.