The Boeing Company (BA)
Boeing is one of two dominant commercial-aircraft makers and a major US defense and space contractor. Its commercial recovery has hinged on stabilizing production and quality across its jet programs.
BA vs LHX: how the two businesses compare
- Bigger business: BA, with $89.5B of yearly revenue, about 4.2× LHX's $21.3B.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Boeing (BA) is the larger business by reported revenue: $89.5B in its fiscal year ended Dec 2025, about 4.2× LHX's $21.3B (fiscal year ended Jan 2025). The SEC classifies them differently (Aircraft; Search, Detection, Navigation, Guidance, Aeronautical Sys); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- Different
- BA December 31 · LHX January 2
- Feb 12, 2026
BA vs LHX: quick comparison
| Company fact | BA | LHX |
|---|---|---|
| Company | The Boeing Company | L3Harris Technologies, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Arlington, Virginia | — |
| Founded | 1916 | — |
| SEC industry | Aircraft | Search, Detection, Navigation, Guidance, Aeronautical Sys |
| Fiscal year-end | December 31 | January 2 |
| Latest annual filing | 10-K · 2026-01-30 | 10-K · 2026-02-12 |
BA vs LHX: audited financials
- Scale: BA's $89.5B of revenue is about 4.2× LHX's $21.3B.
- Cash conversion: operating cash flow equalled BA 1.2% of revenue, or 0.48× net income; LHX 1.93× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 12 months apart (2025-12-31 for BA, 2025-01-03 for LHX), so each figure reflects somewhat different demand and cost conditions.
| Metric | BA | LHX |
|---|---|---|
| Revenue | $89.5B2025-01-01 to 2025-12-31 · SEC filing | $21.3B2023-12-30 to 2025-01-03 · SEC filing |
| Net income | $2.2B2025-01-01 to 2025-12-31 · SEC filing | $1.6B2025-01-04 to 2026-01-02 · SEC filing |
| Operating cash flow | $1.1B2025-01-01 to 2025-12-31 · SEC filing | $3.1B2025-01-04 to 2026-01-02 · SEC filing |
| Diluted EPS | $2.482025-01-01 to 2025-12-31 · SEC filing | $8.532025-01-04 to 2026-01-02 · SEC filing |
| Net margin | 2.5%2025-01-01 to 2025-12-31 · SEC filing | — |
BA: FY ending 2025-12-31 · LHX: FY ending 2025-01-03. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where BA and LHX overlap, and where they don't
Overlap
- Shared research theme: Wars & geopolitics.
Differences
- Different SEC industries: BA files as Aircraft; LHX as Search, Detection, Navigation, Guidance, Aeronautical Sys.
- Offset fiscal calendars: BA's year ends December 31 and LHX's January 2, about 12 months apart.
- Only BA maps to Tariffs & trade.
- Scale: BA reported about 4.2× the annual revenue of LHX.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
L3Harris Technologies, Inc. (LHX)
L3Harris Technologies makes communications, electronic warfare, and defense systems for the military.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves BA
We have not yet published a company-specific driver list for BA. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-30.
What moves LHX
We have not yet published a company-specific driver list for LHX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-12.
The investment question
You now know BA reports about 4.2× LHX's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to wars & geopolitics, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. BA's fiscal year ends December 31, while LHX's ends January 2. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 33 matched transaction rows for BA and 17 matched transaction rows for LHX. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
BA primary filings
LHX primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving BA or LHX
BA vs LHX FAQs
Are BA and LHX direct competitors?
Not necessarily. Boeing files as Aircraft and L3Harris Technologies as Search, Detection, Navigation, Guidance, Aeronautical Sys. The pair is compared because both map to the Wars & geopolitics research theme, not because the filings show head-to-head competition.
Is BA or LHX the bigger company by revenue?
Boeing (BA) is the larger business by reported revenue: $89.5B in its fiscal year ended Dec 2025, about 4.2× LHX's $21.3B (fiscal year ended Jan 2025). The SEC classifies them differently (Aircraft; Search, Detection, Navigation, Guidance, Aeronautical Sys); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, BA or LHX?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this BA vs LHX comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers The Boeing Company and L3Harris Technologies, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
BA vs LHX compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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