A Business at a Glance
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LOCKHEED MARTIN CORP
LMT
$136.0B
Mkt Cap
$582.60
+2.46%
LOCKHEED MARTIN CORP (LMT) has a current P/E ratio of 28.1, compared to its historical median P/E of 15.3. The stock is currently considered Expensive based on its historical valuation range.
LOCKHEED MARTIN CORP (LMT) has a 5-year average return on invested capital (ROIC) of 32.3%. This indicates strong capital allocation and a potential competitive advantage.
LOCKHEED MARTIN CORP (LMT) has a market capitalization of $134.6B. It is classified as a large-cap stock.
Yes, LOCKHEED MARTIN CORP (LMT) pays a dividend with a trailing twelve-month yield of 2.34%. The company also returns capital through share buybacks, with a buyback yield of 1.67%.
Based on historical P/E analysis, LOCKHEED MARTIN CORP (LMT) appears expensive. The current P/E of 28.1 is 84% above its historical median of 15.3. The estimated fair value CAGR (P/E method) is 2.6%.
LOCKHEED MARTIN CORP (LMT) operates in the Guided Missiles & Space Vehicles & Parts industry, within the Industrials sector.
LOCKHEED MARTIN CORP (LMT) reported annual revenue of $75.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Lockheed Martin is a global aerospace and defense technology company organized into four business segments—Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space—that develop, manufacture, and sustain advanced military systems and solutions for U.S. Government agencies and international allies. The Aeronautics segment designs and produces combat and air mobility aircraft including the F-35 Lightning II (which generates 27% of consolidated sales), F-16 Fighting Falcon, F-22 Raptor, and C-130 Hercules, along with unmanned air vehicles and advanced development programs through its Skunk Works organization. MFC provides air and missile defense systems (PAC-3, THAAD), tactical and precision strike missiles (MLRS, PrSM, JASSM, LRASM, Hellfire, JAGM), fire control systems, and logistics support, with production ramping significantly across multiple programs. RMS manufactures military and commercial helicopters (Black Hawk, Seahawk, CH-53K), integrated warfare systems and sensors including the Aegis Combat System and Littoral Combat Ship programs, command and control solutions, cyber capabilities, and training and simulation services. Space develops satellites, space transportation systems, strategic and defensive systems including the Trident II D5 Fleet Ballistic Missile, Next Generation Overhead Persistent Infrared (Next Gen OPIR), Next Generation Interceptor (NGI), Orion Multi-Purpose Crew Vehicle, GPS III, and Transport and Tracking Layer constellations. The company operates on a contract-based model serving primarily U.S. Government customers and international partners through foreign military sales, with significant backlog visibility providing multi-year revenue streams; it invests substantially in research and development, capital infrastructure, and workforce development to expand production capacity and advance technologies including artificial intelligence, autonomy, and open-architecture systems.
【Accelerating production and capacity】 Management is executing a significant multi-year business transformation focused on rapidly scaling production across key programs, particularly in missiles and fire control where PAC-3 production has increased more than 60% in two years and the company is making multibillion-dollar investments to accelerate munitions production over the next three years, including building facilities across five states. The company expects margins to improve over the course of 2026 as production milestones are achieved and risks are retired, with particular strength anticipated in the second half of the year. Capital and independent research and development investment is stepping up substantially to approximately $5 billion in 2026, representing a step function increase to support capacity expansion and technology advancement in areas such as artificial intelligence, autonomy, and next-generation capabilities. Management remains focused on disciplined operational execution and converting record backlog into long-term growth while maintaining cost and schedule discipline, with confidence in delivering on customer commitments and creating shareholder value through this elevated investment cycle.
| Metric | Target | Period |
|---|---|---|
| Sales | $77.5 billion–$80 billion | FY2026 |
| Segment Operating Profit | $8.425 billion–$8.675 billion | FY2026 |
| Free Cash Flow | $6.5 billion–$6.8 billion | FY2026 |
| Capital Expenditures | $2.5 billion–$2.8 billion | FY2026 |
Sales (FY2026): “In 2026, we are forecasting sales to be in the range of $77.5 billion-$80 billion, up $3.7 billion at the midpoint, applying a solid 5% organic growth year over year.”
Segment Operating Profit (FY2026): “Segment operating profit is anticipated to be in the range of $8.425 billion-$8.675 billion, resulting in a midpoint margin of 10.9%.”
Free Cash Flow (FY2026): “Free cash flow is anticipated to be in the range of $6.5 billion-$6.8 billion, which is well above our prior expectation and includes a year-over-year increase in investment of about 35%, with capital and independent research and development approaching $5 billion in 2026, which is a step function increase in internal investment.”
Capital Expenditures (FY2026): “That estimate includes between $2.5 billion and $2.8 billion of capital expenditures as we are planning to increase our investment to support production ramps and other strategic growth opportunities.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 75.1B | 75.0B | 71.0B | 67.6B | 66.0B | 67.0B |
| Net Income | 4.8B | 5.0B | 5.3B | 6.9B | 5.7B | 6.3B |
| EPS | $20.68 | $21.49 | $22.31 | $27.55 | $21.66 | $22.76 |
| Free Cash Flow | 5.7B | 6.9B | 5.3B | 6.2B | 6.1B | 7.7B |
| ROIC | 23.9% | 26.6% | 25.2% | 31.6% | 34.1% | 44.0% |
| Gross Margin | 9.8% | 10.2% | 9.8% | 12.5% | 12.6% | 13.5% |
| Debt/Equity | 2.76 | 3.35 | 3.33 | 2.68 | 1.78 | 1.17 |
| Dividends/Share | $13.63 | $13.35 | $12.75 | $12.15 | $11.40 | $10.60 |
| Operating Income | 7.4B | 7.7B | 7.0B | 8.5B | 8.3B | 9.1B |
| Operating Margin | 9.9% | 10.3% | 9.9% | 12.6% | 12.7% | 13.6% |
| ROE | 64.0% | 76.9% | 81.0% | 86.0% | 56.7% | 74.4% |
| Shares Outstanding | 231M | 233M | 239M | 251M | 265M | 277M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 39.9B | 40.5B | 47.3B | 50.0B | 53.8B | 59.8B | 65.4B | 67.0B | 66.0B | 67.6B | 71.0B | 75.0B | 75.1B |
| Gross Margin | 11.7% | 11.1% | 11.4% | 12.8% | 13.5% | 14.0% | 13.2% | 13.5% | 12.6% | 12.5% | 9.8% | 10.2% | 9.8% |
| R&D | 733M | 817M | 988M | 1.2B | 1.3B | 1.3B | 1.3B | 1.5B | 1.7B | 1.5B | 1.6B | 2.0B | 2.0B |
| SG&A | 2.5B | 2.7B | 1.9B | 2.0B | 1.9B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 5.0B | 4.7B | 5.9B | 6.7B | 7.3B | 8.5B | 8.6B | 9.1B | 8.3B | 8.5B | 7.0B | 7.7B | 7.4B |
| Op. Margin | 12.5% | 11.6% | 12.5% | 13.5% | 13.6% | 14.3% | 13.2% | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% | 9.9% |
| Net Income | 3.6B | 3.6B | 5.2B | 2.0B | 5.0B | 6.2B | 6.8B | 6.3B | 5.7B | 6.9B | 5.3B | 5.0B | 4.8B |
| Net Margin | 9.0% | 8.9% | 10.9% | 3.9% | 9.4% | 10.4% | 10.4% | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% | 6.4% |
| Non-Recurring | 209M | 115M | 1.3B | 73M | 96M | 0 | -28M | 36M | 200M | 184M | 174M | 132M | 132M |
| Returns on Capital | |||||||||||||
| ROIC | 42.5% | 27.1% | 29.1% | 33.3% | 49.1% | 48.6% | 48.7% | 44.0% | 34.1% | 31.6% | 25.2% | 26.6% | 23.9% |
| ROE | 86.9% | 111.0% | 224.5% | N/A | 362.0% | 275.6% | 149.5% | 74.4% | 56.7% | 86.0% | 81.0% | 76.9% | 64.0% |
| ROA | 9.9% | 8.3% | 10.7% | 4.2% | 11.0% | 13.5% | 13.9% | 12.4% | 11.0% | 13.1% | 9.9% | 8.7% | 8.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.9B | 5.1B | 5.2B | 6.5B | 3.1B | 7.3B | 8.2B | 9.2B | 7.8B | 7.9B | 7.0B | 8.6B | 7.4B |
| Free Cash Flow | 3.0B | 4.2B | 4.1B | 5.3B | 1.9B | 5.8B | 6.4B | 7.7B | 6.1B | 6.2B | 5.3B | 6.9B | 5.7B |
| Owner Earnings | 2.8B | 4.0B | 3.9B | 5.1B | 1.8B | 6.2B | 6.9B | 7.6B | 6.2B | 6.2B | 5.1B | 6.6B | 5.4B |
| CapEx | 845M | 939M | 1.1B | 1.2B | 1.3B | 1.5B | 1.8B | 1.5B | 1.7B | 1.7B | 1.7B | 1.6B | 1.7B |
| Maint. CapEx | 927M | 945M | 1.2B | 1.2B | 1.2B | 906M | 1.0B | 1.4B | 1.4B | 1.4B | 1.6B | 1.7B | 1.7B |
| Growth CapEx | 0 | 0 | 0 | 0 | 117M | 578M | 747M | 158M | 266M | 261M | 126M | 0 | 19M |
| D&A | 927M | 945M | 1.2B | 1.2B | 1.2B | 906M | 1.0B | 1.4B | 1.4B | 1.4B | 1.6B | 1.7B | 1.7B |
| CapEx/OCF | 21.9% | 18.4% | 20.5% | 18.2% | 40.7% | 20.3% | 21.6% | 16.5% | 21.4% | 21.4% | 24.2% | 19.3% | 23.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.8B | 1.9B | 2.0B | 2.2B | 2.3B | 2.6B | 2.8B | 2.9B | 3.0B | 3.1B | 3.1B | 3.1B | 3.2B |
| Dividend Yield | 4.5% | 4.0% | 3.7% | 3.3% | 3.1% | 3.1% | 3.0% | 3.4% | 2.9% | 2.9% | 2.7% | 2.9% | 2.3% |
| Share Buybacks | 1.9B | 3.1B | 2.1B | 2.0B | 1.5B | 1.2B | 1.1B | 4.1B | 7.9B | 6.0B | 3.7B | 3.0B | 2.3B |
| Buyback Yield | 4.1% | 5.9% | 3.5% | 2.7% | 2.4% | 1.3% | 1.3% | 4.7% | 6.7% | 5.6% | 3.3% | 2.7% | 1.7% |
| Stock-Based Comp | 164M | 138M | 149M | 158M | 173M | 189M | 221M | 227M | 238M | 265M | 277M | 304M | 327M |
| Debt Repayment | 0 | 0 | 952M | 0 | 750M | 900M | 1.6B | 500M | 2.3B | 115M | 168M | 642M | 642M |
| Balance Sheet | |||||||||||||
| Net Debt | 4.6B | 14.2B | 12.4B | 11.3B | 14.0B | 11.8B | 9.6B | 9.0B | 13.9B | 16.9B | 18.6B | 18.4B | 18.8B |
| Cash & Equiv. | 1.4B | 1.1B | 1.8B | 2.9B | 772M | 1.5B | 3.2B | 3.6B | 2.5B | 1.4B | 2.5B | 4.1B | 1.9B |
| Long-Term Debt | 6.1B | 14.3B | 14.3B | 13.5B | 12.6B | 11.4B | 11.7B | 11.7B | 15.4B | 17.3B | 19.6B | 20.5B | 20.5B |
| Debt/Equity | 1.81 | 4.93 | 9.45 | -16.78 | 10.55 | 4.32 | 2.16 | 1.17 | 1.78 | 2.68 | 3.33 | 3.35 | 2.76 |
| Interest Coverage | 14.7 | 10.6 | 8.9 | 10.4 | 11.0 | 13.1 | 14.6 | 16.0 | 13.4 | 9.3 | 6.8 | 6.9 | 6.6 |
| Equity | 3.4B | 3.1B | 1.5B | -850M | 1.4B | 3.1B | 6.0B | 11.0B | 9.3B | 6.8B | 6.3B | 6.7B | 7.5B |
| Total Assets | 37.0B | 49.3B | 47.8B | 46.6B | 44.9B | 47.5B | 50.7B | 50.9B | 52.9B | 52.5B | 55.6B | 59.8B | 59.2B |
| Total Liabilities | 33.6B | 46.2B | 46.2B | 47.4B | 43.4B | 44.4B | 44.7B | 39.9B | 43.6B | 45.6B | 49.3B | 53.1B | 51.7B |
| Intangibles | 324M | 4.0B | 4.1B | 3.8B | 3.5B | 3.2B | 3.0B | 2.7B | 2.5B | 2.2B | 2.0B | 1.9B | 1.8B |
| Retained Earnings | 15.0B | 14.2B | 13.3B | 11.4B | 15.4B | 18.4B | 21.6B | 21.6B | 16.9B | 15.4B | 14.6B | 14.0B | 14.7B |
| Working Capital | 1.2B | 655M | 2.6B | 4.6B | 1.7B | 3.1B | 5.4B | 5.8B | 5.1B | 3.6B | 2.4B | 2.0B | 3.0B |
| Current Assets | 12.3B | 14.6B | 15.1B | 17.5B | 16.1B | 17.1B | 19.4B | 19.8B | 21.0B | 20.5B | 21.8B | 25.4B | 25.1B |
| Current Liabilities | 11.1B | 13.9B | 12.5B | 12.9B | 14.4B | 14.0B | 13.9B | 14.0B | 15.9B | 16.9B | 19.4B | 23.3B | 22.1B |
| Per Share Data | |||||||||||||
| EPS | 11.21 | 11.46 | 17.07 | 6.75 | 17.59 | 21.95 | 24.30 | 22.76 | 21.66 | 27.55 | 22.31 | 21.49 | 20.68 |
| Owner EPS | 8.61 | 12.77 | 12.78 | 17.62 | 6.29 | 21.90 | 24.69 | 27.50 | 23.28 | 24.78 | 21.47 | 28.13 | 23.17 |
| Book Value | 10.55 | 9.85 | 4.99 | -2.92 | 4.86 | 11.02 | 21.39 | 39.50 | 35.01 | 27.21 | 26.48 | 28.79 | 32.41 |
| Cash Flow/Share | 11.99 | 16.22 | 17.12 | 22.27 | 10.94 | 25.76 | 29.10 | 33.23 | 29.48 | 31.53 | 29.15 | 36.65 | 28.04 |
| Dividends/Share | 5.49 | 6.15 | 6.77 | 7.46 | 8.20 | 9.00 | 9.80 | 10.60 | 11.40 | 12.15 | 12.75 | 13.35 | 13.63 |
| Shares Out. | 322.4M | 314.6M | 303.0M | 290.8M | 286.9M | 283.8M | 281.2M | 277.5M | 264.6M | 251.2M | 239.2M | 233.5M | 231.1M |
| Valuation | |||||||||||||
| P/E Ratio | 13.0 | 14.5 | 11.2 | 38.3 | 12.2 | 15.2 | 12.6 | 13.9 | 20.5 | 15.4 | 21.2 | 22.4 | 28.2 |
| P/FCF | 15.5 | 12.6 | 14.4 | 14.2 | 33.2 | 16.2 | 13.5 | 11.4 | 19.1 | 17.1 | 21.4 | 16.2 | 23.8 |
| EV/EBIT | 9.0 | 14.1 | 12.6 | 12.5 | 10.3 | 12.3 | 10.7 | 10.1 | 15.3 | 14.3 | 18.4 | 16.4 | 20.7 |
| Price/Book | 13.8 | 16.9 | 39.2 | N/A | 44.3 | 30.2 | 14.4 | 8.0 | 12.7 | 15.6 | 17.8 | 16.7 | 18.0 |
| Price/Sales | 0.9 | 1.2 | 1.2 | 1.3 | 1.4 | 1.4 | 1.4 | 1.3 | 1.6 | 1.6 | 1.6 | 1.4 | 1.8 |
| FCF Yield | 6.4% | 8.0% | 7.0% | 7.0% | 3.0% | 6.2% | 7.4% | 8.8% | 5.2% | 5.8% | 4.7% | 6.2% | 4.2% |
| Market Cap | 46.9B | 52.3B | 59.3B | 75.3B | 61.8B | 94.4B | 86.4B | 87.7B | 117.2B | 106.7B | 113.0B | 112.2B | 134.6B |
| Avg. Price | 122.56 | 151.77 | 183.50 | 227.70 | 261.75 | 289.33 | 325.14 | 315.37 | 388.95 | 422.28 | 473.46 | 455.42 | 582.60 |
| Year-End Price | 145.49 | 166.34 | 195.48 | 258.79 | 215.30 | 332.73 | 307.10 | 316.01 | 443.00 | 424.89 | 472.48 | 480.50 | 582.60 |
LOCKHEED MARTIN CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
LOCKHEED MARTIN CORP trades at 28.1x trailing earnings, compared to its 15-year median P/E of 15.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 23.7x vs a median of 16.2x. The company's 5-year average ROIC is 32.3% with a gross margin of 11.7%. Total shareholder yield (dividends + buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +7.5%.
LOCKHEED MARTIN CORP (LMT) has a net profit margin of 6.7%. This is a modest margin.
LOCKHEED MARTIN CORP (LMT) generated $6.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LOCKHEED MARTIN CORP (LMT) has a debt-to-equity ratio of 3.35. This indicates higher leverage, which may increase financial risk.
LOCKHEED MARTIN CORP (LMT) reported earnings per share (EPS) of $21.49 in its most recent fiscal year.
LOCKHEED MARTIN CORP (LMT) has a return on equity (ROE) of 76.9%. This indicates the company generates strong returns for shareholders.
LOCKHEED MARTIN CORP (LMT) has a 5-year average gross margin of 11.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for LOCKHEED MARTIN CORP (LMT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LOCKHEED MARTIN CORP (LMT) has a book value per share of $28.79, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a significant multi-year business transformation focused on rapidly scaling production across key programs, particularly in missiles and fire control where PAC-3 production has increased more than 60% in two years and the company is making multibillion-dollar investments to accelerate munitions production over the next three years, including building facilities across five states. The company expects margins to improve over the course of 2026 as production milestones are achieved and risks are retired, with particular strength anticipated in the second half of the year. Capital and independent research and development investment is stepping up substantially to approximately $5 billion in 2026, representing a step function increase to support capacity expansion and technology advancement in areas such as artificial intelligence, autonomy, and next-generation capabilities. Management remains focused on disciplined operational execution and converting record backlog into long-term growth while maintaining cost and schedule discipline, with confidence in delivering on customer commitments and creating shareholder value through this elevated investment cycle.
Based on recent SEC filings and earnings calls, LOCKHEED MARTIN CORP (LMT) has provided the following forward guidance: Sales: $77.5 billion–$80 billion (FY2026); Segment Operating Profit: $8.425 billion–$8.675 billion (FY2026); Free Cash Flow: $6.5 billion–$6.8 billion (FY2026); Capital Expenditures: $2.5 billion–$2.8 billion (FY2026).