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Lockheed Martin Corporation

LMT Industrials Aerospace & Defense

Lockheed Martin Corporation’s revenue for fiscal 2025 (year ended December 2025) was $75.0 billion, up 5.64% from fiscal 2024.

Revenue
+11.3%
EPS
+14.6%
Free cash flow
−10.4%
Total debt
−7.62%

Quarter to September 2026, against a year earlier

577.58 17.46 −2.93%
Market cap
$133.1B
P/E
20.4×
Fwd P/E
20.8×
Dividend yield
2.39%
F-score
6/9
Altman Z
3.32
Beneish M
−2.24
Dividend safety
76/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Aeronautics
  • RMS
  • MFC
  • Space

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 0.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 1 — — — — 2 — 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 133,100.00
Revenue ttm 79,116.00
Net income ttm 6,513.00
Free cash flow ttm 8,381.00
Net debt Q 14,538.00
Valuation
P/E 20.43
Forward P/E 20.80
Price / sales 1.68
Forward P/S Powerpack
Price / FCF 15.89
Price / book 13.23 (above 6: high)
Financial health
Current ratio Q 1.26
Debt / equity Q 2.04 (above 2: weak)
Interest coverage Q 9.25
Growth
Revenue growth Q +11.30% (above 0%: growing)
Operating income growth Q +7.15% (above 0%: growing)
EPS, this year +42.69% (at or above 15%: strong)
EPS, next year A +8.62%
Revenue, next year A +8.46%
EPS, past 5 yrs −2.43% (below 0%: weak)
EPS, next 5 yrs A +18.84% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 1.9×; over the ten years it ranged from 1.5× in 2021 to 2.3× in 2026.
P/E against its own 10 years 62.60%
10-year low 10-year high
P/S against its own 10 years 48.07%
10-year low 10-year high
P/B against its own 10 years 20.75%
10-year low 10-year high
EV/Sales against its own 10 years 39.97%
10-year low 10-year high
EV/FCF against its own 10 years 20.83%
10-year low 10-year high

Dividends raised 7 years running

Yield
2.39%
Annual rate
13.80
Payout ratio
49.0%
Growth, 2017–25
+4.40%/yr
  1. 9.46 ’17
  2. 8.20 ’18 −13
  3. 9.00 ’19 +10
  4. 9.80 ’20 +9
  5. 10.60 ’21 +8
  6. 11.40 ’22 +8
  7. 12.15 ’23 +7
  8. 12.75 ’24 +5
  9. 13.35 ’25 +5
  10. 14.01 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,442 2,483 4,121 5,960
Receivables 2,132 2,351 3,901 3,096
Inventory 3,132 3,474 3,524 3,987
Other 13,815 13,541 13,816 17,958
20,521 21,849 25,362 31,001
2023 2024 2025 Q'26
Payables 2,312 2,222 3,630 5,005
ST’ Debt 168 643 1,168 —
Other 11,324 13,430 15,353 16,186
16,937 19,420 23,335 24,540

Compound Annual Growth %

10y 5y 3y
Sales 6.35% 2.79% 4.38%
Cash Flow 5.31% 0.90% 3.13%
Earnings 3.36% (5.99%) (4.34%)
Book Value 8.06% 2.17% (10.15%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 7.49 Actual 7.97

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 6.24 7.43 Beat by 1.19
Q1 FY26 6.67 6.44 Miss by 0.23
Q2 FY26 7.22 7.94 Beat by 0.72
Q3 FY26 7.49 7.97 Beat by 0.48
Q4 FY26 8.52 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 6.44 7.94 7.97 — —
’25 7.28 1.46 6.95 5.80 21.49
’24 6.39 6.85 6.80 2.22 22.31
’23 6.61 6.63 6.73 7.58 27.55
’22 6.44 1.16 6.71 7.40 21.66
’21 6.56 6.52 2.21 7.47 22.76
’20 6.08 5.79 6.05 6.38 24.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 18,021 20,063 20,711 — —
’25 17,963 18,155 18,609 20,321 75,048
’24 17,195 18,122 17,104 18,622 71,043
’23 15,126 16,693 16,878 18,874 67,571
’22 14,964 15,446 16,583 18,991 65,984
’21 16,258 17,029 16,028 17,729 67,044
’20 15,651 16,220 16,495 17,032 65,398
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 220 3,235 3,438 — —
’25 1,409 201 3,728 3,219 8,557
’24 1,635 1,876 2,438 1,023 6,972
’23 1,564 1,100 2,891 2,365 7,920
’22 1,410 1,331 3,133 1,928 7,802
’21 1,748 1,268 1,937 4,268 9,221
’20 2,314 2,182 1,880 1,807 8,183
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (291) 2,917 2,999 — —
’25 955 (150) 3,347 2,756 6,908
’24 1,257 1,506 2,083 441 5,287
’23 1,270 771 2,527 1,661 6,229
’22 1,142 1,027 2,728 1,235 6,132
’21 1,467 950 1,621 3,661 7,699
’20 2,021 1,839 1,472 1,085 6,417
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.6% a year for ten years. It grew 4.2% a year over the last ten.

Implied
4.6%
10 years, reported
4.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 47,290 49,960 53,762 59,812 65,398 67,044 65,984 67,571 71,043 75,048 79,116 +5.3% 81,399 87,127 92,373 +7.2%
Gross margin, % 11.42 12.75 13.53 13.99 13.23 13.52 12.56 12.55 9.75 10.15 11.73 (1.3) pt
EBT 4,754 5,246 5,838 7,241 8,235 7,550 6,680 8,098 6,220 5,922 7,655 +2.5%
EBT margin, % 10.05 10.50 10.86 12.11 12.59 11.26 10.12 11.98 8.76 7.89 9.68 (2.2) pt
Net income 5,173 1,963 5,046 6,230 6,833 6,315 5,732 6,920 5,336 5,017 6,513 (0.3%)
Per share, $
Per share, $ Revenue 158.00 173.59 188.97 212.10 233.56 242.56 250.22 269.96 298.12 322.51 343.24 +8.3%
Earnings 17.71 6.96 17.74 22.09 24.40 22.85 21.74 27.65 22.39 21.56 28.27 +2.2%
Cash flow 17.34 22.50 11.03 25.93 29.23 33.36 29.59 31.64 29.26 36.77 43.87 +8.7%
Capex (3.55) (4.09) (4.49) (5.26) (6.31) (5.51) (6.33) (6.76) (7.07) (7.09) (7.51) +8.0%
Free cash flow 13.79 18.41 6.54 20.66 22.92 27.85 23.25 24.89 22.19 29.69 36.36 +8.9%
Book value 5.37 (2.70) 5.09 11.24 21.56 39.65 35.14 27.31 26.58 28.88 43.66 +20.6%
Shares, m 299 288 285 282 280 276 264 250 238 233 231 (2.8%)
Valuation, ×
Valuation, × P/E 14.57 46.03 14.76 17.64 14.55 15.56 21.92 16.50 21.74 22.43 20.43 20.6
P/S 1.60 1.84 1.39 1.84 1.52 1.47 1.91 1.69 1.63 1.50 1.68 1.6
P/B 47.21 0.00 51.41 34.63 16.46 8.96 13.59 16.70 18.29 16.75 13.23 22.4
EV/Sales 1.88 2.06 1.63 2.02 1.66 1.60 2.11 1.93 1.88 1.73 1.87 1.9
EV/FCF 21.51 19.45 47.22 20.76 16.89 13.95 22.66 20.90 25.27 18.84 17.64 22.7
Cash, $m
Cash, $m Operating cash flow 5,189 6,476 3,138 7,311 8,183 9,221 7,802 7,920 6,972 8,557 10,112 +5.7%
Capex (1,063) (1,177) (1,278) (1,484) (1,766) (1,522) (1,670) (1,691) (1,685) (1,649) (1,731) +5.0%
Free cash flow 4,126 5,299 1,860 5,827 6,417 7,699 6,132 6,229 5,287 6,908 8,381 +5.9%
Balance, $m
Balance, $m Working capital 2,566 4,592 1,705 3,123 5,445 5,818 5,104 3,584 2,429 2,027 6,461 (2.6%)
Net debt 12,445 11,402 13,332 11,140 9,009 8,398 13,000 16,017 17,787 17,579 14,538 +3.9%
Shareholders’ equity 1,606 (776) 1,449 3,171 6,038 10,959 9,266 6,835 6,333 6,721 10,063 +17.2%
Returns, %
Returns, % ROA 10.65 4.16 11.03 13.48 13.91 12.43 11.05 13.14 9.87 8.69 10.44 (2.0) pt
ROIC 26.19 39.67 31.01 37.32 35.90 29.46 23.43 23.27 18.17 19.88 23.67 (6.3) pt
ROE 219.99 473.01 1,499.55 269.70 148.40 74.31 56.68 85.96 81.04 76.87 80.19 (143.1) pt
People
People Employees 97,000 100,000 105,000 110,000 114,000 114,000 116,000 122,000 121,000 123,000 — +2.7%
Revenue/emp, $m 0.49 0.50 0.51 0.54 0.57 0.59 0.57 0.55 0.59 0.61 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Lockheed Martin is a global aerospace and defense technology company serving U.S. and international government customers in defense, space, intelligence, homeland security, information technology and cybersecurity. Its four segments are Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space. It was founded in 1995, is headquartered in Bethesda, and is led by Chairman, President and Chief Executive Officer James D. Taiclet. [record; leadership]

Aeronautics designs, builds, upgrades and supports military aircraft, including the F-35 fighter, C-130 airlifter, F-16 and F-22, as well as unmanned aircraft and classified programs. MFC provides air- and missile-defense systems, tactical missiles, precision-strike weapons, sensors, fire-control systems, logistics and mission-support services. Its programs include PAC-3, THAAD, HIMARS-related missiles, JASSM, LRASM, Hellfire, JAGM and Javelin. [item1]

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Aeronautics 30,257 40.32%
RMS 17,312 23.07%
MFC 14,450 19.25%
Space 13,029 17.36%
Gross margin 10.15%
Operating margin 10.30%
Pre-tax margin 7.89%

Revenue by segment since 2009

Lockheed Martin Corporation vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GE GE Aerospace $325.2B 36.0× 34.5× +15.90% (above 0%: growing) +8.33% (above 0%: growing) −13.72% (below 0%: shrinking) 35.57% 24.44% Compare
RTX RTX Corporation $258.9B 30.9× 31.4× +11.06% (above 0%: growing) +33.57% (above 0%: growing) −47.59% (below 0%: shrinking) 23.25% 13.37% Compare
BA The Boeing Company $136.7B 17.9× — (loss-making) +3.94% (above 0%: growing) n/m +101.67% (above 0%: growing) 8.96% 1.46% Compare
LMT Lockheed Martin Corporation $133.1B 20.4× 20.8× +11.30% (above 0%: growing) +14.61% (above 0%: growing) −10.40% (below 0%: shrinking) 11.76% 11.80%
GD General Dynamics Corporation $96.3B 20.7× 21.9× +12.85% (above 0%: growing) +15.78% (above 0%: growing) −35.21% (below 0%: shrinking) 15.44% 10.48% Compare
HWM Howmet Aerospace Inc. $79.9B 39.3× 35.4× +29.39% (above 0%: growing) +48.40% (above 0%: growing) +32.78% (above 0%: growing) 37.11% 28.75% Compare
NOC Northrop Grumman Corporation $74.6B 16.5× 18.7× +6.71% (above 0%: growing) +2.86% (above 0%: growing) +44.11% (above 0%: growing) 21.15% 11.41% Compare
TDG Transdigm Group Incorporated $65.7B 36.1× 31.8× +22.53% (above 0%: growing) +10.86% (above 0%: growing) +13.44% (above 0%: growing) 59.39% 44.76% Compare
HONA Honeywell Aerospace inc. $47.4B — — — — — 36.93% 22.14% Compare
Median of peers $88.1B 30.9× 31.6× +12.85% +13.32% +13.44% 29.41% 17.76%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO Jim Taiclet said Lockheed Martin is expanding munitions capacity and working with suppliers to increase production under long-term contracts.
  • CFO Evan Scott said the company is negotiating final profit terms and schedules for framework agreements that provide for cash neutrality during investment ramps.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bernstein Nov 4, 2026 Target raised — 564.00 → 633.00
RBC Nov 4, 2026 Target raised — 550.00 → 600.00
UBS Nov 4, 2026 Target raised — 653.00 → 692.00
Vertical Research Oct 28, 2026 Upgrade Buy 600.00
Morgan Stanley Oct 28, 2026 Target raised — 690.00 → 835.00
Bank of America Oct 26, 2026 Target raised Hold 600.00 → 620.00
Jefferies Oct 26, 2026 Target raised Hold 595.00 → 615.00
Barclays Oct 23, 2026 Target raised Hold 554.00 → 560.00
Citi Oct 23, 2026 Target raised Buy 691.00 → 706.00
TD Cowen Oct 16, 2026 Target cut Hold 600.00 → 570.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 74.46%
Held by the ten largest 44.35%
Holder Shares Stake Change
State Street 32.98m 14.29% +419.58k
Vanguard 21.90m 9.49% +381.75k
BlackRock 18.88m 8.18% +1.05m
Charles Schwab 7.81m 3.38% +653.55k
Morgan Stanley 5.71m 2.47% +41.55k
Geode Capital Management 5.22m 2.26% +144.36k
Capital Group 3.08m 1.34% −252.99k
Invesco 2.43m 1.05% +467.15k
Bank of America 2.28m 0.99% −411.03k
Sanders Capital 2.09m 0.91% +952.51k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.45m 19.12m 156.36
2024 23.75m 25.60m 142.73
2023 22.81m 14.12m 129.72
2022 24.81m 45.20m 135.57
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Lockheed Martin Corporation (LMT) Latest News

4 Nov

Impact 3 · · Investing.com

2 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · GlobeNewswire

30 Oct

Impact 3 · · The Motley Fool

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 4 · · moneylion.com
Impact 3 · · GlobeNewswire
Impact 3 · · Trefis
Impact 3 · · StockStory

28 Oct

Impact 4 · · TheStreet
Impact 4 · · 24/7 Wall St.
Impact 4 · · Trefis
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.
Impact 3 · · Trefis

27 Oct

Impact 4 · · PR Newswire
Impact 4 · · 24/7 Wall St.
Impact 4 · · Trefis
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 4 · · The Fly
Impact 4 · · Investing.com
Impact 3 · · Simply Wall St.
Impact 3 · · Trefis
Impact 3 · · Zacks

LMT metrics, ten years each

stockrow.com/LMT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com