Lockheed Martin Corporation (LMT) vs Space Exploration Technologies Corp. (SPCX)

Lockheed Martin Corporation and Space Exploration Technologies Corp. are both Aerospace & Defense companies. Space Exploration Technologies Corp. is the larger, with a market value of $1.68T against $133.1B — 12.6× the size. Space Exploration Technologies Corp. has negative trailing earnings, so its P/E is not meaningful; Lockheed Martin Corporation trades at 20.4×. Lockheed Martin Corporation has the higher net margin (8.23% vs −10.7%) and the higher return on invested capital (23.7% vs −0.33%). Both pay a dividend; Space Exploration Technologies Corp. yields more (2.87% vs 2.39%). Across the 18 metrics below, Lockheed Martin Corporation leads on 12 and Space Exploration Technologies Corp. on 6.

Valuation

Metric LMT SPCX Aerospace & Defense median
P/E 20.43 n/m 28.48
P/S 1.68 46.62 2.95
P/B 13.23 8.45 2.68
Price to free cash flow 15.89 n/m 31.70
EV/EBITDA 13.44 140.42 16.85
EV/Sales 1.87 45.03 2.74
Earnings yield 4.89% (1.43%) 0.89%
Free cash flow yield 6.30% (2.63%) 0.00%

Profitability

Metric LMT SPCX Aerospace & Defense median
Gross margin 11.73% 56.74% 26.41%
Operating margin 11.78% (2.08%) 3.69%
Net margin 8.23% (10.71%) 2.74%
Free cash flow margin 10.59% (122.62%) 0.00%
Return on equity 80.19% (3.78%) 4.44%
Return on assets 10.44% (2.21%) 1.90%
Return on invested capital 23.67% (0.33%) 0.26%

Growth

Metric LMT SPCX Aerospace & Defense median
Revenue growth (TTM) 7.86% — 18.03%
EPS growth (last fiscal year) (3.68%) (93,838.89%) 24.80%
Revenue growth, 5-year CAGR 2.79% — 9.73%
Net income growth, 5-year CAGR (5.99%) — 0.00%

Health

Metric LMT SPCX Aerospace & Defense median
Debt to equity 2.04 0.22 0.20
Current ratio 1.26 3.08 2.85
Net debt to EBITDA 1.87 (0.44) 1.29

Dividend

Metric LMT SPCX Aerospace & Defense median
Dividend yield 2.39% 2.87% 0.91%
Payout ratio 0.49 — 0.30

Size

Metric LMT SPCX Aerospace & Defense median
Market cap 133.10b 1.68t 1.78b

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