Lockheed Martin Corporation LMT

IndustrialsAerospace & DefenseUnited States of America

Last close 636.95 USD on Nov 1, 2026, +34.1% year to date

Quant rating

Quant rating A+ Rank 1 of 486 in Industrials

Growth B 273 of 486
Valuation B 169 of 486
Quality A 29 of 486
Revisions B 90 of 486
Momentum A 37 of 486

Wall Street consensus Buy (2.31)Average target 662.62 USD +4.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 147.1B
Enterprise value: 161.7B
52-week range: 437.57 – 691.98
3-year range: 410.74 – 691.98
Dividend yield: 2.26%
Beta (5 years): 0.12
Shares outstanding: 231M
Next earnings: Jan 27, 2027

About the company

Lockheed Martin Corporation is an aerospace and defense technology company. The Company's segments include Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The Aeronautics segment is engaged in research, design, development, manufacture, integration, sustainment, support and upgrade of advanced military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; engineering support and integration services. The RMS segment designs, manufactures, services and supports various military and commercial helicopters, sea and land-based missile defense systems. The Space segment is engaged in the research and design, development, engineering and production of satellites, space transportation systems, and strategic, advanced strike, and defensive systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	75,048	71,043	67,571	65,984	67,044	–
Revenue growth	5.6%	5.1%	2.4%	−1.6%	2.5%	2.8%
EPS (basic, normalized)	23.12	27.71	27.85	21.66	22.76	–
EPS growth	−16.6%	−0.5%	28.6%	−4.8%	–	–
Gross margin	10.2%	9.9%	12.7%	12.7%	13.6%	11.8%
Net margin	6.7%	7.5%	10.2%	8.7%	9.4%	8.5%
ROE	76.9%	81.0%	86.0%	56.7%	74.4%	75.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,960
Current ratio	1.26x
Long-term debt (mil)	20,498
Net debt (mil)	14,538
Total equity (mil)	10,063
Net debt / equity	1.44x
Net debt / EBITDA	1.54x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	75,048	+5.6%	2.2x	9,418	−4.7%	17.2x	23.12	−16.6%	27.5x
2026	81,382	+8.4%	2.0x	11,245	+19.4%	14.4x	30.62	+32.4%	20.8x
2027	87,115	+7.0%	1.9x	12,140	+8.0%	13.3x	33.32	+8.8%	19.1x
2028	92,362	+6.0%	1.8x	12,863	+6.0%	12.6x	35.90	+7.7%	17.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	81,382	+0.5%	+0.6%	+2.9%	30.62	+0.4%	+0.5%	+2.3%
2027	87,115	+1.9%	+2.1%	+4.4%	33.32	+1.7%	+1.8%	+3.6%
2028	92,362	+2.3%	+2.6%	+5.6%	35.90	+1.7%	+2.3%	+4.8%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	17,195	18,122	17,104	18,622	17,963	18,155	18,609	20,321	18,021	20,063
Sales mean (mil)	16,016	17,044	17,351	18,913	17,802	18,573	18,556	19,852	18,216	19,344
Surprise	+7.4%	+6.3%	−1.4%	−1.5%	+0.9%	−2.2%	+0.3%	+2.4%	−1.1%	+3.7%
EPS reported	6.39	6.85	6.80	7.67	7.28	7.29	6.95	7.43	6.44	7.94
EPS mean	5.82	6.46	6.50	6.65	6.34	6.44	6.36	5.70	6.73	7.11
Surprise	+9.8%	+6.0%	+4.6%	+15.4%	+14.9%	+13.2%	+9.3%	+30.3%	−4.2%	+11.6%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
AIR Airbus SE	170.4B	0.51x	7.1%	5.68x	26.1x	22.3x	14.6x	12.7x
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
RR Rolls-Royce Holdings PLC	137.1B	–	27.5%	36.20x	28.4x	24.5x	17.7x	16.1x
Mean		1.81x	11.7%	16.48x	8.9x	55.0x	23.1x	18.3x
Median		1.54x	7.4%	16.18x	26.0x	24.6x	17.7x	16.3x

Technical analysis

1M+22.9%
3M+10.3%
1Y+34.6%
3Y+55.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lockheed Martin Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	75,048	71,043	67,571	65,984	67,044	65,398
Cost of revenue	67,363	64,026	59,000	57,597	57,947	56,717
Gross profit	7,685	7,017	8,571	8,387	9,097	8,681
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−28.0	−56.0	−40.0	−114	−97.0	–
Unusual expense (income)	66.0	87.0	92.0	1,634	1,736	27.0
Other operating expenses	−84.0	−27.0	12.0	53.0	35.0	10.0
Operating income	7,731	7,013	8,507	6,814	7,423	8,644
Net interest income (expense)	−1,063	−1,014	−980	−737	−304	−591
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−746	221	571	603	431	182
Net income before taxes	5,922	6,220	8,098	6,680	7,550	8,235
Provision for taxes	905	884	1,178	948	1,235	1,347
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,017	5,336	6,920	5,732	6,315	6,888
Extraordinary items	–	–	–	–	0	−55.0
Net income	5,017	5,336	6,920	5,732	6,315	6,833
EBIT, normalized	9,744	8,844	8,559	8,334	9,062	8,671
EBITDA, normalized	11,431	10,404	9,989	9,738	10,426	9,961
Basic EPS, normalized	23.12	27.71	27.85	21.66	22.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lockheed Martin Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,121	2,483	1,442	2,547	3,604	3,160
Receivables	16,902	15,308	15,315	14,823	12,542	11,523
Total inventory	3,524	3,474	3,132	3,088	2,981	3,545
Prepaid expenses	–	–	–	–	–	–
Other current assets	815	584	632	533	688	1,150
Total current assets	25,362	21,849	20,521	20,991	19,815	19,378
Property, plant & equipment	9,851	9,726	9,470	9,075	8,897	7,213
Goodwill	11,314	11,067	10,799	10,780	10,813	10,806
Intangibles	4,304	3,915	3,612	3,378	3,483	3,012
Long-term investments	2,653	2,454	2,501	2,285	2,789	–
Note receivable	–	–	–	–	–	–
Other long-term assets	6,356	6,606	5,553	6,371	5,076	10,301
Total assets	59,840	55,617	52,456	52,880	50,873	50,710
Liabilities
Accounts payable	3,630	2,222	2,312	2,117	780	880
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,459	3,392	3,471	3,359	3,408	3,418
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,168	643	168	–	6.0	500
Other current liabilities	15,078	13,163	10,986	10,411	9,803	9,135
Total current liabilities	23,335	19,420	16,937	15,887	13,997	13,933
Long-term debt	20,532	19,627	17,291	15,429	11,670	11,669
Minority interest	–	–	–	–	0	23.0
Other liabilities	9,252	10,237	11,393	12,298	14,247	19,070
Total liabilities	53,119	49,284	45,621	43,614	39,914	44,695
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	229	234	240	254	271	279
Additional paid-in capital	0	0	0	92.0	94.0	221
Retained earnings (accumulated deficit)	14,034	14,551	15,398	16,943	21,600	21,636
Treasury stock	–	–	–	–	–	–
Other equity	−7,542	−8,452	−8,803	−8,023	−11,006	−16,121
Total equity	6,721	6,333	6,835	9,266	10,959	6,015
Total liabilities & shareholders' equity	59,840	55,617	52,456	52,880	50,873	50,710

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lockheed Martin Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,017	5,336	6,920	5,732	6,315	6,833
Depreciation, depletion & amortization	1,687	1,559	1,430	1,404	1,364	1,290
Deferred taxes	372	−588	−498	−757	−183	5.0
Non-cash items	2,464	2,329	357	1,808	1,928	431
Changes in working capital	−983	−1,664	−289	−385	−203	−376
Cash from operations	8,557	6,972	7,920	7,802	9,221	8,183
Investing activities
Capital expenditures	−1,649	−1,685	−1,691	−1,670	−1,522	−1,766
Other investing cash flows	−328	−107	−3.0	−119	361	−244
Cash from investing	−1,977	−1,792	−1,694	−1,789	−1,161	−2,010
Financing activities
Financing cash flow items	−154	−182	−135	−115	−89.0	−144
Cash dividends paid	−3,131	−3,059	−3,056	−3,016	−2,940	−2,764
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,657	−898	−4,140	−3,939	−4,587	−1,619
Cash from financing	−4,942	−4,139	−7,331	−7,070	−7,616	−4,527
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	1,638	1,041	−1,105	−1,057	444	1,646
Free cash flow	6,908	5,287	6,229	6,132	7,699	6,417

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.