Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Aeronautics is Lockheed's largest segment, which derives upward of two-thirds of its revenue from the F-35.
It is a $118B industrial company. Revenue grew 7.2% over the last year, it keeps 8¢ of every dollar of sales as profit, and its net debt equals ~1.9 years of free cash flow. It trades at 18.7× earnings — around the middle of its own history.
- Website
- lockheedmartin.com
- Location
- Bethesda, MD
- Employees
- 123 000
- Sector
- Industrials
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation and quality; Growth and Health lag behind.
Valuation85
- P/E vs own history39th pct · 20/25
- FCF yield7.4% · 20/25
- P/S1.5x · 25/25
- EV/EBITDA12.4x · 20/25
Growth26
- Revenue CAGR2.9% · 6/25
- Net income CAGR-5.6% · 0/25
- EPS CAGR ~5Y-2.9% · 0/25
- Fwd implied growth15.1% · 20/25
Profitability70
- ROIC21.7% · 20/25
- ROE86.2% · 25/25
- Net margin8.2% · 13/25
- Operating margin11.9% · 12/25
Health42
- Altman Zn/a · 0/25
- Current ratio1.19 · 12/25
- Interest coverage6.7x · 18/25
- Net cash / debtD/A 27% · 12/25
Quality90
- Piotroski F6/9 · 15/25
- Beneish M-2.70 · 25/25
- FCF conversion139% · 25/25
- Margin stabilityσ 1.5% · 25/25
Moat62
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin12.6% · 0/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 3.9% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2023FinancialBest year on record$6.92B net income
- 2020AcquisitionLockheed Martin acquired Vector Launch Inc's satellite software technology GalacticSky for $4.25…
- FY2017FinancialRevenue crossed $50B$51.0B for the year
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $10B$47.2B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- May 25, 2011AcquisitionLockheed Martin bought the first Quantum Computing System from D-Wave Systems
- 2009AcquisitionLockheed Martin bought Unitech
- Aug 13, 2008AcquisitionLockheed Martin acquired the government business unit of Nantero, Inc., a company that had…
- 2007AcquisitionLockheed Martin acquired 3Dsolve, a Cary, North Carolina, company that created simulations and…
- 2001MilestoneLockheed Martin won the contract to build the F-35 Lightning II
- Jul 16, 1998AcquisitionLockheed Martin abandoned plans for an $8.3 billion merger with Northrop Grumman on July 16, 1998, due to government…
- Apr 22, 1996AcquisitionLockheed Martin completed the acquisition of Loral Corporation's defense electronics and system…
- Mar 15, 1995AcquisitionThe company was formed by the merger of the Lockheed Corporation with Martin Marietta on March 15, 1995
- 1993AcquisitionMartin Marietta products included Titan rockets, Sandia National Laboratories (management contract acquired in…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Interest covered 6.7× by operating earnings
- High returns on invested capital (ROIC 21.7%)
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+7.2% YoY
- Profitable — makes more than it spends$6.29B TTM
- Profit growing — earnings are higher than last year-0.3% YoY
- Generates cash — cash left after running and investing$8.73B TTM
- Debt under control — could handle its obligations~1.9y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$118B market cap
- Not printing shares — share count not ballooning — you keep your slice-15.0% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 30/100
- Pays a dividend — returns cash to shareholdersyield 2.70%
- Valuation not extreme — price not wildly above earningsP/E 18.7
Peer comparisonLockheed Martin Corp. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| LMT this company | $117.8B | 18.7 | +7.2% | 8.2% | Strained |
| LRCX Lam Research Corp | $399.2B | 54.9 | +26.0% | 31.3% | Strong |
| CAT Caterpillar Inc. | $368.0B | 33.9 | +18.4% | 14.5% | Solid |
| RTX RTX Corporation | $251.3B | 32.4 | +11.8% | 8.3% | Strained |
| DE Deere & Company | $167.7B | 34.4 | +8.3% | 10.2% | Solid |
| ETN Eaton Corporation, plc | $167.2B | 43.6 | +15.5% | 12.8% | Mixed |
| UNP Union Pacific Corp. | $166.8B | 22.6 | +4.2% | 28.8% | Strained |
Head-to-head: LMT vs LRCX · LMT vs CAT · LMT vs RTX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/LMT
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of LMT on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $510.20 · market cap $118B.