# Lockheed Martin Corp. (LMT) — Stock CV

Lockheed Martin Corp. 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.

> 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.

## Identity

- **Ticker**: LMT
- **Sector**: Industrials
- **Industry**: Guided Missiles & Space Vehicles & Parts
- **Headquarters**: BETHESDA, MD
- **Employees**: 123 000
- **Website**: https://www.lockheedmartin.com
- **Market cap**: $118B
- **Last price**: $510.20
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $77.0B
- **Net income**: $6.29B
- **Free cash flow**: $8.73B
- **Net debt**: $16.4B
- **P/E**: 18.7
- **Revenue growth (YoY)**: 7.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 26 |
| Profitability | 70 |
| Health | 42 |
| Quality | 90 |
| Moat | 62 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +7.2% YoY
- [x] Profitable — $6.29B TTM
- [ ] Profit growing — -0.3% YoY
- [x] Generates cash — $8.73B TTM
- [x] Debt under control — ~1.9y of cash flow to repay
- [x] Established company — $118B market cap
- [x] Not printing shares — -15.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 2.70%
- [x] Valuation not extreme — P/E 18.7

## Experience (career milestones)

- **FY2023** — Best year on record: $6.92B net income
- **2020** — Lockheed Martin acquired Vector Launch Inc's satellite software technology GalacticSky for $4.25…
- **FY2017** — Revenue crossed $50B: $51.0B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $47.2B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **May 25, 2011** — Lockheed Martin bought the first Quantum Computing System from D-Wave Systems
- **2009** — Lockheed Martin bought Unitech
- **Aug 13, 2008** — Lockheed Martin acquired the government business unit of Nantero, Inc., a company that had…
- **2007** — Lockheed Martin acquired 3Dsolve, a Cary, North Carolina, company that created simulations and…
- **2001** — Lockheed Martin won the contract to build the F-35 Lightning II
- **Jul 16, 1998** — Lockheed Martin abandoned plans for an $8.3 billion merger with Northrop Grumman on July 16, 1998, due to government…
- **Apr 22, 1996** — Lockheed Martin completed the acquisition of Loral Corporation's defense electronics and system…
- **Mar 15, 1995** — The company was formed by the merger of the Lockheed Corporation with Martin Marietta on March 15, 1995
- **1993** — Martin Marietta products included Titan rockets, Sandia National Laboratories (management contract acquired in…

## Strengths

- Interest covered 6.7× by operating earnings
- High returns on invested capital (ROIC 21.7%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $67.0B | $6.32B | $7.70B |
| FY2022 | $66.0B | $5.73B | $6.13B |
| FY2023 | $67.6B | $6.92B | $6.23B |
| FY2024 | $71.0B | $5.34B | $5.29B |
| FY2025 | $75.0B | $5.02B | $6.91B |

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Source: https://stockcv.com/LMT — derived from company filings; may be delayed or incomplete. Information, not investment advice.