Lockheed Martin (LMT)
Industrials · $120B market cap · SEC CIK 0000936468
fundamentals score out of 100
Next reports on Oct 19, 2026, before the open, with analysts expecting $7.52 in earnings per share.
The case for LMT
- Earns 86% on shareholder equity, a figure flattered by a small equity base.
- Earnings per share up 52.8%.
- Pays a 2.8% dividend while you wait.
- A PEG of 0.36: a P/E of 19.1× is low for EPS growing 53%.
- Moves less than the market (beta 0.12).
- Price/sales of 1.6× is lower than 85% of Industrials companies.
The case against
- Weakest against its peers: net margin of 8% is thinner than 73% of Industrials companies.
- Its weakest area is profitability (50/100): return on equity 86%, net margin 8.2%, gross margin 12%, 138% of profit turned to cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 66 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 52 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 50 |
| Momentumhow the price has behaved lately | 53 |
| Stabilityhow violently it moves, what it owes and what it pays you | 83 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 19.1× |
|---|---|
| Price / book | 13.20× |
| Price / sales | 1.6× |
| Revenue growth (YoY) | +7.2% |
| EPS growth (YoY) | +52.8% |
| Gross margin | 12% |
| Operating margin | 12% |
| Net margin | 8% |
| Return on equity | 86% |
| Debt / equity | 2.34× |
| Current ratio | 1.19 |
| Dividend yield | 2.79% |
| Beta | 0.12 |
| 52-week range | $437.25 – $692.00 |
| Position in that range | 33% of the way up |
| 3-month return | +4.8% |
| 1-year return | +13.2% |
Five years of financials, as filed
Pulled from Lockheed Martin's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $75.0B | $71.0B | $67.6B | $66.0B | $67.0B |
| Gross profit | $7.6B | $6.9B | $8.5B | $8.3B | $9.1B |
| Operating income | $7.7B | $7.0B | $8.5B | $8.3B | $9.1B |
| Net income | $5.0B | $5.3B | $6.9B | $5.7B | $6.3B |
| Operating cash flow | $8.6B | $7.0B | $7.9B | $7.8B | $9.2B |
| Capital expenditure | $1.6B | $1.7B | $1.7B | $1.7B | $1.5B |
| Total assets | $59.8B | $55.6B | $52.5B | $52.9B | $50.9B |
| Total liabilities | $53.1B | $49.3B | $45.6B | $43.6B | $39.9B |
| Shareholder equity | $6.7B | $6.3B | $6.8B | $9.3B | $11.0B |
| Cash | $4.1B | $2.5B | $1.4B | $2.5B | $3.6B |
| Long-term debt | $20.5B | $19.6B | $17.3B | $15.4B | $11.7B |
| Free cash flow | $6.9B | $5.3B | $6.2B | $6.1B | $7.7B |
| Gross margin | 10.2% | 9.8% | 12.5% | 12.6% | 13.5% |
| Operating margin | 10.3% | 9.9% | 12.6% | 12.7% | 13.6% |
| Net margin | 6.7% | 7.5% | 10.2% | 8.7% | 9.4% |
| Diluted shares | 234M | 239M | 251M | 265M | 277M |
Share count is down 15.8% over 4 years. Buybacks have been shrinking the pie.
What Lockheed Martin says it does
We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies. Recent regional conflicts have demonstrated the integral role Lockheed Martin products play in protecting people, and we are rapidly transforming our business to meet increased demand. We are expanding production capacity to continue delivering at scale, and we are…
Risk factors LMT lists in its 10-K
- Non-Service FAS Pension (Expense) Income
- Other Non-operating Income (Expense), Net
- Business Segment Results of Operations
- Non-GAAP Financial Measure - Free Cash Flow
- Capital Structure, Resources and Other
- Critical Accounting Policies and Estimates
- Contract Accounting / Sales Recognition
- Other Contract Accounting Considerations
- Qualified Defined Benefit Pension Plans
- Quantitative and Qualitative Disclosures About Market Risk
- Financial Statements and Supplementary Data
- Report of Independent Registered Public Accounting Firm
- Opinion on the Financial Statements
- Cost Estimates for Select Fixed Price Contracts