— Know what they know.
/
Not Investment Advice

LMT

NYSE · USD
Lockheed Martin Corporation
Industrials · Aerospace & Defense
CEO James D. Taiclet Jr. Employees 123,000 R&D / revenue 0.0%
Last price
$552.09+3.65%last session
Market cap
$127.4B
P/E (TTM)
20.3x
From 52w high
−20.2%
From 52w low
+26.3%
1-year return
+12.7%
RSI 14 · vs SMA200
64.8 · −2.1%
IS score
68.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

LMT   SPY   XLI (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26SPY 116LMT 113XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
49
Profitability
72
Growth
46
Value
89
Momentum
80
Risk (safety)
67
Quality
42
Balance sheet
82
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for LMT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 9 / 9Altman Z 3.4Beta 0.103 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
9 open-market sales, $117,623
Form 144 notices (12m): 5, $8.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−141
160 new holders, 255 closed
2,800 filers hold 79.3% · 1,183 added, 1,037 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+236
992 funds adding shares
756 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.6%
20-day avg 55.7%, 50-day avg 52.6%
Latest 2.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$75.1B
Revenue growth YoY+5.7%
Gross margin10.2%
Operating income$7.7B
Operating margin10.3%
Net income$5.0B
Net margin6.7%
EPS (diluted)$21.49
Cash flow
Operating cash flow$8.6B
Capital expenditure$1.6B
Free cash flow$6.9B
FCF conversion (FCF / OCF)80.7%
Stock-based compensation$304.0M
FCF less SBC$6.6B
Buybacks$3.0B
Dividends$3.1B
Balance sheet & returns
Cash & short-term investments$4.1B
Total debt$21.7B
Net debt$17.6B
Shareholders' equity$6.7B
Goodwill & intangibles$13.2B
Debt / equity2.34
ROE (TTM)86.2%
ROIC (TTM)20.1%
Operating margin by fiscal year
13.6%FY202112.6%FY202212.6%FY20239.9%FY202410.3%FY2025
Revenue $67.0B (FY2021) to $75.1B (FY2025), a 2.9% CAGR.

Valuation

P/E (TTM)20.3x
EV / EBITDA14.1x
Price / sales1.65x
Price / FCF14.6x
FCF yield6.85%
Buyback yield2.35%
SBC / revenue0.4%
Price / book14.49x
Forward P/E FY202618.2x
Forward P/E FY202716.9x
Forward P/E FY202815.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $626.60 across 10 analysts last quarter is theirs, not ours.

LMT vs industry median

197 companies in Aerospace & Defense
Gross margin 11.8% 22.1% Operating margin 11.9% 4.5% Net margin 8.2% 1.2% ROIC 20.1% 7.2%
LMT (TTM)Industry median Asset turnover 1.23 vs industry 0.57 · financial leverage 7.12

Earnings delivery

Next report 2026-10-22 · consensus EPS $7.52
83%
beat rate, 10 of 12 quarters
+7.3%
median EPS surprise
10
longest beat streak
+3+1+9+10+6+5+16+15+12+9-18-4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-18 to 2026-04-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LMT Lockheed Martin Corporation $127.4B20.3x86.2%8.2%+5.7% +12.7%
BA The Boeing Company $150.3B71.2x173.6%-1.8%+24.8% −10.3%
GD General Dynamics Corporation $93.1B20.7x17.8%8.2%+9.1% +4.1%
HWM Howmet Aerospace Inc. $88.1B47.3x34.7%21.0%+18.1% +15.3%
NOC Northrop Grumman Corporation $73.9B16.5x27.0%10.1%+5.9% −12.8%
TDG TransDigm Group Incorporated $63.0B34.6x-28.7%19.7%+16.6% —
RTX RTX Corporation $261.4B33.7x12.0%8.7%+11.8% —
GE GE Aerospace $325.6B36.8x48.8%17.8%+21.8% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-28Material Agreement; Exhibits
2026-07-23Earnings Release; Exhibits
2026-05-13Shareholder Vote
2026-04-23Earnings Release; Exhibits
2026-01-29Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-12-18Other Events

Context

Shares outstanding230,791,000
Free float99.9%
Institutional ownership79.3%
Beta0.10
Dividend yield2.50%
Last dividend$3.60 on 2026-12-01
50 / 200-day average$543.77 / $564.31
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where LMT sits among 56 scored companies in Aerospace & Defense (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureLMTIndustry medianIndustry percentileSector median
P/E (TTM) 20.3x 33.9x
8th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.7x 4.3x
20th		 2.0x
Price / book 14.5x 3.6x
87th		 2.9x
Price / tangible book —
Price / free cash flow 14.6x 32.5x
17th		 20.8x
Price / operating cash flow 12.2x 29.1x
15th		 14.5x
Enterprise value $144.2B $6.6B
95th		 $4.8B
EV / sales 1.9x 4.1x
18th		 2.4x
EV / EBITDA 14.1x 20.6x
26th		 13.6x
EV / EBIT 16.8x 25.7x
21st		 19.9x
EV / free cash flow 16.5x 40.0x
14th		 24.3x
Earnings yield 4.9% 2.2%
95th		 3.3%
FCF yield 6.9% 2.0%
89th		 3.8%
Operating cash flow yield 8.2% 2.7%
89th		 6.2%
Graham number (per share) $152.39 $48.57
84th		 $38.21

Profitability (TTM)

MeasureLMTIndustry medianIndustry percentileSector median
Gross margin 11.8% 26.5%
11th		 30.5%
EBITDA margin 13.3% 12.4%
58th		 14.3%
Operating margin 11.9% 9.6%
75th		 9.8%
EBIT margin 11.1% 9.6%
60th		 9.9%
Net margin 8.2% 6.1%
60th		 6.0%
NOPAT margin 10.1% 7.9%
72nd		 7.8%
FCF margin 11.3% 5.6%
74th		 7.0%
Operating cash flow margin 13.5% 8.6%
70th		 11.2%
R&D / revenue 0.9% 1.8%
40th		 0.0%
SG&A / revenue 0.0% 13.7%
0th		 14.1%
Stock comp / revenue 0.4% 0.7%
24th		 0.6%
Effective tax rate 15.3% 21.0%
20th		 21.0%

Returns on capital

MeasureLMTIndustry medianIndustry percentileSector median
ROE (on average equity) 89.2% 10.8%
94th		 11.9%
ROA 10.4% 4.5%
91st		 4.8%
ROIC 30.4% 8.1%
96th		 8.7%
ROCE 22.2% 8.8%
98th		 9.4%
Return on tangible assets 14.1% 6.7%
91st		 7.9%
Cash ROIC (OCF / invested capital) 40.8% 9.6%
96th		 12.8%
Gross profitability (GP / assets) 14.5% 14.6%
49th		 19.2%
ROIC, 3-yr average 28.3% 8.7%
100th		 7.8%
ROIC, 5-yr average 31.7% 8.3%
98th		 8.6%
ROE, 5-yr average 75.4% 9.5%
98th		 12.5%
Incremental ROIC 179.6% 27.1%
92nd		 20.5%

Growth

MeasureLMTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.2% 20.7%
10th		 8.6%
Revenue growth (QoQ) 11.3% 10.2%
56th		 9.9%
Revenue CAGR, 3 yr 4.6% 13.7%
15th		 5.0%
Revenue CAGR, 5 yr 2.9% 12.1%
12th		 8.3%
Gross profit CAGR, 3 yr 2.0% 13.8%
14th		 6.5%
Operating income CAGR, 3 yr 2.0% 21.0%
18th		 6.4%
Net income growth (TTM YoY) 49.5% 32.1%
58th		 11.3%
Net income CAGR, 3 yr -3.8% 19.1%
10th		 6.6%
EPS growth (TTM YoY) 51.6% 31.8%
64th		 13.3%
EPS CAGR, 3 yr -0.8% 18.5%
17th		 5.6%
EPS CAGR, 5 yr 1.2% 16.4%
23rd		 8.3%
FCF growth (TTM YoY) 162.2% 34.1%
81st		 14.7%
FCF CAGR, 3 yr 13.3% 20.0%
27th		 12.2%
Operating cash flow CAGR, 3 yr 10.4% 22.9%
24th		 8.8%
Book value CAGR, 3 yr 1.4% 10.5%
30th		 7.3%
Dividend CAGR, 3 yr 4.0% 2.5%
62nd		 2.7%
Sustainable growth rate 44.1% 11.5%
92nd		 11.0%

Margin history & stability

MeasureLMTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 10.7% 26.2%
7th		 30.6%
Operating margin, 3-yr average 10.7% 9.0%
67th		 10.0%
Net margin, 3-yr average 7.8% 6.3%
63rd		 6.2%
FCF margin, 3-yr average 8.6% 6.0%
67th		 7.1%
Revenue stability (0-1) 0.84 0.91
38th		 0.81
Earnings stability (0-1) 0.07 0.56
4th		 0.47
Margin stability (0-1) 0.83 0.88
38th		 0.90

Liquidity (latest quarter)

MeasureLMTIndustry medianIndustry percentileSector median
Cash & short-term investments $3.8B $337.2M
93rd		 $249.6M
Net cash (− = net debt) −$16.7B −$747.7M
5th		 −$666.5M
Working capital $4.6B $878.9M
95th		 $376.4M
Current ratio 1.19 2.57
11th		 1.79
Quick ratio 1.01 1.57
18th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.16 0.34
13th		 0.32
Defensive interval (days) —

Leverage & solvency (latest quarter)

MeasureLMTIndustry medianIndustry percentileSector median
Total debt $20.5B $917.3M
95th		 $919.8M
Debt / equity 2.34 0.52
91st		 0.65
Net debt / equity 1.91 0.34
92nd		 0.46
Debt / assets 32.9% 24.3%
71st		 29.3%
Debt / capital 70.1% 34.0%
91st		 39.5%
Debt / EBITDA 2.00 2.38
43rd		 2.44
Net debt / EBITDA 1.63 1.88
43rd		 1.86
Interest coverage (EBIT / interest) 7.7x 5.1x
65th		 5.0x
Cash interest coverage 9.4x 5.6x
73rd		 6.1x
Debt payback (years of OCF) 2.0 yrs 3.1 yrs
28th		 3.2 yrs
Liabilities / assets 86.0% 52.4%
89th		 56.7%
IS credit model rating A — —
Implied credit spread (bps) 150 175
35th		 200

Efficiency

MeasureLMTIndustry medianIndustry percentileSector median
Asset turnover 1.27 0.62
95th		 0.75
Fixed asset turnover 6.76 5.00
70th		 5.14
Inventory turnover 16.8 3.6
82nd		 5.0
Receivables turnover 7.1 6.6
61st		 6.7
Days sales outstanding 51 days 56 days
40th		 54 days
Days inventory outstanding 22 days 103 days
18th		 72 days
Days payables outstanding 23 days 39 days
2nd		 41 days
Cash conversion cycle (days) 50 days 104 days
33rd		 63 days
Capex / revenue 2.2% 3.6%
23rd		 3.0%
Capex / depreciation 0.99 1.14
43rd		 0.76
Operating expense ratio —

Cash flow & earnings quality

MeasureLMTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.65 1.31
74th		 1.50
FCF / net income 1.39 0.87
74th		 1.15
FCF / operating cash flow 83.9% 72.4%
68th		 74.0%
Capex / operating cash flow 16.1% 27.6%
32nd		 26.1%
Accruals ratio -6.8% -2.8%
16th		 -4.0%
Sloan accruals ratio 5.4% -0.3%
69th		 -2.4%
Earnings quality score (0-1) 0.75 1.00
23rd		 1.00

Dividends & buybacks

MeasureLMTIndustry medianIndustry percentileSector median
Dividend yield 2.5% 0.0%
98th		 0.6%
Dividend per share (TTM) $13.80 $0.00
100th		 $0.44
Payout ratio (dividends / net income) 50.5% 13.6%
90th		 22.5%
Dividends / FCF 36.4% 15.3%
86th		 19.6%
Dividend growth (YoY) 4.1% 8.9%
41st		 5.6%
Buyback yield 1.4% 0.0%
78th		 0.5%
Shareholder yield (dividends + buybacks) 3.9% 0.7%
93rd		 2.0%
Share count change (YoY) -1.4% 0.9%
8th		 0.0%
Buybacks, last 5 years $13.3B $14.0M
98th		 $76.0M

Scores & forensic checks

MeasureLMTIndustry medianIndustry percentileSector median
IS score 68 55
84th		 53
IS profitability 49 31
73rd		 37
IS growth 72 70
59th		 54
IS value 46 43
62nd		 47
IS momentum 89 80
69th		 76
IS risk (safety) 80 100
29th		 80
IS quality 67 65
56th		 67
IS balance sheet 42 58
29th		 56
IS earnings quality 82 67
95th		 70
IS cash flow 71 44
82nd		 54
Piotroski F-score (0-9) 9 6
100th		 6
Altman Z-score 3.4 4.8
35th		 3.3
Beneish M-score −3.70 −2.40
4th		 −2.52
Ohlson O-score −6.99 −7.88
65th		 −7.49
IS credit score 74 69
65th		 65

Per share

MeasureLMTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $27.20 $1.65
96th		 $2.21
Book value per share $37.94 $14.45
69th		 $18.38
Tangible book per share −$18.75 $3.65
5th		 $4.39
Revenue per share $333.29 $29.92
98th		 $36.64
FCF per share $37.77 $1.44
100th		 $2.70
Operating cash flow per share $45.01 $2.14
100th		 $4.28
Cash per share $16.40 $2.93
95th		 $3.02

Size (TTM)

MeasureLMTIndustry medianIndustry percentileSector median
Market cap $127.4B $6.0B
95th		 $3.9B
Revenue $77.0B $2.0B
96th		 $2.7B
EBITDA $10.3B $252.5M
96th		 $394.8M
Net income $6.3B $85.5M
96th		 $136.3M
Free cash flow $8.7B $80.1M
98th		 $162.9M
Total assets $62.5B $4.1B
95th		 $3.5B
Shareholders' equity $8.8B $1.6B
91st		 $1.4B
Employees 123,000 4,020
96th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Donovan John
Director
 Award / grant 97——1,666
2026-09-30Burritt David B
Director
 Award / grant 83——11,633
2026-08-13Donovan John
Director
 Open-market sale 120——3,258
2026-08-13Donovan John
Director
 Open-market sale 204——3,054
2026-08-13Donovan John
Director
 Open-market sale 212——2,842
2026-08-13Donovan John
Director
 Open-market sale 469——2,373
2026-08-13Donovan John
Director
 Open-market sale 631——1,742
2026-08-13Donovan John
Director
 Open-market sale 1,742——0
2026-08-12Lightfoot Robert M Jr
President Space
 Open-market sale 196$600.12$117,6232,015
2026-08-11Lightfoot Robert M Jr
President Space
 Open-market sale 846——3,775
2026-08-11Lightfoot Robert M Jr
President Space
 Open-market sale 1,564——2,211
2026-07-31St John Frank A
Chief Operating Officer
 Discretionary 7——0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired4361—
DiscretionaryDisposed261—
GiftDisposed1368—
Open-market saleDisposed95,984$117,623
—Disposed31,222—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 15,648 shares · $8.8M
FiledFilerShares proposedEst. proceeds
2026-08-12Robert M Lightfoot Jr196$117,623
2026-08-11Robert M Lightfoot Jr2,410$1.4M
2026-02-27Gregory M Ulmer2,840$1.8M
2026-02-24Stephanie C Hill2,410$1.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 17 trades (3 purchases) · Senate 3 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-23Kevin HernHouseSale$15,001 - $50,0002026-10-14
2026-09-23Kevin HernHouseSale (Partial)$15,001 - $50,0002026-10-13
2026-09-23Kevin HernHouseSale (Full)$15,001 - $50,0002026-10-13
2026-09-17Kevin HernHouseSale$15,001 - $50,0002026-10-14
2026-06-08Tommy TubervilleSenateSale$15,001 - $50,0002026-07-16
2026-06-08Thomas Hawley TubervilleSenateSale$15,001 - $50,0002026-07-16
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2022-06-23Deb FischerSenateSale (Full)$50,001 - $100,0002022-07-20
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
STATE STREET CORP32,975,170$16.8B14.29%
BlackRock, Inc.18,877,978$9.6B8.18%
VANGUARD CAPITAL MANAGEMENT LLC14,158,758$7.2B6.13%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC7,763,051$4.0B3.36%
Sixth Street Partners Management Company, L.P.7,763,051$4.0B3.36%
VANGUARD PORTFOLIO MANAGEMENT LLC5,559,369$2.8B2.41%
GEODE CAPITAL MANAGEMENT, LLC5,216,758$2.7B2.26%
Invesco Ltd.2,426,642$1.2B1.05%
BANK OF AMERICA CORP /DE/2,284,661$1.2B0.99%
Sanders Capital, LLC2,093,533$1.1B0.91%
GOLDMAN SACHS GROUP INC1,902,778$969.4M0.82%
Capital World Investors1,844,218$939.6M0.80%
ROYAL BANK OF CANADA1,674,811$853.2M0.73%
MORGAN STANLEY1,672,835$852.2M0.72%
FMR LLC1,667,767$849.7M0.72%

Institutional ownership by quarter

2023-092026-0679.3%
% of shares held by 13F filers
2023-092026-062,800
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,80079.3%1601,1831,037255
2026-03-312,94175.4%3641,0661,133105
2025-12-312,73574.4%3399881,050127
2025-09-302,58873.9%1999221,123182
2025-06-302,61975.4%1781,104957101
2025-03-312,57675.6%1471,0401,045219
2024-12-312,70176.0%3571,066932215
2024-09-302,60876.3%29294899889
2024-06-302,43875.8%1611,054872114
2024-03-312,42476.6%145992956138
2023-12-312,45277.6%321922902106
2023-09-302,27079.6%137938868145

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.0%16,111,934
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.16%$3.7B
VSMPX0.16%$3.7B
VTSAX0.16%$3.7B
VTI0.16%$3.7B
SCHD2.65%$3.0B
VFFSX0.16%$2.7B

Share structure

Shares outstanding230,791,000
Float230,547,285
Free float99.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$67.0B$66.0B$67.6B$71.0B$75.1B
Cost of revenue$58.0B$57.7B$59.1B$64.1B$67.4B
Gross profit$9.1B$8.3B$8.5B$6.9B$7.6B
R&D$0$0$0$0$0
SG&A$0$0$0$0$50.0M
Operating income$9.1B$8.3B$8.5B$7.0B$7.7B
EBITDA$9.5B$8.7B$10.4B$8.8B$7.8B
Pretax income$7.5B$6.7B$8.1B$6.2B$5.9B
Income tax$1.2B$948.0M$1.2B$884.0M$905.0M
Net income$6.3B$5.7B$6.9B$5.3B$5.0B
EPS, diluted$22.77$21.66$27.55$22.31$21.49
Diluted shares277.4M264.6M251.2M239.2M231.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.6B$2.5B$1.4B$2.5B$4.1B
Receivables$12.5B$14.8B$15.3B$15.3B$16.9B
Inventory$3.0B$3.1B$3.1B$3.5B$3.5B
Total current assets$19.8B$21.0B$20.5B$21.8B$25.4B
PP&E, net$7.6B$8.0B$8.4B$8.7B$8.9B
Goodwill & intangibles$13.5B$13.2B$13.0B$13.1B$13.2B
Total assets$50.9B$52.9B$52.5B$55.6B$59.8B
Accounts payable$780.0M$2.1B$2.3B$2.2B$3.6B
Total current liabilities$14.0B$15.9B$16.9B$19.4B$23.3B
Long-term debt$11.7B$15.4B$17.3B$19.6B$20.5B
Total liabilities$39.9B$43.6B$45.6B$49.3B$53.1B
Shareholders' equity$11.0B$9.3B$6.8B$6.3B$6.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.3B$5.7B$6.9B$5.3B$5.0B
Depreciation & amortization$1.4B$1.4B$1.4B$1.6B$1.7B
Stock-based compensation$227.0M$238.0M$265.0M$277.0M$304.0M
Change in working capital$54.0M−$585.0M−$194.0M−$1.7B−$983.0M
Operating cash flow$9.2B$7.8B$7.9B$7.0B$8.6B
Capital expenditure−$1.5B−$1.7B−$1.7B−$1.7B−$1.6B
Free cash flow$7.7B$6.1B$6.2B$5.3B$6.9B
Investing cash flow−$1.2B−$1.8B−$1.7B−$1.8B−$2.0B
Net debt issued / repaid−$500.0M$4.0B$1.9B$2.8B$1.3B
Buybacks−$4.1B−$7.9B−$6.0B−$3.7B−$3.0B
Dividends paid−$2.9B−$3.0B−$3.1B−$3.1B−$3.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin13.5%12.6%12.5%9.9%10.2%
Operating margin13.6%12.6%12.6%9.9%10.3%
Net margin9.4%8.7%10.2%7.5%6.7%
FCF margin11.5%9.3%9.2%7.4%9.2%
ROE74.4%56.7%86.0%81.0%76.9%
ROIC40.1%32.1%31.8%23.8%27.0%
ROA12.4%11.0%13.1%9.9%8.7%
Debt / equity1.071.682.553.383.23
Interest coverage14.3x11.7x9.8x7.0x6.3x
Current ratio1.421.321.211.131.09
Revenue growth+2.5%−1.6%+2.4%+5.1%+5.7%
EPS growth−5.3%−3.6%+26.7%−19.9%−3.9%
P/E at year end13.9x20.2x15.3x21.0x22.4x
EV / EBITDA at year end10.1x14.8x11.6x14.8x14.9x
FCF yield at year end8.79%5.30%5.90%4.73%6.16%
Dividend payout46.6%52.6%44.2%57.3%62.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Aeronautics$26.7B$27.0B$27.5B$28.6B$30.3B
Rotary and Mission Systems$16.8B$16.1B$16.2B$17.3B$17.3B
Missiles And Fire Control$11.7B$11.3B$11.3B$12.7B$14.4B
Space$11.8B$11.5B$12.6B$12.5B$13.0B

Revenue by region · FY2025

UNITED STATES$53.7B · 72%
Europe$8.8B · 12%
Asia Pacific$7.8B · 10%
Middle East$2.9B · 4%
Other Region$1.9B · 2%

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $7.52 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$81.0B$79.9B – $81.6B$30.40$30.05 – $30.661518.2x
2027$85.9B$82.8B – $87.4B$32.75$31.62 – $34.761516.9x
2028$91.1B$84.6B – $96.8B$35.02$31.86 – $39.151515.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-23$6.74$6.44−4.5%$18.2B$18.0B−1.1%
2026-01-29$7.07$5.80−18.0%$18.7B$20.3B+8.6%
2025-10-21$6.38$6.95+8.9%$18.6B$18.6B+0.3%
2025-07-22$6.52$7.29+11.8%$18.6B$18.2B−2.2%
2025-04-22$6.34$7.28+14.8%$17.8B$18.0B+1.0%
2025-01-28$6.62$7.67+15.9%$18.9B$18.6B−1.3%
2024-10-22$6.50$6.80+4.6%$17.4B$17.1B−1.6%
2024-07-23$6.46$6.85+6.0%$17.0B$18.1B+6.4%
2024-04-23$5.82$6.39+9.8%$16.0B$17.2B+7.2%
2024-01-23$7.26$7.88+8.5%$18.0B$18.9B+5.1%
2023-10-17$6.67$6.73+0.9%$17.0B$16.9B−1.0%
2023-07-18$6.45$6.63+2.8%$15.9B$16.7B+4.9%
2023-04-18$6.06$6.61+9.1%$15.0B$15.1B+0.5%
2023-01-24$7.39$7.40+0.1%$18.3B$19.0B+3.9%
2022-10-18$6.66$6.71+0.8%$16.6B$16.6B−0.4%
2022-07-19$1.74$1.99+14.4%$16.0B$15.4B−3.3%
2022-04-19$6.21$6.44+3.7%$15.6B$15.0B−3.9%
2022-01-25$7.16$7.47+4.3%$15.6B$17.7B+13.3%
2021-10-26$1.96$6.66+239.8%$17.2B$16.0B−6.6%
2021-07-26$6.53$7.13+9.2%$17.2B$17.0B−0.7%
2021-04-20$6.31$6.48+2.7%$16.4B$16.3B−0.9%
2021-01-26$6.41$6.46+0.8%$16.9B$17.0B+0.8%
2020-10-20$6.09$6.25+2.6%$13.5B$16.5B+22.1%
2020-07-21$5.72$6.13+7.2%$16.0B$16.2B+1.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-150.706-220.706-290.607-060.507-131.207-201.107-270.708-030.608-100.708-170.508-240.508-31
Week ofNotionalSharesTrades
2026-08-31$512.6M951,53659,093
2026-08-24$497.4M883,35251,984
2026-08-17$748.2M1,270,66767,941
2026-08-10$640.4M1,064,08859,686
2026-08-03$712.7M1,219,91157,536
2026-07-27$1.1B1,835,86072,509

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1553.6%
DateShort shareShort volumeTotal volume
2026-10-1553.6%343,265640,448
2026-10-1449.0%373,301762,317
2026-10-1353.2%221,587416,651
2026-10-1258.9%219,921373,269
2026-10-0946.9%168,979360,098
2026-10-0854.4%260,556478,611
2026-10-0760.9%302,772497,413
2026-10-0650.9%194,963382,679
2026-10-0544.2%157,678356,672
2026-10-0256.0%269,027480,347
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.7Jan+1.6Feb+1.0Mar+2.4Apr+0.6May-1.1Jun+2.4Jul+1.8Aug+1.4Sep-0.5Oct+1.9Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan+2.7%50%20
Feb+1.6%65%20
Mar+1.0%38%21
Apr+2.4%65%20
May+0.6%70%20
Jun−1.1%30%20
Jul+2.4%70%20
Aug+1.8%65%20
Sep+1.4%65%20
Oct−0.5%50%20
Nov+1.9%75%20
Dec+0.9%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.8
MFI58.2
ADX37.4
Stochastic %K / %D91.6 / 68.2
Williams %R-2.1
CCI203
TSI / signal-6.9 / -21.4
Chaikin money flow0.03
ATR$11.92
Bollinger width9.7%
Volume vs 20-day avg1.21x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$516.62 (+6.9%)
SMA 50$542.45 (+1.8%)
SMA 200$563.68 (−2.1%)
EMA 21$521.76 (+5.8%)
EMA 50$531.48 (+3.9%)
EMA 200$538.49 (+2.5%)
Bollinger upper$541.60 (+1.9%)
Bollinger lower$491.63 (+12.3%)
Parabolic SAR$500.89 (+10.2%)
Open the live chart, 110+ indicators

About Lockheed Martin Corporation

Lockheed Martin Corporation stands as a prominent global security and aerospace enterprise, specializing in the comprehensive lifecycle of advanced technological systems. Its expertise spans the research, design, development, manufacturing, integration, and ongoing sustainment of cutting-edge products and services across the world. The company's diverse operations are structured into four key segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The Aeronautics division is responsible for creating and producing leading-edge combat and air mobility aircraft, alongside unmanned aerial vehicles and their related innovations. The Missiles and Fire Control segment delivers sophisticated air and missile defense systems; tactical and precision air-to-ground weapon systems; comprehensive logistics; advanced fire control; mission operations, readiness, engineering support, and integration services; both crewed and uncrewed ground vehicles; and energy management solutions. Within the Rotary and Mission Systems segment, the portfolio includes military and commercial helicopters, naval surface ships, land and sea-based missile defense systems, advanced radar technologies, maritime and airborne mission and combat systems, intricate command and control solutions, cybersecurity services, and simulation and training platforms. The Space division focuses on satellites, space transportation systems, strategic, advanced strike, and defensive missile systems, as well as classified systems and services vital for national security. This segment further enhances situational awareness through network enablement, integrating space and ground-based systems to empower customers in gathering, analyzing, and securely distributing crucial intelligence data. Lockheed Martin primarily serves the United States government, alongside fulfilling foreign military sales facilitated through U.S. government contracts. Established in 1912, the corporation maintains its headquarters in Bethesda, Maryland.

https://www.lockheedmartin.com

Key executives

NameTitlePayBorn
James D. Taiclet Jr.Chairman, President & Chief Executive Officer$9.8M1961
Frank A. JohnChief Operating Officer$4.1M1967
Timothy S. CahillPresident of Missiles & Fire Control$3.0M1966
Kevin James O'ConnorSenior Vice President, General Counsel & Corporate Secretary$2.5M1968
Evan T. ScottChief Financial Officer$2.4M1977
Craig MartellChief Technology Officer——
Jenna McMullinSenior Vice President & Chief Communications Officer——
Maria DemareeSenior Vice President of Enterprise Business & Digital Transformation and Chief information Officer—1969

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
James D. Taiclet Chairman, President and Chief Executive Officer2025$1.8M$13.7M$5.5M$23.5M
Kevin J. O’Connor Senior Vice President, General Counsel and Corporate Secretary2025$800,961$10.2M$1.1M$12.7M
Frank A. St. John Chief Operating Officer2025$1.1M$5.4M$2.3M$9.9M
Timothy S. Cahill President, Missiles and Fire Control2025$995,000$3.6M$1.8M$6.8M
Jesus Malave Former Chief Financial Officer2025$343,269$4.4M$0$4.8M
Evan T. Scott Chief Financial Officer2025$783,144$637,810$1.1M$2.8M

Employees

105k2018110k2019114k2020114k2021116k2022122k2023121k2024123k2025

Dividends

Ex-dateAmountPaid
2026-12-01$3.62026-12-31
2026-09-01$3.452026-09-25
2026-06-01$3.452026-06-26
2026-03-02$3.452026-03-27
2025-12-01$3.452025-12-30
2025-09-02$3.32025-09-26
2025-06-02$3.32025-06-27
2025-03-03$3.32025-03-28

Moat model

Weak · Efficient Scale · 2026-06-28
Cost advantage67
Intangibles39
Switching costs24
Network effect45
Efficient scale100
Our component scores (0-100) and overall 50.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms