Lockheed Martin Corp

Industrials
Military/Government/Technical
www.lockheedmartin.com

Earnings Score
Moat Score
Safety Score

Market Cap $121.84B
PE 18
Debt $20.74B
Cash $3.15B
EV $139.44B
FCF $6.51B

Earnings

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Sales & Net Margins

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Earnings	$6.68B
EBIT	$8.61B
ROE	93%
ROA	16%
FCF	$6.51B
Equity	$7.20B
Growth Stability	48%
PE	18.25
PEG	29.33
PB	16.92
P/FCF	18.73
P/S	1.71
Price/Cash	0.03
Debt/Equity	2.88
Debt/FCF	3.19
Net Margins	9%
Gross Margins	12%
Op. Margins	12%
Earnings CAGR	8%
Sales Growth YoY	1%
Sales Growth QoQ	-6%
Sales CAGR	6%
FCF CAGR	8%
Equity CAGR	19%
Earnings Stability	0.41
Earnings Growth YoY	-4%
Earnings Growth QoQ	-1%
Earnings CAGR 5Y	1%

Sales CAGR 5Y	3%
FCF CAGR 5Y	1%
Equity CAGR 5Y	16%
Earnings CAGR 3Y	3%
Sales CAGR 3Y	3%
FCF CAGR 3Y	-7%
Equity CAGR 3Y	-20%
Market Cap	$121.84B
Revenue	$71.30B
Dividend Yield	3%
Payout Ratio	46%
Assets	$55.52B
Total Debt	$20.74B
Cash	$3.15B
Shares Outstanding	237.5M
EV	139.44B
Earnings Score	28%
Moat Score	94%
Safety Score	57%
Final Score	60%
Working Capital	5.4B
Current Ratio	1.3
Gross Profit	$8.54B
Shares Growth 3y	-5%
Equity Growth QoQ	17%
Equity Growth YoY	-22%

Assets & ROA

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Stockholders Equity & ROE

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Lockheed Martin is the largest defense contractor globally and has dominated the Western market for high-end fighter aircraft since the F-35 program was awarded in 2001. Lockheed's largest segment is aeronautics, which is dominated by the massive F-35 program. Lockheed's remaining segments are rotary and mission systems, which is mainly the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.

SEC Filings

Direct access to Lockheed Martin Corp (LMT) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 24
- 10-Q Jun 25
- 10-Q Mar 26
2022
- 10-K Dec 31
- 10-Q Sep 25
- 10-Q Jun 26
- 10-Q Mar 27

Sector Comparison

How does Lockheed Martin Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Lockheed Martin Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 8%

Stability 41%

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Lockheed Martin Corp Discounted Cash Flow

Fully customizable DCF calculator online for Lockheed Martin Corp.

Years

Calculation mode

= $115B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$6.5B	$7B	$7.6B	$8.3B	$8.9B	$9.7B	$10B	$11B	$12B	$13B	$14B	$144B
DCF		$6.4B	$6.3B	$6.2B	$6.1B	$6B	$5.9B	$5.8B	$5.7B	$5.6B	$5.5B	$55B
Value	$115B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	8%	8%	11%	4%	9%	10%	10%	9%	9%	10%	9%
ROA	-	11%	12%	13%	16%	18%	17%	18%	16%	16%	16%
ROE	-	116%	330%	-329%	348%	196%	113%	58%	62%	101%	93%

Net Margins (9.17%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	4.12	3.71	3.07	9.04	2.58	2.15	1.66	2.77	3.03	3.19
Debt over Equity	1.81	5.54	9.52	-26.68	11.6	4.75	2.29	1.17	1.83	2.76	2.88
Growth Stability	-	-	-	48%	100%	100%	100%	100%	89%	100%	48%

Neutral Debt/FCF ratio (3.19)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Bad Debt/Equity ratio (2.88)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (48%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	1%	3%	6%	8%	11%	9%	3%	-2%	2%	3%
Earnings YoY growth	-	-0%	47%	-62%	152%	23%	10%	-8%	-9%	21%	1%
Equity YoY growth	-	-9%	-48%	-138%	-338%	119%	90%	82%	-15%	-26%	16%
FCF YoY growth	-	38%	-1%	28%	-65%	213%	10%	20%	-20%	2%	1%