Lockheed Martin Corp

Industrials
Military/Government/Technical
www.lockheedmartin.com

Earnings Score
Moat Score
Safety Score

Market Cap $109.88B
PE 20
Debt $23.24B
Cash $1.80B
EV $131.32B
FCF $4.99B

Earnings

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Sales & Net Margins

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Earnings	$5.50B
EBIT	$7.36B
ROE	82%
ROA	13%
FCF	$4.99B
Equity	$6.68B
Growth Stability	84%
PE	19.97
PEG	-14.1
PB	16.44
P/FCF	22.04
P/S	1.53
Price/Cash	0.02
Debt/Equity	3.48
Debt/FCF	4.66
Net Margins	10%
Gross Margins	10%
Op. Margins	10%
Earnings CAGR	7%
Sales Growth YoY	4%
Sales Growth QoQ	-4%
Sales CAGR	5%
FCF CAGR	8%
Equity CAGR	20%
Earnings Stability	0.31
Earnings Growth YoY	11%
Earnings Growth QoQ	225%
Earnings CAGR 5Y	-1%

Sales CAGR 5Y	2%
FCF CAGR 5Y	-2%
Equity CAGR 5Y	4%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	-21%
Market Cap	$109.88B
Revenue	$71.81B
Dividend Yield	3%
Payout Ratio	56%
Assets	$56.67B
Total Debt	$23.24B
Cash	$1.80B
Shares Outstanding	234.4M
EV	131.32B
Earnings Score	14%
Moat Score	94%
Safety Score	75%
Final Score	61%
Working Capital	1.61B
Current Ratio	1.08
Gross Profit	$7.26B
Shares Growth 3y	-5%
Equity Growth QoQ	6%
Equity Growth YoY	0%

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.

2025
- 10-Q Mar 30
2024
- 10-K Dec 31
- 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

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 7%

Stability 31%

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Lockheed Martin Corp Discounted Cash Flow

Fully customizable DCF calculator online for Lockheed Martin Corp.

Years

Calculation mode

= $85B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$5B	$5.4B	$5.8B	$6.2B	$6.7B	$7.2B	$7.8B	$8.4B	$9.1B	$9.8B	$11B	$105B
DCF		$4.9B	$4.8B	$4.7B	$4.6B	$4.5B	$4.4B	$4.3B	$4.2B	$4.1B	$4.1B	$41B
Value	$85B

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	8%	11%	4%	9%	10%	10%	9%	9%	10%	8%	10%
ROA	-	12%	13%	16%	18%	17%	18%	16%	16%	13%	13%
ROE	-	330%	-329%	348%	196%	113%	58%	62%	101%	84%	82%

Net Margins (9.53%)

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	3.71	3.07	9.04	2.58	2.15	1.66	2.77	3.03	4.2	4.66
Debt over Equity	5.54	9.52	-26.68	11.6	4.75	2.29	1.17	1.83	2.76	3.51	3.48
Growth Stability	-	-	-	100%	100%	100%	100%	89%	100%	84%	84%

Bad Debt/FCF ratio (4.66)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (3.48)

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

Neutral Graham’s Stability (84%)

The company has a stability in its earnings that is not too good nor too bad.

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	3%	6%	8%	11%	9%	3%	-2%	2%	5%	2%
Earnings YoY growth	-	47%	-62%	152%	23%	10%	-8%	-9%	21%	-23%	-1%
Equity YoY growth	-	-48%	-138%	-338%	119%	90%	82%	-15%	-26%	-7%	4%
FCF YoY growth	-	-1%	28%	-65%	213%	10%	20%	-20%	2%	-15%	-2%