LMT
SP100NYSELockheed Martin Corporation
Industrials · Aerospace & Defense · United States
Lockheed Martin Corporation, an aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally. The company operates through four segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; and ground vehicles. The RMS segment offers military and commercial helicopters, surface ships, sea- and land-based missile defense systems, radar and laser systems, sea- and air-based mission and combat systems, command and control mission solutions, cyber solutions, simulation and training solutions, and services and support for surface ships. The Space segment provides satellites; space transportation systems; strategic, advanced strike, and defensive systems; and classified systems and services in support of national security systems. This segment also provides network-enabled situational awareness; and integrates space and ground global systems to help its customers gather, analyze, and securely distribute critical intelligence data. It primarily serves the U.S. government and international customers, as well as foreign military sales contracted through the U.S. government. The company was formerly known as The Lockheed Corporation and changed its name to Lockheed Martin Corporation in March 1995. Lockheed Martin Corporation was founded in 1912 and is based in Bethesda, Maryland.
www.lockheedmartin.com ↗Shares trade at a premium 26.4× trailing earnings, easing to 17.0× on forward estimates. Profitability shows a net margin of 6.4% and return on equity of 67.6%. Leverage is elevated at 2.4× net debt/EBITDA. Revenue grew 0.3% year-on-year. It yields 2.5% in dividends. The mean analyst target of USD617.05 sits 13.0% above the current price (Hold, 19 analysts).
business model
Lockheed Martin is the world's largest defense contractor, developing and producing advanced aerospace, defense, and security systems primarily under long-term contracts with the US government and allied nations. It earns revenue mostly from cost-reimbursable and fixed-price contracts for aircraft, missiles, space systems, and related technologies and sustainment services.
revenue segments
Lockheed reports four segments: Aeronautics (notably the F-35 and other combat aircraft), Rotary and Mission Systems (helicopters via Sikorsky, radars, and combat systems), Missiles and Fire Control (missiles, missile defense, and precision strike), and Space (satellites, strategic missiles, and space systems). Aeronautics is the largest segment.
key dependencies
The company depends heavily on US Department of Defense budgets and procurement priorities, the F-35 program and its sustainment tail, foreign military sales, government contract awards and funding, supply-chain and labor availability, and program-execution performance on fixed-price development contracts.
competitors
Competitors include RTX, Boeing, Northrop Grumman, General Dynamics, and BAE Systems, along with emerging space and defense-technology entrants such as SpaceX in launch and newer defense-tech firms.
moat
Lockheed's moat derives from entrenched, hard-to-replace flagship programs, decades-long contracts with high switching costs, deep technical and classified capabilities, security clearances, high barriers to entry, and a large backlog that provides revenue visibility.
risks
Risks include dependence on US and allied defense budgets and political/appropriations cycles, program-execution and cost-overrun risk (especially on fixed-price development work), concentration in the F-35, supply-chain constraints, and competition from disruptive new-space and defense-technology entrants.
Financials & metrics
as of 22 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $75.05B | $71.04B | $67.57B | $65.98B | — |
| Cost of revenue | $67.43B | $64.11B | $59.09B | $57.70B | — |
| Gross profit | $7.62B | $6.93B | $8.48B | $8.29B | — |
| Operating expense | -$112.00M | -$83.00M | -$28.00M | -$61.00M | — |
| Operating income | $7.73B | $7.01B | $8.51B | $8.35B | — |
| Interest expense | $1.12B | $1.04B | $916.00M | $623.00M | — |
| Pretax income | $5.92B | $6.22B | $8.10B | $6.68B | — |
| Tax provision | $905.00M | $884.00M | $1.18B | $948.00M | — |
| Net income | $5.02B | $5.34B | $6.92B | $5.73B | — |
| EBITDA | $8.73B | $8.81B | $10.44B | $8.71B | — |
| Diluted EPS | $21.49 | $22.31 | $27.55 | $21.66 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $59.84B | $55.62B | $52.46B | $52.88B | — |
| Current assets | $25.36B | $21.85B | $20.52B | $20.99B | — |
| Cash & equivalents | $4.12B | $2.48B | $1.44B | $2.55B | — |
| Inventory | $3.52B | $3.47B | $3.13B | $3.09B | — |
| Total liabilities | $53.12B | $49.28B | $45.62B | $43.61B | — |
| Current liabilities | $23.34B | $19.42B | $16.94B | $15.89B | — |
| Total debt | $21.70B | $20.27B | $17.46B | $15.55B | — |
| Long-term debt | $20.53B | $19.63B | $17.29B | $15.43B | — |
| Shareholders' equity | $6.72B | $6.33B | $6.83B | $9.27B | — |
| Retained earnings | $14.03B | $14.55B | $15.40B | $16.94B | — |
| Working capital | $2.03B | $2.43B | $3.58B | $5.10B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $8.56B | $6.97B | $7.92B | $7.80B | — |
| Investing cash flow | -$1.98B | -$1.79B | -$1.69B | -$1.79B | — |
| Financing cash flow | -$4.94B | -$4.14B | -$7.33B | -$7.07B | — |
| Capital expenditure | -$1.65B | -$1.69B | -$1.69B | -$1.67B | — |
| Free cash flow | $6.91B | $5.29B | $6.23B | $6.13B | — |
| Dividends paid | -$3.13B | -$3.06B | -$3.06B | -$3.02B | — |
| Share buybacks | -$3.00B | -$3.70B | -$6.00B | -$7.90B | — |
| End cash position | $4.12B | $2.48B | $1.44B | $2.55B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 22 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
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