Lockheed Martin Corp (LMT)
Fair ValueFundamental
66
Price
$604.18
Market Cap
$127.28B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 19, 2026, shared with all users
Named by Lockheed Martin as a primary competitor, RTX bids against it for the same U.S. and allied government budgets in tactical missiles, air and missile defence systems and military sensors.
Another competitor named in the 10-K, Northrop Grumman competes for the same Pentagon prime contracts in military aircraft, strategic missiles and military space and satellite systems.
Named in the 10-K, Boeing's defence arm competes head-on for combat aircraft, military helicopters and space programmes sold to the same government customers.
Listed as a competitor in the 10-K, General Dynamics bids for the same U.S. defence programmes in combat vehicles, naval systems and government IT and mission services.
Also named in the 10-K, L3Harris competes for the same defence budgets in tactical communications, sensors, electronic warfare and, through Aerojet Rocketdyne, solid rocket propulsion and missiles.
Europe's largest defence prime competes for the same export customers in combat aircraft, electronic warfare systems and munitions, where the Eurofighter Typhoon is the main alternative to the F-35 and F-16.
Balance Sheet & Liquidity
Revenue
$77.01B
Trailing 12 months (through 6/28/2026)
Net Income
$6.29B
Trailing 12 months (through 6/28/2026)
Free Cash Flow
$6.91B
Total Equity
$6.72B
Total Liabilities
$53.12B
Current Ratio
1.19
Interest Coverage
8.24
Debt/EBITDA
2.18
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$521.76
Current Price
$604.18
Margin of Safety
-15.8%
Fair Value Range
$397.87 - $645.65
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
22.27
ROE
74.6%
P/B Ratio
15.90
P/FCF
15.97
Gross Margin
11.8%
ROIC
18.7%
Profitability Radar
Value Creation (Economic Moat)
ROIC
18.7%
WACC
7.5%
ROIC − WACC
+11.2 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (18)
- EPS shows upward trend
- EPS CAGR 6.35%
- Price CAGR 7.65%
- ROIC 18.7%
- P/FCF 15.97
- Operating margin 11.9%
- Positive free cash flow
- CapEx intensity
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- ROE 86.2%
- Earnings surprise, average 10.6%
- Earnings quality (operating cash flow / net income) 1.65
- Share dilution -2.4%
- Net margin trend 8.2% vs 5.9%
- Piotroski F-Score 5/9
Failed (7)
- Gross margin 11.8%
- P/B ratio 15.90
- Debt/equity ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue growth 5Y 2.8%
Unavailable (2)
- Dividend payout –
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. James D. Taiclet Jr. | Chairman, President & CEO | 64 |
| Mr. Evan T. Scott | Chief Financial Officer | 48 |
| Mr. Frank A. St. John | Chief Operating Officer | 58 |
| Mr. Kevin James O'Connor J.D. | Senior Vice President, General Counsel & Corporate Secretary | 57 |
| Mr. Timothy S. Cahill | President of Missiles & Fire Control | 59 |
| Dr. Craig Martell | Chief Technology Officer | - |
| Ms. Maria Demaree | Senior VP of Enterprise Business & Digital Transformation and Chief information Officer | 56 |
| Mark D. Kvasnak | Vice President of Investor Relations | - |
| Ms. Jenna McMullin | Senior VP & Chief Communications Officer | - |
| Mr. Christopher J. Wronsky | Senior VP & Chief Human Resource Officer | - |
Audit Risk
1
Board Risk
9
Compensation Risk
4
Shareholder Rights Risk
7
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-01-29
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-10-22
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-22
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much LMT moves, measured on its daily prices.
More volatile than 43% of the tracked stocks (90-day volatility).
- Volatility 30d
- 29.1%
- Volatility 90d
- 33.3%
- Beta vs S&P 500 (1y)
- -0.10Correlation -0.04
- Max drawdown (12m)
- -27.3%
- ATR (14d, % of price)
- 2.67%
Earnings reactions
How LMT moved around its past quarterly results.
Next earnings release
No upcoming release on the calendar.
What usually happens
- Over the last 12 releases the stock moved a median of 5.1% the next day, up or down.
- Next-day moves: up 5, down 7 (out of 12).
- Of the 4 releases that beat estimates, the stock fell the next day after 1.
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Oct 22, 2026 | Before the open | 7.52 | 7.97 | +6.0% | +5.1% | +7.0% | n/a |
| Jul 23, 2026 | Before the open | 7.18 | 7.94 | +10.5% | +6.0% | +10.5% | +10.7% |
| Apr 23, 2026 | Before the open | 6.79 | 6.44 | -5.2% | -3.9% | -4.6% | -8.2% |
| Jan 29, 2026 | Before the open | 5.76 | 7.43 | +29.0% | +2.0% | +4.2% | +0.9% |
| Oct 21, 2025 | Before the open | 6.42 | 6.95 | +8.2% | -4.6% | -3.2% | -3.8% |
| Jul 22, 2025 | Before the open | n/a | n/a | n/a | -8.2% | -10.8% | -8.5% |
| Apr 22, 2025 | Before the open | n/a | n/a | n/a | -0.1% | +0.8% | +3.9% |
| Jan 28, 2025 | Before the open | n/a | n/a | n/a | -6.0% | -9.2% | -9.6% |
| Oct 22, 2024 | Before the open | n/a | n/a | n/a | -1.3% | -6.1% | -9.7% |
| Jul 23, 2024 | Before the open | n/a | n/a | n/a | +3.0% | +5.6% | +11.2% |
| Apr 23, 2024 | Before the open | n/a | n/a | n/a | +1.0% | -0.3% | +1.3% |
| Jan 23, 2024 | Before the open | n/a | n/a | n/a | 0.0% | -4.2% | -6.7% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on LMT and what the price did next.
- 10/22/2026PositiveLockheed Martin, il portafoglio ordini raggiunge il record di 292 miliardi di dollari
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/20/2026NegativeLe azioni di Lockheed Martin mostrano un modello rischioso mentre emergono due minacce
- +1 day
- -0.2%
- +3 days
- +7.9%
- 10/12/2026PositiveLockheed Martin Unveils New Patriot for Army Air Defense Contest
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/12/2026NegativeLockheed Martin a rischio: Anduril crea alternativa Patriot/THAAD più economica
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 7/23/2026PositiveLockheed Martin’s stock skyrockets as push to build more missiles faster pays off
- +1 day
- +2.4%
- +3 days
- +1.9%
- 7/6/2026PositiveLockheed to Buy Ultra Maritime for $3.45 Billion in Naval Push
- +1 day
- -2.3%
- +3 days
- -3.4%
- 7/6/2026PositiveHeadline no longer in the latest news feed
- +1 day
- -2.3%
- +3 days
- -3.4%
- 6/15/2026PositiveHeadline no longer in the latest news feed
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 6/10/2026PositiveHeadline no longer in the latest news feed
- +1 day
- +2.8%
- +3 days
- -3.0%
- 4/24/2026PositiveHeadline no longer in the latest news feed
- +1 day
- -3.9%
- +3 days
- -3.8%
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for LMT.
- 2d agoPOSITIVELockheed Martin, il portafoglio ordini raggiunge il record di 292 miliardi di dollari
Lockheed Martin announced a record order backlog of $292 billion in Q3 2026, signaling robust future revenue streams. The company's revenue for the quarter reached $20.7 billion, an 11% increase year-over-year from $18.6 billion in Q3 2025. This strong performance, driven by a substantial backlog, indicates sustained demand for its defense products and services. Investors can interpret this as a sign of operational strength and a positive outlook for the company's long-term financial health, potentially leading to increased shareholder value.
- 4d agoNEGATIVELe azioni di Lockheed Martin mostrano un modello rischioso mentre emergono due minacce
Lockheed Martin shares have experienced a significant downturn, falling from a March high of $683 to the current $548. This decline is attributed to mounting concerns over US political shifts and increased competition. Investors are closely monitoring upcoming earnings reports and the impact of the midterm elections, with polls suggesting a Democratic victory in the House of Representatives. The stock is also forming a bearish head and shoulders pattern, indicating potential further downside. This confluence of political uncertainty and technical weakness presents a challenging outlook for LMT shareholders.
- 12d agoPOSITIVELockheed Martin Unveils New Patriot for Army Air Defense Contest
Lockheed Martin has introduced a new generation Patriot interceptor, designed to counter future threats for the US military and its allies over the next three to five years. Tim Cahill, president of missiles and fire control, highlighted the system's aim to provide broader missile defense options while striking a balance between affordability and capability in challenging launch environments. This development positions Lockheed Martin to potentially secure new contracts in the ongoing Army air defense contest, signaling a positive outlook for its defense segment and future revenue streams.
- 12d agoNEGATIVELockheed Martin a rischio: Anduril crea alternativa Patriot/THAAD più economica
Lockheed Martin shares have underperformed the broader market, trading down 26% from their annual high. This pressure may intensify following Anduril's launch of its new Steelfin interceptor missile. Anduril's entry challenges the long-standing dominance of established defense contractors like Lockheed Martin, RTX, and Boeing, who have historically enjoyed significant pricing power. The emergence of well-funded disruptors like Anduril, valued at $11 billion, signals a potential shift in the defense industry landscape, threatening the pricing leverage of incumbents and potentially impacting future contract values and profitability for Lockheed Martin.
- 8/27/2026NEUTRALLockheed Martin Europe Chief Executive on Rheinmetall & Transatlantic Deterrence
Dennis Goege, the European chief executive of Lockheed Martin, highlighted the strategic importance of transatlantic partnerships, specifically mentioning Rheinmetall. He stated that such collaborations are crucial for building credible deterrence and fostering economic benefits for all parties involved. The comments, made in an interview with Bloomberg from Frankfurt, suggest a positive outlook on the synergy between US and European defense industries. While not a direct financial announcement, the emphasis on partnership and economic advantages could be interpreted as a signal of continued growth and stability in defense sector collaborations.
- 7/23/2026POSITIVELockheed Martin’s stock skyrockets as push to build more missiles faster pays off
Lockheed Martin's stock experienced a significant surge following a strong earnings report that surpassed analyst expectations. The defense giant's increased missile production capacity proved instrumental in achieving this beat and prompted an upward revision of its financial outlook. This strategic ramp-up in output, driven by heightened geopolitical demand, underscores the company's operational agility and its ability to capitalize on market opportunities. Investors are likely to view this performance as a testament to Lockheed Martin's robust business model and its critical role in national security, potentially leading to sustained positive momentum for the stock.
- 7/6/2026POSITIVELockheed to Buy Ultra Maritime for $3.45 Billion in Naval Push
Lockheed Martin Corp. has announced its intent to acquire the naval defense business of Advent International for $3.45 billion. This strategic move is driven by a surge in global demand for naval defense systems. The acquisition is expected to bolster Lockheed Martin's capabilities in the maritime sector, enhancing its portfolio of sea-based weapon systems. For investors, this acquisition signifies a proactive step by Lockheed Martin to capitalize on growing defense spending trends, particularly in naval capabilities, potentially leading to increased revenue and market share in this specialized segment.