Lockheed Martin Corp (LMT)
Industrials · Aerospace & Defense · US stock · S&P 500 component
$589.91
▲ +38.40 (6.96%)
Fair valueFair
$611 +3.7% to fair value
$306fair band $520–$741$917
Day's range
$577.50 – $607.99
52-week range
$437.25 – $692.00
About Lockheed Martin Corp
Lockheed Martin is a large defense and aerospace contractor. It designs, builds and supports military aircraft, missiles and air defense systems, helicopters, naval combat systems and space and satellite equipment. Most revenue comes from long-term contracts with the United States government and allied foreign governments, which pay for development, production and later sustainment of the systems. The work is capital intensive and depends heavily on government budgets and procurement programs.
Revenue over the last twelve months came to $77.0 billion. Across three years, revenue grew 4.4% a year. It posts an operating margin of 11.9%, with return on invested capital of 30%. Leverage, measured as net debt to EBITDA, is 1.8 times. The dividend yield is 2.3%. Overall, the X-Ray Score comes to 55 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $437.25 – $692.00Volume 2,957,699Daily, split-adjusted
Vitals
Market cap$136.3B
52-week range$437.25 – $692.00
Volume (last day)2,957,699
P/E (TTM)21.8
EBIT / EV yield6.0%
Free-cash-flow yield6.4%
Dividend yield2.3%
Revenue (TTM)$77.0B
Net income (TTM)$6.3B
Operating margin11.9%
Return on capital30.4%
Debt incl. leases$20.5B
Cash & securities$3.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$611middle half of models $567 – $616
Fair
+3.7% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $590
Undervalued < $520Fair $520 – $741Overvalued > $741
P/E multiple
$581
P/B multiple
$556
P/S multiple
$578
EV/EBITDA multiple
$603
EV/EBIT multiple
$633
EV/revenue multiple
$585
10-year DCF, EBITDA exit
$608
5-year DCF, EBITDA exit
$619
10-year DCF, revenue exit
$597
5-year DCF, revenue exit
$613
10-year DCF, growth exit
$500
5-year DCF, growth exit
$491
Dividend discount, stable
$544
Dividend discount, multi-stage
$1,026
Earnings power value
$640
Growth the price implies
7.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
76/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.0%
Free-cash-flow yield6.4%
Fair value vs price1.0×
Growth
Weak
41/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)4.4%
EPS growth (3y)-0.3%
Growth consistency90%
Profitability
Fair
59/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital30.4%
Operating margin11.9%
Gross profitability14.5%
Financial health
Weak
38/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA1.8×
Interest cover8.2×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.3%
Dividends vs free cash flow37%
Dividend growth1.3%
Quarterly results: last 6 quarters
+4.5%
Mar '25
+0.2%
Jun '25
+8.8%
Sep '25
+9.1%
Dec '25
+0.3%
Mar '26
+10.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $20.1B, diluted EPS $7.94.
Compare with peers
GD General Dynamics Corp70 TXT Textron Inc65 LHX L3harris Technologies,...60 TDG TransDigm Group INC57Other Aerospace & Defense companies by X-Ray Score.
SWOT analysis: Lockheed Martin Corp
Strengthsinside the company
- Return on invested capital is 30.4%, against a median of 12.8% for industry peers.
- Free cash flow equals 6.4% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Dividends use only 37% of free cash flow, which leaves room to raise them.
- Trades at 21.7x earnings, 30% below the 30.8x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare LMT with peers and sector
Medians of 11 Aerospace & Defense peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): GE 49, RTX 51, BA 35, GD 70, NOC 49, HWM 55.
| Metric | LMT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 55 | 51 | 50 |
| Valuation | 76 | 52 | 44 |
| Growth | 41 | 64 | 51 |
| Profitability | 59 | 40 | 50 |
| Financial health | 38 | 55 | 49 |
| Dividends | 53 | 53 | 53 |
Sector leaders: highest X-Ray Score in Industrials
LMT ranks #30 of 81 in Industrials and #5 of 12 in Aerospace & Defense by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for LMT
Each factor is rated by where LMT stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 9 Average · 5 Bad of 23
Growth: 0 · 3 · 0
Profitability: 2 · 1 · 2
Financial strength: 0 · 3 · 1
Valuation: 3 · 1 · 1
Cash flow: 2 · 1 · 1
Efficiency: 2 · 0 · 0
| Factor | LMT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.4% | Average beats 42% | +5.6% | – | – |
| Revenue growth, last year | +5.6% | Average beats 56% | +4.5% | +2.5% | ▲ Better |
| EPS growth, 3 years a year | −0.3% | Average beats 34% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 11.8% | Bad beats 3% | 38.0% | 12.5% | ≈ In line |
| Operating margin | 11.9% | Average beats 38% | 17.5% | 12.6% | ≈ In line |
| Net margin | 8.2% | Bad beats 31% | 12.8% | 8.7% | ≈ In line |
| Return on invested capital | 30.4% | Good beats 83% | 14.9% | – | – |
| Return on equity | 71.7% | Good beats 94% | 23.7% | 74.6% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 1.8x | Average beats 47% | 1.8x | 1.6x | ≈ In line |
| Interest cover | 8.2x | Bad beats 26% | 21.4x | 9.3x | ▼ Worse |
| Current ratio | 1.19 | Average beats 40% | 1.25 | 1.21 | ≈ In line |
| Piotroski F-score | 6 / 9 | Average beats 41% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 21.7x | Good beats 76% | 28.9x | 21.8x | ≈ In line |
| Price / book | 15.5x | Bad beats 14% | 6.2x | 16.7x | ≈ In line |
| Price / sales | 1.8x | Good beats 80% | 3.5x | 1.6x | ≈ In line |
| EV / EBITDA | 16.7x | Average beats 60% | 18.5x | 13.9x | ▼ Worse |
| Free cash flow yield | 6.4% | Good beats 89% | 3.8% | 5.5% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 11.3% | Average beats 34% | 13.8% | 9.2% | ▲ Better |
| Cash from operations / net income | 1.65 | Good beats 70% | 1.39 | 1.36 | ▲ Better |
| Free cash flow growth, 3 years a year | +4.1% | Bad beats 20% | +14.5% | – | – |
| Accruals (lower is better) | −6.6% | Good beats 88% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 15.4x | Good beats 83% | 4.0x | 18.9x | ▼ Worse |
| Days sales outstanding | 16 days | Good beats 92% | 57 days | 12 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 9 Average · ● 3 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 53/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B |
| Operating income | $9.1B | $8.3B | $8.5B | $7.0B | $7.7B |
| Net income | $6.3B | $5.7B | $6.9B | $5.3B | $5.0B |
| Operating cash flow | $9.2B | $7.8B | $7.9B | $7.0B | $8.6B |
| Operating margin | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Free cash flow | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| Diluted EPS | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 537.1 | Bullish |
| EMA 10 | 544.7 | Bullish |
| SMA 20 | 523.2 | Bullish |
| EMA 20 | 534.6 | Bullish |
| SMA 50 | 539.1 | Bullish |
| EMA 50 | 535.2 | Bullish |
| SMA 100 | 537.3 | Bullish |
| EMA 100 | 539.1 | Bullish |
| SMA 200 | 560.4 | Bullish |
| EMA 200 | 535.8 | Bullish |
Oscillators (daily)
| RSI (14) | 75.34 | Bearish |
| MACD (12, 26) | 7.84 | Bullish |
| Momentum (12) | 15.64 | Bullish |
| Stochastic %K (14) | 83.71 | Bearish |
| Williams %R (14) | -16.29 | Bearish |
| CCI (20) | 253.6 | Bearish |
Pivot points (classic, last session)
S3 545.1 | S2 561.3 | S1 575.6 | Pivot 591.8 | R1 606.1 | R2 622.3 | R3 636.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
13.80 USD
Yield on today's price
2.34%
Frequency
Quarterly
Next ex-dividend date
1 Dec 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 3.6000 |
| 3.4500 | |
| 3.4500 | |
| 3.4500 | |
| 3.4500 | |
| 3.3000 | |
| 3.3000 | |
| 3.3000 | |
| 3.3000 | |
| 3.1500 | |
| 3.1500 | |
| 3.1500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold LMT
| ETF | Share of the fund |
|---|---|
| SHLD Global X Defense Tech | 8.42% |
| PPA Invesco Aerospace & Defense | 6.64% |
| ITA iShares U.S. Aerospace & Defense | 4.05% |
| DFEN Daily Aerospace & Defense Bull 3X | 3.07% |
| SCHD Schwab U.S. Dividend Equity | 2.70% |
| XAR SPDR S&P Aerospace & Defense | 2.50% |
| VALQ American Century STOXX U.S. Quality Va... | 2.19% |
| XLI Industrial Select Sector SPDR | 1.79% |
The eight funds with the largest weight in LMT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
LMT stock splits
LMT has split its stock once since 1999. The latest was a 2-for-1 split on 4 Jan 1999.
Full LMT stock split history →LMT SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.