How Does Lockheed Martin Stock Stack Up Against Its Peers?
Lockheed Martin’s stock has notably underperformed peers over the past year, but how does its defense portfolio measure up against competitors in a dynamic geopolitical landscape as of December 23, 2025? A closer look reveals moderate revenue growth, profitability, and solid free cash flow, alongside a reasonable valuation. However, with larger peers showing stronger returns and higher margins, and recent analyst downgrades citing long-term cash flow and F-35 program risks, LMT faces challenges in generating significant upside without new program wins or increased defense spending momentum.
- LMT’s 8.2% operating margin trails LHX (11.1%), reflecting tighter program profitability or less favorable cost absorption.
- LMT’s 2.9% revenue growth trails RTX, BA, LHX, outpacing NOC, suggesting slower new program ramp-ups or market exposure.
- LMT’s 2.1% stock gain, at a 26.6 PE, trails peers, indicating investor skepticism about its future growth trajectory.
Here’s how Lockheed Martin stacks up across size, valuation, and profitability versus key peers.
| LMT | RTX | BA | NOC | LHX | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 111.9 | 249.5 | 164.8 | 83.0 | 55.7 |
| Revenue ($ Bil) | 73.3 | 86.0 | 80.8 | 40.9 | 21.4 |
| PE Ratio | 26.6 | 37.8 | -16.7 | 20.7 | 32.8 |
| LTM Revenue Growth | 2.9% | 8.8% | 10.2% | -0.1% | 2.9% |
| LTM Operating Margin | 8.2% | 10.3% | -10.4% | 10.0% | 11.1% |
| LTM FCF Margin | 6.3% | 5.5% | -7.9% | 4.5% | 10.1% |
| 12M Market Return | 2.1% | 62.2% | 22.0% | 26.3% | 42.5% |
For more details on Lockheed Martin, read Buy or Sell LMT Stock. Below we compare LMT’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| LMT | 2.9% | 5.1% | 2.4% | -1.6% |
| RTX | 8.8% | 17.1% | 2.8% | 4.2% |
| BA | 10.2% | -14.5% | 16.8% | 6.9% |
| NOC | -0.1% | 4.4% | 7.3% | 2.6% |
| LHX | 2.9% | 9.8% | 13.8% | -4.2% |
Operating Margin Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| LMT | 8.2% | 9.9% | 12.6% | 12.7% |
| RTX | 10.3% | 8.1% | 5.2% | 8.2% |
| BA | -10.4% | -16.3% | -1.1% | -5.3% |
| NOC | 10.0% | 10.6% | 6.5% | 9.8% |
| LHX | 11.1% | 9.7% | 10.4% | 11.3% |
PE Ratio Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| LMT | 26.6 | 21.7 | 16.4 | 22.4 |
| RTX | 37.8 | 32.3 | 37.6 | 28.7 |
| BA | -16.7 | -9.7 | -71.1 | -23.0 |
| NOC | 20.7 | 16.5 | 34.5 | 17.3 |
| LHX | 32.8 | 26.6 | 32.5 | 37.6 |
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