Lockheed Martin (LMT)
Market Price (4/3/2026): $623.99 | Market Cap: $144.1 BilSector: Industrials | Industry: Aerospace & Defense
Lockheed Martin (LMT)
Market Price (4/3/2026): $623.99Market Cap: $144.1 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 8.6 Bil, FCF LTM is 6.9 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Advanced Aviation & Space, Autonomous Technologies, and Cybersecurity. Themes include Commercial Space Exploration, Show more. | Weak multi-year price returns3Y Excs Rtn is -23% | Key risksLMT key risks include [1] significant financial losses from cost overruns and delays on critical contracts, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 8.6 Bil, FCF LTM is 6.9 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space, Autonomous Technologies, and Cybersecurity. Themes include Commercial Space Exploration, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -23% |
| Key risksLMT key risks include [1] significant financial losses from cost overruns and delays on critical contracts, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Lockheed Martin (LMT) stock has gained about 30% since 12/31/2025 because of the following key factors:
1. Significant Increase in U.S. Defense Spending Outlook and Elevated Geopolitical Tensions.
President Donald Trump announced plans for a substantial $1.5 trillion defense budget for 2027, representing a 50% increase from the previously planned $1 trillion, which immediately led to a 7.77% surge in Lockheed Martin's stock on January 8, 2026. This macroeconomic factor, coupled with heightened global geopolitical instability, including a recent US-Iran conflict in late February 2026, has driven a broader rally in defense stocks as governments worldwide, including NATO members, commit to increased military expenditure.
2. Robust Q4 2025 Financial Results and Optimistic 2026 Guidance.
Lockheed Martin reported strong fourth-quarter 2025 financial results on January 29, 2026, with quarterly revenue rising 9.1% year-over-year to $20.32 billion, surpassing analyst estimates of $19.84 billion. The company also reported a record backlog of $194 billion at the end of 2025, providing strong future revenue visibility. For 2026, Lockheed Martin provided an optimistic financial forecast, guiding for a 5% sales growth rate and a 25% segment operating growth.
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1. Significant Increase in U.S. Defense Spending Outlook and Elevated Geopolitical Tensions.
President Donald Trump announced plans for a substantial $1.5 trillion defense budget for 2027, representing a 50% increase from the previously planned $1 trillion, which immediately led to a 7.77% surge in Lockheed Martin's stock on January 8, 2026. This macroeconomic factor, coupled with heightened global geopolitical instability, including a recent US-Iran conflict in late February 2026, has driven a broader rally in defense stocks as governments worldwide, including NATO members, commit to increased military expenditure.
2. Robust Q4 2025 Financial Results and Optimistic 2026 Guidance.
Lockheed Martin reported strong fourth-quarter 2025 financial results on January 29, 2026, with quarterly revenue rising 9.1% year-over-year to $20.32 billion, surpassing analyst estimates of $19.84 billion. The company also reported a record backlog of $194 billion at the end of 2025, providing strong future revenue visibility. For 2026, Lockheed Martin provided an optimistic financial forecast, guiding for a 5% sales growth rate and a 25% segment operating growth.
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Stock Movement Drivers
Fundamental Drivers
The 29.4% change in LMT stock from 12/31/2025 to 4/2/2026 was primarily driven by a 16.7% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 481.13 | 622.79 | 29.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 73,349 | 75,048 | 2.3% |
| Net Income Margin (%) | 5.7% | 6.7% | 16.7% |
| P/E Multiple | 26.6 | 28.7 | 7.9% |
| Shares Outstanding (Mil) | 232 | 231 | 0.4% |
| Cumulative Contribution | 29.4% |
Market Drivers
12/31/2025 to 4/2/2026| Return | Correlation | |
|---|---|---|
| LMT | 29.4% | |
| Market (SPY) | -5.4% | 13.4% |
| Sector (XLI) | 5.6% | 44.4% |
Fundamental Drivers
The 26.4% change in LMT stock from 9/30/2025 to 4/2/2026 was primarily driven by a 14.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 492.85 | 622.79 | 26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 71,844 | 75,048 | 4.5% |
| Net Income Margin (%) | 5.9% | 6.7% | 14.2% |
| P/E Multiple | 27.4 | 28.7 | 4.7% |
| Shares Outstanding (Mil) | 234 | 231 | 1.1% |
| Cumulative Contribution | 26.4% |
Market Drivers
9/30/2025 to 4/2/2026| Return | Correlation | |
|---|---|---|
| LMT | 26.4% | |
| Market (SPY) | -2.9% | 7.4% |
| Sector (XLI) | 6.5% | 37.8% |
Fundamental Drivers
The 43.2% change in LMT stock from 3/31/2025 to 4/2/2026 was primarily driven by a 48.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 434.83 | 622.79 | 43.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 71,043 | 75,048 | 5.6% |
| Net Income Margin (%) | 7.5% | 6.7% | -11.0% |
| P/E Multiple | 19.2 | 28.7 | 48.9% |
| Shares Outstanding (Mil) | 236 | 231 | 2.3% |
| Cumulative Contribution | 43.2% |
Market Drivers
3/31/2025 to 4/2/2026| Return | Correlation | |
|---|---|---|
| LMT | 43.2% | |
| Market (SPY) | 16.3% | 17.9% |
| Sector (XLI) | 26.3% | 32.6% |
Fundamental Drivers
The 42.8% change in LMT stock from 3/31/2023 to 4/2/2026 was primarily driven by a 46.7% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4022026 | Change |
|---|---|---|---|
| Stock Price ($) | 436.11 | 622.79 | 42.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 65,984 | 75,048 | 13.7% |
| Net Income Margin (%) | 8.7% | 6.7% | -23.0% |
| P/E Multiple | 19.5 | 28.7 | 46.7% |
| Shares Outstanding (Mil) | 257 | 231 | 11.2% |
| Cumulative Contribution | 42.8% |
Market Drivers
3/31/2023 to 4/2/2026| Return | Correlation | |
|---|---|---|
| LMT | 42.8% | |
| Market (SPY) | 63.3% | 12.0% |
| Sector (XLI) | 68.8% | 30.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LMT Return | 3% | 40% | -4% | 10% | 2% | 28% | 101% |
| Peers Return | 21% | 16% | 4% | 3% | 36% | 10% | 125% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| LMT Win Rate | 50% | 67% | 42% | 58% | 42% | 75% | |
| Peers Win Rate | 57% | 55% | 47% | 58% | 65% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LMT Max Drawdown | -9% | -0% | -17% | -8% | -14% | 0% | |
| Peers Max Drawdown | -8% | -11% | -19% | -13% | -9% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NOC, RTX, BA, GD, LHX. See LMT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)
How Low Can It Go
| Event | LMT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -20.8% | -25.4% |
| % Gain to Breakeven | 26.2% | 34.1% |
| Time to Breakeven | 293 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.1% | -33.9% |
| % Gain to Breakeven | 58.9% | 51.3% |
| Time to Breakeven | 708 days | 148 days |
| 2018 Correction | ||
| % Loss | -32.1% | -19.8% |
| % Gain to Breakeven | 47.2% | 24.7% |
| Time to Breakeven | 178 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -51.4% | -56.8% |
| % Gain to Breakeven | 105.6% | 131.3% |
| Time to Breakeven | 1,598 days | 1,480 days |
Compare to NOC, RTX, BA, GD, LHX
In The Past
Lockheed Martin's stock fell -20.8% during the 2022 Inflation Shock from a high on 4/18/2023. A -20.8% loss requires a 26.2% gain to breakeven.
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About Lockheed Martin (LMT)
Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. It operates through four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The Missiles and Fire Control segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. The Rotary and Mission Systems segment offers military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions. The Space segment offers satellites; space transportation systems; strategic, advanced strike, and defensive missile 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-based systems to help its customers gather, analyze, and securely distribute critical intelligence data. It serves primarily serves the U.S. government, as well as foreign military sales contracted through the U.S. government. Lockheed Martin Corporation was founded in 1912 and is headquartered in Bethesda, Maryland.
AI Analysis | Feedback
Here are 1-3 brief analogies for Lockheed Martin (LMT):
- The Boeing of advanced military aircraft, missiles, and space systems.
- The Apple of high-tech defense and national security solutions.
- The General Motors for national defense systems.
AI Analysis | Feedback
- Aircraft: Designs and manufactures combat, air mobility, and other specialized aircraft.
- Unmanned Systems: Develops unmanned air vehicles (UAVs) and unmanned ground vehicles for various missions.
- Missile Systems: Provides a range of air and missile defense systems, tactical missiles, precision strike weapons, and strategic missile systems.
- Fire Control & Radar Systems: Develops advanced systems for target detection, tracking, engagement, and various radar capabilities.
- Naval Systems: Constructs surface ships and integrates sea-based missile defense systems.
- Rotary Wing Aircraft: Manufactures military and commercial helicopters.
- Space Systems: Offers satellites, space transportation systems, and classified national security space systems.
- Command, Control & Cyber Solutions: Delivers integrated command and control systems, mission solutions, and cybersecurity services.
- Simulation & Training Solutions: Provides advanced simulation and training systems for defense and commercial applications.
- Logistics & Engineering Support: Offers comprehensive logistics, readiness, mission operations, and engineering support services for complex systems.
AI Analysis | Feedback
Lockheed Martin (LMT) primarily serves the U.S. government. It also engages in foreign military sales, which are contracted through the U.S. government, indicating that foreign governments are also significant customers, indirectly.
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- Raytheon Technologies (RTX)
- Northrop Grumman (NOC)
- BAE Systems (BAESY)
- General Electric (GE)
- Honeywell (HON)
- Rolls-Royce (RYCEY)
- L3Harris Technologies (LHX)
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James Taiclet, Chairman, President & CEOJames Taiclet became Chairman, President, and CEO of Lockheed Martin in June 2020. He joined Lockheed Martin's board of directors in January 2018. Prior to Lockheed Martin, Taiclet served as Chairman, President, and CEO of American Tower Corporation, a global real estate investment trust, where he significantly grew the company's market capitalization from approximately $2 billion to over $100 billion and transformed it into a global industry player. His career also includes leadership roles as President of Honeywell Aerospace Services and Vice President of Engine Services at Pratt & Whitney, responsible for military and commercial jet engine overhaul and repair. Taiclet is a U.S. Air Force veteran, serving as an aircraft commander and instructor pilot, and a Gulf War veteran, logging over 5,000 flying hours, primarily in the Lockheed C-141B Starlifter. He is a distinguished graduate of the U.S. Air Force Academy with degrees in engineering and international relations, and holds a master's degree from Princeton University.
Evan Scott, Chief Financial Officer
Evan Scott was appointed Chief Financial Officer for Lockheed Martin in April 2025. A 26-year veteran of Lockheed Martin, Scott is responsible for the corporation's financial strategies, processes, and operations. His previous roles within the company include Vice President and CFO of Lockheed Martin Space, Vice President and Treasurer, and Vice President and CFO of Missiles and Fire Control. He is a graduate of Lockheed Martin's Finance Leadership Development Program and Finance Leadership Academy. Scott holds a bachelor's degree in finance and accounting from Syracuse University and a master's in business administration in finance from the University of Maryland. He succeeded Jesus "Jay" Malave, who left to pursue other opportunities.
Frank St. John, Chief Operating Officer
Frank St. John has served as Chief Operating Officer for Lockheed Martin since June 2020, overseeing the strategic, operational, and financial performance of the corporation's four major business areas. He has dedicated his entire career to Lockheed Martin, joining as an engineering intern more than 30 years ago. Prior to his current role, St. John led the Rotary and Mission Systems (RMS) business area from 2019 to 2020 and the Missiles and Fire Control (MFC) business area from 2018 to 2019. His other positions at MFC included executive vice president and deputy of programs, vice president of Tactical Missiles/Combat Maneuver Systems, and general manager for the MFC Orlando campus. St. John holds a bachelor's and master's degree in electrical engineering from the University of Central Florida.
Stephanie C. Hill, President, Rotary and Mission Systems
Stephanie C. Hill is the President of the Rotary and Mission Systems (RMS) business area at Lockheed Martin. She joined Lockheed Martin in 1987 as a software engineer and has since held increasingly responsible leadership positions. These roles include Senior Vice President of Enterprise Business Transformation, Deputy Executive Vice President of RMS, Senior Vice President of Corporate Strategy and Business Development, and Vice President and General Manager of Cyber, Ships and Advanced Technologies. Hill is a member of the board of directors of S&P Global and The Executive Leadership Council. She graduated with high honors from the University of Maryland, Baltimore County, with a Bachelor of Science degree in computer science and economics, and received an honorary doctorate from the university in 2017.
Robert Lightfoot, President, Space
Robert Lightfoot is the President of Lockheed Martin Space, a more than $11 billion enterprise providing advanced technology systems for national security, civil, and commercial customers. He joined Lockheed Martin in 2019, initially serving as vice president of Operations and then vice president of Strategy and Business Development for Lockheed Martin Space. Before joining Lockheed Martin, Lightfoot had a distinguished 29-year career at NASA, where he rose to the agency's highest-ranking civil service position as Associate Administrator and also served as Acting NASA Administrator. He also served as director of the Marshall Space Flight Center and director of Propulsion Test at Stennis Space Center. Lightfoot earned a bachelor's degree in mechanical engineering from the University of Alabama.
AI Analysis | Feedback
Here are the key risks to Lockheed Martin's business:
- Reliance on Government Contracts and Regulatory Compliance: Lockheed Martin's business is heavily dependent on contracts with the U.S. government and foreign military sales, exposing it to risks associated with government funding levels, budget cycles, policy changes, and the U.S. government's ability to terminate contracts for convenience. Failure to comply with extensive laws and regulations governing government contracts could also lead to significant penalties, reputational damage, and exclusion from key markets.
- Supply Chain Dependencies and Geopolitical Sourcing Risks: The company faces significant risks related to its supply chain, particularly its reliance on critical materials like rare earth metals for key programs such as the F-35 Lightning II and missile defense systems. New U.S. defense procurement rules, effective in 2027, will tighten restrictions on materials sourced from certain foreign supply chains, notably those linked to China, which could disrupt production and delivery timelines if domestic processing capacity for these materials does not scale adequately.
- Program Performance Issues and Internal Control Deficiencies: Lockheed Martin has recently faced significant financial losses in its Aeronautics and Rotary and Mission Systems (RMS) segments, attributed to "performance issues" and problems with specific programs like the Canadian Maritime Helicopter Program. A securities class action lawsuit alleges that the company had inadequate internal controls to assess program risks and overstated its ability to deliver on contracts, leading to substantial pre-tax losses and significant drops in stock price.
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The rise of commercial space companies, particularly SpaceX, presents a clear emerging threat to Lockheed Martin. SpaceX's advancements in reusable rocket technology and significantly lower launch costs have disrupted the traditional space launch market, directly impacting United Launch Alliance (ULA), a joint venture co-owned by Lockheed Martin and Boeing, which has historically been a key provider of launch services for the U.S. government. This shift challenges ULA's dominance and, by extension, Lockheed Martin's revenue streams and market position in the launch services sector. Additionally, the broader trend of commercial players developing more agile, cost-effective satellite technologies and space services could challenge Lockheed Martin's traditional role in satellite manufacturing and integration for certain applications within its Space segment.
AI Analysis | Feedback
Lockheed Martin's main products and services operate within several large addressable markets, primarily global in scope.
-
Aeronautics Segment:
- For military aircraft, including combat and air mobility aircraft, the global market size is estimated at USD 50.53 billion in 2025 and is projected to reach USD 76.17 billion by 2034.
- The global market for unmanned aerial vehicles (UAVs) or drones surpassed USD 42.39 billion in 2025 and is projected to cross USD 191.89 billion by 2035.
-
Missiles and Fire Control Segment:
- The global air defense system market size was valued at approximately USD 46.27 billion in 2024 and is projected to reach USD 83.97 billion by 2034.
- The global missiles market, which includes tactical missiles and air-to-ground precision strike weapon systems, was valued at USD 64.26 billion in 2025 and is anticipated to reach USD 122.48 billion by 2034.
-
Rotary and Mission Systems Segment:
- The global military helicopter market size was calculated at USD 35.95 billion in 2025 and is predicted to increase to approximately USD 46.11 billion by 2035.
- The global warship and naval vessels market size was valued at USD 75.1 billion in 2025 and is estimated to reach USD 122.4 billion by 2034.
- The global military radars market size was valued at USD 17.5 billion in 2025 and is estimated to reach USD 24.1 billion by 2034.
- The global military cybersecurity market size was valued at USD 15.7 billion in 2023 and is projected to reach USD 68.5 billion by 2033.
-
Space Segment:
- Global satellite manufacturing revenues grew to USD 20 billion in 2024.
- Worldwide commercial satellite launch revenues increased to USD 9.3 billion in 2024.
AI Analysis | Feedback
Lockheed Martin (LMT) is anticipated to experience revenue growth over the next two to three years, driven by several key factors:
- Robust and Expanding Backlog: Lockheed Martin has consistently reported a record-breaking backlog, reaching $160.6 billion by the end of 2023 and further increasing to an unprecedented $194 billion by the close of 2025. This substantial backlog signifies strong, sustained demand for the company's defense products and services and provides significant revenue visibility for future periods.
- Increased Production and Deliveries of Key Programs: Growth is expected from higher production and delivery volumes across major programs. The Aeronautics segment, particularly the F-35 program, is a significant contributor, with higher volumes in production, development, and sustainment contracts. The Missiles and Fire Control (MFC) segment is also experiencing production ramps for critical tactical and strike missile systems such as Guided Multiple Launch Rocket Systems (GMLRS), High Mobility Artillery Rocket System (HIMARS), Joint Air-to-Surface Standoff Missile (JASSM), Long Range Anti-Ship Missile (LRASM), PAC-3, and Terminal High Altitude Area Defense (THAAD). Lockheed Martin delivered 191 F-35 jets and 620 PAC-3 MSE interceptors in 2025, setting new records, with plans to boost PAC-3 MSE production to 2,000 units annually through multi-year agreements.
- Strategic Investments in Advanced Technologies and Capacity Expansion: Lockheed Martin is making substantial internal investments, projected to be around $5 billion for capital expenditures and research and development in fiscal year 2026. These investments are aimed at enhancing production capacity to meet the surging demand reflected in its backlog and advancing its "21st Century Security®" initiative, which focuses on developing resilient, multi-domain network solutions and other advanced defense technologies. The Space segment is also seeing increased net sales due to higher volume on strategic and missile defense programs, including Fleet Ballistic Missile (FBM), hypersonics, Next Generation Interceptor (NGI), Transport Layer, and GPS III programs.
- Continued Demand Driven by Geopolitical Landscape and Defense Spending: Global geopolitical tensions and an emphasis on national security priorities continue to drive demand for Lockheed Martin's advanced defense technologies. The approval of defense budgets, such as the FY24 defense budget, with robust funding for munitions multi-year procurements, underscores ongoing governmental support and requirements that align with Lockheed Martin's capabilities. This sustained demand translates into new orders and a favorable operating environment for the company.
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Share Repurchases
- Lockheed Martin repurchased $3.0 billion of common stock in 2025.
- The company repurchased $3.7 billion of common stock in 2024.
- In 2023, share repurchases totaled $6.0 billion.
- As of October 2025, the board authorized an additional $2 billion for share repurchases, bringing the total authorization for future repurchases to approximately $9.1 billion.
Share Issuance
- Lockheed Martin's shares outstanding have consistently declined, with a 2.38% decrease in 2025 from 2024, and a 4.78% decline in 2024 from 2023, indicating no significant share issuances.
Outbound Investments
- Lockheed Martin submitted a bid to acquire Terran Orbital in March 2024.
- In December 2024, Lockheed Martin formed a subsidiary, Astris AI, to assist U.S. defense companies in incorporating artificial intelligence into their operations.
- The company abandoned its proposed $4.4 billion acquisition of Aerojet Rocketdyne in February 2022 due to regulatory disapproval.
Capital Expenditures
- Capital expenditures were $1.6 billion in 2025, and the company invested more than $3.5 billion during 2025 in production capacity and next-generation technologies.
- In 2024, capital expenditures amounted to $1.685 billion, with over $3 billion invested in research and development and capital investment.
- Lockheed Martin's capital expenditures were $1.691 billion in 2023, and the company invested $1.7 billion in capital expenditures to advance 21st Century Security capabilities.
- Expected capital expenditures for 2026 are estimated to be between $2.5 billion and $2.8 billion, representing a significant increase aimed at meeting customer demand for munitions and investing in R&D.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 352.54 |
| Mkt Cap | 122.0 |
| Rev LTM | 63,799 |
| Op Inc LTM | 4,818 |
| FCF LTM | 3,633 |
| FCF 3Y Avg | 3,165 |
| CFO LTM | 4,938 |
| CFO 3Y Avg | 4,494 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 10.2% |
| Op Mgn 3Y Avg | 9.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 11.4% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | 8.1% |
| FCF/Rev 3Y Avg | 7.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 122.0 |
| P/S | 2.2 |
| P/EBIT | 22.7 |
| P/E | 33.9 |
| P/CFO | 21.2 |
| Total Yield | 4.4% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.9% |
| 3M Rtn | 14.5% |
| 6M Rtn | 17.8% |
| 12M Rtn | 40.3% |
| 3Y Rtn | 58.6% |
| 1M Excs Rtn | -2.0% |
| 3M Excs Rtn | 18.4% |
| 6M Excs Rtn | 19.5% |
| 12M Excs Rtn | 24.0% |
| 3Y Excs Rtn | -2.9% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Rotary and Mission Systems | 17,025 | 17,521 | 17,988 | 17,664 | 18,035 |
| Aeronautics | 13,223 | 13,167 | 12,055 | 10,756 | 9,903 |
| Corporate assets | 12,029 | 9,505 | 10,698 | 11,011 | 11,355 |
| Space | 7,388 | 6,560 | 6,351 | 6,199 | 6,451 |
| Missiles and Fire Control | 5,952 | 5,703 | 5,788 | 5,243 | 4,966 |
| Total | 55,617 | 52,456 | 52,880 | 50,873 | 50,710 |
Price Behavior
Price Behavior
| Market Price | $622.79 | |
| Market Cap ($ Bil) | 143.8 | |
| First Trading Date | 01/03/1977 | |
| Distance from 52W High | -8.0% | |
| 50 Days | 200 Days | |
| DMA Price | $632.75 | $508.23 |
| DMA Trend | up | up |
| Distance from DMA | -1.6% | 22.5% |
| 3M | 1YR | |
| Volatility | 31.4% | 26.9% |
| Downside Capture | -0.10 | 0.00 |
| Upside Capture | 142.76 | 37.40 |
| Correlation (SPY) | 12.4% | 17.9% |
LMT Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.29 | -0.07 | 0.33 | 0.16 | 0.26 | 0.18 |
| Up Beta | -3.17 | -0.59 | -0.45 | -0.44 | 0.34 | 0.32 |
| Down Beta | -1.03 | -0.69 | 0.17 | 0.14 | 0.21 | 0.09 |
| Up Capture | 14% | 40% | 148% | 65% | 29% | 5% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 7 | 19 | 34 | 67 | 142 | 396 |
| Down Capture | 47% | 18% | -17% | -1% | -0% | 16% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 15 | 23 | 29 | 59 | 110 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LMT | |
|---|---|---|---|---|
| LMT | 42.8% | 26.8% | 1.30 | - |
| Sector ETF (XLI) | 25.7% | 19.5% | 1.05 | 32.6% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 17.9% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 14.3% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 14.1% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 19.3% |
| Bitcoin (BTCUSD) | -20.1% | 44.0% | -0.38 | 9.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LMT | |
|---|---|---|---|---|
| LMT | 14.4% | 22.6% | 0.55 | - |
| Sector ETF (XLI) | 12.4% | 17.2% | 0.56 | 34.7% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 18.9% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 12.7% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 14.8% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 22.2% |
| Bitcoin (BTCUSD) | 4.3% | 56.5% | 0.30 | 5.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LMT | |
|---|---|---|---|---|
| LMT | 14.1% | 23.5% | 0.56 | - |
| Sector ETF (XLI) | 13.4% | 19.9% | 0.60 | 54.5% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 42.7% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 8.1% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 18.9% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 39.9% |
| Bitcoin (BTCUSD) | 66.5% | 66.8% | 1.06 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/29/2026 | 4.2% | 0.9% | 10.2% |
| 10/21/2025 | -3.2% | -3.8% | -6.2% |
| 7/22/2025 | -10.8% | -8.5% | -4.2% |
| 4/22/2025 | 0.8% | 3.9% | 3.8% |
| 1/28/2025 | -9.2% | -9.6% | -12.3% |
| 10/22/2024 | -6.1% | -9.7% | -13.2% |
| 7/23/2024 | 5.6% | 11.2% | 17.4% |
| 4/23/2024 | -0.3% | 1.3% | 1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 11 |
| # Negative | 14 | 14 | 13 |
| Median Positive | 2.5% | 4.1% | 6.8% |
| Median Negative | -3.3% | -5.1% | -6.2% |
| Max Positive | 8.7% | 15.1% | 17.6% |
| Max Negative | -11.8% | -12.1% | -13.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 01/29/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/22/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 01/28/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 01/23/2024 | 10-K |
| 09/30/2023 | 10/17/2023 | 10-Q |
| 06/30/2023 | 07/19/2023 | 10-Q |
| 03/31/2023 | 04/18/2023 | 10-Q |
| 12/31/2022 | 01/26/2023 | 10-K |
| 09/30/2022 | 10/18/2022 | 10-Q |
| 06/30/2022 | 07/19/2022 | 10-Q |
| 03/31/2022 | 04/20/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 77.50 Bil | 78.75 Bil | 80.00 Bil | 5.7% | Raised | Actual: 74.50 Bil for 2025 | |
| 2026 Revenue Growth | 5.0% | Higher New | |||||
| 2026 Operating Income | 8.43 Bil | 8.55 Bil | 8.68 Bil | 27.6% | Raised | Actual: 6.70 Bil for 2025 | |
| 2026 EPS | 29.4 | 29.8 | 30.2 | 33.9% | Raised | Actual: 22.2 for 2025 | |
| 2026 Capital Expenditures | 2.50 Bil | 2.65 Bil | 2.80 Bil | 39.5% | Raised | Actual: 1.90 Bil for 2025 | |
| 2026 Free Cash Flow | 6.50 Bil | 6.65 Bil | 6.80 Bil | 0.8% | Raised | Actual: 6.60 Bil for 2025 | |
Prior: Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 74.25 Bil | 74.50 Bil | 74.75 Bil | 0.3% | Raised | Guidance: 74.25 Bil for 2025 | |
| 2025 Operating Income | 6.67 Bil | 6.70 Bil | 6.72 Bil | 0.8% | Raised | Guidance: 6.65 Bil for 2025 | |
| 2025 EPS | 22.1 | 22.2 | 22.4 | 1.8% | Raised | Guidance: 21.9 for 2025 | |
| 2025 Cash from operations | 8.50 Bil | -1.2% | Lowered | Guidance: 8.60 Bil for 2025 | |||
| 2025 Capital Expenditures | 1.90 Bil | 0 | Affirmed | Guidance: 1.90 Bil for 2025 | |||
| 2025 Free Cash Flow | 6.60 Bil | 6.60 Bil | 6.60 Bil | -1.5% | Lowered | Guidance: 6.70 Bil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | St, John Frank A | Chief Operating Officer | Direct | Sell | 10272025 | 491.04 | 7,792 | 3,826,166 | 256 | Form |
| 2 | Cahill, Timothy S | Pres. Missiles & Fire Control | Direct | Sell | 3132026 | 0.00 | 4,620 | Form | ||
| 3 | Ulmer, Gregory M | President Aeronautics | Direct | Sell | 2272026 | 0.00 | 2,840 | Form | ||
| 4 | Hill, Stephanie C | Pres. Rotary & Mission Systems | Direct | Sell | 2242026 | 2.76 | 2,410 | 6,660 | 25,791 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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