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World's largest defense contractor, making fighter jets (F-35), missiles and space systems for the US and allied militaries.
World's largest defense contractor, making fighter jets (F-35), missiles and space systems for the US and allied militaries.
Sells mainly to the US government, with the F-35 fighter, built with partner countries' suppliers, the single biggest programme, and recognises revenue as work progresses. Some contracts are cost-plus, where the government covers costs plus a fee, and others fixed-price, where Lockheed bears overruns. Foreign sales go through US government channels.
Moat: wide (scale, IP / patents, regulatory licence). Sole-source F-35 program and deep classified-program relationships create enormous switching costs.
Headquarters: Bethesda, Maryland, US · Founded: 1995 · Employees: 123,000
Size Lockheed Martin (LMT) is a United States Industrials company (Aerospace & Defense) with a market value of $131B, the 92nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $567.08 on 6 Nov 2026.
Performance Over six months the shares gained 12.0%, against +2.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 18 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +11.6%); the operating margin is 11.7% (peer median 12.2%).
Valuation It trades at 17.6× forward earnings against a peer median of 26.2× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.6 points above its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $292B at 27 Sep 2026, up 63% on a year earlier — 3.7 years of trailing revenue. Backlog detail →
Credit Lockheed Martin has 30 bonds outstanding ($21.7B), rated A- by the agencies and trading like AA- at a weighted spread of 60 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $79.1B | $75.0B | $71.0B | $67.6B | $66.0B |
| Revenue growth | — | +6% | +5% | +2% | — |
| Gross profit | $9.95B | $9.43B | $8.45B | $9.83B | $10.4B |
| EBITDA | $11.0B | $9.12B | $8.41B | $9.76B | $10.1B |
| Net income | $6.51B | $5.02B | $5.34B | $6.92B | $5.73B |
| Free cash flow | $8.38B | $6.91B | $5.29B | $6.23B | $6.13B |
| Capital expenditure | $1.73B | $1.65B | $1.69B | $1.69B | $1.67B |
| Total debt | $20.5B | $22.8B | $21.4B | $18.6B | $16.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Northrop Grumman NOC | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| Boeing BA | $137B | -27% | +18% | 0% | 179,875.5× | n/a |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LMT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | +3.1% | 2nd highest of 19 |
| 6-month return | +12.0% | +2.6% | 4th highest of 18 |
| Distance from 52-week high | -18.1% | -19.3% | 7th highest of 19 |
| Revenue growth (TTM) | +7.9% | +11.6% | 8th lowest of 18 |
| Operating margin | 11.7% | 12.2% | 10th highest of 19 |
| Forward P/E | 17.6× | 26.2× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -6.9% | 9.0% | least demanding of 17 |
| Growth delivered (Del g) | +2.8% | +8.7% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -9.7 pp | +1.1 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +23.6 pp | +8.2 pp | highest of 18 |
| EV / EBITDA | 13.3× | 19.0× | 2nd cheapest of 18 |
| Net debt / EBITDA | 1.3× | 1.2× | 9th most indebted of 19 |
| Bond spread | 60 bp | 72 bp | 3rd tightest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lockheed Martin LMT | United States | $131B | +12% | +8% | 12% | 17.6× | -6.9% | +2.8% |
| Boeing BA | United States | $137B | -27% | +18% | 0% | 179,875.5× | n/a | n/a |
| Safran SAF.PA | France | $138B | +4% | +14% | 13% | 28.5× | 22.2% | +13.4% |
| Rolls-Royce RR..L | United Kingdom | $140B | +6% | +19% | 18% | 28.5× | 24.6% | +13.0% |
| Airbus AIR.PA | France | $174B | +14% | +6% | 8% | 26.8× | 22.6% | +8.0% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| RTX RTX | United States | $256B | +8% | +12% | 11% | 24.4× | 8.4% | +9.4% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| GE Aerospace GE | United States | $334B | +9% | +20% | 18% | 36.4× | 27.6% | -9.6% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
Lockheed Martin has 30 bonds outstanding with $21.7B face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 5.52%, a spread of 60 bp over government bonds.
Lockheed Martin reported $292B of remaining performance obligations at 27 Sep 2026, up 63% from a year earlier and up 27% from the previous quarter. That is 3.7 years of trailing revenue already under contract. Book-to-bill last quarter: 3.97.