Lockheed Martin Corporation
- Open
- 504.00
- Day high
- 509.46
- Day low
- 498.30
- Prev close
- 502.07
- Volume
- 1.1M
- Mkt cap
- $117.5B
- P/E (TTM)
- 24.6
- EPS (TTM)
- $20.73
- P/B
- 15.7
- P/S
- 1.6
- Yield
- 2.68%
- Per share
- $13.65
Lockheed Martin Corporation (LMT) is a Industrials company listed on NYSE. The stock is up 9% over the past year. Drillr has 74 published research articles covering LMT.
Lockheed Martin Corporation (LMT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LMT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $6.74 | $6.44 | -4.5% | $18.0B | -1.1% |
| Jan 29, 2026 | $7.07 | $5.80 | -18.0% | $20.3B | +8.6% |
| Oct 21, 2025 | $6.38 | $6.95 | +8.9% | $18.6B | +0.3% |
| Jul 22, 2025 | $6.52 | $7.29 | +11.8% | $18.2B | -2.2% |
| Apr 22, 2025 | $6.34 | $7.28 | +14.8% | $18.0B | +1.0% |
| Jan 28, 2025 | $6.62 | $7.67 | +15.9% | $18.6B | -1.3% |
| Oct 22, 2024 | $6.50 | $6.80 | +4.6% | $17.1B | -1.6% |
| Jul 23, 2024 | $6.46 | $6.85 | +6.0% | $18.1B | +6.4% |
| Jan 23, 2024 | $7.26 | $7.88 | +8.5% | $18.9B | +5.1% |
| Oct 17, 2023 | $6.67 | $6.73 | +0.9% | $16.9B | -1.0% |
| Jul 18, 2023 | $6.45 | $6.63 | +2.8% | $16.7B | +4.9% |
| Apr 18, 2023 | $6.06 | $6.61 | +9.1% | $15.1B | +0.5% |
LMT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 6, 2026 | Hollub Vicki A.director | Option | 416 | — |
| Apr 2, 2026 | Donovan Johndirector | Grant | 82 | — |
| Apr 2, 2026 | Dunford Joseph F Jrdirector | Grant | 81 | — |
| Apr 2, 2026 | BURRITT DAVID Bdirector | Grant | 70 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 1,280 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 400 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 80 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 280 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 600 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 640 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 900 | — |
| Mar 13, 2026 | Cahill Timothy Sofficer: Pres. Missiles & Fire Control | Sell | 440 | — |
| Feb 27, 2026 | Scott Evan Tofficer: Chief Financial Officer | Grant | 2,779 | — |
| Feb 27, 2026 | Ulmer Gregory Mofficer: President Aeronautics | Sell | 2,520 | — |
| Feb 27, 2026 | Hill Stephanie C.officer: Pres. Rotary & Mission Systems | Grant | 2,084 | — |
Source: LMT SEC Form 4 filings, latest Apr 6, 2026. For informational purposes only — not investment advice.
See the full LMT insider & 13F page →LMT research & analysis
Hormuz Reopening: XOM & CVX Lock In 28% Gains as LMT, NOC Face Pivot
Trump's April 11 Truth Social claim of destroying Iran's military and imminent Hormuz reopening signals de-escalation, potentially stabilizing oil flows for XOM/CVX (28% YTD) amid production hits, while LMT/NOC (25-30% YTD) eye backlog endurance post-tensions.
XOMCVXNOCSaudi Infrastructure Attacks Squeeze SHEL Margins — LMT Up 30% YTD as Defense Benefits
Attacks on Saudi infrastructure on April 9, 2026, held oil prices higher, pressuring Shell's margins amid Middle East risks while boosting Lockheed Martin's defense prospects. SHEL trades at attractive 6.1x EV/EBITDA with strong FCF, but volatility looms; LMT's 30% YTD gains signal backlog tailwinds. Bullish LMT, hold SHEL.
SHELLMT, NOC Hold Firm as Trump's Hormuz Ultimatum Gives Europe Days to Act on Ukraine
NATO chief Rutte's April 9 warning of Trump's 'days-only' Hormuz pledge demand ties Ukraine arms to European commitments, buffering LMT/NOC's $289B backlogs while eyeing new contracts. Stocks hold firm with strong YTD gains and growth guidance, as XLE gains from energy security focus.
NOCXLERussian Oil Waiver Extended: XOM and OXY Get a Boost — But LMT Momentum Stalls
The US move to extend Russian oil import waivers counters Iran tension risks, stabilizing prices to benefit XOM and OXY's margins while softening LMT's geopolitical-driven gains. Energy giants show strong FCF and low leverage, trading at attractive multiples amid YTD surges of 28-35%. Defense remains solid on record backlogs but faces tempered urgency.
XOMOXYIsrael-Hezbollah Escalation: LMT and NOC Surge as XLE Eyes Oil Disruption Risk
Trump's tense call with Netanyahu on Lebanon escalates Israel-Hezbollah risks, boosting LMT and NOC on surging defense backlogs and production ramps while XLE eyes oil volatility. Financials show record strength for defense giants amid global tensions. Bullish on LMT/NOC; hold XLE pending supply disruptions.
XLENOCStrait of Hormuz Security Plan: 6 Stocks Poised to Win — XOM, HII Top the List
US urgency for Strait of Hormuz security plans signals lower disruption risks, benefiting XOM/CVX (stable crudes), MATX/ZIM (safer shipping), and LMT/HII (naval contracts). Ranked conviction favors shipbuilders amid 2026 growth guides.
XOMCVXMATXTrump Iran Threat: Is $100 Oil Back — And What It Means for LMT, RTX
Trump's vow to keep US forces around Iran and threaten action over Hormuz/nuclear compliance heightens oil supply risks, positioning XOM for price surges while LMT/RTX leverage massive backlogs amid defense spending tailwinds. Recent financials show record production and orders, with shares gaining 16-36% over 3 months. Bullish on paired energy-defense plays as tensions persist without negotiations.
USOXOMRTXUS-Iran Truce vs. Israel's Forever War: XOM and LMT Positioned to Win Either Way
US-Iran truce talks clash with Israel's 'forever war' commitment, prolonging Middle East risks that buoy XOM's oil premiums and LMT's defense backlog. XOM's production resilience and low leverage support 38% YTD gains, while LMT's $194B backlog and 75% ROE justify premium multiples. Investors should lean bullish, monitoring negotiation updates for near-term catalysts.
XOMIran Strikes Kuwait: XOM, CVX, LMT Surge as Middle East Risk Escalates
Iran's confirmed attack on Kuwait's National Guard facilities escalates Middle East risks, disrupting XOM and CVX's regional production while boosting oil prices and LMT's defense demand. Majors show resilient valuations and strong YTD gains amid exposure. Bullish: Tensions favor energy cash cows and missile makers.
XOMCVXOXYLebanon Conflict Stalls Iran Deal: LMT and NOC Keep Rallying — Is XLE Left Behind?
Ongoing Lebanon-Hezbollah conflict stalls Iran war resolution, extending tailwinds for LMT and NOC via record backlogs and sales growth while XLE grapples with oil volatility. Defense stocks trade at reasonable multiples with strong FCF and dividends, outperforming energy amid asymmetric risks. Overweight defense for escalation trades, monitor Hezbollah responses and oil breaches.
XLENOCHormuz Risk Rises as Iran Talks Collapse: XOM, CVX, OXY vs. LMT — Who Wins?
Escalating Lebanon conflict blocks Iran diplomatic resolution, heightening Strait of Hormuz risks for XOM, CVX, and OXY while driving LMT's missile demand. Oil majors' strong YTD gains and cost efficiencies position them for risk-premium upside; LMT's record backlog ensures growth. Investors should eye Hormuz threats and defense contracts as key monitors.
XOMCVXOXYIran Withdrawal Confirmed: XOM's Guyana Ramp Wins Big While LMT Faces Backlog Risk
US confirmation of 'pretty quick' Iran withdrawal via Omani Observer eases oil supply fears, bolstering XOM's upstream (Guyana/Permian records) while risking LMT's missile-driven backlog. XOM's low-debt profile and production growth favor bulls; LMT's premium valuation faces de-escalation headwinds amid strong 2025 results.
XOMUSOUkraine Drone Demand Surge: Why AVAV, LMT, and RTX Are Watching Closely
Ukraine's recruitment of foreign drone pilots, featuring a Nigerian operator, signals intensifying UAV needs that could boost AeroVironment's Ukraine-heavy revenue and peers' backlogs. AVAV's Red Dragon and counter-UAS tech align perfectly, with strong FY26 guidance amid volatile shares. Broader defense giants like LMT, NOC, and RTX benefit from aid replenishment.
NOCAVAVRTXUK Missile Defense Gap Warning: RTX and LMT Positioned for Billions in New Contracts
Ex-RAF official's warning on UK's ballistic missile gaps signals procurement urgency, favoring RTX and LMT's Patriot/THAAD dominance amid $450B+ combined backlogs. Financial strength (double-digit margins, robust FCF) positions them for billions in contracts, while BA remains sidelined. Bullish: 15-20% upside on European ramp.
RTXBAUS Data Center Build-Out: EQIX, DLR Lead $200B+ Wave — 6 Stocks Ranked by Upside
China's policing expansion in US-aligned Pacific islands, per Newsweek, boosts Lockheed Martin's defense demand amid Pacific tensions while exposing BHP and Rio Tinto to supply chain risks from China-reliant commodities. LMT's record backlog and strong guidance position it for gains, contrasting miners' value but vulnerability. Overweight LMT; hold miners.
BHPRIOIran Strike Threat Boosts XOM, CVX and LMT — $194B Backlog Makes NOC a Must-Watch
President Trump's April 3 Truth Social threats of US strikes on Iranian bridges and power plants escalated tensions, lifting XOM, CVX, LMT, and NOC shares amid fears of oil supply disruptions and defense spending surges. Bolstered by stellar 2025 financials—XOM's $23.6B FCF, LMT's $194B backlog—and YTD gains over 25%, these stocks are primed for further upside. Bullish outlook with key catalysts in oil prices and contract awards.
XOMCVXNOCU.S. Missile Defense AI Spending: PLTR, LMT, RTX Lead $14B Race
PLTRRTXNOCAUKUS Defense Boom: Why LMT and RTX Win While Others Miss Out
As Australia prepares for a significant defense buildout in response to rising geopolitical tensions, US defense contractors are poised to benefit. Companies like Lockheed Martin and Raytheon Technologies are well-positioned to capture substantial contracts, while others like Northrop Grumman and General Dynamics also stand to gain from increased spending. This article explores the potential winners in this evolving landscape.
NOCRTXGDIran Ground Raid Plans Spark Defense Rally — LMT and NOC in Focus
Trump admin's consideration of ground raids on Iranian nuclear sites to grab uranium stockpiles, amid casualty warnings and Tehran backlash, ramps Middle East risks. Defense leaders LMT and NOC rally on strong financials and backlogs, while XLE eyes oil spikes. Bullish on primes for contract bonanza.
XLENOCIran Regime Collapse Claim Debunked — LMT, NOC Up 25%+ While XLE Gets Relief
Officials debunk Trump's Iran regime collapse claims, easing oil supply fears for USO/XLE while Middle East tensions bolster LMT/NOC demand. Defense giants show robust FY2025 growth (LMT revenue +6%, NOC EPS 29+), with shares up 25-30% YTD. Bullish defense, neutral energy amid persistent geopolitics.
USOXLENOC
Lockheed Martin Corporation company profile
Overview
Lockheed Martin Corporation (NYSE:LMT) is one of the world's largest aerospace, defense, arms, and technology companies. Founded in 1912 as the Alco Hydro-Aeroplane Company and later becoming Lockheed Corporation, the company merged with Martin Marietta in 1995 to form Lockheed Martin. Headquartered in Bethesda, Maryland, the company has evolved from an aircraft manufacturer into a comprehensive security and aerospace technology enterprise serving primarily the U.S. government and allied nations through foreign military sales. With over a century of operations, Lockheed Martin has established itself as a cornerstone of American defense infrastructure, developing some of the most advanced military technologies in the world.
Business
Lockheed Martin operates as a security and aerospace company that researches, designs, develops, manufactures, integrates, and sustains advanced technology systems for military and government applications. The company operates through four primary business segments that collectively generated $71 billion in revenue in 2024. Aeronautics (approximately 40% of revenue) develops and manufactures combat aircraft, air mobility platforms, and unmanned aerial vehicles. The segment's flagship product is the F-35 Lightning II, a fifth-generation multirole stealth fighter jet used by the U.S. military and allied nations. The F-35 represents one of the most advanced fighter aircraft ever built, incorporating stealth technology, advanced sensors, and network connectivity that allows pilots to share information in real-time. The segment also produces the F-16 Fighting Falcon, a proven multirole fighter aircraft, and operates the famous Skunk Works division, which develops classified advanced aircraft programs. Missiles and Fire Control (approximately 25% of revenue) produces air and missile defense systems, tactical missiles, and precision strike weapons. Key products include the PAC-3 missile defense system that intercepts incoming ballistic missiles, the GMLRS (Guided Multiple Launch Rocket System) for precision ground strikes, and the JASSM (Joint Air-to-Surface Standoff Missile) for long-range precision attacks. This segment also develops fire control systems that help military personnel accurately target and engage threats. Rotary and Mission Systems (approximately 25% of revenue) manufactures military helicopters, naval vessels, radar systems, and command and control systems. The segment produces the Sikorsky line of helicopters including the Black Hawk and the new CH-53K King Stallion heavy-lift helicopter. It also develops sophisticated radar systems that detect aircraft and missiles, and integrated mission systems that help military commanders coordinate complex operations. Space (approximately 15% of revenue) creates satellites, space transportation systems, and strategic missile systems. The segment builds communication and reconnaissance satellites that provide critical intelligence and communication capabilities, develops the Orion spacecraft for NASA's deep space exploration missions, and maintains the U.S. Navy's Trident submarine-launched ballistic missiles that serve as a key component of America's nuclear deterrent.
Revenue model
Lockheed Martin generates revenue primarily through government contracts, with the U.S. government representing approximately 70% of total sales and international customers accounting for the remainder. The company operates under several distinct revenue models depending on the business segment and contract type. Product Sales constitute the largest revenue stream, where the company manufactures and delivers complete systems like F-35 aircraft, missiles, helicopters, and satellites. These contracts typically span multiple years and involve fixed-price or cost-plus arrangements. The F-35 program alone represents a multi-decade, multi-trillion-dollar global program with ongoing production and international sales. Service and Sustainment Revenue provides recurring income through long-term support contracts that maintain and upgrade delivered systems throughout their operational lives. This includes spare parts, maintenance services, software updates, and training. The F-35 sustainment program, for example, is expected to generate revenue for decades as aircraft require ongoing support. Research and Development Contracts generate revenue from developing next-generation technologies and systems. The company often receives government funding to develop prototypes and conduct research for future military capabilities, including hypersonic weapons, artificial intelligence applications, and space technologies. Several factors significantly impact the company's margins and profitability. Program execution risk can substantially affect margins, particularly on fixed-price development contracts where cost overruns directly reduce profitability. Production volume heavily influences unit costs, with higher production rates generally improving margins through economies of scale. Supply chain disruptions and component shortages can increase costs and delay deliveries, as experienced during the COVID-19 pandemic. Government budget cycles and defense spending priorities directly affect demand and pricing power. International sales often carry higher margins but face regulatory approval processes and geopolitical risks. Competition from other defense contractors can pressure pricing, while the company's technological leadership and established relationships provide some pricing power on advanced systems.
Competitive moat
Lockheed Martin possesses a substantial competitive moat built on multiple reinforcing factors that create significant barriers to entry and customer switching costs. The company's primary moat stems from its technological expertise and intellectual property accumulated over decades of advanced defense system development. The F-35 program exemplifies this moat - the aircraft incorporates proprietary stealth technology, advanced sensors, and software integration that would require competitors billions of dollars and many years to replicate. Regulatory barriers and security clearances create another formidable moat. The company maintains extensive classified facilities and employs thousands of personnel with high-level security clearances, representing a significant competitive advantage that cannot be easily replicated. New entrants would face years-long processes to obtain necessary clearances and facility certifications. Switching costs for customers are extraordinarily high due to the complexity and integration requirements of defense systems. Military forces invest heavily in training personnel, establishing maintenance infrastructure, and integrating systems into their operational doctrine. Replacing a major platform like the F-35 would require massive retraining and infrastructure changes. Network effects strengthen the moat as more allied nations adopt Lockheed Martin systems, particularly the F-35. This creates interoperability benefits that make the systems more valuable to all users and creates pressure for additional nations to adopt compatible systems. However, the moat faces potential challenges from emerging technologies that could disrupt traditional defense paradigms, such as autonomous systems, cyber warfare capabilities, and space-based assets. New competitors from countries like China are developing indigenous capabilities that could challenge Lockheed Martin's technological leadership in certain areas. Budget constraints and changing military priorities could also pressure the company's market position, particularly if defense spending shifts toward different types of capabilities or platforms.
Risks & safety
Lockheed Martin demonstrates a moderate margin of safety with mixed financial health indicators that reflect both strengths and areas of concern. • Debt and Solvency: High debt-to-equity ratio of 3.2x indicates significant leverage, though this is partially offset by stable government contract cash flows. Current ratio of 1.13 suggests adequate short-term liquidity but limited buffer. • Cash Position: Cash and short-term investments of $2.5 billion provide reasonable liquidity, with positive free cash flow of $5.3 billion in 2024 demonstrating strong cash generation capability. • Valuation Metrics: Trading at 21.7x earnings and 15.2x EBITDA, representing reasonable valuations for a stable defense contractor. Price-to-book ratio of 18.3x appears elevated but reflects the value of intangible assets and contract backlog. • Backlog Security: Record backlog of $176 billion provides substantial revenue visibility and acts as a significant safety buffer against demand volatility. • Other Considerations: Heavy dependence on government contracts creates regulatory and political risks, while the company's essential role in national security provides some protection against budget cuts.
Recent development
Over the past few years, Lockheed Martin has implemented a comprehensive strategic transformation focused on what management calls the "Twenty-First Century Security Strategy" and "Return to Growth" initiative. This strategy emphasizes integrating traditional defense hardware with cutting-edge technologies including artificial intelligence, 5G communications, and distributed cloud computing to enhance existing platforms rather than developing entirely new systems. The company has made significant progress on the F-35 program, which faced substantial challenges with its Technology Refresh 3 (TR-3) software integration. Management has worked through these technical complexities and expects to deliver 170-190 F-35 aircraft in 2025, representing a substantial increase from 110 deliveries in 2024. The program has also expanded internationally, with Romania becoming the 20th global customer. In response to losing the Next Generation Air Dominance (NGAD) program, Lockheed Martin pivoted to applying NGAD technologies to enhance F-35 capabilities, aiming to achieve "80% of sixth-generation capability at 50% of the cost." This approach represents a strategic shift toward upgrading existing platforms rather than developing entirely new aircraft. The Missiles and Fire Control segment has experienced robust growth, with sales increasing 13% in recent quarters driven by increased demand for precision weapons systems. The company has secured significant contracts worth up to $10 billion for various missile programs and has demonstrated counter-drone capabilities responding to evolving battlefield requirements. Lockheed Martin has also launched the Golden Dome Initiative, rapidly responding to government requests for enhanced defense capabilities across ground, space, and command/control segments. The company has proposed over 100 capabilities across its four business areas, demonstrating its ability to quickly adapt to emerging defense requirements. The company has strengthened its supply chain resilience through the 1LMX initiative, consolidating purchasing and developing additional suppliers, particularly for solid rocket motors through partnerships with General Dynamics. This addresses critical supply chain vulnerabilities exposed during recent global disruptions.
LMT company profile · for informational purposes only — not investment advice.
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