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
US-Iran Conflict: LMT and NOC Rally While XOM Faces Demand Risk
Trump's prime-time Iran address vows 'Stone Age' destruction without a deal, extending conflict and boosting LMT/NOC backlogs while lifting XOM on oil fears. Defense stocks show superior returns and guidance; energy faces demand risks. Bullish defense, neutral energy.
XOMNOCLMT, NOC, RTX: Iran Conflict Fuels $550B Backlog Visibility and 2026 Revenue Beat Case
Iran's rejection of Trump's ceasefire claims extends the US conflict, intensifying weapons stockpile depletion and boosting prospects for LMT, NOC, and RTX's record backlogs to drive 2026 revenue beats. With $550B+ combined visibility, strong guidance, and favorable valuations, the trio stands to gain from urgent replenishment awards. Bullish: Accumulate for multi-year tailwinds amid global threats.
NOCRTXStrait of Hormuz: Trump's Unilateral Move Boosts LMT, RTX — and Steadies XOM Oil Flows
Trump's announcement of unilateral US control over Strait of Hormuz security ditches allied reliance, stabilizing oil for XOM while priming LMT/RTX for missile/naval spending surges. Financials show robust backlogs ($194B LMT, $268B RTX) and growth guidance amid geopolitical tailwinds. Defense stocks poised for outperformance versus energy's steady hold.
XOMRTXUkraine Aid Surge: Why LMT, RTX, CAT and PWR Are Primed for a Revenue Windfall
European ministers' Ukraine visit highlights surging military aid and reconstruction, benefiting US defense leaders like RTX and LMT via munitions replenishment, and infrastructure firms CAT and PWR through rebuild contracts. With Europe committing billions, these six stocks offer tailwinds from 5-20% revenue growth and strong FCF. Ranked by conviction: RTX tops for balanced exposure.
NOCBARTXNATO Defense Spending Surge: 6 US Aerospace Stocks — RTX, LMT, BA and More — Set to Win
Trump's NATO withdrawal threat over Iran forces Europe's rearming, boosting US defense primes while commercial aerospace surges. RTX and LMT lead with massive backlogs and F-35/missile exposure; all six analyzed with FY2025 financials show tailwinds.
BARTXNOCHormuz Security Pledge: What It Means for XOM, LMT, and RTX
Trump's announcement of U.S. unilateral security for the Strait of Hormuz reduces oil shipment risks for XOM while signaling higher Navy demand for LMT and RTX. Financials show robust backlogs and growth, with defense stocks poised for contract ramps amid stabilizing energy flows. Investors should watch FY26 budgets and regional tensions for next moves.
XOMRTXAAPL AI Pivot: Why the New On-Device LLM Matters More Than the iPhone 17
Trump's NATO exit threats are forcing Europe to invest billions in defense manufacturing, creating export bonanzas for US primes like RTX and LMT. With backlogs surging and guidance upbeat, these firms offer compelling tailwinds—ranked by exposure and value.
RTXBANOCIran Ceasefire Talks Stall Again: XOM and LMT Among 6 Stocks Still Rising
Trump's April 2 address set a 2-3 week Iran war withdrawal deadline, tanking XOM and CVX 5%+ on fading risk premium while LMT rose 2%. Strong FCF, low leverage position supermajors for long-term gains as stability returns. Defense holds steady amid sticky budgets.
XOMCVXIran Standoff Week 3: USO, XOM, LMT Still Climbing — Here's the Ceiling
North Korea's missile and tunnel tech to Iran escalates Middle East threats, fueling Congressional push to redirect Ukraine aid to LMT/RTX missile programs. Record backlogs ($462B combined) and 5-11% growth position primes for upside, with clear bullish thesis amid $900B+ defense baseline.
RTXXLETrump June 1 Deadline Sends BAH +2.3%, LMT +2.2% — Billions in Contracts at Stake
President Trump's Truth Social announcement of a June 1 deadline for Republican-led border security funding, bypassing Democrats, sparked gains in BAH (+2.3%) and LMT (+2.2%) shares. Booz Allen's DHS exposure and LMT's homeland security backlog position them for billions in new contracts, backed by strong FY2025 financials. Investors should monitor bill progress for 10-15% upside.
BAHCIBRIran Tensions Spike After Lebanon Airstrikes — XOM, USO, LMT Positioned for Volatile Week
Israel's pre-speech airstrikes on Lebanon heighten Iran tensions, positioning XOM and USO for oil rally risks via Strait disruptions while boosting LMT and NOC via defense ramps. Strong backlogs ($194B LMT, $95B NOC) and metrics (XOM YTD +28%) support bullish stance amid volatility. Watch speech rhetoric for supply shocks and budget boosts.
XOMUSONOCLMT Surges 36% in a Month as Iran-Trump Standoff Kills Ceasefire Hopes — What's Next?
Iran and Trump’s mutual threats and ceasefire denials heighten West Asia conflict risks, supercharging LMT’s 36% monthly surge on record backlog and missile ramps, while XLE grapples with supply fears. LMT’s FY2025 revenue hit $75B with $6.9B FCF; guidance points to 6%+ growth. Bullish defense, volatile energy.
XLESPYTSM, NVDA, AMD Face China-Taiwan Escalation Risk as PLA Warns U.S. — LMT Rises
China's PLA Daily editorial warns U.S. Taiwan pledges invite crisis, heightening risks for TSM-reliant NVDA/AMD amid AI boom. TSM flags disruptions in filings; semis show recent weakness while LMT thrives on defense demand. Bearish semis, bullish LMT with key catalysts ahead.
TSMNVDAAMDSpaceX $1.75T IPO Filing Lifts Aerospace Sector — Why RKLB Is the Biggest Winner
SpaceX's confidential IPO filing at ~$1.75T has buoyed aerospace stocks, validating the sector. Rocket Lab shines with growth and backlog, while LMT offers defense stability; BA and SPCE lag. Bullish on RKLB as prime beneficiary.
RKLBBASPCEIran Withdrawal in 2–3 Weeks: XOM Gains as Oil Stabilizes, LMT Defense Outlook Dims
Trump's announcement of a 2-3 week US withdrawal from the Iran conflict could stabilize oil prices, benefiting XOM's margins and USO while pressuring LMT's defense-driven growth. XOM's low leverage and strong FCF contrast LMT's backlog reliance amid de-escalation risks. Investors should favor energy over defense ahead of the national address.
XOMUSOXOM Drops 5.7% on Iran Exit News While LMT Surges — What SPY's 2.9% Pop Means Next
Trump's April 2 announcement of U.S. Iran war withdrawal by April 14-20 drove divergent moves: XOM down 5.7% on oil glut fears despite strong FY2025 $323.9B revenue; LMT up 2.2% backed by $194B backlog and missile deals; SPY +2.9% on macro relief. Energy bears short-term pressure, defense holds firm amid budget risks.
XOMSPYIran Deal Stalls: Why XOM, CVX, LMT, RTX Keep Rallying Despite Diplomacy
Trump's call for an Iran deal post-bridge strike underscores stalled diplomacy, sustaining oil risk premiums that boost XOM and CVX's FCF machines while padding LMT and RTX's massive backlogs. Recent price surges (XOM +28% YTD, LMT +30%) and strong guidance signal multi-quarter tailwinds. Bulls prevail unless breakthrough talks emerge.
XOMCVXRTXUS-Iran Standoff: XOM +28% and LMT +30% YTD as SPY Faces Geopolitical Pressure
April 7, 2026, saw stocks decline and oil rise on US-Iran uncertainty, boosting XOM (+0.33% that day, +28% YTD) and LMT (+30% YTD) while pressuring SPY. Strong financials—XOM's $23.6B FCF, LMT's $194B backlog—position them for prolonged tailwinds. Investors should favor this divergence over broad market volatility.
XOMSPYXOM & LMT Lose Their Edge After Iran Ceasefire — Is SPY's Relief Rally Next?
The US-Iran ceasefire on April 8, 2026, crashed oil and LNG prices, fading tailwinds for XOM (+28% YTD) and LMT (+30% YTD) while boosting SPY's relief rally prospects. XOM and LMT show recent weakness (LMT -1.6% on Apr 7), with valuations now vulnerable to de-escalation. Investors should favor broad markets over energy/defense amid easing geopolitical risks.
XOMSPYIran Ceasefire Deal: Why XOM Faces a Sell Signal While LMT Gets Relief
April 7's US-Iran ceasefire proposal drove oil lower and stocks higher, pressuring XOM's rally amid supply glut fears while offering LMT valuation relief. XOM's strong FY2025 FCF contrasts LMT's backlog strength, but sustained peace favors defense normalization over energy upside. Bearish on XOM short-term; neutral on LMT with key catalysts ahead.
XOM
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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