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
Iran De-Escalation Threatens XOM and CVX Oil Rally — Is LMT's Defense Run Over?
Trump's April 7 suspension of Iran attacks eases tensions, risking an oil premium unwind that pressures XOM, CVX, and USO while steadying LMT's defense demand. Strong FCF and low leverage provide buffers, positioning oil majors for dips as buying opportunities amid robust YTD gains.
XOMCVXUSOIran Ceasefire Unwinds XOM's 28% Rally — Time to Rotate Out of LMT and RTX?
Trump's April 7 agreement to suspend Iran attacks pressures XOM's 28% YTD oil rally and LMT/RTX defense gains, offering SPY relief amid de-escalation. Financials show rich valuations vulnerable to premium unwind, with rotation advised from energy/defense.
SPYXOMRTXIran Ceasefire Sparks SPY Futures Surge — What It Means for XOM and LMT Now
Trump's April 7 Iran ceasefire announcement boosted futures and sank oil, stabilizing XOM while pressuring LMT amid SPY's rally. XOM's robust FCF positions it for oil steadiness; LMT risks backlog hits. Broader de-escalation favors equities over defense.
XOMSPYIran Ceasefire Sends S&P Futures Higher and Oil Lower — LMT Drops 1.6% as XOM Holds
Trump's April 7, 2026, announcement of a two-week Iran ceasefire drove S&P futures higher and oil lower, pressuring LMT shares down 1.6% while XOM gained modestly amid refining tailwinds. The de-escalation signals a sector shift from defense to energy, with XOM's low leverage and strong Q4 FCF positioning it for margin gains. Investors should monitor ceasefire adherence for rotation sustainability.
SPYXOMUSOIran Two-Week Ceasefire Hits XOM Oil Outlook — Can LMT's Backlog Absorb the Shock?
Trump's April 7, 2026, two-week Iran ceasefire announcement fueled futures gains and oil declines, pressuring XOM and LMT after strong YTD rallies. XOM's production records face oil headwinds, while LMT's massive backlog tempers defense slowdown risks. Near-term bearish tilt, with key catalysts in truce extension and earnings.
XOMIran Ceasefire Hits LMT, NOC, RTX: Is the Defense Rally Over?
Trump's April 7, 2026, Iran ceasefire announcement boosted stock futures but pressured defense stocks like LMT (-1.6%), NOC (-0.76%), and RTX (-0.25%), while XOM eked out +0.33% amid oil's 3.5% drop. The truce deflates nuclear escalation premiums, risking multiple contraction in high-debt defense names versus resilient XOM. Trim defense rallies; hold energy for potential rebound.
NOCRTXXOMIran Ceasefire Lifts Futures but Pressures XOM, CVX, LMT — Where to Buy the Dip
Trump's April 7, 2026, announcement of a two-week Iran ceasefire drove oil prices down and futures up, with XOM and CVX gaining modestly after 30%+ runs, LMT slipping 1.6%, and EWJ stabilizing. Energy stocks offer dip-buy value amid strong FCF and low debt, while Japanese equities eye rebound. Buy XOM/CVX, overweight EWJ, neutral LMT.
XOMCVXEWJSatellite Broadband Rules Eased: 6 Space Stocks Poised to Win — ASTS, RKLB, BA & More
US regulators' plan to ease power limits on space-based broadband, per Reuters April 8, boosts satellite internet viability. AST SpaceMobile, Rocket Lab, Planet Labs, Boeing, Lockheed Martin, and Northrop Grumman emerge as top US-listed winners, ranked by growth and valuation in the SpaceX-fueled economy.
ASTSRKLBPLOil Drops Below $100 on Iran Ceasefire Talks — What It Means for XOM, CVX, OXY
A UN envoy's April 8 arrival in Iran to end the conflict sent oil below $100, reversing gains for XOM, CVX, OXY, and COP after weeks of supply fears. Strong balance sheets and production ramps provide downside protection, while LMT's defense backlog benefits from uncertainty. Markets eye diplomatic breakthroughs for broader relief.
XOMCVXOXYIran Ceasefire at Risk: XOM, CVX, LMT, NOC Dip Despite 25–30% YTD Gains
April 8, 2026 ceasefire updates highlight Iran's Hormuz leverage, White House negotiation progress, and Lebanon exclusion amid Israeli strikes, pressuring the truce. XOM, CVX, LMT, and NOC dipped sharply but boast 25-30% YTD gains on tension tailwinds, backed by massive backlogs, production records, and attractive valuations signaling buy-the-dip potential.
XOMCVXNOCLMT & NOC Defense Rally: Why NATO Withdrawal Fears May Actually Fuel More Gains
Trump's plan to discuss U.S. NATO withdrawal in a key meeting rattles defense stocks, but LMT and NOC's massive U.S. backlogs, record FY2025 financials, and ally spending ramps position them for gains. Minimal direct exposure limits downside, while geopolitics fuels upside.
NOCIran Tariffs: LMT's $194B Backlog Wins, XOM Faces Supply Squeeze — Who Leads?
Trump's April 8 tariff threat on Iran arms suppliers escalates risks, favoring LMT's missile backlog growth amid $194B orders and 5% sales ramp. XOM faces supply squeezes but boasts resilient $23B FCF and Guyana/Permian ramps. Defense outperforms energy in this standoff.
XOMLebanon Excluded from Ceasefire — Why XOM, USO, and LMT Are Still Up 28-30% YTD
Netanyahu's April 7 statement excluding Lebanon from the US-Iran ceasefire sustains Middle East escalation fears, propping up XOM, USO, and LMT's 28-30% YTD gains amid strong FCF, record backlogs, and geopolitical tailwinds. Financials show resilience with XOM's $23.6B FCF and LMT's $194B backlog, positioning both for further upside if tensions persist.
XOMUSOMiddle East Tensions Keep XOM, CVX, LMT, and NOC Bullish Despite Ceasefire Deal
Netanyahu's exclusion of Lebanon from the US-Iran ceasefire keeps Middle East risks alive, fueling oil premiums and defense demand. XOM and CVX show robust financials and gains, while LMT and NOC's massive backlogs signal multi-year growth. Bullish on all four amid elevated valuations backed by data.
XOMCVXNOC
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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