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LMTLockheed Martin Corporation
$538.00$124.0B
Overview & Verdict
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LMT logoLockheed Martin Corporation(LMT)Earnings, Financials & Key Ratios

LMT•NYSE
$538.00
25.0× P/E·Price updated Jul 6, 2026
SectorIndustrialsIndustryAerospace & DefenseSub-IndustryDefense Prime Contractors
AboutLockheed 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.Show more
  • Revenue$75.06B+5.7%
  • EBITDA$8.45B-1.5%
  • Net Income$5.02B-6.0%
  • EPS (Diluted)21.49-3.7%
  • Gross Margin10.15%+4.1%
  • EBITDA Margin11.25%-6.8%
  • Operating Margin10.3%+4.3%
  • Net Margin6.68%-11.0%
  • ROE76.87%-5.2%

LMT Price & Volume

Lockheed Martin Corporation (LMT) stock price & volume — 10-year historical chart

Loading chart...

Operational Volatility Masks Structural Margin Risk Profile

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Moderate
Financial:Strained
Cash Flow:Mixed
Primary Risk:Contractual Margin Erosion

Key Thesis Takeaways

  • Lockheed Martin faces a challenging fundamental outlook characterized by stagnant revenue growth and significant margin compression, as evidenced by gross margins dropping to 3.7% in 2024Q4.
  • While the company maintains a critical role in defense infrastructure, its aggressive capital return policy—often exceeding free cash flow—combined with a debt-to-equity ratio that peaked at 4.06 in 2025Q2, creates substantial financial fragility.
  • Investors should monitor the company's ability to stabilize cash conversion cycles, which recently saw a $1.4 billion working capital outflow in 2026Q1, before assuming a recovery in shareholder value.

Verdict Logic

the company's aggressive capital allocation, including $816 million in dividends paid during 2026Q1 despite negative free cash flow of $291 million, suggests an unsustainable reliance on debt to fund shareholder returns.

LMT Growth Metrics

Lockheed Martin Corporation (LMT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.35%
5 Years2.79%
3 Years4.39%
TTM4.6%

Profit CAGR

10 Years3.36%
5 Years-5.99%
3 Years-4.34%
TTM-12.9%

EPS CAGR

10 Years6.49%
5 Years-2.43%
3 Years-0.26%
TTM-10.8%

Return on Capital

10 Years22.2%
5 Years22.33%
3 Years21.43%
Last Year21.27%

LMT Recent Earnings

Lockheed Martin Corporation (LMT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 23, 2026
Metric
Actual
Est
EPS
$6.44-4.5%
$6.74
Rev
$18.0B-1.1%
$18.2B
Q1 2026
Jan 29, 2026
Metric
Actual
Est
EPS
$5.80-18.0%
$7.07
Rev
$20.3B+8.6%
$18.7B
Q4 2025
Oct 21, 2025
Metric
Actual
Est
EPS
$6.95+8.9%
$6.38
Rev
$18.6B+0.3%
$18.6B
Q3 2025
Jul 22, 2025
Metric
Actual
Est
EPS
$7.29+11.8%
$6.52
Rev
$18.2B-2.2%
$18.6B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$6.44vs $6.74-4.5%
$18.0Bvs $18.2B-1.1%
Q1 2026Jan 29, 2026
$5.80vs $7.07-18.0%
$20.3Bvs $18.7B+8.6%
Q4 2025Oct 21, 2025
$6.95vs $6.38+8.9%
$18.6Bvs $18.6B+0.3%
Q3 2025Jul 22, 2025
$7.29vs $6.52+11.8%
$18.2Bvs $18.6B-2.2%
Based on last 12 quarters of dataView full earnings history →

Latest LMT News

Recent stock market news and headlines for Lockheed Martin Corporation (LMT)

Reuters·4 days ago
Lockheed Martin leads race for Advent's Ultra Maritime in $3.5 billion deal, FT reports

Lockheed Martin is leading the race to acquire Ultra Maritime, owned by private-equity ​firm Advent International, in a deal ‌that could value the naval defence business at about $3.5 billion, the Financial Times reported on Thursday, ​citing people familiar with the matter.

Benzinga·5 days ago
3 Stocks Tied To The Lunar Economy

Fifty years after Apollo 17, humans are headed back to the Moon – and this time, it's not just about planting flags and coming home.

Benzinga·5 days ago
Space Stocks And ETFs To Buy—Beyond SpaceX

Space stopped being a government-only game years ago. It's now a real, investable industry – satellites beaming broadband to ships and planes, earth-imaging companies selling data to farms and defense contractors, and launch providers racing to put more payloads into orbit than ever before.

24/7 Wall Street·5 days ago
General Dynamics Vs. Lockheed Martin: Buy General Dynamics for Deep Marine Backlogs

General Dynamics (NYSE:GD | GD Price Prediction) and Lockheed Martin (NYSE:LMT) reported Q1 2026 results pulling the two defense giants in opposite directions.

Seeking Alpha·5 days ago
Lockheed Martin: A Great Entry Point In The Defence Industry (Rating Upgrade)

Lockheed Martin is upgraded to Buy as shares retrace to ~$500, offering a more attractive entry after a 20% pullback. Recent $43B+ in new missile and munitions contracts, including sole-source Sentinel A4 and THAAD awards, signal a tangible supply ramp and backlog-to-revenue conversion. LMT's valuation is now compelling, trading at 16.9x forward earnings and a ~5.7% FCF yield, near historical averages and at a discount to peers.

Peers Comparison

Key metrics vs top competitors for Lockheed Martin Corporation (LMT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
LMT logoLMTLockheed Martin CorporationCurrent
$538.00$123.99B25.035.65%6.68%76.87%2.51%
RTX logoRTXRTX Corporation
$201.37$271.18B40.609.74%8.03%10.92%—
NOC logoNOCNorthrop Grumman Corporation
$547.75$77.8B18.842.24%10.8%28.05%—
GD logoGDGeneral Dynamics Corporation
$376.88$101.92B24.3810.13%8.07%17.41%—
BA logoBAThe Boeing Company
$234.54$184.89B94.5734.49%2.46%——
LHX logoLHXL3Harris Technologies, Inc.
$301.27$56.27B35.322.53%7.71%8.87%—

Compare LMT vs Peers

Lockheed Martin Corporation (LMT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RTX

Most directly comparable listed peer for LMT.

Scale Benchmark

vs GE

Larger-name benchmark to compare LMT against a more recognizable public peer.

Peer Set

Compare Top 5

vs RTX, NOC, GD, BA

LMT SEC Filings & Documents

Lockheed Martin Corporation (LMT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 23, 2026·SEC

Material company update

Jan 29, 2026·SEC

Material company update

Dec 18, 2025·SEC

10-K Annual Reports

2
FY 2026

Jan 29, 2026·SEC

FY 2025

Jan 28, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 23, 2026·SEC

FY 2025

Oct 21, 2025·SEC

FY 2025

Apr 22, 2025·SEC

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LMT Frequently Asked Questions

Lockheed Martin Corporation (LMT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Lockheed Martin Corporation's revenue?

Lockheed Martin Corporation (LMT) reported $75.11B in revenue for fiscal year 2025. This represents a 179% increase from $26.88B in 1996.

How fast is Lockheed Martin Corporation growing?

Lockheed Martin Corporation (LMT) grew revenue by 5.7% over the past year. This is steady growth.

Is LMT profitable?

Yes, Lockheed Martin Corporation (LMT) is profitable, generating $4.79B in net income for fiscal year 2025 (6.7% net margin).

Dividend & Returns
Does LMT pay dividends?

Yes, Lockheed Martin Corporation (LMT) pays a dividend with a yield of 2.51%. This makes it attractive for income-focused investors.

What is LMT's return on equity?

Lockheed Martin Corporation (LMT) has a return on equity (ROE) of 76.9%. This is excellent, indicating efficient use of shareholder capital.

What is Lockheed Martin Corporation's free cash flow?

Lockheed Martin Corporation (LMT) generated $5.66B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in LMT back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →