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Lockheed Martin (LMT) stock

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NYSE: LMT NYSE Aerospace & Defense Next results ~January 28, 2027

C+ Fundamentals grade

Lockheed Martin is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$620

Cash-flow model

Base case. Range ~$450–$850 across our lower- and higher-growth cases (1.6%–11.6% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 3% above our base value.

Price used: $643.15, November 2, 2026

Lockheed Martin valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Lockheed Martin files

10-Q filed October 22: Lockheed Martin

Model value +8.1%

Revenue for the twelve months to September 2026 reached $79.1bn, up 7.9% on a year earlier and faster than the 7.2% recorded a quarter earlier. That ranks the company 10 of 12 for growth among the aerospace and defence names we cover. Margins improved on both counts, with free cash flow at 10.6% against 6.3% a year earlier and operating margin at 11.8% from 8.3%. On the back of this, our model value moves up from $566 to $612 a share, set against a share price of $590. We keep the rating at Hold. At that price, the market is pricing in about 5.9% a year of cash-flow growth over five years, ahead of the 3.4% a year revenue growth delivered so far.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Lockheed Martin stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $77.0bn, up 7.2% on a year earlier, faster than 4.6% a quarter earlier. That puts it 11 of 12 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to 11.3% from 4.6% a year earlier. Operating margin widened to 11.9% from 8.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $497 a share, against a share price of $548. At that price, our model says the market is pricing in about 7.4% a year of cash-flow growth for five years, faster than the 2.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Lockheed Martin's trailing-twelve-month revenue grew 7.9% year on year, with a free-cash-flow margin of 10.6%. Where it stands out: change in share count of -1.5% ranks 8 of 51 aerospace & defense companies we cover. Where it lags: gross margin of 11.7% ranks 42 of 46 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$620 per share in the base case (~$450–$850 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 82.5% while net income grew 55.1%: a 27pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.5 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.

Things to watch

  • Below peers: gross margin. Gross margin of 11.7% ranks 42 of 46 aerospace & defense companies we cover (median 28.3%).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$7.97 against an average estimate of $7.52: beat by 6.0%
Revenue
$20.71bn, up 11.3% on a year earlier
Share reaction
+9.6% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
sales $80,000m to $82,000m (2026); total FAS/CAS pension adjustment $1,365m (2026)
Next report
October 22, 2026; average EPS estimate $8.39

Lockheed Martin's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+1.3%
  • 1 month+27.3%
  • This year+35.4%
  • 1 year+34.1%
  • 5 years+121.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$79.1B
Operating margin
11.8%
Net margin
8.2%
EPS (TTM, diluted)
$28.16

Growth

Revenue growth
+7.9%
Change in growth rate
+0.7 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$8.4B
FCF margin
10.6%
Stock pay % of revenue
0.5%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    Lockheed Martin adds 11 partners to 25Forward initiative

    Lockheed Martin said it has established new and expanded partnerships with 11 organizations as part of its 25Forward programme. The five-year initiative involves a $25 million commitment to support survivors, veterans and military families. The company stated the partnerships aim to preserve stories from the Sept. 11 attacks and expand educational opportunities.

    Company releaseRead source ↗
  2. Announcement

    Lockheed Martin tests in-flight GMLRS retargeting with Army

    Lockheed Martin said it successfully changed the target of a GMLRS rocket while it was in flight during a test at White Sands Missile Range. The company used the Strigo datalink and RIG-360 system to update the guidance, allowing the weapon to hit a moving target. The demonstration was funded internally by Lockheed Martin.

    Company releaseRead source ↗
  3. Announcement
  4. Announcement
  5. Deal
  6. Our research
  7. Results
  8. Guidance
  9. Agreement
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lockheed Martin valuation models and calculator

What the price is pricing in

The share price implies about 7.1% a year of cash-flow growth for five years.That is close to the 3.4% a year revenue growth Lockheed Martin has delivered.

  • Priced in7.1%
  • Last 12 months7.9%
  • 3 years a year5.3%
  • 5 years a year3.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($636.18, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$620
Price used
$636.18close November 3, 2026
Implied change
▼ 2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Lockheed Martin's free cash flow after stock-based pay with after-tax interest added back ($7.5B, FY2026 Q3 TTM), growing 7.7% and 6.7% in the next two years (forecasts, guidance and its record), then back to 6.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$450–~$850 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Lockheed Martin's free cash flow after stock-based pay ( $7.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Lockheed Martin as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$620 ~$450–$850 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$800 ~$650–$1100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$460 ~$390–$560 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$630 ~$460–$800 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lockheed Martin with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +69%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $384$551$771$1062$1441$1931
8.5% $275$396$555$763$1033$1381
10% $209$302$425$584$790$1053

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$163.29$193.29$254.69$213.06$325.01$303.91$313.49$440.37$421.40$463.63$475.07$643.15
Market value$51.4bn$58.6bn$74.0bn$61.1bn$92.2bn$85.5bn$87.0bn$116.5bn$105.9bn$110.9bn$110.9bn$148.8bn
+ Net debt (− = net cash)$15.2bn$13.5bn$12.6bn$14.5bn$12.3bn$10.1bn$9.2bn$14.3bn$17.3bn$19.1bn$18.8bn$15.7bn
Enterprise value$66.6bn$72.0bn$86.6bn$75.6bn$104.5bn$95.6bn$96.2bn$130.8bn$123.1bn$130.0bn$129.7bn$164.5bn
Multiples
Price / sales 1.3x1.2x1.5x1.1x1.5x1.3x1.3x1.8x1.6x1.6x1.5x1.9x
Price / earnings 14.3x11.3x37.7x12.1x14.8x12.5x13.8x20.3x15.3x20.8x22.1x22.8x
Price / free cash flow 12.3x14.2x14.0x32.9x15.8x13.3x11.3x19.0x17.0x21.0x16.1x17.8x
EV / EBITDA 11.8x10.2x10.9x8.9x11.1x9.9x9.2x13.4x12.4x15.2x13.8x15.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

74 /100

Strong moat

How hard Lockheed Martin's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Net income has been a median 11.5% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 12.9%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 12.9%; its worst year was 8.3%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 17.1% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $30.64 +43% $81.4bn +8%
Next $33.30 +9% $87.0bn +7%

Next year's EPS estimate has moved +2.0% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 1 analyst raised Lockheed Martin's forecast and 4 cut it.

Consensus EPS forecast Lockheed Martin, last 90 days
$30.00 $31.00 $32.00 $33.00 $34.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $30.42 Current fiscal year, 60 days ago: $30.46 Current fiscal year, 30 days ago: $30.48 Current fiscal year, 7 days ago: $30.41 Current fiscal year, Now: $30.64 $30.64 Next fiscal year, 90 days ago: $32.65 Next fiscal year, 60 days ago: $32.72 Next fiscal year, 30 days ago: $32.76 Next fiscal year, 7 days ago: $32.74 Next fiscal year, Now: $33.30 $33.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $30.42$32.65
60 days ago $30.46$32.72
30 days ago $30.48$32.76
7 days ago $30.41$32.74
Now $30.64$33.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $7.52 $7.97 +6.0%
Jun 2026 $7.19 $7.94 +10.4%
Mar 2026 $6.69 $6.44 −3.8%
Dec 2025 $5.75 $5.80 +0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Sales 2026 $80,000m to $82,000m Raised
    “Sales ~$80,000 - $82,000 $79,750 - $81,750” source
  • Diluted earnings per share 2026 $30.35 to $30.75 Raised
    “Diluted earnings per share ~$30.35 - $30.75 $29.95 - $30.65” source
  • Total FAS/CAS pension adjustment 2026 about $1,365m Lowered vs 9,200m to 9,400m
    “Total FAS/CAS pension adjustment ~$1,365 ~$1,365” source
  • Cash from operations 2026 $10,000m to $10,200m Raised vs 9,200m to 9,400m
    “Cash from operations ~$10,000 - $10,200 $9,200 - $9,400” source
  • Capital expenditures 2026 $2,100m to $2,300m Narrowed vs 2,000m to 2,400m
    “Capital expenditures ~$2,100 - $2,300 $2,000 - $2,400” source
  • Free cash flow 2026 $7,800m to $8,000m Non-GAAP Raised
    “Free cash flow 1 ~$7,800 - $8,000 $7,000 - $7,200” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Lockheed Martin's revenue by +7.7% next year and +6.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.2%, weight 56%) , management guidance (+7.7%, weight 19%) and the company's own record (+6.6%, weight 25%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1043%
Hold1252%
Sell14%

Monthly trend

  1. Oct 2026281223
  2. Sep 2026261221
  3. Aug 2026251321
  4. Jul 2026251321

Counts of recommendations published by analysts covering Lockheed Martin, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
2.21
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
0.1%
of shares
Employees
123,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +34.1%

$479.49 on October 31, 2025 to $643.15

ThenNowEffect
Revenue (last 12 months) $71.8bn $77.0bn +7.2%
Net margin 5.9% 8.2% +39.5%
P/E multiple 27.0x 23.7x −12.1%
Share count 236m 232m +2.0%

Biggest factor: net margin.

Last 3 years +53.7%

$418.51 on November 3, 2023 to $643.15

ThenNowEffect
Revenue (last 12 months) $67.4bn $77.0bn +14.3%
Net margin 10.5% 8.2% −22.1%
P/E multiple 15.3x 23.7x +55.0%
Share count 258m 232m +11.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LMT+3%+41%−4%+10%+3%+35%
Industry peers (median)−6%−11%+14%+22%+19%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LMT50%67%42%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LMT−17%−17%−20%−22%−18%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 37% from February 11, 2020 to March 23, 2020. Getting back needed a 58% gain, reached on February 28, 2022, 707 days after the low.

Price behaviour

52-week range
$431.38 – $668.17
From 52-week high
−3.7%
vs 50-day average
+17.9%
vs 200-day average
+14.1%
Volatility (1 year)
30%
Beta vs S&P 500
-0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.9%
After a week
6 up, 6 down
typical move ±7.9%
After a month
5 up, 6 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +9.6% −1.7% +16.7% —
July 23, 2026 +13.3% −1.1% +11.6% +9.6%
April 23, 2026 −7.6% +0.4% −6.7% −4.0%
January 29, 2026 +6.2% −0.5% +2.0% +13.9%
October 21, 2025 −3.7% −0.5% −4.0% −7.1%
July 22, 2025 −8.9% +0.9% −8.8% −3.2%
April 22, 2025 +1.1% +4.2% +3.8% +2.6%
January 28, 2025 −9.8% +0.4% −9.9% −11.4%
October 22, 2024 −7.1% −1.0% −11.0% −13.0%
July 23, 2024 +8.6% −2.4% +13.3% +16.7%
April 23, 2024 −0.5% +1.1% +0.8% +1.8%
January 23, 2024 −5.9% +0.4% −5.9% −6.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Lockheed Martin’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.00× the last 60 days’ realised volatility , richer than 20% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

LMT Lockheed Martin Grade C+ $643.13

Own 100 shares, sell the $650 call expiring December 4, 2026 (32 days) for $15.60 a share — $1,560 per contract.

Previous session · Bid $15.60, ask $19.50, quoted Mon 2 Nov, 17:28 New York time with LMT at $643.13. Option prices move with the shares: check the live chain at your broker before trading.

  • If LMT ends below $650: you keep your shares and the $1,560 — 2.4% extra on the position, 27.7% a year at that pace.
  • If it ends above $650: your shares are sold at $650, a total return of 3.5% including the premium — at or above our value of ~$620.
$2.2k $0 −$12.6k Our value $620 Break-even $627.53 Price $643.13
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,560
Annualised
27.7%
Break-even
$627.53
Max gain
$2,247
Chance of selling
~48%

Collar

Own the shares, buy the $600 put and sell the $700 call, both expiring December 18, 2026 (46 days).

  • Net cost of $3.60 a share ($360 per contract of 100 shares).
  • Worst case at expiry: -7.3%, if the shares fall below $600 (-6.7% from today).
  • Best case at expiry: +8.3%, if the shares rise above $700 (+8.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $620: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Lockheed Martin in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lockheed Martin
$65B $70B $75B $80B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $67.6B Revenue (TTM), FY24 Q1: $69.6B Revenue (TTM), FY24 Q2: $71.1B Revenue (TTM), FY24 Q3: $71.3B Revenue (TTM), FY24 Q4: $71B Revenue (TTM), FY25 Q1: $71.8B Revenue (TTM), FY25 Q2: $71.8B Revenue (TTM), FY25 Q3: $73.3B Revenue (TTM), FY25 Q4: $75B Revenue (TTM), FY26 Q1: $75.1B Revenue (TTM), FY26 Q2: $77B Revenue (TTM), FY26 Q3: $79.1B $79.1B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $67.6B
FY24 Q1 $69.6B
FY24 Q2 $71.1B
FY24 Q3 $71.3B
FY24 Q4 $71B
FY25 Q1 $71.8B
FY25 Q2 $71.8B
FY25 Q3 $73.3B
FY25 Q4 $75B
FY26 Q1 $75.1B
FY26 Q2 $77B
FY26 Q3 $79.1B
Revenue growth, TTM YoY Lockheed Martin
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.4% Revenue growth, TTM YoY, FY24 Q1: 5.3% Revenue growth, TTM YoY, FY24 Q2: 5.5% Revenue growth, TTM YoY, FY24 Q3: 5.3% Revenue growth, TTM YoY, FY24 Q4: 5.1% Revenue growth, TTM YoY, FY25 Q1: 3.1% Revenue growth, TTM YoY, FY25 Q2: 1.1% Revenue growth, TTM YoY, FY25 Q3: 2.9% Revenue growth, TTM YoY, FY25 Q4: 5.6% Revenue growth, TTM YoY, FY26 Q1: 4.6% Revenue growth, TTM YoY, FY26 Q2: 7.2% Revenue growth, TTM YoY, FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.4%
FY24 Q1 5.3%
FY24 Q2 5.5%
FY24 Q3 5.3%
FY24 Q4 5.1%
FY25 Q1 3.1%
FY25 Q2 1.1%
FY25 Q3 2.9%
FY25 Q4 5.6%
FY26 Q1 4.6%
FY26 Q2 7.2%
FY26 Q3 7.9%
Operating margin (TTM) Lockheed Martin
8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 12.6% Operating margin (TTM), FY24 Q1: 12.2% Operating margin (TTM), FY24 Q2: 12.0% Operating margin (TTM), FY24 Q3: 12.1% Operating margin (TTM), FY24 Q4: 9.9% Operating margin (TTM), FY25 Q1: 10.2% Operating margin (TTM), FY25 Q2: 8.3% Operating margin (TTM), FY25 Q3: 8.3% Operating margin (TTM), FY25 Q4: 10.3% Operating margin (TTM), FY26 Q1: 9.9% Operating margin (TTM), FY26 Q2: 11.9% Operating margin (TTM), FY26 Q3: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 12.6%
FY24 Q1 12.2%
FY24 Q2 12.0%
FY24 Q3 12.1%
FY24 Q4 9.9%
FY25 Q1 10.2%
FY25 Q2 8.3%
FY25 Q3 8.3%
FY25 Q4 10.3%
FY26 Q1 9.9%
FY26 Q2 11.9%
FY26 Q3 11.8%
FCF margin (TTM) Lockheed Martin
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.2% FCF margin (TTM), FY24 Q1: 8.9% FCF margin (TTM), FY24 Q2: 9.8% FCF margin (TTM), FY24 Q3: 9.1% FCF margin (TTM), FY24 Q4: 7.4% FCF margin (TTM), FY25 Q1: 6.9% FCF margin (TTM), FY25 Q2: 4.6% FCF margin (TTM), FY25 Q3: 6.3% FCF margin (TTM), FY25 Q4: 9.2% FCF margin (TTM), FY26 Q1: 7.5% FCF margin (TTM), FY26 Q2: 11.3% FCF margin (TTM), FY26 Q3: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.2%
FY24 Q1 8.9%
FY24 Q2 9.8%
FY24 Q3 9.1%
FY24 Q4 7.4%
FY25 Q1 6.9%
FY25 Q2 4.6%
FY25 Q3 6.3%
FY25 Q4 9.2%
FY26 Q1 7.5%
FY26 Q2 11.3%
FY26 Q3 10.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 43.9 45.7 46.5 47.2 45.4 39.9 40.5 47.3 50.0 53.8 59.8 65.4 67.0 66.0 67.6 71.0 75.0 79.1
Gross profit 4.1 3.8 3.7 4.2 4.2 4.7 4.5 5.4 6.4 7.3 8.4 8.7 9.1 8.3 8.5 6.9 7.6 9.3
EBITDA 5.4 5.2 5.0 5.4 5.5 5.9 5.7 7.1 7.9 8.5 9.5 9.7 10.5 9.8 9.9 8.6 9.4 11.0
Operating income 4.4 4.1 4.0 4.4 4.5 5.0 4.7 5.9 6.7 7.3 8.5 8.6 9.1 8.3 8.5 7.0 7.7 9.3
Net income 3.0 2.9 2.7 2.7 3.0 3.6 3.6 5.2 2.0 5.0 6.2 6.8 6.3 5.7 6.9 5.3 5.0 6.5
Diluted EPS $7.64 $7.81 $7.81 $8.36 $9.13 $11.21 $11.46 $17.07 $6.75 $17.59 $21.95 $24.30 $22.76 $21.66 $27.55 $22.31 $21.49 $28.16
Growth (year on year)
Revenue +6.0% +4.1% +1.8% +1.5% −3.9% −11.9% +1.5% +16.7% +5.6% +7.6% +11.3% +9.3% +2.5% −1.6% +2.4% +5.1% +5.6% +7.9%
EBITDA −6.8% −4.2% −2.5% +7.8% +1.3% +8.1% −4.7% +24.7% +12.5% +7.0% +11.3% +2.2% +8.5% −7.0% +1.9% −13.7% +9.9% —
Operating income −13.5% −6.0% −2.1% +10.3% +1.6% +11.3% −6.0% +25.0% +14.5% +8.7% +16.5% +1.2% +5.5% −8.5% +1.9% −17.6% +10.2% +52.8%
Net income −7.6% −3.2% −7.7% +3.4% +8.6% +21.2% −0.2% +43.5% −62.1% +157.1% +23.5% +9.7% −7.6% −9.2% +20.7% −22.9% −6.0% +55.1%
Diluted EPS −2.8% +2.2% 0.0% +7.0% +9.2% +22.8% +2.2% +49.0% −60.5% +160.6% +24.8% +10.7% −6.3% −4.8% +27.2% −19.0% −3.7% +57.4%
Margins
Gross margin 9.5% 8.4% 8.1% 8.9% 9.2% 11.7% 11.1% 11.4% 12.8% 13.5% 14.0% 13.2% 13.5% 12.6% 12.5% 9.8% 10.2% 11.7%
EBITDA margin 12.3% 11.3% 10.8% 11.5% 12.1% 14.9% 14.0% 14.9% 15.9% 15.8% 15.8% 14.8% 15.6% 14.8% 14.7% 12.1% 12.5% 13.9%
Operating margin 10.0% 9.0% 8.6% 9.4% 9.9% 12.5% 11.6% 12.5% 13.5% 13.6% 14.3% 13.2% 13.6% 12.7% 12.6% 9.9% 10.3% 11.8%
Net margin 6.8% 6.3% 5.7% 5.8% 6.6% 9.0% 8.9% 10.9% 3.9% 9.4% 10.4% 10.4% 9.4% 8.7% 10.2% 7.5% 6.7% 8.2%
Free-cash-flow margin 6.0% 6.0% 7.0% 1.3% 8.2% 7.6% 10.3% 8.7% 10.6% 3.5% 9.7% 9.8% 11.5% 9.3% 9.2% 7.4% 9.2% 10.6%
Cash flow
Cash from operations 3.5 3.8 4.3 1.6 4.5 3.9 5.1 5.2 6.5 3.1 7.3 8.2 9.2 7.8 7.9 7.0 8.6 10.1
Capital spending 0.9 1.1 1.0 0.9 0.8 0.8 0.9 1.1 1.2 1.3 1.5 1.8 1.5 1.7 1.7 1.7 1.6 1.7
Free cash flow 2.6 2.7 3.3 0.6 3.7 3.0 4.2 4.1 5.3 1.9 5.8 6.4 7.7 6.1 6.2 5.3 6.9 8.4
Stock-based pay 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4
Free cash flow after stock pay 2.5 2.6 3.1 0.5 3.5 2.9 4.0 4.0 5.1 1.7 5.6 6.2 7.5 5.9 6.0 5.0 6.6 8.0
Balance sheet
Cash 2.4 2.3 3.6 1.9 2.6 1.4 1.1 1.8 2.9 0.8 1.5 3.2 3.6 2.5 1.4 2.5 4.1 6.0
Total debt 5.1 5.5 7.0 6.3 6.2 6.1 16.3 15.3 15.5 15.3 13.8 13.3 12.8 16.8 18.7 21.6 22.9 21.7
Net debt (negative = net cash) 2.7 3.2 3.4 4.4 3.5 4.7 15.2 13.5 12.6 14.5 12.3 10.1 9.2 14.3 17.3 19.1 18.8 15.7
Diluted shares 389m 368m 340m 328m 327m 322m 315m 303m 291m 287m 284m 281m 277m 265m 251m 239m 234m 231m
Returned to shareholders
Dividends 0.9 1.0 1.1 1.4 1.5 1.8 1.9 2.0 2.2 2.3 2.6 2.8 2.9 3.0 3.1 3.1 3.1 3.2
Buybacks 1.9 2.4 2.5 1.0 1.8 1.9 3.1 2.1 2.0 1.5 1.2 1.1 4.1 7.9 6.0 3.7 3.0 0.8
Total returned 2.8 3.4 3.6 2.3 3.3 3.7 5.0 4.1 4.2 3.8 3.8 3.9 7.0 10.9 9.1 6.8 6.1 4.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 27, 2026
What it owns · $64.5bn
Short-term assets $31.0bnLonger-term assets $33.5bn
What it owes, and who funded it · $64.5bn
Short-term liabilities $24.5bnLonger-term liabilities $29.9bnShareholders' equity $10.1bn
  • Short-term assets cover short-term liabilities $31.0bn of assets due within a year against $24.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $31.0bn short-term assets against $29.9bn of longer-dated liabilities.
  • More cash than debt $6.0bn of cash against $20.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 204% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 111% to 204% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.1bn of operating cash flow against $20.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $9.3bn against $1.1bn of interest.

From Lockheed Martin's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$750M
Dividends (TTM)
$3.2B
Returned to shareholders
47%
of free cash flow
Buybacks, last 3 fiscal years
$12.7B
Diluted share count
−1.5%
year over year
Total shareholder yield
2.7%
dividends 2.1% + buybacks 0.5% of market value
Dividend payout ratio
49%
of net income paid out

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated LMT BA RTX GD GE NOC Median
Revenue, last 12 months $79.1bn $94.9bn $96.0bn $56.5bn $52.6bn $43.6bn $769m
Revenue growth, last 12 months 7.9% 17.5% 11.6% 9.7% 19.6% 6.5% 15.5%
Revenue growth, 3-year average 5.3% 7.8% 12.7% 10.9% 7.2% 4.1% 12.6%
Revenue growth, latest quarter 11.3% 3.9% 11.1% 12.9% 15.9% 6.7% 15.8%
Gross margin 11.7% 9.4% 15.1% 17.9% 37.2% — 27.8%
Operating margin 11.8% 10.3% 11.8% 10.4% 17.4% 10.6% 9.0%
Operating margin, 3-year average 10.7% −3.0% 10.0% 10.3% 21.3% 9.4% 6.0%
Net margin 8.2% 8.1% 8.8% 8.2% 17.3% 10.4% 5.5%
Cash from operations / revenue 12.8% 4.2% 13.0% 12.9% 18.0% 12.1% 5.5%
Free-cash-flow margin 10.6% 0.0% 9.5% 10.2% 15.3% 8.8% 3.4%
Free-cash-flow margin, 3-year average 8.7% −5.9% 8.1% 8.2% 14.9% 6.4% 3.0%
Stock pay / revenue 0.5% 0.5% 0.7% 0.4% — 0.3% 1.2%
Change in share count −1.5% 4.7% 0.9% 0.3% −2.2% −1.4% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 7.9% 15.5% 42 of 57
Change in growth rate Growth +0.7pp +2.2pp 32 of 57
Gross margin Profitability 11.7% 28.3% 42 of 46
Operating margin Profitability 11.8% 8.5% 16 of 51
Net margin Profitability 8.2% 5.5% 22 of 57
Free-cash-flow margin Cash generation 10.6% 3.4% 12 of 57
Stock pay as % of revenue Cash generation 0.5% 1.5% 10 of 53
Long-term debt as % of assets Balance sheet 31.8% 22.1% 35 of 47
Change in share count Balance sheet -1.5% 2.4% 8 of 51

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $62.7B 83.5% ▲ 5.7%
Services $12.4B 16.5% ▲ 5.3%
Geography
Region Revenue Share YoY
United States $53.7B 71.6% ▲ 2.2%
Europe $8.8B 11.7% ▲ 14.1%
Asia Pacific $7.8B 10.4% ▲ 25.2%
Middle East $2.9B 3.8% ▼ 6.9%
Other Region $1.9B 2.5% ▲ 25.4%

From Lockheed Martin's 10-K filed January 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$88.3B
Institutions reporting
2,766
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
112 / 254

Top buyers and sellers, Q2 2026: 1,283 institutions bought and 1,277 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+1.4M shares) and the biggest seller D. E. Shaw & Co., Inc (−595K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
State Street Corp $16.8B 33.0M 19.0% ▲ 1.3%
Blackrock, Inc. $9.6B 18.9M 10.9% ▲ 5.9%
Vanguard Capital Management LLC $7.2B 14.2M 8.2% ▲ 0.7%
Charles Schwab Investment Management Inc $4B 7.8M 4.5% ▲ 9.1%
Morgan Stanley $2.9B 5.7M 3.3% ▲ 0.7%
Vanguard Portfolio Management LLC $2.8B 5.6M 3.2% ▲ 4.3%
Geode Capital Management, LLC $2.7B 5.2M 3.0% ▲ 2.8%
Invesco Ltd. $1.2B 2.4M 1.4% ▲ 23.8%
Bank Of America Corp $1.2B 2.3M 1.3% ▼ 15.2%
Sanders Capital, LLC $1.1B 2.1M 1.2% ▲ 83.5%
Northern Trust Corp $999M 2.0M 1.1% ▲ 1.0%
Goldman Sachs Group Inc $969M 1.9M 1.1% ▲ 11.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lockheed Martin's complete shareholder register. Values are as reported by the filers ; 12 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $124,283 24 trades by 6 insiders · 0% under pre-set plans
Net ▼ $124,283 net selling
Insider Date Trade Shares Price Value
St John Frank A Chief Operating Officer October 23, 2026 Sell 2,019 — $0
St John Frank A Chief Operating Officer October 23, 2026 Sell 1,160 — $0
St John Frank A Chief Operating Officer October 23, 2026 Sell 720 — $0
Donovan John Director August 13, 2026 Sell 1,742 — $0
Donovan John Director August 13, 2026 Sell 631 — $0
Donovan John Director August 13, 2026 Sell 469 — $0
Donovan John Director August 13, 2026 Sell 212 — $0
Donovan John Director August 13, 2026 Sell 204 — $0
Donovan John Director August 13, 2026 Sell 120 — $0
Lightfoot Robert M Jr President Space August 12, 2026 Sell 196 $600.12 $117,623
Lightfoot Robert M Jr President Space August 11, 2026 Sell 1,564 — $0
Lightfoot Robert M Jr President Space August 11, 2026 Sell 846 — $0

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 122 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 7 sales of Lockheed Martin shares.

  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 17, 2026, filed October 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 29, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Lockheed Martin was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lockheed Martin in brief

What does Lockheed Martin do?
Lockheed Martin is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Lockheed Martin's stock ticker?
Lockheed Martin trades under the ticker LMT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lockheed Martin's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lockheed Martin reported revenue of $79.1B, 7.9% higher than a year earlier, according to its SEC filings.
What is Lockheed Martin's free cash flow?
Lockheed Martin's free-cash-flow margin is 10.6% of revenue over the trailing twelve months, ranking 12 of the 57 aerospace & defense companies we cover.
What is Lockheed Martin's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Lockheed Martin's free cash flow after stock-based pay gives ~$620 per share in the base case, and ~$450–$850 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Lockheed Martin's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are State Street Corp, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lockheed Martin buying back stock, and does it pay a dividend?
Lockheed Martin spent $750M on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is Lockheed Martin's market cap?
On November 2, 2026, Lockheed Martin's market capitalisation was about $149B, with a price-to-earnings ratio of 22.8 and net debt of $15.7B. Market figures come from third-party market data and may be delayed.
Does Lockheed Martin pay a dividend?
Yes: Lockheed Martin paid $3.2B in dividends over the trailing twelve months, a dividend yield of 2.15% and a payout ratio of 49.2%.
How much debt does Lockheed Martin have?
Lockheed Martin's debt-to-equity ratio is 203.7%, from its latest balance sheet (111.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Lockheed Martin's competitors?
In our Aerospace & Defense peer group, the companies closest to Lockheed Martin are Boeing, RTX Corporation, General Dynamics, GE Aerospace and Northrop Grumman. The side-by-side comparison below sets their revenue, margins and growth against Lockheed Martin's.
Are insiders buying or selling Lockheed Martin stock?
Over the last 12 months, Lockheed Martin's directors and officers reported 0 open-market purchases and 24 sales on Form 4. The insider trading page charts every trade.
When is Lockheed Martin's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lockheed Martin announces its own schedule.