Lockheed Martin Corporation

LMT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992
Valuation
Market cap	$111,920	$115,185	$112,448	$127,496	$98,017	$97,899	$107,386	$72,212	$88,541	$68,930	$59,887	$61,006	$47,705	$29,874	$27,174	$25,461	$28,995	$33,607	$43,788	$39,415	$28,016	$24,614	$22,950	$25,705	$19,947	$13,607	$8,358	$15,956	$18,252	$17,335	$14,955	$8,333	$8,234	$6,797
Enterprise value	$129,499	$132,972	$128,465	$140,496	$106,089	$106,931	$118,570	$85,599	$100,017	$81,470	$74,058	$65,729	$51,240	$34,284	$30,049	$27,703	$31,310	$35,183	$45,214	$41,561	$30,329	$28,277	$27,908	$30,549	$26,546	$22,061	$19,857	$26,557	$30,150	$28,813	$18,034	$11,573	$12,240	–
P/E (TTM) at period end	22.31×	21.59×	16.25×	22.24×	15.52×	14.33×	17.24×	14.31×	45.11×	13.32×	16.61×	16.88×	16.00×	10.88×	10.24×	8.85×	9.75×	10.45×	14.44×	15.59×	15.35×	19.44×	21.79×	51.41×	–	–	21.88×	15.94×	14.04×	12.87×	21.93×	8.19×	9.93×	–
P/S (TTM) at period end	1.49×	1.62×	1.66×	1.93×	1.46×	1.50×	1.80×	1.34×	1.73×	1.46×	1.48×	1.53×	1.05×	0.63×	0.58×	0.56×	0.66×	0.81×	1.05×	0.99×	0.75×	0.69×	0.72×	0.97×	0.83×	0.54×	0.33×	0.61×	0.65×	0.65×	0.65×	0.36×	0.37×	0.42×
P/B at period end	16.65×	18.19×	16.45×	13.76×	8.94×	16.28×	34.34×	51.80×	–	45.62×	19.34×	17.94×	9.70×	766.01×	27.15×	7.28×	7.31×	11.73×	4.47×	5.73×	3.56×	3.51×	3.40×	4.38×	3.10×	1.90×	1.31×	2.60×	3.53×	2.53×	2.32×	1.37×	1.58×	–
EV / EBITDA (TTM)	13.75×	15.51×	12.93×	14.41×	10.12×	11.07×	12.55×	10.08×	12.60×	11.55×	13.09×	11.07×	9.32×	6.32×	5.98×	5.71×	6.12×	6.09×	8.71×	8.81×	8.22×	10.30×	10.80×	12.19×	11.22×	8.54×	7.54×	7.91×	9.00×	8.28×	8.19×	4.26×	4.94×	–
EV / Sales (TTM)	1.73×	1.87×	1.90×	2.13×	1.58×	1.64×	1.98×	1.59×	1.96×	1.72×	1.83×	1.65×	1.13×	0.73×	0.65×	0.61×	0.71×	0.85×	1.08×	1.05×	0.82×	0.80×	0.88×	1.15×	1.11×	0.87×	0.78×	1.01×	1.07×	1.07×	0.79×	0.51×	0.55×	–
Returns
Return on equity	74.6%	84.3%	101.2%	61.9%	57.6%	113.6%	199.2%	362.0%	–	342.4%	116.4%	106.3%	60.6%	7038.5%	265.2%	82.3%	75.0%	112.3%	30.9%	36.7%	23.2%	18.0%	15.6%	8.5%	(16.2%)	(7.2%)	6.0%	16.3%	25.1%	19.6%	10.6%	16.7%	15.9%	–
Return on invested capital	27.0%	24.9%	31.8%	32.2%	40.1%	48.1%	51.4%	42.9%	22.9%	32.6%	19.8%	42.9%	37.8%	67.2%	76.1%	45.4%	46.8%	77.4%	27.2%	29.6%	19.6%	14.3%	11.4%	16.8%	5.0%	–	5.7%	8.5%	9.0%	8.2%	8.4%	12.0%	10.6%	–
Dividend yield	2.8%	2.7%	2.7%	2.4%	3.0%	2.8%	2.4%	3.3%	2.4%	3.0%	3.2%	2.9%	3.2%	4.5%	4.0%	3.8%	3.1%	2.2%	1.4%	1.4%	1.6%	1.6%	1.1%	0.8%	1.0%	1.3%	4.1%	1.9%	1.6%	1.7%	1.7%	2.6%	2.6%	3.0%
Financial health
Current ratio	1.09×	1.13×	1.21×	1.32×	1.42×	1.39×	1.22×	1.12×	1.36×	1.20×	1.05×	1.11×	1.20×	1.14×	1.16×	1.13×	1.17×	1.01×	1.11×	1.06×	1.12×	1.05×	1.06×	1.08×	1.11×	1.11×	1.21×	1.03×	1.10×	1.14×	1.55×	1.45×	1.34×	–
Debt / equity	3.23×	3.20×	2.55×	1.68×	1.07×	2.02×	4.05×	10.12×	(16.78×)	9.45×	4.93×	1.81×	1.25×	161.74×	6.45×	1.44×	1.27×	1.33×	0.45×	0.64×	0.63×	0.73×	0.92×	1.29×	1.17×	1.39×	1.88×	1.77×	2.30×	1.67×	0.58×	0.64×	0.84×	–
Effective tax rate	15.3%	14.2%	14.5%	14.2%	16.4%	16.4%	14.0%	13.6%	64.0%	23.0%	27.3%	30.4%	29.0%	32.6%	26.5%	30.8%	29.1%	31.0%	30.6%	29.6%	30.2%	23.9%	31.3%	7.6%	58.0%	248.3%	38.6%	39.7%	32.9%	33.7%	37.4%	37.0%	36.5%	35.4%
Share count
Diluted shares outstanding	234	239	251	265	277	281	284	287	291	303	315	322	326	328	340	368	389	409	427	436	446	447	450	452	432	402	386	381	371	443	442	437	442	392

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992
Revenue and gross profit
Revenue	$79,116	$75,048	$71,043	$67,571	$65,984	$67,044	$65,398	$59,812	$53,762	$51,048	$47,248	$40,536	$39,946	$45,358	$47,182	$46,499	$45,671	$43,867	$41,372	$41,862	$39,620	$37,213	$35,526	$31,824	$26,578	$23,990	$25,329	$25,530	$26,266	$28,069	$26,875	$22,853	$22,906	$22,397	$16,030
Cost of revenue	($69,834)	($67,429)	($64,113)	($59,092)	($57,697)	($57,983)	($56,744)	($51,445)	($46,488)	($43,589)	($41,889)	($36,044)	($35,263)	($41,171)	($42,986)	($42,755)	($41,827)	($39,720)	($36,798)	($37,628)	($36,186)	($34,676)	($33,558)	($29,848)	($24,629)	($22,447)	($22,747)	($23,865)	($23,914)	($25,772)	($24,594)	($20,881)	($21,127)	($20,857)	($14,891)
Gross profit	$9,282	$7,619	$6,930	$8,479	$8,287	$9,061	$8,654	$8,367	$7,274	$6,371	$5,401	$4,492	$4,683	$4,187	$4,196	$3,744	$3,844	$4,147	$4,574	$4,234	$3,434	$2,537	$1,968	$1,976	$1,949	$1,543	$2,582	$1,665	$2,352	$2,297	$2,281	$1,972	$1,779	$1,540	$1,139
Operating expenses
Research and development	–	($2,000)	($1,600)	($1,500)	($1,700)	($1,500)	($1,300)	($1,300)	($1,300)	($1,200)	($988)	($817)	($733)	($697)	($616)	($585)	($639)	($717)	($698)	($1,206)	($1,139)	($1,042)	($962)	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($50)	($137)	($499)	($865)	($1,241)	($241)	($608)	($777)	($746)	($471)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	$34	$112	$83	$28	$61	$62	($10)	$178	$60	$373	$487	$220	$329	$318	$238	$276	$261	$220	$475	$293	$519	$449	$121	–	–	–	($968)	–	–	–	–	($690)	–	–	–
Total costs and expenses	($69,800)	($67,317)	($64,030)	($59,064)	($57,636)	($57,921)	($56,754)	($51,267)	($46,428)	($44,304)	($41,360)	($35,824)	($34,934)	($40,853)	($42,748)	($42,479)	($41,566)	($39,500)	($36,323)	($37,335)	($35,667)	($34,227)	($33,437)	($29,848)	($24,629)	($22,447)	($23,715)	($23,865)	($23,914)	($25,772)	($24,594)	($21,571)	($21,127)	($20,857)	($14,891)
Operating income	$9,316	$7,731	$7,013	$8,507	$8,348	$9,123	$8,644	$8,545	$7,334	$6,744	$5,888	$4,712	$5,012	$4,505	$4,434	$4,020	$4,105	$4,367	$5,049	$4,527	$3,953	$2,986	$2,089	$1,976	$1,949	$1,543	$1,614	$1,665	$2,352	$2,297	$2,281	$1,282	$1,779	$1,540	$1,139
Earnings
EBITDA	$11,002	$9,418	$8,572	$9,937	$9,752	$10,487	$9,663	$9,451	$8,495	$7,939	$7,055	$5,657	$5,939	$5,495	$5,422	$5,028	$4,854	$5,117	$5,776	$5,193	$4,717	$3,691	$2,745	$2,585	$2,507	$2,366	$2,582	$2,634	$3,357	$3,349	$3,478	$2,203	$2,716	$2,476	$1,733
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,089)	($1,118)	($1,036)	($916)	($623)	($569)	($591)	($653)	($668)	($651)	($663)	($443)	($340)	($350)	($383)	($354)	($345)	($308)	($332)	($352)	($361)	($370)	($425)	($487)	($581)	($700)	($919)	($809)	($861)	($842)	($700)	($288)	($304)	($278)	($177)
Pre-tax income	$7,655	$5,922	$6,220	$8,098	$6,680	$7,550	$8,235	$7,241	$5,838	$5,246	$4,754	$4,299	$4,677	$4,155	$4,072	$3,631	$3,778	$4,182	$4,702	$4,368	$3,592	$2,616	$1,664	$1,532	$577	$188	$286	$1,200	$1,661	$1,937	$2,033	$1,089	$1,675	$1,306	$1,004
Income tax expense	($1,142)	($905)	($884)	($1,178)	($948)	($1,235)	($1,347)	($1,011)	($792)	($3,356)	($1,093)	($1,173)	($1,424)	($1,205)	($1,327)	($964)	($1,164)	($1,215)	($1,459)	($1,335)	($1,063)	($791)	($398)	($479)	($44)	($109)	($710)	($463)	($660)	($637)	($686)	($407)	($620)	($477)	($355)
Net income	$6,513	$5,017	$5,336	$6,920	$5,732	$6,315	$6,833	$6,230	$5,046	$1,963	$5,173	$3,605	$3,614	$2,981	$2,745	$2,655	$2,878	$2,973	$3,217	$3,033	$2,529	$1,825	$1,266	$1,053	$500	($1,046)	($519)	$382	$1,001	$1,300	$1,347	$682	$1,018	$829	($361)
Per share
Diluted EPS (GAAP)	$28.15	$21.49	$22.31	$27.55	$21.66	$22.76	$24.30	$21.95	$17.59	$6.75	$17.07	$11.46	$11.21	$9.13	$8.36	$7.81	$7.81	$7.64	$7.86	$7.10	$5.80	$4.09	$2.83	$2.34	$1.11	($2.42)	($1.29)	$0.99	$2.63	$3.51	$3.04	$1.54	$2.33	$1.87	($0.92)
Basic EPS (GAAP)	$28.27	$21.56	$22.39	$27.65	$21.74	$22.85	$24.40	$22.09	$17.74	$6.82	$17.28	$11.62	$11.41	$9.29	$8.48	$7.90	$7.90	$7.73	$8.05	$7.29	$5.91	$4.14	$2.86	$2.36	$1.12	($2.45)	($1.29)	$1.00	$2.66	$3.51	$3.56	$1.80	$2.72	$2.11	($0.92)
Basic shares outstanding	230	233	238	250	264	276	280	282	284	288	299	310	317	321	324	336	364	385	400	416	428	440	443	446	445	427	401	382	376	371	379	379	374	393	392
Margins
Gross margin	11.7%	10.2%	9.8%	12.5%	12.6%	13.5%	13.2%	14.0%	13.5%	12.5%	11.4%	11.1%	11.7%	9.2%	8.9%	8.1%	8.4%	9.5%	11.1%	10.1%	8.7%	6.8%	5.5%	6.2%	7.3%	6.4%	10.2%	6.5%	9.0%	8.2%	8.5%	8.6%	7.8%	6.9%	7.1%
Operating margin	11.8%	10.3%	9.9%	12.6%	12.7%	13.6%	13.2%	14.3%	13.6%	13.2%	12.5%	11.6%	12.5%	9.9%	9.4%	8.6%	9.0%	10.0%	12.2%	10.8%	10.0%	8.0%	5.9%	6.2%	7.3%	6.4%	6.4%	6.5%	9.0%	8.2%	8.5%	5.6%	7.8%	6.9%	7.1%
Net margin	8.2%	6.7%	7.5%	10.2%	8.7%	9.4%	10.4%	10.4%	9.4%	3.8%	10.9%	8.9%	9.0%	6.6%	5.8%	5.7%	6.3%	6.8%	7.8%	7.2%	6.4%	4.9%	3.6%	3.3%	1.9%	(4.4%)	(2.0%)	1.5%	3.8%	4.6%	5.0%	3.0%	4.4%	3.7%	(2.3%)

Analyst consensus

Buy37 analysts

Bearish · 1 · Hold · 14 · Bullish · 22

Earnings history

	EPS	Estimate
Q4 2024	$2.22	$6.61	Miss
Q1 2025	$7.28	$6.34	Beat
Q2 2025	$1.46	$6.52	Miss
Q3 2025	$6.95	$6.38	Beat
Q4 2025	$5.80	$7.07	Miss
Q1 2026	$6.44	$6.74	Miss
Q2 2026	$7.94	$7.19	Beat
Q3 2026	$7.97	$7.52	Beat

Peers

Company overview

IPO dateJan 3, 1977

CEOJames D. Taiclet Jr.

Employees123,000

SectorIndustrials

IndustryAerospace & Defense

CountryUS

ExchangeNew York Stock Exchange

Websitewww.lockheedmartin.com

Lockheed Martin Corporation stands as a prominent global security and aerospace enterprise, specializing in the comprehensive lifecycle of advanced technological systems. Its expertise spans the research, design, development, manufacturing, integration, and ongoing sustainment of cutting-edge products and services across the world. The company's diverse operations are structured into four key segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The Aeronautics division is responsible for creating and producing leading-edge combat and air mobility aircraft, alongside unmanned aerial vehicles and their related innovations. The Missiles and Fire Control segment delivers sophisticated air and missile defense systems; tactical and precision air-to-ground weapon systems; comprehensive logistics; advanced fire control; mission operations, readiness, engineering support, and integration services; both crewed and uncrewed ground vehicles; and energy management solutions. Within the Rotary and Mission Systems segment, the portfolio includes military and commercial helicopters, naval surface ships, land and sea-based missile defense systems, advanced radar technologies, maritime and airborne mission and combat systems, intricate command and control solutions, cybersecurity services, and simulation and training platforms. The Space division focuses on satellites, space transportation systems, strategic, advanced strike, and defensive missile systems, as well as classified systems and services vital for national security. This segment further enhances situational awareness through network enablement, integrating space and ground-based systems to empower customers in gathering, analyzing, and securely distributing crucial intelligence data. Lockheed Martin primarily serves the United States government, alongside fulfilling foreign military sales facilitated through U.S. government contracts. Established in 1912, the corporation maintains its headquarters in Bethesda, Maryland.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.