Lockheed Martin CorporationLMT
NYSE•Industrials•Aerospace & Defense
Lockheed Martin Corporation, an aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally. The company operates through four segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; and ground vehicles. The RMS segment offers military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar and laser systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, simulation and training solutions, and services and supports surface ships. The Space segment provides satellites; space transportation systems; strategic, advanced strike, and defensive 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 global systems to help its customers gather, analyze, and securely distribute critical intelligence data. It serves primarily serves the U.S. government and international customers, as well as foreign military sales contracted through the U.S. government. The company was formerly known as The Lockheed Corporation and changed its name to Lockheed Martin Corporation in March 1995. Lockheed Martin Corporation was founded in 1912 and is based in Bethesda, Maryland.
Lockheed Martin Corporation (LMT) reported trailing twelve months revenue of $75.11B as of March 2026, a 4.6% increase year-over-year. Quarterly revenue reached $18.02B, reflecting continued top-line momentum.
Lockheed Martin Corporation generated $4.79B in TTM net income, with quarterly EBITDA of $2.06B. The operating margin contracted from 13.2% to 11.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (11.4%) and net margin (8.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 9.5% a year ago, reflecting increased costs or interest expense.
LMT trades at a P/E of 29.5x (in line with broad market averages) and a P/S of 1.9x. The price-to-book ratio of 18.9x indicates a significant premium over book value.
The company reported negative free cash flow of $-291.00M, indicating cash consumption over the period. The balance sheet shows $59.24B in total assets with $20.53B in long-term debt against $7.49B in stockholders equity for a debt-to-equity ratio of 2.7, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~10.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 81.7% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~5.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~9.8% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio of 2.7 is elevated. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 3.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation