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Lockheed Martin Corporation's published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $119.6B | |
|---|---|---|
| P/E (forward) | 16.2x |
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
| Revenue | $67.04B | $65.98B | $67.57B | $71.04B | $75.05B | +2.9% |
| Gross profit | $9.06B | $8.29B | $8.48B | $6.93B | $7.62B | -4.2% |
| Operating income | $9.12B | $8.35B | $8.51B | $7.01B | $7.73B | -4.1% |
| Net income | $6.32B | $5.73B | $6.92B | $5.34B | $5.02B | -5.6% |
| EPS (diluted) | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 | -1.4% |
| EBITDA | $9.48B | $8.71B | $8.51B | $8.82B | $7.75B | -4.9% |
| R&D | $1.50B | $1.70B | $1.50B | $1.60B | $2.00B | +7.5% |
| SG&A | — | — | — | — | — | — |
Recent company headlines from major financial publishers.
The base case represents the modal expected trajectory under disciplined contract execution and steady allied defense procurement. Lockheed Martin meets raised full-year 2026 guidance, generating consolidated sales of $80.75B and EPS of $30.48, before advancing to $85.53B in revenue and $32.76 in EPS in FY2027,. Operating margins normalize from 10.30% in FY2025 toward 10.65% in FY2026 and 11.23% by FY2030, driven by Missiles & Fire Control operating leverage and Aeronautics sustainment volume. Free cash flow of $7.0B-$7.2B in FY2026 funds continuous anti-dilutive share repurchases and regular dividend compounding. Intrinsic value is anchored on discounted earnings and enterprise cash flow models at $696.60 per share.
The upside case models accelerated allied re-armament across NATO European allies ($8.81B FY2025 revenue) and Indo-Pacific partners ($7.82B FY2025 revenue), alongside rapid high-rate munitions capacity ramp at Missiles & Fire Control ($16.5B-$16.9B guided FY2026 sales). F-35 global fleet flight hours compound rapidly, lifting high-margin depot sustainment profits and driving consolidated operating margins toward 12.0%. Free cash flow conversion exceeds 110% of net income, enabling accelerated share count reductions and compounding EPS at 16.5% annually, supporting an intrinsic upside valuation of $963.76 per share.
| Ke ↓ / g → | 2.0% | 2.3% | 2.5% | 2.8% | 3.0% |
|---|---|---|---|---|---|
| 6.2% | $776 | $821 | $876 | $942 | $1,027 |
| 6.7% | $695 | $727 | $765 | $810 | $863 |
| 7.2% | $633 | $657 | $697 | $717 | $754 |
| 7.7% | $584 | $603 | $624 | $648 | $676 |
| 8.2% | $544 | $560 | $576 | $595 | $616 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
