Lockheed Martin Corporation (LMT)

NYSE: LMT · USD

$631

+7.66 (+1.2%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-29

Our latest published analysis: LMT rated Strong Buy

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.

Fair value

$697 / share

Potential value

$964 / share

Upside to FV

+35.7%

from $631

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$119.6B
Revenue (ttm)	79.1B
Net income (ttm)	6.5B
EPS (ttm)	$28.2
Shares out	231M
P/E (trailing)	22.4x
P/E (forward)	16.2x
Dividend	$14.4 (2.28%)
Volume	1,267,469
Beta	0.10

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 79.1B
Net income (ttm): 6.5B
EPS (ttm): $28.2
P/E (trailing): 22.4x
P/E (forward): 16.2x
Market cap: $119.6B

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	—	—	—	—	—	—

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	보유
ADP	Automatic Data Processing, Inc.	113B	25.3x	5.1x	62.8%	+7.7%	+4.5%	보유
ALLE	Allegion plc	15.2B	22.5x	3.5x	19.4%	+8.8%	+7.2%	보유

Base and Bull scenarios

Base60%

Price target

$696.60

+35.7% from spot

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.

Consolidated revenue reaches $80.75B in FY2026 (7.60% growth) and $85.53B in FY2027 (5.92% growth),.
Consolidated operating margin expands from 10.65% in FY2026 to 10.84% in FY2027 and reaches 11.23% by FY2030.
Diluted EPS advances to $30.48 in FY2026 and $32.76 in FY2027, supported by 1.0-1.5% annual net share retirement.
Reinvestment rate moderates from 22% in FY2026 toward a 15% terminal baseline.
Terminal P/E multiple of 16.0x and terminal growth rate of 2.5%,, discounted at moderate Ke of 7.1630%.

Bull20%

Price target

$963.76

+87.7% from spot

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.

Consolidated sales achieve the top end of FY2026 guidance ($81.75B) and exceed high consensus estimates ($88.48B) in FY2027.
Missiles & Fire Control operating margins exceed 16.0% supported by multiyear PAC-3 contract scale.
EPS growth compounds at 16.5% annually over the initial three forecast years.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($696.60). Each row and column shows what Fair value becomes when one assumption moves.

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

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E16.2

P25 n/aP50 n/aP75 n/a

Trailing P/E19.1

P25 n/aP50 n/aP75 n/a

ROE80.2

P25 n/aP50 n/aP75 n/a

ROIC29.1

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All LMT indicators

Market & fundamental data

Available fields

296

Groups with data

Currency

USD

Showing 296 of 296 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000936468
Company name	Lockheed Martin Corporation
Country	United States
Country code	US
CUSIP number	539830109
Earnings date	2026-10-22
Earnings time	bmo
Employees	123,000
Employees change	2,000
Employees growth	1.65%
Enterprise value	$160.2B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-27
First seen	2026-05-09
Fiscal year end	December
Founded	1912
In index	SP500
Industry	Aerospace & Defense
Is primary listing	Yes
Is SPAC	No
ISIN number	US5398301094
Last 10-K release date	2026-01-29
Last earnings date	2026-10-22
Last refreshed	2026-10-28
Last stock split date	1999-01-04
Last stock split type	Forward
Market cap	$145.7B
Market cap category	Large-Cap
Next earnings date	2027-01-28
Options	Yes
Price	$630.65
Price currency	USD
Sector	Industrials
SIC code	3760
Stock price date	2026-10-28
Symbol	LMT
Tags	drones
U.S. state	Maryland
Website	https://www.lockheedmartin.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	22.4x
Average P/E ratio (10Y)	20.46x
Average P/E ratio (3Y)	20.99x
Average P/E ratio (5Y)	20.23x
Earnings yield	4.47%
EV/Earnings	24.34x
EV/EBIT	18.51x
EV/EBITDA	16.08x
EV/FCF	18.92x
EV/Sales	2x
FCF / EV yield	5.29%
FCF yield	5.82%
Forward EV/Sales	1.85x
Forward P/E	19.72x
Forward P/S	1.68x
Graham number	166.50257
Graham upside	-73.29%
Industry forward P/E	38.92x
Industry P/E	88.09x
Lynch fair value	$140.81
Lynch upside	-77.41%
P/(FCF - SBC) ratio	17.95x
P/(OCF - SBC) ratio	14.76x
P/B ratio	14.24x
P/E ratio	22.39x
P/FCF ratio	17.18x
P/OCF ratio	14.24x
P/S ratio	1.82x
PEG ratio	1.21x
Price/EBITDA ratio	14.61x
Sector forward P/E	26.03x
Sector P/E	40.37x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	10.83%
EBITDA margin	12.46%
Effective tax rate	14.92%
FCF margin	10.59%
Gross margin	11.73%
Operating margin	10.83%
Pretax margin	9.68%
Profit margin	8.23%
Profit per employee	$52,951
Profitable quarters	35
Profitable years	24
Revenue per employee	$643,220
ROA	8.58%
ROA (5Y)	9.05%
ROCE	21.43%
ROE	80.19%
ROE (5Y)	74.97%
ROIC	29.08%
ROIC (5Y)	30.78%
SBC / revenue	0.45%
Tax / revenue	1.44%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	57.49%
EPS growth (Q)	14.68%
EPS growth (QoQ)	0.38%
EPS growth 10Y	5.12%
EPS growth 3Y	0.92%
EPS growth 5Y	5.34%
EPS growth quarters	2
EPS growth years	0
FCF growth	82.47%
FCF growth (Q)	-10.4%
FCF growth (QoQ)	2.81%
FCF growth 3Y	13.04%
FCF growth 5Y	10.35%
Gross profit growth	53.35%
Gross profit growth (Q)	8.75%
Gross profit growth 3Y	2.63%
Gross profit growth 5Y	0.81%
Net income growth	55.07%
Net income growth (Q)	13.96%
Net income growth (QoQ)	0.49%
Net income growth 3Y	-2.22%
Net income growth 5Y	1.46%
Net income growth quarters	2
Net income growth years	0
OCF growth	58.97%
OCF growth (Q)	-7.78%
OCF growth (QoQ)	6.28%
OCF growth 10Y	5.67%
OCF growth 3Y	10.56%
OCF growth 5Y	8.39%
Operating income growth	44.44%
Operating income growth (Q)	8.3%
Operating income growth 3Y	-1.88%
Operating income growth 5Y	2.47%
Revenue growth	7.86%
Revenue growth (Q)	11.3%
Revenue growth (QoQ)	3.23%
Revenue growth 10Y	5.8%
Revenue growth 3Y	5.34%
Revenue growth 5Y	3.58%
Revenue growth quarters	7
Revenue growth years	3

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-1.7B
Depreciation and amortization	$1.3B
EBIT	$8.6B
EBITDA	$9.9B
EPS	$28.16
FCF per share	$36.28
Financing cash flow	$-5.7B
Free cash flow	$8.4B
Free cash flow minus SBC	$8B
Gross profit	$9.3B
Income taxes	$1.1B
Investing cash flow	$-1.9B
Net borrowing	$-1.7B
Net cash flow	$2.5B
Net income	$6.5B
Operating cash flow minus SBC	$9.8B
Operating income	$8.6B
Revenue	$79.1B
Stock-based compensation	$358M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.54
Book value per share	$43.75
Debt / EBITDA	2.03
Debt / equity	2.04
Debt / FCF	2.45
Goodwill	$11.3B
Interest coverage	7.87
Long-term assets	$33.5B
Long-term liabilities	$29.9B
Net cash (debt)	$-14.5B
Net cash / market cap	-10.1%
Net debt / EBITDA	1.47
Net debt / equity	1.44
Net debt / FCF	1.73
Piotroski F-Score	8
Property, plant and equipment	$11.5B
Shareholders' equity	$10.1B
Tangible book value	$-3B
Tangible book value per share	$-12.93
Total assets	$64.5B
Total cash	$6B
Total debt	$20.5B
Total liabilities	$54.4B
WACC	4.74%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	1.27
Current assets	$31B
Current liabilities	$24.5B
Current ratio	1.26
Inventory turnover	18.05
Net working capital	$501M
Quick ratio	1.06
Working capital	$6.5B
Working capital turnover	16.79

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.5%
Dividend growth	4.49%
Dividend growth (10Y)	7.5%
Dividend growth (3Y)	4.71%
Dividend growth (5Y)	5.65%
Dividend growth years	23
Dividend payment date	2026-12-31
Dividend payment years	43
Dividend payout frequency	Quarterly
Dividend per share	$14.40
Dividend yield	2.28%
Ex-dividend date	2026-12-01
FCF payout ratio	39.69%
Last dividend	$3.60
Payout ratio	51.13%
Shareholder yield	3.81%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	154.09%
10Y return CAGR	12.71%
10Y total return	230.82%
150-day SMA	$546.96
15Y price change	734.74%
15Y return CAGR	18.7%
15Y total return	1,208.14%
1D price change	1.23%
1M price change	21.54%
1M total return	21.54%
1W price change	15.08%
1W total return	15.08%
1Y price change	29.69%
1Y return CAGR	33.07%
1Y total return	33.04%
20-day SMA	$544.97
200-day SMA	$567.67
20Y price change	646.34%
20Y return CAGR	13.84%
20Y total return	1,236.53%
3M price change	8.88%
3M total return	9.55%
3Y price change	42.42%
3Y return CAGR	15.55%
3Y total return	54.27%
50-day SMA	$541.74
50-day SMA vs 200-day SMA	50under200
52-week high	$692.00
52-week high date	2026-03-02
52-week low	$437.25
52-week low date	2025-12-02
5Y price change	90.81%
5Y return CAGR	16.88%
5Y total return	118.12%
6M price change	23.01%
6M total return	24.58%
After-hours change	0%
After-hours close	$630.65
After-hours price	$630.68
All-time high	$692.00
All-time high date	2026-03-02
All-time low	$0.46
All-time low date	1973-12-04
Average true range (ATR)	$17.32
Average volume	1.4M
Beta (1Y)	-0.03
Beta (2Y)	0.26
Beta (5Y)	0.1
Change from 52-week high	-8.87%
Change from 52-week low	44.23%
Change from all-time high	-8.75%
Change from all-time low	137,687.48%
Change from open	2.33%
Day's gap	-1.07%
Dollar volume	$799.3M
High price	$635.70
Low price	$615.00
Monthly RSI	59.57
Open price	$616.30
Position in 52-week range	75.6%
Premarket change	-0.44%
Premarket close	$622.99
Premarket price	$620.27
Premarket volume	10.5K
Previous close	$622.99
Price vs 150-day SMA	15.45%
Price vs 20-day SMA	15.87%
Price vs 200-day SMA	11.24%
Price vs 50-day SMA	16.57%
Relative volume	0.9
RSI	77.25
Sharpe ratio	0.97
Sharpe ratio (3Y)	0.54
Sharpe ratio (5Y)	0.5
Sortino ratio	1.82
Sortino ratio (3Y)	1
Sortino ratio (5Y)	0.95
Volume	1.3M
Weekly RSI	64.03
YTD price change	30.56%
YTD total return	32.92%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	197.6M
Float percentage	85.54%
Shares change (QoQ)	0.17%
Shares change (YoY)	-1.5%
Shares held by insiders	0.06%
Shares held by institutions	75.81%
Shares outstanding	231M
Short % of float	1.39%
Short % of shares	1.19%
Short ratio	2.3 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	587

Deeper analysis on LMT

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this LMT report

What is the latest published LMT stock rating?

Lockheed Martin Corporation is shown with Strong Buy in the latest published report, analyzed 2026-09-29. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full LMT analysis?

The full latest published report, analyzed 2026-09-29, lives at /stocks/LMT/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for LMT?

The latest published report analyzed 2026-09-29 gives LMT a fair value of USD 697 and a potential value of USD 964. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the LMT page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-29). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyLMT · Fair value $697+35.7%

Read full analysis →

Lockheed Martin Corporation (LMT)

Our latest published analysis: LMT rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · LMT

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All LMT indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on LMT

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	8.5
Management	8.5
Balance Sheet	3.5
Profitability	7.0
Revenue Growth	6.0
Risk Assessment	5.0
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	7.5