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Lockheed Martin Corporation (LMT)

NYSE: LMT · Real-Time Price · USD
$507
-5.89 (-1.1%)· Live
StockMarketAgent Research

Our analysis: LMT rated Strong Buy

LMT is rated Strong Buy at $506.51 versus the reconciled fair value midpoint of $644.43, implying +27.23% upside/downside. Confidence is separately disclosed at 88/100.

Fair value (mid)
$644 / share
$507 – $783
Upside to FV
+27.2%
from $507
Confidence
88/100
Moat
9/10
Read full analysis →View archive · 24mo
9-phase methodology · same model every month
Biggest opportunityBull case · highest-impact upside lever

Bull: Accelerated global defense spending and margin expansion drive premium valuation.

Biggest riskTop kill scenario by severity
Defense Budget Cuts

Defense Budget Cuts: Significant reduction in U.S. DoD spending prioritizing legacy system phase-outs over new procurement.

Recommended actionConviction: high
Strong Buy

LMT is rated Strong Buy at $506.51 versus the reconciled fair value midpoint of $644.43, implying +27.23% upside/downside. Confidence is separately disclosed at 88/100.

Position sizing playbook →
Market cap$116.8B
Revenue (ttm)75.1B
Net income (ttm)4.8B
EPS (ttm)$20.6
Shares out230.6M
P/E (trailing)24.6x
P/E (forward)15.8x
Dividend$13.8 (2.72%)
Volume1,293,561
Beta0.10
Price target$603+19.0%
Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm)
75.1B
Net income (ttm)
4.8B
EPS (ttm)
$20.6
P/E (trailing)
24.6x
P/E (forward)
15.8x
Market cap
$116.8B

Scenarios & expected return

Probability-weighted: +27.2% expected return to fair value
Bull20%
Price target
$782.83
+54.6% from spot

Accelerated global defense spending and margin expansion drive premium valuation.

  • Revenue growth sustains above 5%
  • Operating margins expand to 12%
  • Terminal multiple expands to 18x
Base60%
Price target
$644.43
+27.2% from spot

Steady low-single-digit growth and 11% margins support visible cash flows and capital returns.

  • Revenue growth normalizes to 2.5% terminal
  • Operating margins hold at 11%
  • Terminal multiple holds at 16x
Bear20%
Price target
$506.70
+0.0% from spot

Budget constraints and supply chain issues compress margins and stunt top-line growth.

  • Revenue growth stalls
  • Operating margins compress below 10%
  • Terminal multiple contracts to 14x

Valuation models & bridge

Each model produces an independent fair value. Weighted average = $644.
ModelWeightFV / sharevs spotContribution
FCFF DCF30%$821+62.1%
Forward earnings20%$471-7.0%
Ddm20%$419-17.3%
Multi stage moat fade20%$710+40.2%
Owner earnings10%$782+54.4%
Discounted earnings0%$1514+199.0%
Peg adjusted peer0%$91.1-82.0%
Reverse DCF0%$0.00-100.0%
Residual income0%$0.00-100.0%
Composite FV (weighted)100%$644+27.2%

Sensitivity: Ke × terminal growth

Ke ↓ / g →1.5%2.0%2.5%3.0%3.5%
3.8%$930$1128$1128$1128$1128
4.8%$644$761$930$1128$1128
5.8%$493$559$644$761$930
6.8%$399$441$493$559$644
7.8%$354$365$399$441$493

Scorecard

Factor radar (left) · 9-category weighted composite (right)
ValuationManagementBalanceProfitabilityRevenueRiskCompetitiveEarningsCapital
Valuation8.0
Management6.2
Balance Sheet3.5
Profitability7.0
Revenue Growth4.5
Risk Assessment5.0
Competitive Moat9.0
Earnings Quality6.0
Capital Efficiency6.5
Weighted composite
6.2/10
Above average
CategoryWeightScoreReading
Valuation11%8.0
Management11%6.2
Balance Sheet11%3.5
Profitability11%7.0
Revenue Growth11%4.5
Risk Assessment11%5.0
Competitive Moat11%9.0
Earnings Quality11%6.0
Capital Efficiency11%6.5

Position sizing & entry playbook

Pre-committed rules, followed irrespective of news flow.
Conviction tier
High
Confidence 88/100
Target weight
Core portfolio holding given high confidence and visible cash flows.
of equity sleeve
Accumulate at current levels ($506) providing an attractive discount to $644 fair value.
Current / pullbacks
Current price
Today’s last trade
$507
Trim positions if price approaches $780 or if margins structurally deteriorate below 10%.
Thesis break
Risk to thesis
  • Trim positions if price approaches $780 or if margins structurally deteriorate below 10%.
Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming
DateLoading
Window—
EPS estimate—
Revenue estimate—

Sector percentile context

Refreshed 2026-05-10 22:07 UTC
Forward P/E15.8
P25 n/aP50 n/aP75 n/a
Trailing P/E0
P25 n/aP50 n/aP75 n/a
ROE67.6
P25 n/aP50 n/aP75 n/a
ROIC22
P25 n/aP50 n/aP75 n/a
Benchmarks · 1M
S&P 500n/a
Nasdaq Compositen/a
Dow Jones Industrial Averagen/a
Russell 2000n/a

All LMT indicators

Market & fundamental data
Available fields
283
Groups with data
11
Currency
USD
Showing 283 of 283 available metrics for this ticker.

Profile and market data

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

26
MetricValue
Cik
0000936468
Company name
Lockheed Martin Corporation
Country
United States
Country code
US
Cusip
539830109
Employees
123,000
Employees Change
2,000%
Employees Change Percent
1.65
Enterprise value
$135.6B
Exchange
NYSE
Financial currency
USD
First seen
2026-05-09
In Index
SP500
Industry
Aerospace & Defense
Isin
US5398301094
Last refreshed
2026-05-10
Market cap
$116.8B
Market cap category
Large-Cap
Price
$507
Price currency
USD
Rev Per Employee
610,617.89x
Sector
Industrials
Sic
3760
Symbol
LMT
Tags
drones
Website
https://www.lockheedmartin.com

Valuation

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

17
MetricValue
Earnings Yield
4.1%
EV Earnings
28.29x
EV Sales Forward
1.67x
EV/EBIT
20.24x
EV/EBITDA
16.96x
EV/FCF
23.95x
EV/Sales
1.81x
FCF yield
4.85%
Forward P/E
16.64x
P/B ratio
15.56x
P/E ratio
24.56x
P/S ratio
1.55x
PE Ratio10 Y
20.37x
PE Ratio3 Y
20.52x
PE Ratio5 Y
19.92x
PEG ratio
0.9x
PS Forward
1.44x

Profitability

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

26
MetricValue
EBIT Margin
8.92%
EBITDA Margin
10.64%
FCF margin
7.54%
Gross margin
9.91%
Gross Profit
$7.4B
Gross Profit Growth
1.27%
Gross Profit Growth Q
-10.55%
Gross Profit Growth3 Y
-4.43%
Gross Profit Growth5 Y
-3.33%
Net Income
$4.8B
Net Income Growth
-12.9%
Net Income Growth Q
-13.08%
Net Income Growth Years
0%
Net Income Growth3 Y
-5.55%
Net Income Growth5 Y
-7.17%
Pretax Margin
7.54%
Profit Margin
6.38%
Profit Per Employee
$38,967
Profitable Years
24
ROA
7.23
Roa5y
9.05
ROCE
18.04
ROE
67.64
Roe5y
74.97
ROIC
21.96
Roic5y
30.78

Growth

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

28
MetricValue
Cagr10y
10.64%
Cagr15y
16.59%
Cagr1y
10.41%
Cagr20y
13.14%
Cagr3y
6.42%
Cagr5y
8.23%
Div CAGR10
7.92%
Div CAGR3
5.19%
Div CAGR5
6.19%
EPS Growth
-11
EPS Growth Q
-11.54
EPS Growth Years
0
EPS Growth3 Y
-1.8
EPS Growth5 Y
-3.61
FCF Growth
13.58%
FCF Growth3 Y
-3.29%
FCF Growth5 Y
-0.7%
OCF Growth
9.22%
OCF Growth Q
-84.39%
OCF Growth10 Y
2.4%
OCF Growth3 Y
-2.53%
OCF Growth5 Y
-0.66%
Revenue Growth
4.59x
Revenue Growth Q
0.32x
Revenue Growth Quarters
5x
Revenue Growth Years
3x
Revenue Growth3 Y
4.33x
Revenue Growth5 Y
2.62x

Financial strength

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

22
MetricValue
Asset Turnover
$1.3
Assets
$59.2B
Cash
$1.9B
Current Assets
$25.1B
Current Liabilities
$22.1B
Debt
$20.7B
Debt EBITDA
$2.51
Debt Equity
$2.76
Debt FCF
$3.66
Equity
$7.5B
Interest Coverage
5.99
Liabilities
$51.7B
Long Term Assets
$34.2B
Long Term Liabilities
$29.7B
Net Cash
$-18.8B
Net Cash By Market Cap
$-16.1
Net Debt EBITDA
$2.35
Net Debt Equity
$2.51
Net Debt FCF
$3.32
Tangible Book Value
$-5.7B
Tangible Book Value Per Share
$-24.58
WACC
4.77

Liquidity

Current-asset coverage and working-capital efficiency metrics.

6
MetricValue
Current ratio
1.14
Inventory Turnover
17.24
Net Working Capital
$1.3B
Quick ratio
0.91
Working Capital
$3B
Working Capital Turnover
$32.63

Dividends and buybacks

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

10
MetricValue
Buyback Yield
2.18%
Dividend Growth
4.65%
Dividend Growth Years
23%
Dividend per share
$13.8
Dividend Years
43
Dividend Yield
2.72%
Ex Div Date
2026-03-02
Last Dividend
$3.45
Payout Frequency
Quarterly
Payout Ratio
65.47%

Performance and technicals

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

42
MetricValue
10Y total return
174.74%
1Y total return
10.4%
200-day SMA
525.9
3Y total return
20.53%
50-day SMA
600.7
50-day SMA vs 200-day SMA
50over200
5Y total return
48.52%
All Time High
692
All Time High Change
-26.8%
All Time High Date
2026-03-02
All Time Low
0.46
All Time Low Change
110,419.31%
All Time Low Date
1973-12-04
ATR
14.68
Beta
0.1
Beta1y
-0.14
Beta2y
0.19
Ch YTD
4.72
High
512
High52
692
High52 Date
2026-03-02
High52ch
-26.8%
Low
504.5
Low52
410.1
Low52 Date
2025-07-22
Low52ch
23.51%
Ma50ch
-15.68%
Premarket Change Percent
-0.15
Premarket Price
$512
Premarket Volume
2,901
Price vs 200-day SMA
-3.69%
RSI
25.95
RSI Monthly
50.22
RSI Weekly
38.56
Sharpe ratio
0.36x
Sortino ratio
0.68
Total Return
4.9%
Tr YTD
5.27
Tr15y
899.98%
Tr1m
-19.31%
Tr1w
-1.22%
Tr3m
-18.35%

Analyst estimates

Ratings, targets, revisions, and forward estimate fields.

18
MetricValue
Analyst Count
14
Analyst Count Top
12
Analyst Price Target Top
$602
Analyst Ratings
Hold
Analyst Ratings Top
Hold
Earnings EPS Estimate
$6.69
Earnings EPS Estimate Growth
-8.1
Earnings Revenue Estimate
18,244,396,144x
Earnings Revenue Estimate Growth
1.57x
Operating Income
$6.7B
Operating Income Growth
-9.76
Operating Income Growth Q
-12.8
Operating Income Growth3 Y
-3.82
Operating Income Growth5 Y
-5.83
Operating margin
8.92
Price target
$603
Price Target Change
$18.99
Price Target Change Top
$17.65

Ownership and float

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

11
MetricValue
Float
196,536,733%
Float Percent
85.24%
Net Borrowing
343,000,000
Shares Insiders
0.06%
Shares Institutions
74.4%
Shares Out
230,563,608
Shares Qo Q
-0.34%
Shares Yo Y
-2.18%
Short Float
1.27%
Short Ratio
1.81
Short Shares
1.08

Other indicators

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

77
MetricValue
Adjusted FCF
$5.3B
Average Volume
1,626,566.75x
Bv Per Share
32.56
CAPEX
$-1.7B
Ch10y
110.8
Ch15y
533.5
Ch1m
-19.31
Ch1w
-1.22
Ch1y
7.47
Ch20y
563.1
Ch3m
-18.77
Ch3y
11.19
Ch5y
29.76
Ch6m
10.51
Change
-1.15%
Change From Open
-0.41
Close
512.4
Days Gap
-0.75
Depreciation Amortization
1,295,000,000
Dollar Volume
655,201,582.1
Earnings Date
2026-04-23
Earnings Time
bmo
EBIT
$6.7B
EBITDA
$8B
EPS
$20.62
F Score
6
FCF
$5.7B
FCF EV Yield
4.18x
FCF Per Share
$24.56
Financing CF
-5,189,000,000
Fiscal Year End
December
Founded
1,912
Goodwill
11,306,000,000
Graham Number
122.9102
Graham Upside
-75.73
Income Tax
$867M
Investing CF
-2,088,000,000
Is Primary Listing
1
Is Spac
No
Last Earnings Date
2026-04-23
Last Report Date
2026-03-29
Last Split Date
1999-01-04
Last Split Type
Forward
Last10k Filing Date
2026-01-29
Lynch Fair Value
$103
Lynch Upside
-79.64
Ma150
550
Ma150ch
-7.91%
Ma20
546
Ma20ch
-7.24%
Net CF
91,000,000
Next Earnings Date
2026-07-21
Open
508.6
Optionable
Yes
P FCF Ratio
20.63
P OCF Ratio
15.85
Payment Date
2026-03-27
Position In Range
26.8
Post Close
506.5
Postmarket Change Percent
0.14
Postmarket Price
$507
Ppne
11,283,000,000
Pre Close
512.4
Price Date
2026-05-08
Price EBITDA
$14.61
Relative Volume
0.8x
Revenue
75,106,000,000x
SBC By Revenue
0.44x
Share Based Comp
327,000,000
Tax By Revenue
1.15x
Tax Rate
15.32%
Tr20y
1,081.56%
Tr6m
11.93%
Us State
Maryland
Views
120
Volume
1,293,561
Z Score
3.4

Deeper analysis on LMT

14 sections in the full report · jump straight to what you need
Forecast
Bull, base, and bear cases with expected-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.
→
Scorecard
Six-factor overlay and 9-category weighted scorecard.
→
Recommendation
Final action, action steps, opportunity, and biggest risk.
→
Perspectives
Growth, value, and income investor reads.
→
Archive
Prior monthly reports and rating changes.
→

Frequently asked questions

About this LMT report
What is the current LMT stock rating?
Lockheed Martin Corporation is currently shown with Strong Buy in the latest report. The hub links directly to the full analysis surface where the rating, fair-value bridge, risks, and scorecard are documented together.
Where can I read the full LMT analysis?
The full report lives at /stocks/LMT/analysis. The bare ticker page is a product hub that summarizes the latest read and sends readers into the relocated analysis tabs without making the analysis surface depend on the hub.
What fair-value range is used for LMT?
The latest report frames LMT around $507 to $783. Treat that range as the entry point, then check the valuation, sensitivity, and bear-case tabs before making an investment decision.
How often is the LMT page updated?
The hub updates with the latest published stock report and live backend market data. The analysis pages remain reachable under /analysis, so a hub rollback does not remove the report reader.
Strong BuyLMT · Fair value $644+27.2% · Confidence 88/100
Read full analysis →