Lockheed Martin
LMT NYSE Aerospace & Defense Financials FY2016–FY2025
Lockheed Martin's revenue rose 5.6% to $75.0 billion in fiscal 2025. Its operating margin was 10.3%, up from 9.9% a year earlier. Free cash flow was $6.9 billion, up 30.7%. It paid out $6.1 billion in dividends and buybacks, 89% of free cash flow. The diluted share count fell 2.4%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What Lockheed Martin does
Lockheed Martin designs, builds and maintains military aircraft, missiles, helicopters, ships' combat systems, satellites and spacecraft. Its main customer is the US government, which brought in 72% of its sales in 2025, mostly through the Department of Defense, which the 10-K calls the Department of War. International customers, often buying through the US government, made up 28%.
It reports four segments. Aeronautics builds fighter jets and transport planes; its F-35 stealth fighter is the company's largest program, at 27% of total sales. Missiles and Fire Control makes the PAC-3 and THAAD missile-defense systems, the HIMARS rocket launchers, other missiles and, with RTX, the Javelin anti-tank weapon. Rotary and Mission Systems makes Sikorsky helicopters such as the Black Hawk, the Aegis combat system used on warships, radars and training simulators. Space builds satellites, the Trident II missile launched from Navy submarines, and NASA's Orion crew capsule. Much of its work comes under long contracts that the government can cancel. It names Boeing, General Dynamics, L3Harris Technologies, Northrop Grumman and RTX among its main competitors.
Lockheed Martin had about 123,000 employees at the end of 2025, including about 72,000 engineers, scientists and technology workers, and 93% of its workforce was in the United States. It relies on many suppliers for parts and scarce materials such as rare earth minerals.
- Legal name
- LOCKHEED MARTIN CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Jan 29, 2026
- Accession · CIK
- 0001628280-26-004195
0000936468
Revenue and margins
Lockheed Martin had $75.0B of revenue in fiscal 2025, up 5.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 2.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $6.9B in fiscal 2025, 9.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Lockheed Martin returned $6.1B to shareholders in fiscal 2025, 89% of free cash flow. The diluted share count fell 2.4%.
Value Lockheed Martin yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$17.6B and divides by 233.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 21.5x · peers 50.0x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Lockheed Martin can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.6B | $2.5B | $1.4B | $2.5B | $4.1B |
| Debt incl. finance leases | $11.7B | $15.5B | $17.5B | $20.3B | $21.7B |
| Net debt / EBITDA | 0.8x | 1.3x | 1.6x | 2.1x | 1.9x |
| Debt / equity | 1.1x | 1.7x | 2.6x | 3.2x | 3.2x |
| Interest coverage | 16.0x | 13.4x | 9.3x | 6.8x | 6.9x |
| Current ratio | 1.4x | 1.3x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 1.2x | 1.1x | 1.0x | 1.0x | 0.9x |
| Total assets | $50.9B | $52.9B | $52.5B | $55.6B | $59.8B |
| Total liabilities | $39.9B | $43.6B | $45.6B | $49.3B | $53.1B |
| Shareholders' equity | $11.0B | $9.3B | $6.8B | $6.3B | $6.7B |
| Net debt (− = net cash) | $8.1B | $13.0B | $16.0B | $17.8B | $17.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.1M
2 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 5 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | −1.9% | −3.0% | −6.1% |
| Altman Z'' | 2.65 | 2.12 | 1.99 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Lockheed Martin LMT | $139.9B | 5.6% | 10.3% | 9.2% | 27.1% | 21.5x | 5 | |
| Boeing BA | $148.9B | 34.5% | 4.8% | −2.1% | 13.5% | 67.0x | 6 | Compare → |
| GE Aerospace GE | $297.4B | 18.5% | — | 15.8% | 35.8% | 33.0x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $47.3B | $50.0B | $53.8B | $59.8B | $65.4B | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B |
| Gross profit | $5.4B | $6.4B | $7.3B | $8.4B | $8.7B | $9.1B | $8.3B | $8.5B | $6.9B | $7.6B |
| Research and development | $988M | $1.2B | $1.3B | $1.3B | $1.3B | $1.5B | $1.7B | $1.5B | $1.6B | $2.0B |
| Operating income | $5.9B | $6.7B | $7.3B | $8.5B | $8.6B | $9.1B | $8.3B | $8.5B | $7.0B | $7.7B |
| Interest expense | $663M | $651M | $668M | $653M | $591M | $569M | $623M | $916M | $1.0B | $1.1B |
| Pretax income | $4.8B | $5.2B | $5.8B | $7.2B | $8.2B | $7.6B | $6.7B | $8.1B | $6.2B | $5.9B |
| Income tax | $1.1B | $3.4B | $792M | $1.0B | $1.3B | $1.2B | $948M | $1.2B | $884M | $905M |
| Net income | $5.2B | $2.0B | $5.0B | $6.2B | $6.8B | $6.3B | $5.7B | $6.9B | $5.3B | $5.0B |
| Diluted EPS | $17.07 | $6.75 | $17.59 | $21.95 | $24.30 | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 |
| Diluted shares | 0.30B | 0.29B | 0.29B | 0.28B | 0.28B | 0.28B | 0.26B | 0.25B | 0.24B | 0.23B |
| Cash flow | ||||||||||
| Cash from operations | $5.2B | $6.5B | $3.1B | $7.3B | $8.2B | $9.2B | $7.8B | $7.9B | $7.0B | $8.6B |
| Capital expenditure | $1.1B | $1.2B | $1.3B | $1.5B | $1.8B | $1.5B | $1.7B | $1.7B | $1.7B | $1.6B |
| Free cash flow | $4.1B | $5.3B | $1.9B | $5.8B | $6.4B | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| Depreciation and amortization | $1.2B | $1.2B | $1.2B | $906M | $1.0B | $1.4B | $1.4B | $1.4B | $1.6B | $1.7B |
| Stock-based compensation | $149M | $158M | $173M | $189M | $221M | $227M | $238M | $265M | $277M | $304M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $282M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $2.1B | $2.0B | $1.5B | $1.2B | $1.1B | $4.1B | $7.9B | $6.0B | $3.7B | $3.0B |
| Dividends paid | $2.0B | $2.2B | $2.3B | $2.6B | $2.8B | $2.9B | $3.0B | $3.1B | $3.1B | $3.1B |
| Dividends and buybacks | $4.1B | $4.2B | $3.8B | $3.8B | $3.9B | $7.0B | $10.9B | $9.1B | $6.8B | $6.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.8B | $2.9B | $772M | $1.5B | $3.2B | $3.6B | $2.5B | $1.4B | $2.5B | $4.1B |
| Total debt | $14.3B | $14.3B | $14.1B | $12.7B | $12.2B | $11.7B | $15.5B | $17.5B | $20.3B | $21.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $15.1B | $17.5B | $16.1B | $17.1B | $19.4B | $19.8B | $21.0B | $20.5B | $21.8B | $25.4B |
| Current liabilities | $12.5B | $12.9B | $14.4B | $14.0B | $13.9B | $14.0B | $15.9B | $16.9B | $19.4B | $23.3B |
| Inventory | $4.7B | $2.9B | $3.0B | $3.6B | $3.5B | $3.0B | $3.1B | $3.1B | $3.5B | $3.5B |
| Property and equipment, net | $5.5B | $5.8B | $6.1B | $6.6B | $7.2B | $7.6B | $8.0B | $8.4B | $8.7B | $8.9B |
| Total assets | $47.8B | $46.6B | $44.9B | $47.5B | $50.7B | $50.9B | $52.9B | $52.5B | $55.6B | $59.8B |
| Total liabilities | $46.2B | $47.4B | $43.4B | $44.4B | $44.7B | $39.9B | $43.6B | $45.6B | $49.3B | $53.1B |
| Shareholders' equity | $1.5B | −$850M | $1.4B | $3.1B | $6.0B | $11.0B | $9.3B | $6.8B | $6.3B | $6.7B |
| Margins | ||||||||||
| Gross margin | 11.4% | 12.8% | 13.5% | 14.0% | 13.2% | 13.5% | 12.6% | 12.6% | 9.8% | 10.2% |
| Operating margin | 12.5% | 13.5% | 13.6% | 14.3% | 13.2% | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| EBITDA margin | 14.9% | 15.9% | 15.8% | 15.8% | 14.8% | 15.6% | 14.8% | 14.7% | 12.1% | 12.6% |
| Net margin | 10.9% | 3.9% | 9.4% | 10.4% | 10.5% | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
| FCF margin | 8.7% | 10.6% | 3.5% | 9.7% | 9.8% | 11.5% | 9.3% | 9.2% | 7.4% | 9.2% |
| Returns | ||||||||||
| Return on capital | 29.1% | 27.5% | 49.9% | 50.5% | 49.3% | 44.8% | 34.7% | 32.2% | 25.6% | 27.1% |
| Return on capital employed | 16.7% | 19.6% | 22.9% | 26.7% | 24.6% | 24.8% | 22.6% | 23.5% | 19.6% | 21.3% |
| Return on equity | — | — | — | — | 149.5% | 74.4% | 56.7% | 86.0% | 81.0% | 76.9% |
| Return on assets | 10.7% | 4.2% | 11.0% | 13.5% | 13.9% | 12.4% | 11.1% | 13.1% | 9.9% | 8.7% |
| Growth | ||||||||||
| Revenue growth | 16.7% | 5.7% | 7.6% | 11.3% | 9.3% | 2.5% | −1.6% | 2.4% | 5.1% | 5.6% |
| Net income growth | 43.5% | −62.1% | 157.1% | 23.5% | 9.7% | −7.6% | −9.2% | 20.7% | −22.9% | −6.0% |
| EPS growth | 49.0% | −60.5% | 160.6% | 24.8% | 10.7% | −6.3% | −4.8% | 27.2% | −19.0% | −3.7% |
| FCF growth | −0.9% | 28.4% | −64.9% | 213.3% | 10.1% | 20.0% | −20.4% | 1.6% | −15.1% | 30.7% |
| Share count change | −3.7% | −4.1% | −1.3% | −1.1% | −0.9% | −1.4% | −4.6% | −5.1% | −4.8% | −2.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.8x | 1.4x | 1.6x | 1.2x | 0.9x | 0.8x | 1.3x | 1.6x | 2.1x | 1.9x |
| Debt / equity | — | — | — | 4.1x | 2.0x | 1.1x | 1.7x | 2.6x | 3.2x | 3.2x |
| Interest coverage | 8.9x | 10.4x | 11.0x | 13.1x | 14.6x | 16.0x | 13.4x | 9.3x | 6.8x | 6.9x |
| Current ratio | 1.2x | 1.4x | 1.1x | 1.2x | 1.4x | 1.4x | 1.3x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 0.8x | 1.1x | 0.9x | 1.0x | 1.1x | 1.2x | 1.1x | 1.0x | 1.0x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.3% | 2.4% | 2.4% | 2.5% | 2.7% | 2.3% | 2.5% | 2.5% | 2.4% | 2.2% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% |
| Payouts / FCF | 100.4% | 78.6% | 206.4% | 64.5% | 60.2% | 91.3% | 178.0% | 145.4% | 127.8% | 88.8% |
| Quality scores | ||||||||||
| Piotroski F-score | 8.0 | 7.0 | 6.0 | 9.0 | 8.0 | 7.0 | 4.0 | 5.0 | 5.0 | 5.0 |
| Altman Z'' | 2.1 | 2.4 | 2.5 | 3.0 | 3.4 | 3.6 | 3.0 | 2.7 | 2.1 | 2.0 |
| Accruals ratio | −0.0% | −9.6% | 4.2% | −2.3% | −2.8% | −5.7% | −4.0% | −1.9% | −3.0% | −6.1% |
Source: SEC EDGAR XBRL filings (CIK 0000936468). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.