Lockheed Martin
LMT NYSE· Aerospace & Defense
Last close · Oct 26, 2026
$635.20
KIRA · Stoqly’s AI analyst, in plain words
- Lockheed Martin had $75.0B of revenue in fiscal 2025, up 5.6% on the year before. Over five years, revenue changed +2.8% a year on average.
- Its operating margin was 10.3%, up 0.4 pts: of every 100 in sales, about 10 is left after running the business.
- Lockheed Martin made $5.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 2.6% a year.
- Free cash flow was $6.9B in fiscal 2025, 9.2% of revenue.
- Lockheed Martin returned $6.1B to shareholders in fiscal 2025, 89% of free cash flow. The diluted share count fell 2.4%.
- Lockheed Martin owes $17.6B more than it holds in cash, about 1.9 years of operating profit.
Market cap
$147.0B
P/E
22.6x
Revenue
$75.0B
Net income
$5.0B
Free cash flow
$6.9B
Operating margin
10.3%
Lockheed Martin in 30 seconds · fiscal 2025
Are sales growing?
+5.6%
Yes. Sales grew 5.6% last year.
Does it make a profit?
6.7%
A little. It keeps 6.7% of every sale as profit.
Does profit turn into cash?
9.2%
Partly. 9.2% of sales ends up as free cash.
Is debt under control?
1.9x
Keep an eye on it. Repaying its debt would take 1.9 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
22.6x
One share costs 22.6 times its yearly profit per share. Typical for its sector: 26.0x.
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.
Biggest risks, in its own words
- Its dependence on the US government, so shifts in defense priorities or budget delays and cuts could hurt sales.
- Its reliance on the F-35 fighter, where funding cuts or cost, schedule and performance problems could hurt results.
- Losses on fixed-price contracts if it cannot control costs or estimate them well.
- Suppliers and partners that fail to deliver parts or work on time, including scarce materials.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Jan 29, 2026
- Legal name
- LOCKHEED MARTIN CORPORATION
- CIK
- 0000936468
Lockheed Martin · LMT
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B |
| Revenue growth | 2.5% | −1.6% | 2.4% | 5.1% | 5.6% |
| Gross margin | 13.5% | 12.6% | 12.6% | 9.8% | 10.2% |
| Operating margin | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Net income | $6.3B | $5.7B | $6.9B | $5.3B | $5.0B |
| Net margin | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
| Diluted EPS | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 |
| Cash | |||||
| Cash from operations | $9.2B | $7.8B | $7.9B | $7.0B | $8.6B |
| Capital expenditure | $1.5B | $1.7B | $1.7B | $1.7B | $1.6B |
| Free cash flow | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| FCF margin | 11.5% | 9.3% | 9.2% | 7.4% | 9.2% |
| Dividends paid | $2.9B | $3.0B | $3.1B | $3.1B | $3.1B |
| Share buybacks | $4.1B | $7.9B | $6.0B | $3.7B | $3.0B |
| Share count change | −1.4% | −4.6% | −5.1% | −4.8% | −2.4% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $11.0B | $9.3B | $6.8B | $6.3B | $6.7B |
| Net debt / EBITDA | 0.8x | 1.3x | 1.6x | 2.1x | 1.9x |
| Current ratio | 1.4x | 1.3x | 1.2x | 1.1x | 1.1x |
| Interest coverage | 16.0x | 13.4x | 9.3x | 6.8x | 6.9x |
| Returns and quality | |||||
| Return on capital | 44.8% | 34.7% | 32.2% | 25.6% | 27.1% |
| Return on equity | 74.4% | 56.7% | 86.0% | 81.0% | 76.9% |
| Piotroski F-score | 7 | 4 | 5 | 5 | 5 |
| Altman Z'' | 3.6 | 3.0 | 2.7 | 2.1 | 2.0 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.1M
2 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Lockheed Martin · LMT
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $147.0B | 5.6% | 10.3% | 9.2% | 27.1% | 22.6x | 5 |
| Boeing BA | $148.9B | 34.5% | 4.8% | −2.1% | 13.5% | 67.0x | 6 |
| GE Aerospace GE | $300.3B | 18.5% | — | 15.8% | 35.8% | 33.3x | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $635.20 a share, the company is worth $147.0B: 22.6 times its earnings of the last four quarters.
Lockheed Martin grew sales faster than 0 of its 2 similar companies. Its P/E is higher than 0 of 2.
Source: SEC EDGAR XBRL filings (CIK 0000936468). Data updated October 22, 2026. For information only — not investment advice. Check the original filings before relying on any figure.