Boeing
BA · Aerospace & Defense
$188.35
0.4%Lockheed Martin
LMT · Aerospace & Defense
$604.18
2.4%The short version
- Boeing is the larger business, with $89.5B of revenue in fiscal 2025 against $75.0B for Lockheed Martin.
- Boeing grew revenue faster (34.5%, against 5.6%).
- Lockheed Martin kept more of each dollar of sales as operating profit (10.3% operating margin, against 4.8% operating margin).
- Lockheed Martin turned more of its sales into free cash flow (9.2% FCF margin, against −2.1% FCF margin).
- Lockheed Martin earned a higher return on the capital invested in it (27.1%, against 13.5%).
- Investors pay more for each dollar of Boeing’s earnings: a P/E of 67.0x against 21.5x for Lockheed Martin.
| Latest fiscal year | BA · FY25 | LMT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $148.9B | $139.9B |
| Revenue | $89.5B | $75.0B |
| Free cash flow | −$1.9B | $6.9B |
| Net income | $2.2B | $5.0B |
| Growth | ||
| Revenue growth | 34.5% | 5.6% |
| 5-year growth | 9.0% | 2.8% |
| Share count change | 17.8% | −2.4% |
| Profitability | ||
| Gross margin | 4.8% | 10.2% |
| Operating margin | 4.8% | 10.3% |
| Net margin | 2.5% | 6.7% |
| FCF margin | −2.1% | 9.2% |
| Return on capital | 13.5% | 27.1% |
| Return on equity | — | 76.9% |
| Balance sheet | ||
| Net debt | $24.7B | $17.6B |
| Net debt / EBITDA | 4.0x | 1.9x |
| Dividends and buybacks | $331M | $6.1B |
| Valuation & quality | ||
| P/E | 67.0x | 21.5x |
| Piotroski F-score | 6 | 5 |
FY16
BA $93.5B
LMT $47.3B
FY17
BA $94.0B
LMT $50.0B
FY18
BA $101.1B
LMT $53.8B
FY19
BA $76.6B
LMT $59.8B
FY20
BA $58.2B
LMT $65.4B
FY21
BA $62.3B
LMT $67.0B
FY22
BA $66.6B
LMT $66.0B
FY23
BA $77.8B
LMT $67.6B
FY24
BA $66.5B
LMT $71.0B
FY25
BA $89.5B
LMT $75.0B
BA
LMT
FY16
BA 7.0%
LMT 12.5%
FY17
BA 11.0%
LMT 13.5%
FY18
BA 11.9%
LMT 13.6%
FY19
BA −2.6%
LMT 14.3%
FY20
BA −22.0%
LMT 13.2%
FY21
BA −4.6%
LMT 13.6%
FY22
BA −5.3%
LMT 12.7%
FY23
BA −1.0%
LMT 12.6%
FY24
BA −16.1%
LMT 9.9%
FY25
BA 4.8%
LMT 10.3%
BA
LMT
FY16
BA $7.9B
LMT $4.1B
FY17
BA $11.6B
LMT $5.3B
FY18
BA $13.6B
LMT $1.9B
FY19
BA −$4.3B
LMT $5.8B
FY20
BA −$19.7B
LMT $6.4B
FY21
BA −$4.4B
LMT $7.7B
FY22
BA $2.3B
LMT $6.1B
FY23
BA $4.4B
LMT $6.2B
FY24
BA −$14.3B
LMT $5.3B
FY25
BA −$1.9B
LMT $6.9B
BA
LMT
FY16
BA —
LMT 29.1%
FY17
BA —
LMT 27.5%
FY18
BA —
LMT 49.9%
FY19
BA —
LMT 50.5%
FY20
BA —
LMT 49.3%
FY21
BA —
LMT 44.8%
FY22
BA −11.0%
LMT 34.7%
FY23
BA −2.9%
LMT 32.2%
FY24
BA −39.8%
LMT 25.6%
FY25
BA 13.5%
LMT 27.1%
BA
LMT
Add another company
Compare up to four at once.
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.