Carrier Global vs Lockheed Martin
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The short version
- Lockheed Martin is the larger business, with $75.0B of revenue in fiscal 2025 against $21.7B for Carrier Global, about 3.5 times as much.
- Lockheed Martin grew revenue faster (5.6%, against −3.3%).
- Carrier Global turned more of its sales into free cash flow (9.8% FCF margin, against 9.2%).
- Lockheed Martin earned a higher return on the capital invested in it (27.1%, against 8.0%).
- Investors pay more for each dollar of Carrier Global’s earnings: a P/E of 36.8x against 21.5x for Lockheed Martin.
| Latest fiscal year | CARR · FY25 | LMT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.4B | $139.9B |
| Revenue | $21.7B | $75.0B |
| Free cash flow | $2.1B | $6.9B |
| Net income | $1.5B | $5.0B |
| Growth | ||
| Revenue growth | −3.3% | 5.6% |
| 5-year growth | 4.5% | 2.8% |
| Share count change | −5.4% | −2.4% |
| Profitability | ||
| Gross margin | — | 10.2% |
| Operating margin | 10.0% | 10.3% |
| Net margin | 6.8% | 6.7% |
| FCF margin | 9.8% | 9.2% |
| Return on capital | 8.0% | 27.1% |
| Return on equity | 10.4% | 76.9% |
| Balance sheet | ||
| Net debt | $10.2B | $17.6B |
| Net debt / EBITDA | 3.0x | 1.9x |
| Dividends and buybacks | $3.7B | $6.1B |
| Valuation & quality | ||
| P/E | 36.8x | 21.5x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CARR —
LMT $47.3B
FY17
CARR —
LMT $50.0B
FY18
CARR $18.9B
LMT $53.8B
FY19
CARR $18.6B
LMT $59.8B
FY20
CARR $17.5B
LMT $65.4B
FY21
CARR $20.6B
LMT $67.0B
FY22
CARR $17.3B
LMT $66.0B
FY23
CARR $19.0B
LMT $67.6B
FY24
CARR $22.5B
LMT $71.0B
FY25
CARR $21.7B
LMT $75.0B
CARR
LMT
Operating margin
FY16
CARR —
LMT 12.5%
FY17
CARR —
LMT 13.5%
FY18
CARR 19.2%
LMT 13.6%
FY19
CARR 13.4%
LMT 14.3%
FY20
CARR 17.7%
LMT 13.2%
FY21
CARR 12.8%
LMT 13.6%
FY22
CARR 23.0%
LMT 12.7%
FY23
CARR 11.4%
LMT 12.6%
FY24
CARR 11.8%
LMT 9.9%
FY25
CARR 10.0%
LMT 10.3%
CARR
LMT
Free cash flow
FY16
CARR —
LMT $4.1B
FY17
CARR —
LMT $5.3B
FY18
CARR $1.8B
LMT $1.9B
FY19
CARR $1.8B
LMT $5.8B
FY20
CARR $1.4B
LMT $6.4B
FY21
CARR $1.9B
LMT $7.7B
FY22
CARR $1.4B
LMT $6.1B
FY23
CARR $2.2B
LMT $6.2B
FY24
CARR $44.0M
LMT $5.3B
FY25
CARR $2.1B
LMT $6.9B
CARR
LMT
Return on capital
FY16
CARR —
LMT 29.1%
FY17
CARR —
LMT 27.5%
FY18
CARR —
LMT 49.9%
FY19
CARR —
LMT 50.5%
FY20
CARR 15.8%
LMT 49.3%
FY21
CARR 13.6%
LMT 44.8%
FY22
CARR 24.4%
LMT 34.7%
FY23
CARR 11.8%
LMT 32.2%
FY24
CARR 7.8%
LMT 25.6%
FY25
CARR 8.0%
LMT 27.1%
CARR
LMT
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.