Lockheed Martin vs RTX
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The short version
- RTX is the larger business, with $88.6B of revenue in fiscal 2025 against $75.0B for Lockheed Martin.
- RTX grew revenue faster (9.7%, against 5.6%).
- Lockheed Martin earned a higher return on the capital invested in it (27.1%, against 7.8%).
- Investors pay more for each dollar of RTX’s earnings: a P/E of 31.0x against 21.5x for Lockheed Martin.
| Latest fiscal year | LMT · FY25 | RTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $139.9B | $261.3B |
| Revenue | $75.0B | $88.6B |
| Free cash flow | $6.9B | $7.9B |
| Net income | $5.0B | $6.7B |
| Growth | ||
| Revenue growth | 5.6% | 9.7% |
| 5-year growth | 2.8% | 9.4% |
| Share count change | −2.4% | 1.0% |
| Profitability | ||
| Gross margin | 10.2% | — |
| Operating margin | 10.3% | 10.5% |
| Net margin | 6.7% | 7.6% |
| FCF margin | 9.2% | 9.0% |
| Return on capital | 27.1% | 7.8% |
| Return on equity | 76.9% | 10.7% |
| Balance sheet | ||
| Net debt | $17.6B | $29.7B |
| Net debt / EBITDA | 1.9x | 2.2x |
| Dividends and buybacks | $6.1B | $3.6B |
| Valuation & quality | ||
| P/E | 21.5x | 31.0x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
LMT $47.3B
RTX $57.2B
FY17
LMT $50.0B
RTX $59.8B
FY18
LMT $53.8B
RTX $34.7B
FY19
LMT $59.8B
RTX $45.3B
FY20
LMT $65.4B
RTX $56.6B
FY21
LMT $67.0B
RTX $64.4B
FY22
LMT $66.0B
RTX $67.1B
FY23
LMT $67.6B
RTX $68.9B
FY24
LMT $71.0B
RTX $80.7B
FY25
LMT $75.0B
RTX $88.6B
LMT
RTX
Operating margin
FY16
LMT 12.5%
RTX 14.4%
FY17
LMT 13.5%
RTX 13.6%
FY18
LMT 13.6%
RTX 8.3%
FY19
LMT 14.3%
RTX 10.8%
FY20
LMT 13.2%
RTX −3.3%
FY21
LMT 13.6%
RTX 8.0%
FY22
LMT 12.7%
RTX 8.2%
FY23
LMT 12.6%
RTX 5.2%
FY24
LMT 9.9%
RTX 8.1%
FY25
LMT 10.3%
RTX 10.5%
LMT
RTX
Free cash flow
FY16
LMT $4.1B
RTX $4.7B
FY17
LMT $5.3B
RTX $3.6B
FY18
LMT $1.9B
RTX $1.2B
FY19
LMT $5.8B
RTX $4.0B
FY20
LMT $6.4B
RTX $2.5B
FY21
LMT $7.7B
RTX $5.0B
FY22
LMT $6.1B
RTX $4.9B
FY23
LMT $6.2B
RTX $5.5B
FY24
LMT $5.3B
RTX $4.5B
FY25
LMT $6.9B
RTX $7.9B
LMT
RTX
Return on capital
FY16
LMT 29.1%
RTX 14.2%
FY17
LMT 27.5%
RTX 10.8%
FY18
LMT 49.9%
RTX 2.4%
FY19
LMT 50.5%
RTX 5.4%
FY20
LMT 49.3%
RTX −1.7%
FY21
LMT 44.8%
RTX 4.3%
FY22
LMT 34.7%
RTX 4.9%
FY23
LMT 32.2%
RTX 3.2%
FY24
LMT 25.6%
RTX 5.4%
FY25
LMT 27.1%
RTX 7.8%
LMT
RTX
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.