General Dynamics 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 $52.6B for General Dynamics.
- General Dynamics grew revenue faster (10.1%, against 5.6%).
- Lockheed Martin turned more of its sales into free cash flow (9.2% FCF margin, against 7.5%).
- Lockheed Martin earned a higher return on the capital invested in it (27.1%, against 14.4%).
| Latest fiscal year | GD · FY25 | LMT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.8B | $139.9B |
| Revenue | $52.6B | $75.0B |
| Free cash flow | $4.0B | $6.9B |
| Net income | $4.2B | $5.0B |
| Growth | ||
| Revenue growth | 10.1% | 5.6% |
| 5-year growth | 6.7% | 2.8% |
| Share count change | −1.8% | −2.4% |
| Profitability | ||
| Gross margin | — | 10.2% |
| Operating margin | 10.2% | 10.3% |
| Net margin | 8.0% | 6.7% |
| FCF margin | 7.5% | 9.2% |
| Return on capital | 14.4% | 27.1% |
| Return on equity | 17.7% | 76.9% |
| Balance sheet | ||
| Net debt | $6.1B | $17.6B |
| Net debt / EBITDA | 1.0x | 1.9x |
| Dividends and buybacks | $2.2B | $6.1B |
| Valuation & quality | ||
| P/E | — | 21.5x |
| Piotroski F-score | 8 | 5 |
Revenue
FY16
GD $30.6B
LMT $47.3B
FY17
GD $31.0B
LMT $50.0B
FY18
GD $36.2B
LMT $53.8B
FY19
GD $39.4B
LMT $59.8B
FY20
GD $37.9B
LMT $65.4B
FY21
GD $38.5B
LMT $67.0B
FY22
GD $39.4B
LMT $66.0B
FY23
GD $42.3B
LMT $67.6B
FY24
GD $47.7B
LMT $71.0B
FY25
GD $52.6B
LMT $75.0B
GD
LMT
Operating margin
FY16
GD 12.3%
LMT 12.5%
FY17
GD 13.7%
LMT 13.5%
FY18
GD 12.1%
LMT 13.6%
FY19
GD 11.6%
LMT 14.3%
FY20
GD 10.9%
LMT 13.2%
FY21
GD 10.8%
LMT 13.6%
FY22
GD 10.7%
LMT 12.7%
FY23
GD 10.0%
LMT 12.6%
FY24
GD 10.1%
LMT 9.9%
FY25
GD 10.2%
LMT 10.3%
GD
LMT
Free cash flow
FY16
GD $1.8B
LMT $4.1B
FY17
GD $3.4B
LMT $5.3B
FY18
GD $2.5B
LMT $1.9B
FY19
GD $2.0B
LMT $5.8B
FY20
GD $2.9B
LMT $6.4B
FY21
GD $3.4B
LMT $7.7B
FY22
GD $3.5B
LMT $6.1B
FY23
GD $3.8B
LMT $6.2B
FY24
GD $3.2B
LMT $5.3B
FY25
GD $4.0B
LMT $6.9B
GD
LMT
Return on capital
FY16
GD 23.9%
LMT 29.1%
FY17
GD 24.4%
LMT 27.5%
FY18
GD 19.8%
LMT 49.9%
FY19
GD 15.4%
LMT 50.5%
FY20
GD 13.5%
LMT 49.3%
FY21
GD 12.9%
LMT 44.8%
FY22
GD 12.6%
LMT 34.7%
FY23
GD 12.3%
LMT 32.2%
FY24
GD 13.6%
LMT 25.6%
FY25
GD 14.4%
LMT 27.1%
GD
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.