GE Aerospace 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 $45.9B for GE Aerospace, about 1.6 times as much.
- GE Aerospace grew revenue faster (18.5%, against 5.6%).
- GE Aerospace turned more of its sales into free cash flow (15.8% FCF margin, against 9.2%).
- GE Aerospace earned a higher return on the capital invested in it (35.8%, against 27.1%).
- Investors pay more for each dollar of GE Aerospace’s earnings: a P/E of 33.0x against 21.5x for Lockheed Martin.
| Latest fiscal year | GE · FY25 | LMT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $297.4B | $139.9B |
| Revenue | $45.9B | $75.0B |
| Free cash flow | $7.3B | $6.9B |
| Net income | $8.7B | $5.0B |
| Growth | ||
| Revenue growth | 18.5% | 5.6% |
| 5-year growth | −9.6% | 2.8% |
| Share count change | −2.4% | −2.4% |
| Profitability | ||
| Gross margin | — | 10.2% |
| Operating margin | — | 10.3% |
| Net margin | 19.0% | 6.7% |
| FCF margin | 15.8% | 9.2% |
| Return on capital | 35.8% | 27.1% |
| Return on equity | 45.8% | 76.9% |
| Balance sheet | ||
| Net debt | $8.1B | $17.6B |
| Net debt / EBITDA | 0.7x | 1.9x |
| Dividends and buybacks | $9.0B | $6.1B |
| Valuation & quality | ||
| P/E | 33.0x | 21.5x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
GE $119.5B
LMT $47.3B
FY17
GE $99.3B
LMT $50.0B
FY18
GE $97.0B
LMT $53.8B
FY19
GE $90.2B
LMT $59.8B
FY20
GE $75.8B
LMT $65.4B
FY21
GE $56.5B
LMT $67.0B
FY22
GE $29.1B
LMT $66.0B
FY23
GE $35.3B
LMT $67.6B
FY24
GE $38.7B
LMT $71.0B
FY25
GE $45.9B
LMT $75.0B
GE
LMT
Operating margin
FY16
GE —
LMT 12.5%
FY17
GE —
LMT 13.5%
FY18
GE —
LMT 13.6%
FY19
GE —
LMT 14.3%
FY20
GE —
LMT 13.2%
FY21
GE —
LMT 13.6%
FY22
GE —
LMT 12.7%
FY23
GE —
LMT 12.6%
FY24
GE —
LMT 9.9%
FY25
GE —
LMT 10.3%
GE
LMT
Free cash flow
FY16
GE −$6.0B
LMT $4.1B
FY17
GE −$88.0M
LMT $5.3B
FY18
GE −$1.6B
LMT $1.9B
FY19
GE $6.5B
LMT $5.8B
FY20
GE $2.0B
LMT $6.4B
FY21
GE $2.2B
LMT $7.7B
FY22
GE $4.5B
LMT $6.1B
FY23
GE $4.3B
LMT $6.2B
FY24
GE $3.7B
LMT $5.3B
FY25
GE $7.3B
LMT $6.9B
GE
LMT
Return on capital
FY16
GE 6.7%
LMT 29.1%
FY17
GE −3.5%
LMT 27.5%
FY18
GE −9.1%
LMT 49.9%
FY19
GE 3.1%
LMT 50.5%
FY20
GE 11.2%
LMT 49.3%
FY21
GE —
LMT 44.8%
FY22
GE —
LMT 34.7%
FY23
GE 28.3%
LMT 32.2%
FY24
GE 25.2%
LMT 25.6%
FY25
GE 35.8%
LMT 27.1%
GE
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.