Lockheed Martin (LMT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Lockheed Martin

NYSE•Industrials•Aerospace & Defense

$643.15+6.20(0.01%)Pre-market

Market Cap

$148.25B

P/E

22.8x

P/S

1.9x

P/B

14.7x

Lockheed Martin Corporation, an aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally. The company operates through four segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; and ground vehicles. The RMS segment offers military and commercial helicopters, surface ships, sea- and land-based missile defense systems, radar and laser systems, sea- and air-based mission and combat systems, command and control mission solutions, cyber solutions, simulation and training solutions, and services and support for surface ships. The Space segment provides satellites; space transportation systems; strategic, advanced strike, and defensive systems; and classified systems and services in support of national security systems. This segment also provides network-enabled situational awareness; and integrates space and ground global systems to help its customers gather, analyze, and securely distribute critical intelligence data. It primarily serves the U.S. government and international customers, as well as foreign military sales contracted through the U.S. government. The company was formerly known as The Lockheed Corporation and changed its name to Lockheed Martin Corporation in March 1995. Lockheed Martin Corporation was founded in 1912 and is based in Bethesda, Maryland.

How this company scores

GoodMetricSide Score: 76/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability20/25

Growth21/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowHigh ROERising earningsCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 22.8x5y range 14.8x – 29.5x

Currently near its 20-quarter median.

P/S · 1.9x5y range 1.4x – 1.9x

Currently near its 20-quarter median.

P/B · 14.7x5y range 8.8x – 20.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Leverage Risk

Watch

D/E ratio of 2.0 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $148.25B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $79.12B
Q. Revenue: $20.71B
TTM EBITDA: $11.00B
TTM Op. Income: $9.32B
Q. Op. Income: $2.44B
TTM Net Income: $6.51B
Q. Net Income: $1.84B
EPS: $8
Shares Out.: $230.50M

$79.12B in TTM revenue grew 7.9% YoY, reaching $20.71B last quarter. TTM EBITDA of $11.00B and TTM operating income of $9.32B show growth is flowing through to the bottom line. TTM net income of $6.51B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 11.8%
EBITDA Margin: 11.8%
Op. Margin: 11.8%
Net Margin: 8.9%

Op. margin of 11.8% is down 0.5% YoY — costs are rising relative to revenue. Net margin at 8.9% and gross margin of 11.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 4% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 22.8x
P/S Ratio: 1.9x
P/B Ratio: 14.7x

At 22.8x P/E, the stock trades within typical market levels. P/S of 1.9x and P/B of 14.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 15% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $64.51B
Cash: $5.96B
Long-Term Debt: $20.50B
Book Value: $10.06B
D/E Ratio: 2.0
Debt/EBITDA: 8.4

With $64.51B in assets and $20.50B in long-term debt, D/E is 2.0and book value is $10.06B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 5 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $3.44B
TTM Free Cash Flow: $8.38B
FCF Margin: 10.6%
FCF / Net Income: 1.3

TTM FCF of $8.38B on $3.44B in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 82% — a weakening trend.