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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
$538.09+0.84(<0.01%)After hours
Market Cap
$122.39B
P/E
19.5x
P/S
1.6x
P/B
14.0x

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.

B

How this company scores

GoodMetricSide Score: 79/100

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

Profitability23/25
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 · 19.5x5y range 14.8x – 29.5x
P/E 19.5x · near its 20-quarter median

Currently near its 20-quarter median.

P/S · 1.6x5y range 1.4x – 1.9x
P/S 1.6x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 14.0x5y 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 2.3 is elevated. Watch for further debt accumulation.

Price & Volume
Market Cap $122.39B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue
$77.01B
6Q
Q. Revenue
$20.06B
11%
TTM EBITDA
$10.84B
44%
TTM Op. Income
$9.15B
54%
Q. Op. Income
$2.48B
231%
TTM Net Income
$6.29B
50%
Q. Net Income
$1.84B
2Q
EPS
$7.98
2Q
Shares Out.
$230.20M
1%
$77.01B in TTM revenue grew 7.2% YoY, reaching $20.06B last quarter. TTM EBITDA of $10.84B and TTM operating income of $9.15B show growth is flowing through to the bottom line. TTM net income of $6.29B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
12.2%
2Q
EBITDA Margin
12.4%
200%
Op. Margin
12.4%
200%
Net Margin
9.2%
2Q
Op. margin of 12.4% is up 8.2% YoY — cost efficiency is improving. Net margin at 9.2% and gross margin of 12.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 200% — an improving trend.

Price Ratios

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

P/E Ratio
19.5x
24%
P/S Ratio
1.6x
7%
P/B Ratio
14.0x
30%
At 19.5x P/E, the stock trades within typical market levels. P/S of 1.6x and P/B of 14.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 24% — an improving trend.

Assets & Liabilities

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

Total Assets
$62.45B
6%
Cash
$3.79B
193%
Long-Term Debt
$20.54B
11%
Book Value
$8.77B
4Q
D/E Ratio
2.3
4Q
Debt/EBITDA
8.3
67%
With $62.45B in assets and $20.54B in long-term debt, D/E is 2.3and book value is $8.77B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow
$3.23B
1509%
TTM Free Cash Flow
$8.73B
162%
FCF Margin
11.3%
145%
FCF / Net Income
1.4
75%
TTM FCF of $8.73B on $3.23B in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 162% — an improving trend.

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P/B 14.0x
· near its 20-quarter median

Currently near its 20-quarter median.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.