Lockheed Martin Corp (LMT)
Industrials · Aerospace & Defense · US stock · S&P 500 component
$552.09
▲ +19.45 (3.65%)
Fair valueUndervalued
$796 +44.1% to fair value
$398fair band $557–$1,034$1,193
Day's range
$536.69 – $553.14
52-week range
$429.47 – $683.27
About Lockheed Martin Corp
Lockheed Martin is a large defense and aerospace contractor. It designs, builds and supports military aircraft, missiles and air defense systems, helicopters, naval combat systems and space and satellite equipment. Most revenue comes from long-term contracts with the United States government and allied foreign governments, which pay for development, production and later sustainment of the systems. The work is capital intensive and depends heavily on government budgets and procurement programs.
Revenue over the last twelve months came to $77.0 billion. Across three years, revenue grew 4.4% a year. It posts an operating margin of 11.9%, with return on invested capital of 30%. Leverage, measured as net debt to EBITDA, is 1.8 times. The dividend yield is 2.5%. Overall, the X-Ray Score comes to 56 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $429.47 – $683.27Volume 1,600,000Daily, split-adjusted
Vitals
Market cap$127.6B
52-week range$429.47 – $683.27
Volume (last day)1,600,000
P/E (TTM)20.4
EBIT / EV yield6.3%
Free-cash-flow yield6.8%
Dividend yield2.5%
Revenue (TTM)$77.0B
Net income (TTM)$6.3B
Operating margin11.9%
Return on capital30.4%
Debt incl. leases$20.5B
Cash & securities$3.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$796model spread $757 – $837
Undervalued
+44.1% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $552
Undervalued < $557Fair $557 – $1,034Overvalued > $1,034
10-year DCF (market-scaled)
$742
Peer multiples
$790
Earnings power floor (not blended)
$312
Fundamentals-adjusted multiple
$855
Growth the price implies
6.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Valuation
Strong
83/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.3%
Free-cash-flow yield6.8%
Fair value vs price1.4×
Growth
Weak
41/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)4.4%
EPS growth (3y)-0.3%
Growth consistency90%
Profitability
Fair
59/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital30.4%
Operating margin11.9%
Gross profitability14.5%
Financial health
Weak
38/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA1.8×
Interest cover8.2×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.5%
Dividends vs free cash flow37%
Dividend growth1.3%
Quarterly results: last 6 quarters
+4.5%
Mar '25
+0.2%
Jun '25
+8.8%
Sep '25
+9.1%
Dec '25
+0.3%
Mar '26
+10.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $20.1B, diluted EPS $7.94.
Compare with peers
GD General Dynamics Corp69 TXT Textron Inc65 LHX L3harris Technologies,...59 HWM Howmet Aerospace Inc.54Other Aerospace & Defense companies by X-Ray Score.
Fundamentals checklist
● 5 Good · ● 8 Average · ● 3 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 55/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B |
| Operating income | $9.1B | $8.3B | $8.5B | $7.0B | $7.7B |
| Net income | $6.3B | $5.7B | $6.9B | $5.3B | $5.0B |
| Operating cash flow | $9.2B | $7.8B | $7.9B | $7.0B | $8.6B |
| Operating margin | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Free cash flow | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| Diluted EPS | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
10 bullish · 1 neutral · 5 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 515.6 | Bullish |
| EMA 10 | 522.1 | Bullish |
| SMA 20 | 516.6 | Bullish |
| EMA 20 | 521.4 | Bullish |
| SMA 50 | 541.9 | Bullish |
| EMA 50 | 530.8 | Bullish |
| SMA 100 | 535.8 | Bullish |
| EMA 100 | 537.3 | Bullish |
| SMA 200 | 559.1 | Bearish |
| EMA 200 | 534.8 | Bullish |
Oscillators (daily)
| RSI (14) | 64.93 | Neutral |
| MACD (12, 26) | -2.37 | Bearish |
| Momentum (12) | 8.41 | Bullish |
| Stochastic %K (14) | 98.13 | Bearish |
| Williams %R (14) | -1.87 | Bearish |
| CCI (20) | 203.6 | Bearish |
Pivot points (classic, last session)
S3 525.0 | S2 530.9 | S1 541.5 | Pivot 547.3 | R1 557.9 | R2 563.8 | R3 574.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
13.80 USD
Yield on today's price
2.50%
Frequency
Quarterly
Next ex-dividend date
1 Dec 2026
| Ex-dividend date | Amount per share |
|---|---|
| 1 Dec 2026 (upcoming) | 3.6000 |
| 1 Sep 2026 | 3.4500 |
| 1 Jun 2026 | 3.4500 |
| 2 Mar 2026 | 3.4500 |
| 1 Dec 2025 | 3.4500 |
| 2 Sep 2025 | 3.3000 |
| 2 Jun 2025 | 3.3000 |
| 3 Mar 2025 | 3.3000 |
| 2 Dec 2024 | 3.3000 |
| 3 Sep 2024 | 3.1500 |
| 3 Jun 2024 | 3.1500 |
| 29 Feb 2024 | 3.1500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
LMT SEC filings
28 Aug 2026
8-KSEC EDGAR
Entered a material agreement
23 Jul 2026
10-QSEC EDGAR
Quarterly report
23 Jul 2026
8-KSEC EDGAR
Results of operations
13 May 2026
8-KSEC EDGAR
Shareholder vote results
23 Apr 2026
10-QSEC EDGAR
Quarterly report
23 Apr 2026
8-KSEC EDGAR
Results of operations
26 Mar 2026
DEF 14ASEC EDGAR
Proxy statement
29 Jan 2026
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.