Industrials · Aerospace & Defense · US stock · price as of 16 Oct 2026
Key indicators
Price
$552.09
52-week range
$429.47 – $683.27
Market cap
$127.6B
P/E (trailing)
20.4×
EV / EBITDA
15.8×
Free-cash-flow yield
6.8%
Dividend yield
2.5%
Revenue (last 12 months)
$77.0B
Revenue growth (3y a year)
4.4%
Operating margin
11.9%
Return on invested capital
30.4%
Net debt / EBITDA
1.8×
Fair value
Blended fair value$795.61 range $757 – $837
Versus priceUndervalued+44% to fair value
Peer multiples
$790.43
Fundamentals-adjusted multiple
$854.55
10-year DCF (market-scaled)
$741.87
Earnings power value (floor, not blended)
$312.19
Model uncertainty
Medium
X-Ray Score
57/ 100 · High confidence · ahead of 72% of sector peers
Valuation83
Growth41
Profitability59
Financial health38
Dividends54
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%. 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.
StocksXray gives Lockheed Martin Corp an X-Ray Score of 57 out of 100 (high confidence), ahead of 72% of the S&P 500 stocks in its sector. Its strongest lens is valuation (83) and its weakest is financial health (38).
Our fair value blend is $795.61 (range $757.21 to $836.52). At $552.09 the stock trades 31% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Lockheed Martin Corp (LMT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$313.42
$440.35
$421.37
$463.61
$475.07
$552.09
Market cap
$86.9B
$116.5B
$105.8B
$110.9B
$110.9B
$127.6B
P/E
13.8×
20.3×
15.3×
20.8×
22.1×
20.4×
EV / revenue
1.4×
2.0×
1.8×
1.8×
1.7×
1.9×
EV / EBITDA
9.1×
13.3×
12.3×
15.0×
13.6×
15.8×
Price / free cash flow
11.3×
19.0×
17.0×
21.0×
16.1×
14.6×
Free-cash-flow yield
8.9%
5.3%
5.9%
4.8%
6.2%
6.8%
Price / book
7.9×
12.6×
15.5×
17.5×
16.5×
14.6×
Dividend yield
3.38%
2.59%
2.88%
2.75%
2.81%
2.50%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−6.6%Good
Free-cash-flow yield6.8%Good
Risk models
Altman Z score2.5×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−0.3%Average
Free-cash-flow growth (3y)4.1%Bad
Revenue growth (3y)4.4%Average
Growth consistency90%Average
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA1.8×Average
Interest cover8.2×Bad
Valuation
Fair value vs price1.4×Good
EBIT / EV yield6.3%Good
Profitability
Return on invested capital30.4%Good
Operating margin11.9%Average
Gross profitability14.5%Bad
XStocksXray
Lockheed Martin Corp (LMT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
67,044
65,984
67,571
71,043
75,048
77,014
Gross profit
9,061
8,287
8,479
6,930
7,619
9,086
Operating income
9,123
8,348
8,507
7,013
7,731
9,153
Net income
6,315
5,732
6,920
5,336
5,017
6,287
Diluted EPS ($)
22.76
21.66
27.55
22.31
21.49
27.08
Free cash flow
7,699
6,132
6,229
5,287
6,908
8,729
Gross margin
13.5%
12.6%
12.5%
9.8%
10.2%
11.8%
Operating margin
13.6%
12.7%
12.6%
9.9%
10.3%
11.9%
Net margin
9.4%
8.7%
10.2%
7.5%
6.7%
8.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
50,873
52,880
52,456
55,617
59,840
62,450
Cash
3,604
2,547
1,442
2,483
4,121
3,791
Total debt
11,676
15,547
17,459
20,270
21,700
20,538
Equity
10,959
9,266
6,835
6,333
6,721
8,768
Dividend per share ($)
10.60
11.40
12.15
12.75
13.35
13.65
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.