# Lockheed Martin Corporation (LMT)

> Builds military aircraft, missiles, ships’ combat systems, helicopters, satellites and other systems for governments.

- Exchange: New York Stock Exchange · Sector: Industrials · Industry: Aerospace and Defense
- Headquarters: Bethesda, Maryland, United States
- Founded: 1995
- Employees: Approximately 123,000 (December 31, 2025)
- SEC CIK: 0000936468 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000936468))
- Full page: https://inspectstocks.com/stocks/lmt
- Data as of: price 2026-09-25; newest filing used 2026-07-23; latest fiscal period ended 2026-06-28

## Grade

**A** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $77B | $67.4B |
| Revenue growing recently | passed | $77B | $75B |
| Free cash flow positive | passed | $8.7B |  |
| Free cash flow growing overall | passed | $8.7B | $6B |
| Free cash flow growing recently | passed | $8.7B | $6.9B |

Business quality (the + / − mark): 3 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 8.2% |  |
| Healthy profit margin | failed | 8.2% |  |
| Strong operating margin | failed | 11.9% |  |
| Good return on equity | passed | 93.5% |  |
| Debt under control | failed | 3.39 |  |
| Turns sales into cash | passed | 11.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $77B |
| Net income, trailing twelve months | $6.3B |
| Free cash flow, trailing twelve months | $8.7B |
| Net margin | 8.2% |
| Operating margin | 11.9% |
| Return on equity | 93.5% |
| Debt to equity | 3.39 |
| Diluted EPS, trailing twelve months | $27.13 |
| Share price | $519.56 |
| Market value | $119.9B |
| Price / earnings | 19.2x |
| Price / sales | 1.6x |

## What the business does

Lockheed Martin designs, builds and maintains equipment used by the United States and allied militaries, including fighter aircraft, missiles, helicopters, radar and ship combat systems. It also builds satellites, spacecraft and other systems for national security and scientific work, including programs for the United States government and the National Aeronautics and Space Administration. Its work includes developing new equipment as well as producing, upgrading and supporting systems already in service.

### How it makes money

- **Aeronautics: military aircraft and their support** (39.6% (six months ended June 28, 2026)) — Revenue comes from contracts to develop, produce, upgrade and maintain aircraft such as the F-35, C-130 and F-16. Customers pay as work is performed, through contract-specific billing terms and milestones.
- **Missiles and Fire Control: air and missile defense, tactical missiles and fire-control equipment** (20.3% (six months ended June 28, 2026)) — Revenue comes from contracts to produce systems including Patriot Advanced Capability-3 and Terminal High Altitude Area Defense interceptors, tactical missiles and targeting equipment, and to provide related support.
- **Rotary and Mission Systems: helicopters, naval systems, radar and related services** (21.9% (six months ended June 28, 2026)) — Revenue comes from contracts to build and support helicopters, ship combat systems, radar and other mission equipment, as well as from training, logistics and maintenance work.
- **Space: satellites, spacecraft, missile systems and related services** (18.2% (six months ended June 28, 2026)) — Revenue comes from government contracts to design, develop and produce systems such as military satellites, missile-defense systems and the Orion crew vehicle, plus associated support.

### Products

- **Military aircraft** — Combat and transport aircraft, including the F-35 Lightning II, C-130 Hercules, F-16 Fighting Falcon and F-22 Raptor, along with upgrades, training and maintenance.
- **Air and missile defense systems** — Systems designed to detect and intercept incoming threats, including Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD).
- **Tactical and strike weapons** — Rockets and missiles for use against ground, air and sea targets, including the Javelin anti-tank weapon, Precision Strike Missile and Joint Air-to-Surface Standoff Missile.
- **Military helicopters** — Helicopters built and supported for military customers, including Black Hawk, Seahawk and CH-53K King Stallion models.
- **Naval combat, radar and command systems** — Equipment that helps ships and military units detect threats, coordinate operations and control weapons, including the Aegis Combat System.
- **Space and strategic systems** — Satellites, crewed spacecraft and strategic missile systems, including Global Positioning System (GPS) satellites, the Orion crew vehicle and the Trident II D5 submarine-launched missile.

### Customers

- United States government agencies, especially the Department of War and the military services, buy directly through government contracts or through Lockheed Martin as a subcontractor. The United States government accounted for 70% (six months ended June 28, 2026, high) of sales.
- Foreign governments and allied militaries buy directly or through the United States government's Foreign Military Sales program.
- The National Aeronautics and Space Administration buys spacecraft and other equipment and services for civil space missions.
- Civil and commercial customers buy a smaller range of the company’s space and other products and services.

### Competitors

- The Boeing Company (BA) — Military aircraft, space systems and defense contracts.
- General Dynamics Corporation (GD) — Defense contracts, including military vehicles, ships and mission systems.
- L3Harris Technologies, Inc. (LHX) — Defense electronics, communications, sensors and space-related contracts.
- Northrop Grumman Corporation (NOC) — Military aircraft, missile and space systems, and other defense contracts.
- RTX Corporation (RTX) — Missiles, air and missile defense, aircraft systems and other defense contracts.

### What it depends on

- A large share of sales comes from United States government contracts, so program priorities, appropriations, contract awards and payment timing affect the business.
- The F-35 is the company’s largest program; it generated 27% (year ended December 31, 2025, high) of total sales.
- The company relies on suppliers for materials, components and subcontracted work, including rare earth minerals, specialty metals and advanced microelectronics; shortages or delays can affect production and costs.
- The work requires specialized employees, including people with technical skills and security clearances.

### What could go wrong

- Changes or delays in United States government defense funding, procurement priorities or contract awards could affect sales; government contracts can also be terminated under specified terms.
- The F-35 makes up a substantial portion of sales, so changes in funding, requirements, delivery schedules, costs or program performance could affect results.
- Supplier shortages, delays or cost increases—including for rare earth materials and advanced components—could disrupt production and raise costs, including on fixed-price contracts.

## More on this company

- [Overview](https://inspectstocks.com/stocks/lmt)
- [Financial statements](https://inspectstocks.com/stocks/lmt/financials)
- [Competitors](https://inspectstocks.com/stocks/lmt/peers)
- [Earnings](https://inspectstocks.com/stocks/lmt/earnings)

---

Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.