Lockheed Martin Corporation (LMT) stock analysis
Company overview and business model
Source fact: 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.
Classification: NYSE · Industrials · Aerospace & Defense
Revenue and growth
Source fact: Revenue was USD 75.05 billion for the period ending 2025-12-31.
Caverian calculation: Revenue changed +5.6% (FY2025 vs FY2024).
Profitability
Source fact: Net income was USD 5.02 billion in the latest reported period.
Source metric: Reported net margin was 6.7%.
Balance sheet and liquidity
Source fact: Cash and equivalents were USD 4.12 billion.
Source fact: Total debt was USD 21.70 billion.
Source metric: Current ratio was 1.09x.
Cash-flow analysis
Source fact: Operating cash flow was USD 8.56 billion.
Source fact: Free cash flow was USD 6.91 billion.
Valuation
Source metrics: Trailing P/E 21.58x; Forward P/E 17.88x; Price to book 15.34x; Price to sales 1.75x; EV/EBITDA 15.78x.
Caverian model output: Value score was 55/100.
Competitive position
Classification: Peer context: Aerospace & Defense within Industrials.
Caverian model output: Quality score was 68/100.
Caverian model output: Growth score was 45/100.
Material risks
Caverian calculation: Altman Z-score was 3.54 (safe zone).
Caverian calculation: Piotroski F-score was 6/9.
Data sources and freshness
Freshness: This report uses a stored upstream snapshot; statement periods are shown alongside the figures.
Methodology and limitations
Facts reproduce stored upstream fields. Calculations derive only from the displayed stored statements. Model outputs are Caverian interpretations, not investment advice or a buy/sell recommendation.
How Caverian approaches valuation · Sources and product principles