Lockheed Martin Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Products was 83% and Services was 17% of revenue.

In the fiscal year to Dec 2025, United States was 72% and Europe was 12% of revenue; United States fell from 74% in the fiscal year to Dec 2023.

Quarters: Lockheed Martin Corporation's SEC filings, named by the month they end. Fiscal years: Lockheed Martin Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $6.7 ends up as net income. Net margin fell from 8.7% to 6.7% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Lockheed Martin Corporation's annual reports to the SEC; quarters: SEC filings.

How much work is already signed?

Customers had signed $292.0B of work Lockheed Martin has not yet delivered at the end of Sep 2026: 3.7 years of revenue at the last four quarters' pace. New orders over those four quarters were about 2.4× revenue, so the backlog grew.

Backlog: remaining performance obligations in Lockheed Martin Corporation's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Lockheed Martin sells to the U.S. government; it names no suppliers.

Their suppliers

Redwire RDWto Firefly Aerospace

AE Industrial Partnersto Firefly Aerospace

AE Operatingto Firefly Aerospace

Show 3

Suppliers

Firefly Aerospace FLY

Kratos Defense & Security Solutions KTOS

Rocket Lab RKLB

 

LMTLockheed Martin

Customers

U.S. government 72%

Partners

UUnited Launch AllianceJoint venture providing expendable launch services50% ownership interest; $551 million investment at December 31, 2025

RTX RTXJointly produces Javelin weapon systems

Changes since the previous annual report (10-K filed Jan 28, 2025)

U.S. governmentCustomer, share of revenue73% → 72%

Named in other companies’ filings

Boeing BAjoint venture with it · Co-owner of United Launch AllianceInfleqtion INFQcalls it a partner · Quantum technology strategic relationship

Only the companies Lockheed Martin names in its 10-K filed Jan 29, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Lockheed Martin. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 21.5x, below the peer median of 32.2x, with earnings still growing.

Priced 33% below the peer median of 32.2x.

At 21.5× trailing earnings LMT is inside the middle of its five-year range; the five-year median is 20.4×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $661, 9% above the current price; 50% of 24 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 12 analysts (50%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $519.30 to $661.55 (+27%), while LMT went from $455.85 to $604.09 (+33%). In the past three months targets were raised 8 times and cut 3 times. 4 upgrades and 2 downgrades over the year; the latest: Morgan Stanley moved it to Overweight from Equal-Weight on Oct 26, 2026.

The day after each of these reports the stock moved +6.2% (Dec 2025, beat); −7.6% (Mar 2026, missed); +13.3% (Jun 2026, beat); +9.6% (Sep 2026, beat).

For the quarter ending Dec 2026 (Lockheed Martin reports on Jan 26, 2027), analysts expect revenue of $22.7B, up 12% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $33.29 a share, 9% more than the year before's estimate of $30.62, and revenue of $87.1B, up 7% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $8.4B in free cash flow over the year, of which $4.0B went back to shareholders (dividends plus buybacks), leaving $4.4B in the company.

Lockheed Martin had 232M diluted shares in the quarter ended Sep 2026, 0.6% fewer than a year earlier, and 3.0% fewer each year on average since Jun 2020. It spent $750M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 57.2% and its net income rose 55.1%: fewer shares added about 2 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.1, short-term debt is manageable; shareholder equity is only 11% of assets, so debt-to-equity (3.2) says little; net debt is 1.7 years of operating cash flow, which is manageable.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held LMT at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 3 cut, 1 bought new and 2 held the same. The largest of them is National Pension Service, 648,708 shares worth $330M at Sep 30, 2026, 0.3% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LMT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $124K of LMT on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Robert M Lightfoot JR (President Space), who sold $118K in 3 sales.

From the Form 4s filed with the SEC about Lockheed Martin Corporation (49 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 65 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).

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