olivLaw · US equity research
Lockheed Martin Corporation LMT
Guided Missiles & Space Vehicles & Parts · SIC 3760 · Vertical: Guided Missiles & Space Vehicles & Parts (SIC 3760)
Lockheed Martin is a US aerospace and defense company that builds fighter jets, missiles, helicopters, naval systems and satellites, with a large share of its sales coming from the US government. Demand for missile defense products such as PAC-3 and THAAD is strong, and its backlog has reached a record level, giving multi-year visibility. Sales in fiscal 2025 were 75.0 billion USD.
At the close of 04 Nov 2026, Lockheed Martin Corporation (LMT) stock was 595.04 USD (−6.88% on the day), with market capitalisation 137.5 bn USD, P/E 21.1 on diluted EPS of 28.15 USD over the last 12 months, dividend yield 2.32%, beta 0.11, 52-week range 439.19–676.70 USD. Latest reported quarter (Q3 2026): revenue of 20.7 bn USD (+11.3% YoY), net income of 1.8 bn USD (+14.0% YoY), diluted EPS 7.97 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.0
- neutral
- Bollinger (20, 2)
- 473.95 – 678.91
- in the upper half of the band · %B 0.59 · band width 35.6%
- SMA 50 / 200
- 547.96 / 569.11
- mixed trend
- MACD (12, 26, 9)
- 27.39 / 23.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.5% | −1.1% | +18.5 pp | — |
| 3 months | +3.0% | −0.5% | +3.5 pp | — |
| 6 months | +15.7% | +4.4% | +11.3 pp | — |
| Year to date | +23.0% | +12.3% | +10.7 pp | — |
| 1 year | +22.7% | +13.5% | +9.2 pp | −0.2% |
| 3 years | +31.3% | +76.4% | −45.2 pp | +145.2% |
| 5 years | +75.1% | +63.7% | +11.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.6 bn | 18.0 bn | 18.2 bn | 18.6 bn | 20.3 bn | 18.0 bn | 20.1 bn | 20.7 bn |
| Cost of revenue | 17.9 bn | 15.6 bn | 17.4 bn | 16.4 bn | 18.0 bn | 15.9 bn | 17.6 bn | 18.3 bn |
| Gross profit | 690.0 m | 2.3 bn | 734.0 m | 2.2 bn | 2.3 bn | 2.1 bn | 2.4 bn | 2.4 bn |
| Operating income | 696.0 m | 2.4 bn | 748.0 m | 2.3 bn | 2.3 bn | 2.1 bn | 2.5 bn | 2.4 bn |
| Depreciation & amortisation | — | 397.0 m | 399.0 m ≈ | 428.0 m ≈ | 463.0 m | 398.0 m | 400.0 m ≈ | 425.0 m ≈ |
| Interest expense | 264.0 m | 268.0 m | 274.0 m | 286.0 m | 290.0 m | 269.0 m | 266.0 m | 264.0 m |
| Pre-tax income | 519.0 m | 2.0 bn | 417.0 m | 1.9 bn | 1.5 bn | 1.8 bn | 2.2 bn | 2.2 bn |
| Income tax | -8.0 m | 324.0 m | 75.0 m | 319.0 m | 187.0 m | 286.0 m | 342.0 m | 327.0 m |
| Net income | 527.0 m | 1.7 bn | 342.0 m | 1.6 bn | 1.3 bn | 1.5 bn | 1.8 bn | 1.8 bn |
| Diluted EPS | 2.22 ≈ | 7.28 | 1.46 | 6.95 | 5.80 ≈ | 6.44 | 7.94 | 7.97 |
| Operating cash flow | 1.0 bn | 1.4 bn | 201.0 m ≈ | 3.7 bn ≈ | 3.2 bn | 220.0 m | 3.2 bn ≈ | 3.4 bn ≈ |
| Capex | 582.0 m | 454.0 m | 351.0 m ≈ | 381.0 m ≈ | 463.0 m | 511.0 m | 318.0 m ≈ | 439.0 m ≈ |
| Dividends paid | 778.0 m | 796.0 m | 771.0 m ≈ | 765.0 m ≈ | 799.0 m | 816.0 m | 796.0 m ≈ | 796.0 m ≈ |
| Share repurchases | 1.0 bn | 750.0 m | 500.0 m ≈ | 1.0 bn ≈ | 750.0 m | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 70 percentile of its own 44-quarter history (min 14.3, median 18.4, max 48.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53.8 bn | 59.8 bn | 65.4 bn | 67.0 bn | 66.0 bn | 67.6 bn | 71.0 bn | 75.0 bn |
| Revenue YoY | +7.6% | +11.3% | +9.3% | +2.5% | −1.6% | +2.4% | +5.1% | +5.6% |
| Net income | 5.0 bn | 6.2 bn | 6.8 bn | 6.3 bn | 5.7 bn | 6.9 bn | 5.3 bn | 5.0 bn |
| Net income YoY | +157.1% | +23.5% | +9.7% | −7.6% | −9.2% | +20.7% | −22.9% | −6.0% |
| Diluted EPS | 17.59 | 21.95 | 24.30 | 22.76 | 21.66 | 27.55 | 22.31 | 21.49 |
| Diluted EPS YoY | +160.6% | +24.8% | +10.7% | −6.3% | −4.8% | +27.2% | −19.0% | −3.7% |
| net % | 9.4% | 10.4% | 10.4% | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% |
| Free cash flow | 1.9 bn | 5.8 bn | 6.4 bn | 7.7 bn | 6.1 bn | 6.2 bn | 5.3 bn | 6.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.1 bn USD
- Financial debt
- 21.7 bn USD
- Net debt
- 17.6 bn USD
- Equity
- 6.7 bn USD
- Total assets
- 59.8 bn USD
- Debt / equity
- 3.23x
- Current ratio
- 1.09x
- ROE
- 76.9%
- ROA
- 8.7%
- FCF margin
- 9.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 65.4 bn | 67.0 bn | 66.0 bn | 67.6 bn | 71.0 bn | 75.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Cost of revenue | 56.7 bn | 58.0 bn | 57.7 bn | 59.1 bn | 64.1 bn | 67.4 bn | SEC (XBRL)· 29 Jan 2026verified |
| Gross profit | 8.7 bn | 9.1 bn | 8.3 bn | 8.5 bn | 6.9 bn | 7.6 bn | SEC (XBRL)· 29 Jan 2026verified |
| Research & development | 1.3 bn | 1.5 bn | 1.7 bn | 1.5 bn | 1.6 bn | 2.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Operating income | 8.6 bn | 9.1 bn | 8.3 bn | 8.5 bn | 7.0 bn | 7.7 bn | SEC (XBRL)· 29 Jan 2026verified |
| Depreciation & amortisation | 1.0 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 29 Jan 2026verified |
| EBITDA | 9.7 bn ≈ | 10.5 bn ≈ | 9.8 bn ≈ | 9.9 bn ≈ | 8.6 bn ≈ | 9.4 bn ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Interest expense | 591.0 m | 569.0 m | 623.0 m | 916.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 29 Jan 2026verified |
| Pre-tax income | 8.2 bn | 7.6 bn | 6.7 bn | 8.1 bn | 6.2 bn | 5.9 bn | SEC (XBRL)· 29 Jan 2026verified |
| Income tax | 1.3 bn | 1.2 bn | 948.0 m | 1.2 bn | 884.0 m | 905.0 m | SEC (XBRL)· 29 Jan 2026verified |
| Net income | 6.8 bn | 6.3 bn | 5.7 bn | 6.9 bn | 5.3 bn | 5.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Diluted EPS | 24.30 | 22.76 | 21.66 | 27.55 | 22.31 | 21.49 | SEC (XBRL)· 29 Jan 2026verified |
| Weighted average diluted shares | 281.2 m | 277.4 m | 264.6 m | 251.2 m | 239.2 m | 233.5 m | SEC (XBRL)· 29 Jan 2026verified |
| Dividend per share | 9.80 | 10.60 | 11.40 | 12.15 | 12.75 | 13.35 | SEC (XBRL)· 29 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.2 bn | 3.6 bn | 2.5 bn | 1.4 bn | 2.5 bn | 4.1 bn | SEC (XBRL)· 29 Jan 2026verified |
| Inventories | 3.5 bn | 3.0 bn | 3.1 bn | 3.1 bn | 3.5 bn | 3.5 bn | SEC (XBRL)· 29 Jan 2026verified |
| Current assets | 19.4 bn | 19.8 bn | 21.0 bn | 20.5 bn | 21.8 bn | 25.4 bn | SEC (XBRL)· 29 Jan 2026verified |
| Property, plant & equipment, net | 7.2 bn | 7.6 bn | 8.0 bn | 8.4 bn | 8.7 bn | 11.3 bn | SEC (XBRL)· 23 Apr 2026verified |
| Goodwill | 10.8 bn | 10.8 bn | 10.8 bn | 10.8 bn | 11.1 bn | 11.3 bn | SEC (XBRL)· 29 Jan 2026verified |
| Intangibles (excl. goodwill) | 3.0 bn | 2.7 bn | 2.5 bn | 2.2 bn | 2.0 bn | 1.9 bn | SEC (XBRL)· 29 Jan 2026verified |
| Total assets | 50.7 bn | 50.9 bn | 52.9 bn | 52.5 bn | 55.6 bn | 59.8 bn | SEC (XBRL)· 29 Jan 2026verified |
| Accounts payable | 880.0 m | 780.0 m | 2.1 bn | 2.3 bn | 2.2 bn | 3.6 bn | SEC (XBRL)· 29 Jan 2026verified |
| Short-term debt | 500.0 m | 6.0 m | 118.0 m | 168.0 m | 643.0 m | 1.2 bn | SEC (XBRL)· 29 Jan 2026verified |
| Long-term debt | 11.7 bn | 11.7 bn | 15.4 bn | 17.3 bn | 19.6 bn | 20.5 bn | SEC (XBRL)· 29 Jan 2026verified |
| Current liabilities | 13.9 bn | 14.0 bn | 15.9 bn | 16.9 bn | 19.4 bn | 23.3 bn | SEC (XBRL)· 29 Jan 2026verified |
| Total liabilities | 44.7 bn | 39.9 bn | 43.6 bn | 45.6 bn | 49.3 bn | 53.1 bn | SEC (XBRL)· 29 Jan 2026verified |
| Equity | 6.0 bn | 11.0 bn | 9.3 bn | 6.8 bn | 6.3 bn † | 6.7 bn † | SEC (XBRL)· 29 Jan 2026verified |
| Shares outstanding at year end | — | 272.3 m | 255.3 m | 241.6 m | — | — | SEC (XBRL)· 17 Oct 2023verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.2 bn | 9.2 bn | 7.8 bn | 7.9 bn | 7.0 bn | 8.6 bn | SEC (XBRL)· 29 Jan 2026verified |
| Capex | 1.8 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 29 Jan 2026verified |
| Free cash flow | 6.4 bn ≈ | 7.7 bn ≈ | 6.1 bn ≈ | 6.2 bn ≈ | 5.3 bn ≈ | 6.9 bn ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Investing cash flow | -2.0 bn | -1.2 bn | -1.8 bn | -1.7 bn | -1.8 bn | -2.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Financing cash flow | -4.5 bn | -7.6 bn | -7.1 bn | -7.3 bn | -4.1 bn | -4.9 bn | SEC (XBRL)· 29 Jan 2026verified |
| Dividends paid | 2.8 bn | 2.9 bn | 3.0 bn | 3.1 bn | 3.1 bn | 3.1 bn | SEC (XBRL)· 29 Jan 2026verified |
| Share repurchases | 1.1 bn | 4.1 bn | 7.9 bn | 6.0 bn | 3.7 bn | 3.0 bn | SEC (XBRL)· 29 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 137.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation40
- Returns65
- Quality100
- Balance sheet76
- Growth18
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 175.43 – 828.59 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)501.90 – 828.59 (Mid 626.34)WACC 8.8% · starting FCFF 9.3 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 2.4%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)175.43 – 235.93 (Mid 201.23)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 32.0% | 100 (on a fixed band) | 10% |
| Net margin · Quality | 8.2% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 128.7% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 4.4% | 37 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.3x | 77 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 21.1x | 40 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 13.8x | 11 (on a fixed band) | 10% |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 38.3% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet76/100 · 3/3 factors with a value
- Growth18/100 · 2/2 factors with a value
- Quality100/100 · 3/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation40/100 · 3/3 factors with a value
Memo
LOCKHEED MARTIN CORPORATION (LMT). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 75.0 bn USD in 2025; YoY growth 5.6%; net margin 8.2%; ROE 80.2%; net debt/EBITDA 1.3x.
The estimated value range is 338.67–532.26 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 413.78 USD, the price of 595.04 USD leaves a potential of -30.5% (value / price − 1) and a margin of safety of -43.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 32.0%
- Net margin: 8.2%
- FCF conversion: 128.7%
- Net debt / EBITDA: 1.3x
- Interest coverage: 8.6x
- FCF yield: 6.1%
- Payout ratio (FCF): 38.3%
What contradicts it
- EPS CAGR 3Y: -0.3%
- EV/EBITDA: 13.8x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Guided Missiles & Space Vehicles & Parts (SIC 3760) · same industry (4-digit SIC) · compared with 6 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LMTLockheed Martin Corporation | 137.5 bn | 21.1 | 80.2% | 8.2% | +5.6% | +23% / +31% |
| RKLBRocket Lab Corp | 31.3 bn | — | -7.9% | -21.5% | +38.0% | +24% / +1,096% |
| KTOSKratos Defense & Security Solutions, Inc. | 6.8 bn | 206.8 | 1.1% | 2.0% | +18.5% | −53% / +89% |
| FLYFirefly Aerospace Inc. | 2.9 bn | — | -238.4% | -126.6% | +163.0% | −3% / unavailable |
| RDWRedwire Corporation | 1.9 bn | — | -19.2% | -57.3% | +10.3% | +40% / +202% |
| MNTSMomentus Inc. | 40.9 m | — | -68.3% | -927.7% | −47.5% | −85% / −100% |
| VOYGVoyager Technologies, Inc. | — | — | -38.7% | -79.0% | +15.4% | +3% / unavailable |
1- and 3-year price returns: for LMT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 351.88 Total return -39% · Per year -39% | 622.13 Total return 7% · Per year 7% | 937.15 Total return 60% · Per year 60% |
| 3 years | 340.71 Total return -37% · Per year -14% | 677.87 Total return 22% · Per year 7% | 1,121.28 Total return 98% · Per year 26% |
| 5 years | 329.89 Total return -36% · Per year -8% | 738.61 Total return 37% · Per year 7% | 1,341.59 Total return 143% · Per year 19% |
- Exit P/E± 169.47
- Net margin± 118.63
- Annual revenue growth± 97.48
- Annual dilution± 9.97
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lockheed Martin is a US aerospace and defense company that builds fighter jets, missiles, helicopters, naval systems and satellites, with a large share of its sales coming from the US government. Demand for missile defense products such as PAC-3 and THAAD is strong, and its backlog has reached a record level, giving multi-year visibility. Sales in fiscal 2025 were 75.0 billion USD.
SWOT
Strengths
- The company has a broad base of long-term programs and a record backlog, giving visibility into future revenue.
- Innovation capacity supported by commercial partnerships and technologies such as artificial intelligence and autonomy.
Weaknesses
- Very high dependence on the US government, which accounts for most of sales.
- Concentration on a few large programs, where delays or unplanned costs have a significant impact.
- Exposure to fixed-price contracts where rising costs can reduce margins.
Opportunities
- Higher demand for air defense and munitions could support production growth.
- Multi-year contracts and framework agreements could bring more predictability.
- Cooperation with commercial companies and start-ups could open new product lines.
Threats
- Funding delays or continuing resolutions could postpone important programs.
- Rising competition from non-traditional contractors could pressure prices.
- Tariffs and restrictions on rare earth materials could affect costs and deliveries.
Risks
- Dependence on the US governmenthigh
A very large share of sales depends on the US government budget and priorities, and changes could affect revenue directly.
- Supply chainmedium
Component shortages and supplier delays could raise costs and postpone deliveries.
- Fixed-price contractsmedium
Inflation could reduce margins on fixed-price contracts if the cost increases are not recovered.
- Procurement and regulationlow
Changes to acquisition rules or restrictions on dividends and buybacks could affect how the company operates and manages capital.
Investment thesis
What would need to be true (bull case)
- A record backlog and strong demand for missiles and air defense could support revenue growth over the long term.
- The financial outlook was raised for a second consecutive quarter, which may indicate good execution.
- Multi-year contracts and strategic programs could provide visibility and stability over the long term.
What would break the thesis
- Dependence on the US budget could make continuing resolutions a serious problem.
- Competitive pressure and higher costs could limit profitability growth.
What to watch
- Adoption of the fiscal 2027 defense budget2027
- Update to financial outlook and backlogQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lockheed Martin describes itself as a global aerospace and defense technology company that builds and sustains solutions for the security of the US and its allies, according to its fiscal 2025 annual report 1. Its activity is organized in four business segments that work as one company and offer integrated solutions across all warfighting domains 1. Its principal customers are US government agencies and allies, and in 2025, 72% of sales came from the US government and the rest from international customers, including foreign military sales 1.
Market context
Trends
- Demand for munitions and air defensetailwind
Regional conflicts have increased interest in missiles and air defense systems, and the company is expanding production capacity for PAC-3, THAAD and PrSM 12. If production can scale without delays, growth could continue.
- Tariff policy and supply chainsmixed
Tariffs affected cash flows and the company received refunds for part of them 12. Rare earth supply risks remain, but part of the impact could be recovered.
- US defense budgetmixed
The fiscal 2026 defense budget was approved with an increase, but fiscal 2027 funding remains uncertain and continuing resolutions could delay programs 2.
Competitive position
The company competes with many defense and aerospace contractors, including Boeing, General Dynamics, L3Harris, Northrop Grumman and RTX 1. Competition is also rising from new entrants and non-traditional contractors, which may pressure prices 1.
Competitors may have more specialized capabilities in certain areas and may offer lower cost or faster products, which could reduce the chances of winning new contracts or recompetes 1.
- The Boeing CompanyBA
Competitor in military aircraft and defense programs, named as a primary competitor in the annual report.
- General DynamicsGD
Competitor in defense systems and naval programs, named among primary competitors.
- Northrop GrummanNOC
Competitor in aeronautics, space and defense systems, named among primary competitors.
- RTX CorporationRTX
Competitor in missiles and defense systems, and a partner on certain joint programs such as Javelin.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Уолл-стрит закрылась в заметном плюсе после выборов в Конгресс СШАInterfax Russia (RU) · 05 Nov 2026 · RU
- How can Ukraine defend against 190 ballistic missiles a month? In October, it stopped 7%Euromaidan Press (UA, EN) · 04 Nov 2026 · EN
- Acțiunile marilor producători americani de armament scad puternic după alegerile pentru Congres. Investitorii se tem că democrații vor bloca propunerea lui Donald Trump de a majora bugetul Pentagonului la 1.500 de miliarde de dolari în 2027.Biziday.ro · 04 Nov 2026 · RO
- Royal Moroccan Air Force C-130H modernisationEuropean Defence Review · 04 Nov 2026 · RO
- First Royal Moroccan Air Force F-16 Block 72 fliesEuropean Defence Review · 03 Nov 2026 · RO
- US approves $2.1 billion Patriot missile sale to UkraineDefense News (US, EN) · 02 Nov 2026 · EN
- US delivery of 500 Patriot missiles to Ukraine will span 3 years starting in 2030Ukrainska Pravda (UA, EN) · 02 Nov 2026 · EN
- How Many Crew Members Does It Take To Fly An SR-71 Blackbird?Simple Flying · 02 Nov 2026 · EN
- F-22 Raptor Pilots: What It Takes To Fly America’s Top Stealth FighterSimple Flying · 01 Nov 2026 · EN
- How Many Crew Members Does It Take To Fly A C-5 Galaxy?Simple Flying · 31 Oct 2026 · EN
- Bătălia pentru industria de armament: Cum vor companiile canadiene să obțină miliardele din proiectele militare europeneDefenseRomania.ro · 31 Oct 2026 · RO
- SUA au aprobat vânzarea a 500 de rachete antiaeriene Patriot către Ucraina. Costul total estimat este de 2,1 miliarde de dolari, finanțat integral de parteneri și aliați.Biziday.ro · 30 Oct 2026 · RO
- Госдеп США одобрил продажу Украине ракет PatriotRBC News (RU business+politics) · 30 Oct 2026 · RU
- Lockheed’s Yearslong F-35 Deal Drives New Morgan Stanley BullBloomberg Markets · 30 Oct 2026 · EN
- Switzerland shows the risks of failing to understand the specifics of foreign military sales - Universul.netSurge — Google News · 30 Oct 2026 · RO
- Switzerland will pay more for fewer F-35s. Europe continues buying American fightersDefence24 (PL, EN) · 30 Oct 2026 · EN
- Hasty US exit from Europe could drive allies away from American arms, RAND saysDefense News (US, EN) · 29 Oct 2026 · EN
- Trump declares robot imports a national security threatArs Technica — AI · 29 Oct 2026 · EN
- Why The US Navy Is Awarding Boeing Up To $80 Million To Improve A Drone That Isn't Even Operational YetSimple Flying · 29 Oct 2026 · EN
- Muniția HIMARS devine și mai inteligentă: Inovația testată în SUA care permite schimbarea în timpul zborului a traiectoriei rachetei ar putea fi utilă și HIMARS-urilor din dotarea RomânieiDefenseRomania.ro · 29 Oct 2026 · RO
SEC filings
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Aug 2026Material agreement · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report13 May 2026Shareholder vote
- Quarterly report23 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Annual report29 Jan 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Lockheed Martin Corporation · 29 Jan 2026
- [2] Form 10-Q, quarter ended 2026-09-27 · SEC / Lockheed Martin Corporation · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lockheed Martin Corporation · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.