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Lockheed Martin Corporation
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S&P 500
$128.6B
Market Cap
22.5
P/E
1.48
PEG
23.9%
ROCE
76.9%
ROE
3.39
D/E
9.3%
OPM
-17.4%
% from 52W High
72
α RS
🔍 LMT is showing a multi-screen setup because it matches 3 of 39 tracked screener presets, RS Rating is 72, and an ECS of 75.4 last quarter. The main caution: the Magic Formula preset's Backtest win rate is only 45.1%. Net: Mixed signal stack, not a recommendation. ? Conviction RS Rating ECS Backtest
Sources
Conviction 3/39 · RS Rating 72 · ECS 75.4 · Backtest win rate 45.1%
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📈 Price History
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About

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.

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⭐ Superinvestors Holding LMT
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 295.3K $178.5M 0.23% Mar 2026
Jim Simons Renaissance Technologies LLC 194.6K $117.6M 0.18% Mar 2026
Cathie Wood ARK Investment Management 13.3K $8.0M 0.06% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$20.1B
+11% YoY
Operating Income
$2.5B
+231% YoY
Operating Margin
12.4%
+8.3pp YoY
Net Income
$1.8B
+437% YoY
What Went Right
  • Record backlog of $230B, up ~$64B YoY, with $65B of orders and 3.2x book-to-bill.
  • Free cash flow swung to +$2.9B from -$150M a year ago, with cash from operations of $3.2B.
  • MFC sales grew 19% and profit 24% YoY on munitions ramps; all four segments raised FY26 sales outlook.
What to Watch
  • Space full-year profit outlook was cut due to reduced ULA equity earnings from the Vulcan anomaly investigation.
  • Aeronautics absorbed F-16 and C-130 challenges in Q1; F-16 deliveries resumed after redesign but scaling risks remain.
  • MFC expects near-term margin dilution of 20-30bps as framework agreements convert to long-term multiyear contracts.
Management Guidance
  • FY2026 sales raised to $79.75B-$81.75B (midpoint ~8% YoY growth).
  • FY2026 segment operating profit raised to $8.5B-$8.7B; EPS raised to $29.95-$30.65.
  • FY2026 free cash flow raised to $7.0B-$7.2B; CapEx now $2.0B-$2.4B.
  • Second-half 2026 sales growth expected at high single-digit to low double-digit, with every segment accelerating.
Investor Lens
The thesis is stronger after this call. The $230B backlog, raised guidance, and strong free cash flow conversion give management credible line of sight to sustained mid-to-high single-digit growth. The new munitions framework agreements should also let Lockheed retain efficiency gains, potentially improving MFC margins long-term. The main offsets are the ULA/Vulcan investigation and ongoing conversion of frameworks into binding multiyear contracts, but execution in Q2 supports the raised outlook.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong beat: sales +11% to $20.1B, EPS $7.94 with record backlog.
Revenue
Q2 sales rose 11% YoY to $20.1B, led by MFC (+19%) with growth across all four segments. Excluding prior-year unfavorable adjustments, growth was 7%. Backlog hit a record $230B after $65B of orders.
Profitability
Net earnings were $1.8B, up from $342M last year, with diluted EPS of $7.94 versus $1.46. Segment operating profit increased to $2.2B from $571M, helped by the absence of $1.6B of prior-year program losses.
Margins
Segment operating margin was 10.8%, while consolidated operating margin came in around 12.4%, up roughly 8.3pp versus a depressed prior-year quarter. MFC continued mid-teens margins and grew profit 24%.
Balance Sheet
Cash from operations was $3.2B and free cash flow was $2.9B, a $3B improvement. The company invested $876M in capital and R&D during the quarter and returned $796M via dividends, citing a robust balance sheet and strong credit rating.
Key Risks
Management flagged reduced ULA equity earnings from the Vulcan anomaly and lower Space profit guidance. F-16/C-130 execution challenges were absorbed, and F-16 deliveries resumed. MFC sees near-term margin dilution of 20-30bps while new framework agreements convert.
Outlook
FY2026 guidance was raised across sales, segment profit, EPS, and free cash flow. Second-half sales growth is expected to accelerate to high single-digit or low double-digit with broad-based segment acceleration.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-23
Record Q2 results featured a $230B backlog, $2.9B free cash flow, and 11% sales growth year-over-year. Raised 2026 guidance across all metrics, with broad-based segment acceleration and major contract wins fueling confidence in sustained growth.
Q1 2026 Q1 2026 2026-04-23
Q1 2026 sales were flat at $18B, with strong missile and space growth offset by aeronautics and RMS declines. Multi-year contracts and production ramp-ups are underway, and full-year guidance for sales, profit, and cash flow is reaffirmed.
Q4 2025 Q4 2025 2026-01-29
Record backlog and strong sales growth in 2025 were driven by robust demand and major contract wins, with significant investments in innovation and production capacity. 2026 guidance calls for continued sales and profit growth, supported by multi-year missile agreements and increased R&D.
Q3 2025 Q3 2025 2025-10-21
Record backlog and robust Q3 sales growth were driven by major contract wins across all segments, with strong free cash flow supporting increased dividends and share repurchases. 2025 guidance was raised for sales, profit, and EPS, while operational and supply chain risks are being actively managed.
Q2 2025 Q2 2025 2025-07-22
Second quarter results were impacted by $1.8 billion in charges on legacy and classified programs, offsetting strong sales growth in key segments. 2025 guidance was reaffirmed for sales and cash flow, but profit and EPS were lowered. Backlog remains robust, with major awards expected in the second half.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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