LOCKHEED MARTIN CORP
$596.04
−8.05 (−1.33%) · delayed · Nov 13, 2026
Five-year price
52w $437.25 to $692.00
- Market cap
- $137.7B
- Enterprise value
- $155.3B
- P/E
- 27.7×
- 25.1× on 3y avg EPS
- EV / EBIT
- 20.1×
- FCF yield
- 5.0%
- ROIC
- 27.0%
- Debt / equity
- 3.23
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 31.2%
- ●ROE > 15% (5y avg)5y avg ROE 75.9%
- ●Stable operating marginsMargin volatility 1.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 111% (5y avg)
- ○Growing revenueRevenue CAGR 5y 2.8%
- ●Shrinking share countDiluted shares -17.0% over 5y
Value
0
- ○P/E below 15P/E 27.7
- ○EV/EBIT below 12EV/EBIT 20.1
- ○FCF yield above 6%FCF yield 5.0%
- ○Price below Graham NumberGraham Number $118.61
- ○P/B below 3P/B 20.5
Safety
40
- ○Debt / equity below 0.5D/E 3.23
- ●Debt payable in < 4 yrs of earningsNet debt $17.6B
- ○Interest coverage > 8xCoverage 6.9x
- ○Current ratio > 1.5Current ratio 1.09
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $75.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.09
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 72%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 25.1
- ○P/E × P/B ≤ 22.5Product 513.4
Valuation lab
What do you have to believe?
At $596.04, the market is pricing in about 7.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $17.6B · 231M shares · 5y revenue CAGR 2.8%
Intrinsic value
$413.53
Price
$596.04
Premium paid
44%
What the price implies
The market is paying for 7.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
55% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 47,290 | 49,960 | 53,762 | 59,812 | 65,398 | 67,044 | 65,984 | 67,571 | 71,043 | 75,048 |
| Gross profit | 5,401 | 6,371 | 7,274 | 8,367 | 8,654 | 9,061 | 8,287 | 8,479 | 6,930 | 7,619 |
| Operating income | 5,888 | 6,744 | 7,334 | 8,545 | 8,644 | 9,123 | 8,348 | 8,507 | 7,013 | 7,731 |
| Operating margin | 12.5% | 13.5% | 13.6% | 14.3% | 13.2% | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Pre-tax income | 4,754 | 5,246 | 5,838 | 7,241 | 8,235 | 7,550 | 6,680 | 8,098 | 6,220 | 5,922 |
| Income tax | 1,093 | 3,356 | 792 | 1,011 | 1,347 | 1,235 | 948 | 1,178 | 884 | 905 |
| Net income | 5,173 | 1,963 | 5,046 | 6,230 | 6,833 | 6,315 | 5,732 | 6,920 | 5,336 | 5,017 |
| EPS (diluted) | 17.07 | 6.75 | 17.59 | 21.95 | 24.30 | 22.76 | 21.66 | 27.55 | 22.31 | 21.49 |
| Diluted shares | 303 | 291 | 287 | 284 | 281 | 277 | 265 | 251 | 239 | 234 |
Who owns it