LMT
LOCKHEED MARTIN CORP
Industrials • CIK: 0000936468
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Market Cap
$112.54B
P/E (TTM)
22.4x
Rev Growth (TTM)
+5.6%
Net Margin (TTM)
6.7%
FCF Yield (TTM)
6.1%
FCF Margin (TTM)
9.2%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$6.9B
Q4 '25
$2.8B-18%
Q3 '25
$3.3B+2331%
FCF Margin
TTM9.2%
Q4 '2513.6%-25%
Sector: 4.7%Above Avg
OCF Margin11.4%
OCF/NI1.71x
CapEx Coverage5.2x
FCF Yield6.1%
FCF Growth (2Y)+4%
Cash Conversion Cycle
15 days
DSO: 15+DIO: 20−DPO: 19
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.4%
Div Yield2.8%
+Buyback (TTM)2.7%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.8%
FCF Payout Ratio45.0%
Free Cash Flow (TTM)$6.9B
Stock Repurchases (TTM)$3.0B
Capital Return / FCF88.3%
Est. Dividends Paid (TTM)$3.1B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
23.6%
Moderate
+0.0% YoY-1.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
8.7%
8Q: 10.0%
Asset Turnover
1.29x
8Q: 1.28x
Leverage (1+D/E)
4.23x
D/E: 3.23x
DuPont: 47.4% ≈ 23.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
8.60x
8Q:8.46x
+57.3%
Invested Cap Turn
3.16x
8Q:2.91x
+70.7%
CapEx Intensity
6.9%
8Q:6.4%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $75.0B | $20.3B↑9.2% | $18.6B↑2.5% | $18.2B↑1.1% | $18.0B↓3.5% | $18.6B↑8.9% | $17.1B↓5.6% | $18.1B↑5.4% | $17.2B |
Operating Income | $7.7B | $2.3B↑2.2% | $2.3B↑204.8% | $748.0M↓68.5% | $2.4B↑240.8% | $696.0M↓67.5% | $2.1B↓0.4% | $2.1B↑5.9% | $2.0B |
Net Income | $5.0B | $1.3B↓17.0% | $1.6B↑373.4% | $342.0M↓80.0% | $1.7B↑224.9% | $527.0M↓67.5% | $1.6B↓1.1% | $1.6B↑6.2% | $1.5B |
Operating Cash Flow | $8.6B | $3.2B↓13.7% | $3.7B↑1754.7% | $201.0M↓85.7% | $1.4B↑37.7% | $1.0B↓58.0% | $2.4B↑30.0% | $1.9B↑14.7% | $1.6B |
Free Cash Flow | $6.9B | $2.8B↓17.7% | $3.3B↑2331.3% | $-150.0M↓115.7% | $955.0M↑116.6% | $441.0M↓78.8% | $2.1B↑38.3% | $1.5B↑19.8% | $1.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
22.4x
Volatile
8Q: 77.0x+5233%
Multiple expansion without fundamental improvement
High PEG ratio (4.0x) suggests expensive for growth
Valuation Lenses
Earnings
22.4x
vs – sector
Cash Flow
19.1x
EV/FCF vs –
Growth-Adj
4.0xPEG
Expensive for growth
Quality-Adj
1.0P/E per %ROIC
ROIC: 23.6%
Shareholder Returns
Dividend
2.8%
Buyback
2.7%
Total Yield
5.4%
Market Cap$112.54B
EV$131.70B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
87/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
81.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
23.6%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 8.7%
Asset Turnover: 1.29x
Earnings Quality
Cash Conversion
1.71x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin10.2%
Capital Efficiency
Invested Capital Turnover3.16x
Working Capital
Cash Conversion Cycle15 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
58/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.6%
OpInc Growth YoY
234.9%
EPS Growth YoY
-3.6%
FCF 3Y CAGR
4.1%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
10.2%
Operating
10.3%
Above Avg in sector
Net
6.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.5 pts
FCF: 9.2% | Net: 6.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $17.58B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
3.23x
Balance sheet risk & solvency analysis