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LOCKHEED MARTIN CORP

LMT· NYSE· Guided Missiles & Space Vehicles & Parts

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
9.2%
ROIC, 5 yr avg
31.2%
Revenue, 5 yr CAGR
+2.8%
We record prices for the companies we cover; LMT is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
233.5M
Revenue
$75.0B
Free cash flow
$6.9B
Owner earnings
$6.6B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
10.2%
Operating
10.3%
Net
6.7%
Free cash flow
9.2%
Owner earnings
8.8%
Stock pay
0.4%

Returns

ROIC, FY2025
27.0%
ROIC, 5 yr avg
31.2%
ROE, FY2025
74.6%
ROE, 5 yr avg
75.9%

Growth (CAGR)

Revenue, 3 yr
4.4%
Revenue, 5 yr
2.8%
Revenue, 9 yr
5.3%
Diluted EPS, 3 yr
-0.3%
Diluted EPS, 5 yr
-2.4%
Diluted EPS, 9 yr
2.6%
Free cash flow, 3 yr
4.1%
Free cash flow, 5 yr
1.5%
Free cash flow, 9 yr
5.9%

Financial health · FY2025

Cash and investments
$4.1B
Total debt
$21.7B
Net debt
$17.6B
Debt/Equity
3.2x
Debt/FCF
3.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
62.4%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-3.6%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$75.0B

+5.3% a year over 9 years

FY2016: Revenue $47.3BFY2017: Revenue $50.0BFY2018: Revenue $53.8BFY2019: Revenue $59.8BFY2020: Revenue $65.4BFY2021: Revenue $67.0BFY2022: Revenue $66.0BFY2023: Revenue $67.6BFY2024: Revenue $71.0BFY2025: Revenue $75.0B
FY2016FY2025

Margins

Gross10.2%Operating10.3%Net6.7%

FY2025

FY2016: Gross 11.4%, Operating 12.5%, Net 10.9%FY2017: Gross 12.8%, Operating 13.5%, Net 3.9%FY2018: Gross 13.5%, Operating 13.6%, Net 9.4%FY2019: Gross 14.0%, Operating 14.3%, Net 10.4%FY2020: Gross 13.2%, Operating 13.2%, Net 10.4%FY2021: Gross 13.5%, Operating 13.6%, Net 9.4%FY2022: Gross 12.6%, Operating 12.7%, Net 8.7%FY2023: Gross 12.5%, Operating 12.6%, Net 10.2%FY2024: Gross 9.8%, Operating 9.9%, Net 7.5%FY2025: Gross 10.2%, Operating 10.3%, Net 6.7%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$6.9BOwner earnings$6.6B

Free cash flow +5.9% a year

FY2016: Free cash flow $4.1B, Owner earnings $4.0BFY2017: Free cash flow $5.3B, Owner earnings $5.1BFY2018: Free cash flow $1.9B, Owner earnings $1.7BFY2019: Free cash flow $5.8B, Owner earnings $5.6BFY2020: Free cash flow $6.4B, Owner earnings $6.2BFY2021: Free cash flow $7.7B, Owner earnings $7.5BFY2022: Free cash flow $6.1B, Owner earnings $5.9BFY2023: Free cash flow $6.2B, Owner earnings $6.0BFY2024: Free cash flow $5.3B, Owner earnings $5.0BFY2025: Free cash flow $6.9B, Owner earnings $6.6B
FY2016FY2025

Diluted shares

233.5M

-23.0% over 9 years, net buybacks

FY2016: Diluted shares 303.1MFY2017: Diluted shares 290.6MFY2018: Diluted shares 286.8MFY2019: Diluted shares 283.8MFY2020: Diluted shares 281.2MFY2021: Diluted shares 277.4MFY2022: Diluted shares 264.6MFY2023: Diluted shares 251.2MFY2024: Diluted shares 239.2MFY2025: Diluted shares 233.5M
FY2016FY2025

Return on invested capital

27.0%

FY2025

FY2016: ROIC 32.5%FY2017: ROIC 23.0%FY2018: ROIC 41.4%FY2019: ROIC 51.5%FY2020: ROIC 48.1%FY2021: ROIC 40.1%FY2022: ROIC 32.2%FY2023: ROIC 31.8%FY2024: ROIC 24.9%FY2025: ROIC 27.0%
FY2016FY2025

Net debt (below zero)

-$17.6B

$17.6B more debt than cash

FY2016: Net cash -$12.4BFY2017: Net cash -$11.4BFY2018: Net cash -$13.9BFY2019: Net cash -$11.1BFY2020: Net cash -$9.0BFY2021: Net cash -$8.1BFY2022: Net cash -$13.0BFY2023: Net cash -$16.0BFY2024: Net cash -$17.8BFY2025: Net cash -$17.6B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$47.3B$50.0B$53.8B$59.8B$65.4B$67.0B$66.0B$67.6B$71.0B$75.0B
Revenue growth16.7%5.6%7.6%11.3%9.3%2.5%-1.6%2.4%5.1%5.6%
Gross margin11.4%12.8%13.5%14.0%13.2%13.5%12.6%12.5%9.8%10.2%
Operating margin12.5%13.5%13.6%14.3%13.2%13.6%12.7%12.6%9.9%10.3%
Net income$5.2B$2.0B$5.0B$6.2B$6.8B$6.3B$5.7B$6.9B$5.3B$5.0B
Net margin10.9%3.9%9.4%10.4%10.4%9.4%8.7%10.2%7.5%6.7%
Diluted EPS$17.07$6.75$17.59$21.95$24.30$22.76$21.66$27.55$22.31$21.49
Return on invested capital?32.5%23.0%41.4%51.5%48.1%40.1%32.2%31.8%24.9%27.0%
Cash
Operating cash flow$5.2B$6.5B$3.1B$7.3B$8.2B$9.2B$7.8B$7.9B$7.0B$8.6B
Capital expenditure$1.1B$1.2B$1.3B$1.5B$1.8B$1.5B$1.7B$1.7B$1.7B$1.6B
Free cash flow$4.1B$5.3B$1.9B$5.8B$6.4B$7.7B$6.1B$6.2B$5.3B$6.9B
Stock-based compensation$149.0M$158.0M$173.0M$189.0M$221.0M$227.0M$238.0M$265.0M$277.0M$304.0M
Owner earnings?$4.0B$5.1B$1.7B$5.6B$6.2B$7.5B$5.9B$6.0B$5.0B$6.6B
Free cash flow per share$13.61$18.23$6.49$20.53$22.82$27.75$23.17$24.80$22.10$29.58
Capital allocation
Dividends paid$2.0B$2.2B$2.3B$2.6B$2.8B$2.9B$3.0B$3.1B$3.1B$3.1B
Share repurchases$2.1B$2.0B$1.5B$1.2B$1.1B$4.1B$7.9B$6.0B$3.7B$3.0B
Diluted shares303.1M290.6M286.8M283.8M281.2M277.4M264.6M251.2M239.2M233.5M
Share count change?-3.7%-4.1%-1.3%-1.0%-0.9%-1.4%-4.6%-5.1%-4.8%-2.4%
Balance sheet
Cash and equivalents$1.8B$2.9B$772.0M$1.5B$3.2B$3.6B$2.5B$1.4B$2.5B$4.1B
Short-term investments––––––––––
Total debt$14.3B$14.3B$14.7B$12.7B$12.2B$11.7B$15.5B$17.5B$20.3B$21.7B
Net debt$12.4B$11.4B$13.9B$11.1B$9.0B$8.1B$13.0B$16.0B$17.8B$17.6B
Shareholders' equity$1.5B-$850.0M$1.4B$3.1B$6.0B$11.0B$9.3B$6.8B$6.3B$6.7B

Latest filings

All on EDGAR
2026-10-2210-QQuarterly report
2026-10-228-KEarnings release
2026-07-2310-QQuarterly report
2026-07-238-KEarnings release
2026-04-2310-QQuarterly report
2026-04-238-KEarnings release
2026-03-26DEF 14AProxy statement
2026-01-2910-KAnnual report
2026-01-298-KEarnings release
2025-10-2110-QQuarterly report

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