Lockheed Martin Corp
LMT—
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Lockheed Martin Corp AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 62.8% TTM vs industry median 2.1% - extreme capital efficiency from thin equity base (6.2B equity on 60.3B assets)[Return on Equity]
- Tangible book value is NEGATIVE (-7.1B) due to 11.3B goodwill - equity cushion is entirely intangible[Tangible Book Value]
- Debt/equity at 3.6x with 22.2B total debt vs 6.2B equity - highly leveraged but 4.6B FCF TTM covers 1.1B interest 4x[Debt to Equity]
Watch Triggers
- Gross Margin TTM: Falls below 7% — Already razor-thin at 8.2%; further compression signals contract pricing deterioration
- Free Cash Flow TTM: Drops below 3.5B — Must cover 3.1B dividends + 1.1B interest; FCF decline threatens capital return
- Goodwill: Impairment charge announced — 11.3B goodwill is 183% of equity - any writedown materially impacts book value
Bull Case
Dominant defense contractor with 73.3B TTM revenue (88x industry median) generates predictable 4.6B FCF annually, funding 13.20/share dividend (5.0% yield)
Total Revenue TTMFree Cash Flow TTMDividends Paid Per Share TTM
ROIC of 15.3% TTM vs industry median 0.5% demonstrates efficient capital deployment despite commodity-like margins
Return on Invested Capital TTMAsset Turnover TTM
Bear Case
Equity base of 6.2B supports 22.2B debt (3.6x leverage) - goodwill impairment or contract loss could trigger covenant stress
Debt to EquityGoodwillTotal Equity
Gross margin of 8.2% TTM leaves no buffer for cost overruns; 1B annual buybacks shrinking already thin equity cushion
Gross Margin TTMNet Common Stock Issuance
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Defense budget tailwinds support revenue stability but margin compression likely from cost-plus contract mix
1-3ymed
- 73.3B TTM revenue with 8.3% operating margin
- Gross margin only 8.2% - minimal pricing power
- Interest expense 1.1B eating into thin margins
Operating margin 8.3% vs industry median 3.6%Net margin 5.7% on 73.3B revenue TTMROIC 15.3% despite low margins via leverage
Valuation Context
Caveats
Public Strategies Rankings
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LMT Fundamentals
Manufacturing → Transportation Equipment Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$144.3B | — | ||
$161.88B | — | ||
29 | — | ||
$75.05B | +5.6% | — | |
$21.49 | -3.7% | — | |
10.3% | +0.4% | — | |
6.69% | -0.8% | — | |
$6.91B | +30.7% | — | |
76.9% | -4.2% | — | |
Beta 5Y (Monthly) | unknown | — |
LMT Dividend History
105 dividends
2026
$3.450003/02/26$3.4500
2025
$13.350012/01/25$3.4500
09/02/25$3.3000
06/02/25$3.3000
03/03/25$3.3000
2024
$12.750012/02/24$3.3000
09/03/24$3.1500
06/03/24$3.1500
02/29/24$3.1500
2023
$12.150011/30/23$3.1500
08/31/23$3.0000
05/31/23$3.0000
02/28/23$3.0000
2022
$11.400011/30/22$3.0000
08/31/22$2.8000
05/31/22$2.8000
02/28/22$2.8000
2021
$10.600011/30/21$2.8000
08/31/21$2.6000
05/28/21$2.6000
02/26/21$2.6000
2020
$9.800011/30/20$2.6000
08/31/20$2.4000
05/29/20$2.4000
02/28/20$2.4000
2019
$9.000011/29/19$2.4000
08/30/19$2.2000
05/31/19$2.2000
02/28/19$2.2000
2018
$8.200011/30/18$2.2000
08/31/18$2.0000
05/31/18$2.0000
02/28/18$2.0000
2017
$7.460011/30/17$2.0000
08/30/17$1.8200
05/30/17$1.8200
02/27/17$1.8200
2016
$6.770011/29/16$1.8200
08/30/16$1.6500
05/27/16$1.6500
02/26/16$1.6500
2015
$6.150011/27/15$1.6500
08/28/15$1.5000
05/28/15$1.5000
02/26/15$1.5000
2014
$5.490011/26/14$1.5000
08/28/14$1.3300
05/29/14$1.3300
02/27/14$1.3300
2013
$4.780011/27/13$1.3300
08/29/13$1.1500
05/30/13$1.1500
02/27/13$1.1500
2012
$4.150011/29/12$1.1500
08/30/12$1.0000
05/30/12$1.0000
02/28/12$1.0000
2011
$3.250011/29/11$1.0000
08/30/11$0.7500
05/27/11$0.7500
02/25/11$0.7500
2010
$2.640011/29/10$0.7500
08/30/10$0.6300
05/27/10$0.6300
02/25/10$0.6300
2009
$2.340011/27/09$0.6300
08/28/09$0.5700
05/28/09$0.5700
02/26/09$0.5700
2008
$1.830011/26/08$0.5700
08/28/08$0.4200
05/29/08$0.4200
02/28/08$0.4200
2007
$1.470011/29/07$0.4200
08/30/07$0.3500
05/30/07$0.3500
02/27/07$0.3500
2006
$1.250011/29/06$0.3500
08/30/06$0.3000
05/30/06$0.3000
02/27/06$0.3000
2005
$1.050011/29/05$0.3000
08/30/05$0.2500
05/27/05$0.2500
02/25/05$0.2500
2004
$0.910011/29/04$0.2500
08/30/04$0.2200
05/27/04$0.2200
02/26/04$0.2200
2003
$0.580011/26/03$0.2200
08/28/03$0.1200
05/29/03$0.1200
02/27/03$0.1200
2002
$0.440011/27/02$0.1100
08/29/02$0.1100
05/30/02$0.1100
02/28/02$0.1100
2001
$0.440011/29/01$0.1100
08/30/01$0.1100
05/30/01$0.1100
03/01/01$0.1100
2000
$0.440011/29/00$0.1100
08/30/00$0.1100
05/30/00$0.1100
03/02/00$0.1100
LMT Stock Splits
No stock splits
LMT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/29/26 | 12/31/25 | Unknown | |
10/21/25 | 09/28/25 | 10-Q | |
07/22/25 | 06/29/25 | 10-Q | |
04/22/25 | 03/30/25 | 10-Q | |
01/28/25 | 12/31/24 | Unknown | |
10/22/24 | 09/29/24 | 10-Q | |
07/23/24 | 06/30/24 | 10-Q | |
04/23/24 | 03/31/24 | 10-Q | |
01/23/24 | 12/31/23 | 10-K | |
10/17/23 | 09/24/23 | 10-Q | |
07/19/23 | 06/25/23 | 10-Q | |
04/18/23 | 03/26/23 | 10-Q | |
01/26/23 | 12/31/22 | 10-K | |
10/18/22 | 09/25/22 | 10-Q | |
07/19/22 | 06/26/22 | 10-Q | |
04/20/22 | 03/27/22 | 10-Q | |
01/25/22 | 12/31/21 | 10-K | |
10/26/21 | 09/26/21 | 10-Q | |
07/26/21 | 06/27/21 | 10-Q | |
04/21/21 | 03/28/21 | 10-Q | |
01/28/21 | 12/31/20 | 10-K | |
10/22/20 | 09/27/20 | 10-Q | |
07/21/20 | 06/28/20 | 10-Q | |
04/22/20 | 03/29/20 | 10-Q | |
02/07/20 | 12/31/19 | 10-K | |
10/25/19 | 09/29/19 | 10-Q | |
07/23/19 | 06/30/19 | 10-Q | |
04/24/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/24/18 | 06/24/18 | 10-Q | |
04/25/18 | 03/25/18 | 10-Q | |
02/06/18 | 12/31/17 | 10-K | |
10/26/17 | 09/24/17 | 10-Q | |
07/20/17 | 06/25/17 | 10-Q | |
04/26/17 | 03/26/17 | 10-Q | |
02/09/17 | 12/31/16 | 10-K | |
10/27/16 | 09/25/16 | 10-Q | |
07/20/16 | 06/26/16 | 10-Q | |
04/27/16 | 03/27/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
10/22/15 | 09/27/15 | 10-Q | |
07/22/15 | 06/28/15 | 10-Q | |
04/22/15 | 03/29/15 | 10-Q | |
02/09/15 | 12/31/14 | 10-K | |
10/24/14 | 09/28/14 | 10-Q | |
07/23/14 | 06/29/14 | 10-Q | |
04/24/14 | 03/30/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
10/25/13 | 09/29/13 | 10-Q | |
07/24/13 | 06/30/13 | 10-Q | |
04/25/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/25/12 | 06/24/12 | 10-Q | |
04/26/12 | 03/25/12 | 10-Q | |
02/23/12 | 12/31/11 | 10-K | |
10/27/11 | 09/25/11 | 10-Q | |
07/27/11 | 06/26/11 | 10-Q | |
04/27/11 | 03/27/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
10/21/10 | 09/26/10 | 10-Q | |
07/29/10 | 06/27/10 | 10-Q | |
04/21/10 | 03/28/10 | 10-Q | |
02/25/10 | 12/31/09 | 10-K | |
10/23/09 | 09/27/09 | 10-Q | |
07/22/09 | 06/28/09 | 10-Q | |
04/23/09 | 03/29/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
10/24/08 | 09/28/08 | 10-Q | |
07/23/08 | 06/30/08 | Unknown | -- |
04/24/08 | 03/31/08 | 10-Q | |
02/28/08 | 12/31/07 | 10-K | |
10/26/07 | 09/30/07 | 10-Q | |
07/26/07 | 06/30/07 | 10-Q | |
04/26/07 | 03/30/07 | Unknown | -- |
02/26/07 | 12/31/06 | 10-K | |
10/27/06 | 09/30/06 | 10-Q | |
07/26/06 | 06/30/06 | 10-Q | |
04/27/06 | 03/30/06 | Unknown | -- |
02/28/06 | 12/31/05 | 10-K | |
10/28/05 | 09/30/05 | 10-Q | |
07/28/05 | 06/30/05 | 10-Q | |
04/28/05 | 03/30/05 | Unknown | -- |
02/28/05 | 12/31/04 | 10-K | |
10/28/04 | 09/30/04 | 10-Q | |
08/04/04 | 06/30/04 | 10-Q | |
05/05/04 | 03/30/04 | Unknown | -- |
03/08/04 | 12/31/03 | 10-K | |
11/04/03 | 09/30/03 | 4 | |
08/07/03 | 06/30/03 | 10-Q | |
05/08/03 | 03/30/03 | Unknown | -- |
03/06/03 | 12/31/02 | 10-K | |
11/08/02 | 09/30/02 | 10-Q | |
08/08/02 | 06/30/02 | 10-Q | |
05/03/02 | 03/30/02 | Unknown | -- |
03/07/02 | 12/31/01 | 10-K | |
11/06/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
05/10/01 | 03/30/01 | Unknown | -- |
03/09/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 8-K | |
05/05/00 | 03/31/00 | 10-Q |