Lockheed Martin Corporation (LMT) Stock

Lockheed Martin Corporation (LMT) is a Industrials stock trading at $571.62 (as of 2026-08-20), with a market capitalization of $131.92B and a trailing P/E of 21.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Lockheed Martin Corporation designs, develops, manufactures, integrates, and sustains technology systems, products, and services for customers worldwide. It operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space, supplying aircraft and related technologies, defense and fire-control systems, rotary and mission systems including radar and command-and-control, and space satellites and transportation.

Understand Lockheed Martin Corporation: how it makes money

Lockheed Martin designs, builds, and sustains defense and aerospace technology systems, and it makes money by selling complex platforms and related services across four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.

The profit engine is segment operating profit generated by selling and sustaining complex technology systems across four interconnected businesses (Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, Space).

Revenue by segment (latest quarter)
Aeronautics$7.3B
MFC$3.2B
RMS$4.5B
Space$3.3B

Business quality (Solid): Clear, segment-based operating structure (four reportable segments) and an operating metric investors can track at the segment level (segment operating profit).

Valuation: At 25× earnings, LMT trades 34% below the Defense average (37×). Note: one-time items can distort reported P/E.

Bull case

  • Diversified revenue across four reportable segments: In the latest period shown, segment net sales are spread across Aeronautics (7.28B), RMS (4.55B), MFC (3.17B), and Space (3.3B).
  • Operating profit exists across each segment: Segment operating profit is separately indicated for Aeronautics (0.68B), Missiles and Fire Control (0.51B), Rotary and Mission Systems (0.49B), and Space (0.35B), supporting the idea that profitability is not limited to a single business line.

Bear case

  • Overall segment operating profit is sensitive to segment mix: Aeronautics has the highest indicated segment operating profit (0.68B versus 0.35B for Space), so weaker performance in the larger contributor could pull down consolidated segment operating profit.
  • Execution and sustainment workload is inherently complex: The company is engaged in research, design, development, manufacture, integration, and sustainment of technology systems, which increases the importance of delivering programs successfully across multiple technology areas and lifecycle stages.
Valuation — source: SEC EDGAR (first-party)
Price$571.62
Market Cap$131.92B
P/E Ratio21.0
EV / EBITDA14.9
Price / Book15.05
Price / Sales1.71
FCF Yield6.6%
DCF Value (model)$324.33
DCF Upside vs Price-43.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$75.05B
Net Margin6.7%
Revenue Growth (YoY)10.5%
EPS Growth (YoY)446.6%
FCF Growth (YoY)-2044.7%
Financial Health — source: SEC EDGAR
Altman Z-Score3.54 (safe)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E21.0
Sector P/E (Industrials)25.9
Industry P/E (Defense)53.3
vs Sector-19.0%
vs Industry-60.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderSTATE STREET CORP ($19.68B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorIndustrials
IndustryDefense
CEOJames D. Taiclet Jr.
Employees121,000
CountryUS
IPO Date1977-01-03

Related Companies (Business model: Defense & Aerospace Prime (Defense Primes + Commercial Aerospace OEMs); 8 closest by market cap)

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LMT earnings history · LMT institutional & insider holders · LMT KPIs & operating metrics · LMT financials · LMT investor presentations & press releases · LMT SEC filings · LMT peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.