# Lockheed Martin Corporation (LMT)

> Source: Nexqual · https://nexqual.com/LMT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lockheed Martin Corporation (LMT), nexqual.com/LMT" · informational, not investment advice.

**Price:** USD 589.91 (+6.96% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 551.51 · day 577.5–607.99 · 52w 437.25–692 · market cap $136B · NYQ

## Key facts
- Last four reported quarters (through Sep 27, 2026): revenue $79.1B, net income $6.51B (8.2% margin), free cash flow $8.38B (SEC filings).
- Valuation: P/E 20.9x (avg 20.3x at the last 3 fiscal year-ends), EV/EBITDA 13.7x, net debt $14.5B.
- 4 of 80 tracked superinvestors hold LMT (13F, Q2 2026): 0 new, 1 added, 1 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $118K; 2 not under a Rule 10b5-1 plan ($118K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.52 on a 1–5 scale) (23 analysts), mean target USD 632.9 (range 498–756).
- Total return with dividends: 1Y +24.0% vs S&P 500 +14.9%; 5Y +80.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 8.48, revenue estimate $22.6B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B | $79.1B |
| Gross profit | $9.06B | $8.29B | $8.48B | $6.93B | $7.62B | — |
| Operating income | $9.12B | $8.35B | $8.51B | $7.01B | $7.73B | $9.32B |
| Net income | $6.32B | $5.73B | $6.92B | $5.34B | $5.02B | $6.51B |
| EPS (diluted) | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 | — |
| Free cash flow | $7.70B | $6.13B | $6.23B | $5.29B | $6.91B | $8.38B |
| Gross margin | 13.5% | 12.6% | 12.5% | 9.8% | 10.2% | — |
| Operating margin | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% | 11.8% |
| Net margin | 9.4% | 8.7% | 10.2% | 7.5% | 6.7% | 8.2% |
| Revenue growth | +2.5% | -1.6% | +2.4% | +5.1% | +5.6% | — |
| Cash + short-term investments | $3.60B | $2.55B | $1.44B | $2.48B | $4.12B | — |
| Total debt | $11.7B | $15.5B | $17.5B | $20.3B | $21.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 27, 2026)
P/E 20.9x · P/S 1.7x · EV/EBITDA 13.7x · EV/Sales 1.9x · P/FCF 16.2x · P/B 13.5x · FCF yield 6.16% · Earnings yield 4.78% · Dividend yield (paid, TTM) 2.36% · Buyback yield (TTM) 0.55% · Net debt $14.5B · EV $151B
P/E at fiscal year-ends: Dec 2025 22.5x, Dec 2024 21.8x, Dec 2023 16.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold LMT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 1.36% | $110M | Added +1.3% |
| Thomas Gayner | Markel Group | 0.25% | $33.2M | Unchanged |
| John Rogers | Ariel Investments | 0.06% | $5.6M | Reduced -15.8% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $395K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Donovan John | Director | 3,378 | $0K | 100% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-11…2026-08-12 | Lightfoot Robert M Jr | President Space | 2,606 | $118K | 53.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.52 on a 1–5 scale), 23 analysts; mean target USD 632.9 (low 498, high 756).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target lowered | Sector Perform | $600 → $550 |
| 2026-10-14 | Bernstein | Target lowered | Market Perform | $629 → $564 |
| 2026-10-09 | TD Cowen | Target lowered | Hold | $600 → $570 |
| 2026-10-09 | Barclays | Initiated | Equal-Weight | $554 |
| 2026-10-06 | Rothschild & Co | Initiated | Buy | $650 |
| 2026-09-08 | UBS | Upgrade | Neutral → Buy | $581 → $674 |
| 2026-08-13 | Citigroup | Target raised | Buy | $641 → $691 |
| 2026-07-24 | Morgan Stanley | Target raised | Equal-Weight | $653 → $690 |
| 2026-07-24 | RBC Capital | Target raised | Sector Perform | $575 → $600 |
| 2026-07-13 | TD Cowen | Target lowered | Hold | $600 → $560 |
| 2026-07-01 | Citigroup | Upgrade | Neutral → Buy | $571 → $582 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +24.0% | +80.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +24.1% | +12.4% |
| Volatility (annualized) | 29.2% | 26.2% |
| Max drawdown | -26.9% (Mar 2026→Jun 2026) | -30.4% (Oct 2024→Feb 2025) |

## Peers (Aerospace & Defense)
BA (Boeing Company (The)) USD 187.55 -2.46% · GD (General Dynamics Corporation) USD 350.79 +1.76% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42% · RTX (RTX Corporation) USD 194.71 +1.62% · TDG (Transdigm Group Incorporated) USD 1,141.74 +1.09%

## More
Full page: https://nexqual.com/LMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LMT's own 10-K filed 2026-01-29 (https://www.sec.gov/Archives/edgar/data/936468/000162828026004195/lmt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Boeing (BA) | "The Boeing Company, General Dynamics, L3Harris Technologies, Northrop Grumman, and RTX Corporation are some of our primary competitors." |
| Competitor | RTX (Raytheon) (RTX) | "The Boeing Company, General Dynamics, L3Harris Technologies, Northrop Grumman, and RTX Corporation are some of our primary competitors." |

Other companies that name LMT in their own reports (relationship from LMT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | LIGHTPATH TECHNOLOGIES INC (LPTH) | 10-K 2026-09-11 | "This includes Visimid's contract with Lockheed Martin, as well as several other non-recurring engineering projects, the largest of which was for another defense customer." |
| supplier | VIAVI SOLUTIONS INC. (VIAV) | 10-K 2026-08-13 | "OSP customers include SICPA Holding SA Company (SICPA), Lockheed Martin Corporation and Seiko Epson Corporation." |
| competitor | AeroVironment Inc (AVAV) | 10-K 2026-06-29 | "Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boein…" |
| supplier | GRAHAM CORP (GHM) | 10-K 2026-06-08 | "A representative list of our customers include: 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, …" |
| competitor | VIASAT INC (VSAT) | 10-K 2026-05-29 | "We may also compete directly with the largest defense prime contractors, including Boeing, Lockheed Martin, Northrop Grumman and Raytheon Technologies Corporation." |
| supplier | RBC Bearings INC (RBC) | 10-K 2026-05-15 | "largest Aerospace & Defense customers include the DOD, Boeing, Airbus, Newport News Shipbuilding, Lockheed Martin, Northrop Grumman," |
| partner | Starfighters Space, Inc. (FJET) | 10-K 2026-04-15 | "1. companies providing dedicated and rideshare launch vehicles to deliver small payloads to generic and custom planes/inclinations and altitude trajectories, such as Northrop Grumman, SpaceX, United L…" |
| supplier | Infleqtion, Inc. (INFQ) | 10-K 2026-03-31 | "Our partners and customers include the U.S. Department of Defense, DARPA, NASA, SAIC, Lockheed Martin, NVIDIA and the United Kingdom ("UK") National Quantum Computing Centre." |
| partner | GeoPark Ltd (GPRK) | 20-F 2026-03-31 | "He has extensive experience serving Fortune 500 companies, including acting as Lead Audit Partner or Senior Advisory Partner for Lockheed Martin, AES, Gannett, General Dynamics, Booz Allen Hamilton, M…" |
| supplier | CPI AEROSTRUCTURES INC (CVU) | 10-K 2026-03-31 | "These significant customers – Raytheon, Sikorsky, Lockheed Martin, and the United States Air Force – constituted" |
| competitor | EMBRAER S.A. (EMBJ) | 20-F 2026-03-30 | "Its main competitor is the Lockheed Martin C-130J (United States of America)." |
| supplier | SYPRIS SOLUTIONS INC (SYPR) | 10-K 2026-03-26 | "Our customers include large aerospace and defense companies such as Northrop Grumman Corporation (Northrop Grumman), Lockheed Martin (Lockheed), L3Harris Technologies (L3Harris), Collins Aerospace Sys…" |
| partner | Firefly Aerospace Inc. (FLY) | 10-K 2026-03-20 | "Our collaborations with leading national security agencies and aerospace companies, such as Lockheed Martin Corporation, Northrop Grumman, L3Harris, USSF, Space Development Agency ("SDA"), NRO, and NA…" |
| competitor | Red Cat Holdings, Inc. (RCAT) | 10-K 2026-03-19 | "Competitors in the Enterprise segment include transportation companies like United Parcel Service, Federal Express and Amazon, as well as defense companies such as Lockheed Martin Corporation, Northro…" |
| competitor | Intuitive Machines, Inc. (LUNR) | 10-K 2026-03-19 | "Competition in our addressable market is mainly divided between incumbents, such as Lockheed Martin and Blue Origin who pursue larger, more complex contracts such as crewed lunar missions, and next ge…" |

## Revenue by business segment (quarter ended 2026-09-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Aeronautics | $8.21B | 39.7% | +13.2% | $743.0M | 9.0% |
| RMS | $4.51B | 21.8% | +3.2% | $524.0M | 11.6% |
| MFC | $4.50B | 21.7% | +24.2% | $631.0M | 14.0% |
| Space | $3.48B | 16.8% | +3.8% | $331.0M | 9.5% |
| Total revenue | $20.71B | 100% | — | $2.44B | 11.8% |

## Revenue by product line (quarter ended 2026-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $17.43B | 84.2% | +13.8% |
| Services | $3.28B | 15.8% | -0.5% |
| Total revenue | $20.71B | 100% | — |

## Revenue by region (quarter ended 2026-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $14.35B | 69.3% | +6.9% |
| Europe | $2.78B | 13.4% | +38.2% |
| Asia Pacific | $2.22B | 10.7% | +10.6% |
| Middle East | $700.0M | 3.4% | +10.6% |
| Other | $665.0M | 3.2% | +25.0% |
| Total revenue | $20.71B | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "Refer to the "Forward-Looking Statements" section contained in this press release and Form 10-Q for factors that may impact the company's ability to achieve guidance or meet expectations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $8.48 | $8.58 | -1.1% | $22.56B | 15 |
| Next quarter (ends 2027-03-31) | $7.32 | $7.21 | +1.6% | $19.57B | 7 |
| Current fiscal year (ends 2026-12-31) | $30.57 | $30.35 | +0.7% | $81.15B | 19 |
| Next fiscal year (ends 2027-12-31) | $32.99 | $32.47 | +1.6% | $86.27B | 20 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 30.7% | ±3.6% |
| 2026-11-06 | 14 | 29.5% | ±4.8% |
| 2026-11-13 | 21 | 29.2% | ±5.7% |
| 2026-11-20 | 28 | 28.8% | ±6.5% |
| 2026-11-27 | 35 | 28.5% | ±7.2% |
| 2026-12-04 | 42 | 27.2% | ±7.6% |
| 2026-12-18 | 56 | 27.7% | ±8.8% |
| 2027-01-15 | 84 | 26.9% | ±10.4% |