LMTNYSEGuided Missiles & Space Vehicles & PartsFiscal year ends December 31
LOCKHEED MARTIN CORP
Financials through Q2 FY2026, quarter ended Jun 28, 2026Last filing: 10-Q on Jul 23, 2026
$548.23−3.86 (-0.70%)
Close on Oct 19, 2026
- Market cap
- $126.70B
- P/E (TTM)
- 20.2
- Dividend yield
- 2.44%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
10.2%−3.1 pts over 5 years
Operating margin
10.3%−2.9 pts over 5 years
Net margin
6.7%−3.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.6% | +4.4% | +2.8% | +6.4% | |
| Gross profit | +9.9% | -2.8% | -2.5% | +5.4% | |
| Operating income | +10.2% | -2.5% | -2.2% | +5.1% | |
| Net income | -6.0% | -4.3% | -6.0% | +3.4% | |
| EPS, diluted | -3.7% | -0.3% | -2.4% | +6.5% | |
| Free cash flow | +30.7% | +4.1% | +1.5% | +5.2% | |
| Dividend per share | +4.7% | +5.4% | +6.4% | +8.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 224.5% | 149.5% | 76.9% | |
| Return on assets | 10.7% | 13.9% | 8.7% | |
| Current ratio | 1.20 | 1.39 | 1.09 | |
| Debt to equity | 9.45 | 2.02 | 3.23 | |
| Net debt to EBITDA | 1.76× | 0.93× | 1.87× | |
| Interest coverage | 8.9× | 14.6× | 6.9× | |
| Inventory turnover | – | 15.8× | 19.3× | |
| Capex to revenue | 2.2% | 2.7% | 2.2% | |
| Diluted shares | 303M | 281M | 234M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lockheed Martin generated $40.47B from operations and spent $48.11B on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$40.47B
Used
$48.11B
Capital expenditure$8.22B17%Dividends$15.20B32%Share buybacks$24.69B51%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.7%
×Asset turnover1.30×
×Equity multiplier8.84×
=Return on equity, FY202576.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.7% | 1.30× | 8.84× | 76.9% |
| FY2024 | 7.5% | 1.31× | 8.21× | 81.0% |
| FY2023 | 10.2% | 1.28× | 6.54× | 86.0% |
| FY2022 | 8.7% | 1.27× | 5.13× | 56.7% |
| FY2021 | 9.4% | 1.32× | 5.98× | 74.4% |
| FY2020 | 10.4% | 1.33× | 10.75× | 149.5% |
| FY2019 | 10.4% | 1.29× | 20.44× | 275.6% |
| FY2018 | 9.4% | 1.18× | 168.19× | 1855.1% |
| FY2017 | 3.9% | 1.06× | 142.85× | 593.9% |
| FY2016 | 10.9% | 0.97× | 21.07× | 224.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$5.02B
- Cash generatingOperating cash flow above zero$8.56B
- Return on assets improvedROA up on the prior year10.2% → 9.0%
- Earnings backed by cashOperating cash flow above net income$8.56B vs $5.02B
- Less leverageLong-term debt to assets fell35.3% → 34.3%
- Better liquidityCurrent ratio rose1.13 → 1.09
- No dilutionShare count did not rise239M → 234M
- Gross margin improvedGross margin up on the prior year9.75% → 10.15%
- More efficientAsset turnover rose1.35 → 1.35