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LMT · NYSE

Lockheed Martin Corporation

Aerospace & Defense · United States

USD 643.151.0% daily changeQuote 2026-11-02 · USD
Market cap (USD)
US$148.57B
Trailing P/E
22.62x
Forward P/E
19.31x
Quarterly revenue growth
11.3%
Trailing net margin
8.2%
Indicated dividend yield
2.2%

Snapshot 2026-11-03 · Latest financial period 2026-09-27 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2027-01-26 (provider estimate; issuer confirmation unavailable here).

Company background

Lockheed Martin Corporation, an aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally. The company operates through four segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; and ground vehicles. The RMS segment offers military and commercial helicopters, surface ships, sea- and land-based missile defense systems, radar and laser systems, sea- and air-based mission and combat systems, command and control mission solutions, cyber solutions, simulation and training solutions, and services and support for surface ships. The Space segment provides satellites; space transportation systems; strategic, advanced strike, and defensive systems; and classified systems and services in support of national security systems. This segment also provides network-enabled situational awareness; and integrates space and ground global systems to help its customers gather, analyze, and securely distribute critical intelligence data. It primarily serves the U.S. government and international customers, as well as foreign military sales contracted through the U.S. government. The company was formerly known as The Lockheed Corporation and changed its name to Lockheed Martin Corporation in March 1995. Lockheed Martin Corporation was founded in 1912 and is based in Bethesda, Maryland.

Company website

Q3 2026

Go beyond the headline.

LMT Stock: $292B Backlog — When Does It Become Cash? | Lockheed Martin Q3 2026 Earnings

Published 2026-10-28

Q3 2026 REPORT HIGHLIGHTS

What’s changed for LMT

Record missile orders strengthen Lockheed Martin’s demand outlook, while F-35 funding, contract assets and capital commitments determine how much reaches shareholders.

  1. The backlog record has a long clock.

    The $52.5B PAC-3 award drove about 85% of the quarter’s backlog increase; only 23% of total backlog is expected to convert within twelve months.

  2. Cash guidance improved more than profit guidance.

    FY FCF midpoint rose $800M, while consolidated operating-profit midpoint fell $25M.

  3. F-35 funding is a current constraint.

    Lot 20 advance-acquisition costs began exceeding current authorization and funding during Q3.

  4. Liquidity has competing uses.

    The pending $3.45B Ultra Maritime purchase, program obligations and potential ULA support compete with capital returns.

  5. The price offers little cushion.

    Three valuation routes support a rounded $600 anchor versus the $622.99 reference, with a $480 conditional entry checkpoint.

Comparable businesses

LMT peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.

Market metrics · missing or inapplicable values shown as —
MetricLMTLockheed Martin CorporationSnapshot 2026-11-03Financial period: 2026-09-27
Market capMarket value, converted to USDUS$148.57B
Forward P/EProvider forward earnings estimate19.31x
EV / EBITDAEnterprise value / trailing EBITDA16.55x
Revenue growthLatest quarter vs prior-year quarter11.3%
Operating marginLatest reported quarter11.4%
Free cash flow yieldTrailing cash flow / market cap3.8%
Net debt / EBITDANet debt / trailing EBITDA1.47x
Debt / equityTotal debt / positive book equity2.04x
Trailing P/ETrailing twelve-month earnings22.62x
Price / bookPrice / positive book equity per share14.70x
EV / salesEnterprise value / trailing revenue2.06x
Earnings growthLatest quarter vs prior-year quarter14.7%
Gross marginTrailing twelve months11.7%
Net marginTrailing twelve months8.2%
Return on equityProvider trailing return; positive equity only80.2%
Free cash flow marginTrailing free cash flow / revenue7.1%
Dividend yieldIndicated annual dividend / price2.2%
Earnings payoutProvider trailing dividend payout49.0%
Current ratioCurrent assets / current liabilities1.26x
BetaProvider historical market sensitivity0.08

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

Financial trends

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Market context

Valuation & price history

Adjusted closing price

Price history

Price history loads separately.

Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-11-03. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for LMT

All available reporting periods
Q3 20262026-10-28
Q2 20262026-07-23
Deep Dive2026-04-24
Q1 20262026-04-24

LMT Q1 2026 earnings analysis

Presentation · 2026-04-24 · YouTube

Deep Dive2026-04-24
Q4 20252026-04-15

LMT Stock: $20.3B Revenue — Q4 2025 Earnings Analysis

Presentation · 2026-04-15 · YouTube

LMT Stock: $20.3B Revenue — Q4 2025 Earnings Analysis

Presentation · 2026-04-15 · YouTube

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.