LMT
Lockheed Martin Corporation

Lockheed Martin CorporationLMT

Industrials · Aerospace & Defense
567.08USD
-1.58%
Nov 09, 2026
LMT overview ready
Prime Contractor Supplying Missile Defense and Precision Strike Systems
Direct prime-contractor beneficiary of missile-defense, interceptor, precision-strike and related production/sustainment demand, although Lockheed is a diversified defense prime rather than a focused component bottleneck.
Primary theme is lagging
Defense / Drones is lagging (+0.2pp vs SPY over 21 sessions; 13 of 25 members ahead of SPY).
Constructive pullback in an uptrend
Longer-term context reads established trend, with a near-term setup of daily reclaim.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably….
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Dependence on U.S. Government defense budgets.
Market Nov 6Filing Sep 27Price action Nov 8Research Oct 4

Conviction Level

PriceAction9.4BusinessPerformance7.0BusinessQuality8.4Valuation4.6ThemeMomentum1.0Improving — Revenue growth has accelerated across 3 consecutive quarters, rising from +0.3% to +11% year over year. Diluted EPS is up 15% year over year ($7.97), but growth has slowed from +444%. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+0.2pp
Theme return
−4.8%
Beating SPY
13 of 25
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads established trend, with a near-term setup of daily reclaim.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$131.0B
Avg Volume (60D)
1.4M
60 sessions
Revenue Growth YoY
+5.6%
FY2025 vs FY2024
Gross Margin
+11.7%
Trailing twelve months
Operating Margin
+11.8%
Trailing twelve months
Free Cash Flow Yield
+6.4%
Distance from 200DMA
+0.5%
Next Earnings
2027-01-26
P/E
20.1x
EV / EBITDA
13.2x
EV / Sales
1.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 27, 2026
Filed balance-sheet data as of Sep 27, 2026

Business Performance

Improving

Revenue growth has accelerated across 3 consecutive quarters, rising from +0.3% to +11% year over year. Diluted EPS is up 15% year over year ($7.97), but growth has slowed from +444%.

Latest reported: Q3 FY2026, ended Sep 27
Revenue growthAccelerating
+11%
$20.7B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +9.1%
  2. +0.3%
  3. +11%
  4. +11%
Earnings growthSlowing
+15%
Diluted EPS $7.97 vs $6.95 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. -12%
  3. +444%
  4. +15%
Operating marginStable
11.8%
-0.5 pp YoY · gross margin 11.8% (-0.3 pp)

Business Quality

8.4 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say fair; intrinsic is the dissenting view.
Lockheed Martin Corporation has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

Company Research

Thesis
Direct prime-contractor beneficiary of missile-defense, interceptor, precision-strike and related production/sustainment demand, although Lockheed is a diversified defense prime rather than a focused component bottleneck.
Opportunity
Moderate opportunity
U.S. Allied procurement to replenish missile, air-defense and precision-munition inventories while expanding the industrial capacity needed to sustain higher production rates.
Key risk
Dependence on U.S. Government defense budgets.

Economic classification

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Business & Markets

Industrials · Aerospace & Defense
What they do

Lockheed Martin designs, develops, manufactures, integrates, and sustains aerospace and defense technology systems and products globally through four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.

How it earns

Primarily project-based contracts with government and allied defense customers for production and sustainment of defense systems.

Products & services
Combat and air mobility aircraft
Unmanned air vehicles
Air and missile defense systems
Tactical missiles
Rotary-wing aircraft systems
Space systems
Customers & end markets
U.S. Department of Defense
International allied governments
Defense agencies in Europe, Asia, and the Middle East
Market position

Market leader and diversified prime contractor in aerospace and defense with broad product and service offerings.

Demand drivers
Medium cyclicality

Defense spending is influenced by government budgets and geopolitical factors but tends to have multi-year contract visibility.

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