LOCKHEED MARTIN CORP LMT
We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies.
Recent regional conflicts have demonstrated the integral role Lockheed Martin products play in protecting people, and we are rapidly transforming our business to meet increased demand. We are expanding production capacity to continue delivering at scale, and we are harnessing leading-edge technologies like artificial intelligence and autonomy, open-architecture systems, and advanced networking to make defense forces more agile, adaptive and unpredictable. Our goal is to deliver overwhelming capability and value – quickly, at the needed quantities and with the greatest effectiveness – to enable overmatch and strengthen deterrence today and into the future.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75.05B | $71.04B | $67.57B | $65.98B | $67.04B | $65.40B | $59.81B | $53.76B | $49.96B | $47.29B |
| Cost of revenue | $67.43B | $64.11B | $59.09B | $57.70B | $57.98B | $56.74B | $51.45B | $46.49B | $43.59B | $41.89B |
| Gross profit | $7.62B | $6.93B | $8.48B | $8.29B | $9.06B | $8.65B | $8.37B | $7.27B | $6.37B | $5.40B |
| R&D | $2.00B | $1.60B | $1.50B | $1.70B | $1.50B | $1.30B | $1.30B | $1.30B | $1.20B | $988.0M |
| Operating income | $7.73B | $7.01B | $8.51B | $8.35B | $9.12B | $8.64B | $8.54B | $7.33B | $6.74B | $5.89B |
| Interest expense | $1.12B | $1.04B | $916.0M | $623.0M | $569.0M | $591.0M | $653.0M | $668.0M | $651.0M | $663.0M |
| Pre-tax income | $5.92B | $6.22B | $8.10B | $6.68B | $7.55B | $8.23B | $7.24B | $5.84B | $5.25B | $4.75B |
| Income tax | $905.0M | $884.0M | $1.18B | $948.0M | $1.24B | $1.35B | $1.01B | $792.0M | $3.36B | $1.09B |
| Net income | $5.02B | $5.34B | $6.92B | $5.73B | $6.32B | $6.83B | $6.23B | $5.05B | $1.96B | $5.17B |
| EPS, basic | 21.56 | 22.39 | 27.65 | 21.74 | 22.85 | 24.40 | 22.09 | 17.74 | 6.82 | 17.28 |
| EPS, diluted | 21.49 | 22.31 | 27.55 | 21.66 | 22.76 | 24.30 | 21.95 | 17.59 | 6.75 | 17.07 |
| Shares, diluted (wtd. avg.) | $233.5M | $239.2M | $251.2M | $264.6M | $277.4M | $281.2M | $283.8M | $286.8M | $290.6M | $303.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.12B | $2.48B | $1.44B | $2.55B | $3.60B | $3.16B | $1.51B | $772.0M | $2.86B | $1.84B |
| Receivables | $3.90B | $2.35B | $2.13B | $2.50B | $1.96B | $1.98B | $2.34B | $2.44B | $2.27B | $8.20B |
| Inventory | $3.52B | $3.47B | $3.13B | $3.09B | $2.98B | $3.54B | $3.62B | $3.00B | $2.88B | — |
| Total current assets | $25.36B | $21.85B | $20.52B | $20.99B | $19.82B | $19.38B | $17.09B | $16.10B | $17.50B | $15.11B |
| Property, plant and equipment | $8.88B | $8.73B | $8.37B | $7.97B | $7.60B | $7.21B | $6.59B | $6.12B | $5.78B | $5.55B |
| Goodwill | $11.31B | $11.07B | $10.80B | $10.78B | $10.81B | $10.81B | $10.60B | $10.77B | $10.81B | $10.76B |
| Other intangibles | $1.89B | $2.02B | $2.21B | $2.46B | $2.71B | $3.01B | $3.21B | $3.49B | $3.80B | $4.09B |
| Total assets | $59.84B | $55.62B | $52.46B | $52.88B | $50.87B | $50.71B | $47.53B | $44.88B | $46.62B | $47.81B |
| Accounts payable | $3.63B | $2.22B | $2.31B | $2.12B | $780.0M | $880.0M | $1.28B | $2.40B | $1.47B | $1.65B |
| Short-term debt | $1.17B | $643.0M | $168.0M | $118.0M | $6.0M | $500.0M | $1.25B | $1.50B | $750.0M | $0 |
| Total current liabilities | $23.34B | $19.42B | $16.94B | $15.89B | $14.00B | $13.93B | $13.97B | $14.40B | $12.91B | $12.54B |
| Long-term debt | $20.53B | $19.63B | $17.29B | $15.43B | $11.67B | $11.67B | $11.40B | $12.60B | $13.51B | $14.28B |
| Total liabilities | $53.12B | $49.28B | $45.62B | $43.61B | $39.91B | $44.67B | $44.36B | $43.43B | $47.40B | $46.20B |
| Retained earnings | $14.03B | $14.55B | $15.40B | $16.94B | $21.60B | $21.64B | $18.40B | $15.43B | $11.40B | $13.32B |
| Total equity | $6.72B | $6.33B | $6.83B | $9.27B | $10.96B | $6.04B | $3.17B | $1.45B | -$776.0M | $1.48B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.56B | $6.97B | $7.92B | $7.80B | $9.22B | $8.18B | $7.31B | $3.14B | $6.48B | $5.19B |
| Depreciation and amortisation | $1.69B | $1.56B | $1.43B | $903.0M | $904.0M | $853.0M | $794.0M | $759.0M | $760.0M | $747.0M |
| Stock-based compensation | $304.0M | $277.0M | $265.0M | $238.0M | $227.0M | $221.0M | $189.0M | $173.0M | $158.0M | $149.0M |
| Capital expenditure | $1.65B | $1.69B | $1.69B | $1.67B | $1.52B | $1.77B | $1.48B | $1.28B | $1.18B | $1.06B |
| Investing cash flow | -$1.98B | -$1.79B | -$1.69B | -$1.79B | -$1.16B | -$2.01B | -$1.24B | -$1.07B | -$1.15B | -$985.0M |
| Financing cash flow | -$4.94B | -$4.14B | -$7.33B | -$7.07B | -$7.62B | -$4.53B | -$5.33B | -$4.15B | -$4.30B | -$3.46B |
| Dividends paid | $3.13B | $3.06B | $3.06B | $3.02B | $2.94B | $2.76B | $2.56B | $2.35B | $2.16B | $2.05B |
| Buybacks | $3.00B | $3.70B | $6.00B | $7.90B | $4.09B | $1.10B | $1.20B | $1.49B | $2.00B | $2.10B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-004195.
Others in SIC 3760
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|---|---|---|---|---|
| RKLB | Rocket Lab Corp | $38.45B | — | 38.0% |
| KTOS | KRATOS DEFENSE & SECURITY SOLUTIONS, INC. | $8.98B | 367.8x | 18.5% |
| FLY | Firefly Aerospace Inc. | $3.63B | — | 163.0% |
| RDW | Redwire Corp | $2.63B | — | 10.3% |
| VOYG | Voyager Technologies, Inc./TX | $1.99B | — | 15.4% |
| MNTS | Momentus Inc. | $91.8M | — | -47.5% |