
Lockheed Martin Corporation

LMT (Lockheed Martin Corporation) trades at 2.1x EV/Revenue — attractively valued for a defense & gov tech company with thin margins (10%) and mature growth profile. The business is approaching profitability at 10% EBIT margins. Forward PE of 21x.
When CEOs buy their own stock in the open market, the stock outperforms by 8.9% on average over the following year.
Lockheed Martin is one of the world's largest defense contractors, designing and manufacturing advanced technology systems for military and government customers globally. The company operates across four main segments: aeronautics (F-35 fighter jets, C-130 transport aircraft), missiles and fire control (precision weapons, radar systems), rotary and mission systems (helicopters, naval systems), and space (satellites, launch vehicles). They generate revenue primarily through long-term government contracts and international defense sales.
Lockheed Martin has delivered consistent mid-single-digit revenue growth driven by F-35 production ramp and international expansion. The company is positioned to benefit from a global defense spending cycle with NATO allies committing to 2%+ GDP defense targets. Key growth drivers include F-35 international sales, hypersonic weapons development, and space-based missile defense systems.
The company maintains strong profitability with operating margins typically in the 10-12% range and generates robust free cash flow of $6-7 billion annually. Margins benefit from the mix shift toward higher-margin sustainment and services revenue as F-35 fleet matures. The business model provides steady margin expansion through production learning curves and aftermarket service contracts.
Lockheed Martin holds a fortress-like position in several niche defense markets with high barriers to entry and limited competition. Primary competitors include Boeing, Raytheon, and Northrop Grumman, but LMT's F-35 monopoly and specialized capabilities in hypersonics and space systems provide significant competitive moats. Long development cycles and security clearance requirements create natural barriers to new entrants.
Without access to recent earnings data, specific quarterly momentum is unclear. However, the company typically provides steady performance with occasional program-related volatility. Defense stocks generally benefit from geopolitical tensions and increased defense spending commitments from allies.
Analysts generally view Lockheed Martin as a high-quality defensive play within the aerospace sector. The consensus typically focuses on F-35 delivery schedules, international order timing, and margin trends. Debates usually center around valuation multiples and the sustainability of current defense spending levels.
Lockheed Martin is a high-quality defense contractor with a dominant market position and predictable cash flows, making it a relatively safe play on sustained global defense spending trends.
Gold Eagle provides data and AI-generated analysis for informational purposes only. Not investment advice. All data from public sources.








| '25E | '26E | '27E | '28E | |
|---|---|---|---|---|
| Revenue | — | $79.2B | $83.2B | $86.9B |
| Growth | — | +5% | +5% | |
| EBITDA | — | $10.4B | $10.9B | $11.4B |
| Growth | — | +5% | +5% | |
| EPS (PF) | — | $29.99 | $31.91 | $33.45 |
| Growth | — |
Defense Stocks Show Clear Winners, Losers Amid Ongoing U.S.-Iran Conflict
Pentagon Seeks $200 Billion for Iran War. Here's What It Means for Defense Stocks.
Lockheed Martin Selects Fortem Technologies to Protect Critical Infrastructure from Drones
The Shahed Drone War Is Creating A Missile Defense Supercycle For Lockheed Martin
ForwardEdge ASIC Selects BrainChip's Neuromorphic Computing for Future ASICs
| +6% |
| +5% |