Financials Lockheed Martin Corporation

Equities

LMT

US5398301094

Aerospace & Defense

Real-time Estimate Cboe BZX 10:20:40 2024-05-22 EDT 5-day change 1st Jan Change
469.3 USD +0.21% Intraday chart for Lockheed Martin Corporation +1.23% +3.65%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 109,833 99,318 98,017 127,496 112,448 112,365 - -
Enterprise Value (EV) 1 120,973 108,327 106,089 140,378 128,465 129,269 129,159 129,028
P/E ratio 17.7 x 14.6 x 15.6 x 22.5 x 16.5 x 17.8 x 16.6 x 15.8 x
Yield 2.31% 2.76% 2.98% 2.34% - 2.73% 2.89% 3.06%
Capitalization / Revenue 1.84 x 1.52 x 1.46 x 1.93 x 1.66 x 1.61 x 1.56 x 1.5 x
EV / Revenue 2.02 x 1.66 x 1.58 x 2.13 x 1.9 x 1.86 x 1.79 x 1.72 x
EV / EBITDA 12.4 x 10.9 x 10.1 x 14.4 x 12.9 x 13.2 x 12.7 x 12.2 x
EV / FCF 20.8 x 16.9 x 13.8 x 22.9 x 20.6 x 20.8 x 21 x 20.1 x
FCF Yield 4.82% 5.92% 7.26% 4.37% 4.85% 4.81% 4.77% 4.97%
Price to Book 34.9 x 16.5 x 8.79 x 13.3 x 16.7 x 17.8 x 16.3 x 14.3 x
Nbr of stocks (in thousands) 282,071 279,784 275,786 262,074 248,099 239,938 - -
Reference price 2 389.4 355.0 355.4 486.5 453.2 468.3 468.3 468.3
Announcement Date 20-01-28 21-01-26 22-01-25 23-01-24 24-01-23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 59,812 65,398 67,044 65,984 67,571 69,595 72,212 74,812
EBITDA 1 9,734 9,934 10,487 9,752 9,937 9,781 10,187 10,573
EBIT 1 8,545 8,644 9,123 8,348 8,507 8,331 8,631 8,885
Operating Margin 14.29% 13.22% 13.61% 12.65% 12.59% 11.97% 11.95% 11.88%
Earnings before Tax (EBT) 1 7,241 8,235 7,550 6,680 8,098 7,400 7,786 8,026
Net income 1 6,230 6,833 6,315 5,732 6,920 6,266 6,552 6,761
Net margin 10.42% 10.45% 9.42% 8.69% 10.24% 9% 9.07% 9.04%
EPS 2 21.95 24.30 22.76 21.66 27.55 26.29 28.17 29.59
Free Cash Flow 1 5,827 6,417 7,699 6,132 6,229 6,219 6,155 6,408
FCF margin 9.74% 9.81% 11.48% 9.29% 9.22% 8.94% 8.52% 8.57%
FCF Conversion (EBITDA) 59.86% 64.6% 73.41% 62.88% 62.68% 63.59% 60.42% 60.61%
FCF Conversion (Net income) 93.53% 93.91% 121.92% 106.98% 90.01% 99.26% 93.95% 94.79%
Dividend per Share 2 9.000 9.800 10.60 11.40 - 12.78 13.51 14.34
Announcement Date 20-01-28 21-01-26 22-01-25 23-01-24 24-01-23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 17,729 14,964 15,446 16,583 18,991 15,126 16,693 16,878 18,874 17,195 16,986 17,298 18,403 17,585 17,562
EBITDA 1 2,820 2,262 2,306 2,452 2,732 2,362 2,469 2,392 2,714 2,380 2,398 2,425 2,590 2,465 2,505
EBIT 1 2,455 1,933 1,963 2,159 2,293 2,037 2,135 2,042 2,293 2,029 2,060 2,041 2,212 2,082 2,090
Operating Margin 13.85% 12.92% 12.71% 13.02% 12.07% 13.47% 12.79% 12.1% 12.15% 11.8% 12.13% 11.8% 12.02% 11.84% 11.9%
Earnings before Tax (EBT) 1 2,490 2,061 330 2,099 2,190 1,994 2,006 1,953 2,145 1,835 1,829 1,780 1,998 1,724 1,786
Net income 1 2,049 1,733 309 1,778 1,912 1,689 1,681 1,684 1,866 1,545 1,543 1,513 1,672 1,518 1,562
Net margin 11.56% 11.58% 2% 10.72% 10.07% 11.17% 10.07% 9.98% 9.89% 8.99% 9.09% 8.75% 9.08% 8.63% 8.9%
EPS 2 7.470 6.440 1.160 6.710 7.400 6.610 6.630 6.730 7.580 6.390 6.456 6.420 7.118 6.557 6.826
Dividend per Share 2 2.800 2.800 2.800 2.800 2.800 3.000 3.000 3.150 - - 3.167 3.222 3.301 3.307 3.286
Announcement Date 22-01-25 22-04-19 22-07-19 22-10-18 23-01-24 23-04-18 23-07-18 23-10-17 24-01-23 24-04-23 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 11,140 9,009 8,072 12,882 16,017 16,904 16,793 16,663
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.144 x 0.9069 x 0.7697 x 1.321 x 1.612 x 1.728 x 1.648 x 1.576 x
Free Cash Flow 1 5,827 6,417 7,699 6,132 6,229 6,219 6,155 6,408
ROE (net income / shareholders' equity) 177% 151% 74.4% 71.3% 86% 97.7% 104% 105%
ROA (Net income/ Total Assets) 13.5% 14% 12.4% 11% 13.1% 11.8% 12.3% 12.9%
Assets 1 46,202 48,727 50,791 51,877 52,668 53,321 53,127 52,448
Book Value Per Share 2 11.20 21.60 40.40 36.50 27.20 26.40 28.80 32.80
Cash Flow per Share 2 25.80 29.10 33.20 29.50 31.50 32.80 35.20 36.90
Capex 1 1,484 1,766 1,522 1,670 1,691 1,752 1,805 1,869
Capex / Sales 2.48% 2.7% 2.27% 2.53% 2.5% 2.52% 2.5% 2.5%
Announcement Date 20-01-28 21-01-26 22-01-25 23-01-24 24-01-23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
22
Last Close Price
468.3 USD
Average target price
488.8 USD
Spread / Average Target
+4.38%
Consensus
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