It's a legitimate question, given its latest quarterly results. Given the current geopolitical situation and the additional orders generated by the war in Ukraine, one might have expected better.

As a result, growth remained very modest over the first nine months of the year. It was even zero, or even negative if we adjust sales trends for inflation. Operating profit fell slightly, while cash profit distributable to shareholders reached $4.6 billion, compared with $4.9 billion at the same time last year.

However, the order book is full - reaching a record $156 billion - and still well distributed. The world's leading defense group does more than just serve Uncle Sam: it also equips NATO as a whole, whose organization is expanding and whose members are increasingly developing their integration capabilities.

As usual with Lockheed, all cash profits are returned to shareholders in the form of dividends and share buy-backs. There is virtually no net debt on the balance sheet, and targets for the year are confirmed, with free cash flow expected to reach $6.2 billion. This level has been stagnant for five years.

It's true that business over the last decade has been buoyed by the deluge of orders for the F-35. It will certainly not be easy to repeat the feat in the coming cycle: in this respect, the current valuation is hovering around x20 distributable profit to shareholders - a sign that the market is well aware of this slowdown in growth.

By valuing Lockheed at a free cash flow yield of 5%, it puts the Group's shares on an equal footing with ten-year Treasury bonds.