Lockheed Martin (LMT) stock
Industrials · Aerospace & Defense
Lockheed Martin (LMT) is an Aerospace & Defense company in the Industrials sector, headquartered in Bethesda, Maryland. As of October 23, 2026, LMT closed at $604.18, a market capitalization of $139.57 billion, the 87th largest company in the S&P 500. Over the last twelve months it generated $79.12 billion in revenue (+11% year over year) and $8.73 billion in free cash flow. The stock trades at 21.5x trailing earnings and 18.3x forward earnings.
- 1-year total return: +27.0% (dividends reinvested)
- 5-year return: +13.0% a year
- 52-week range: $437.25 – $692.00
- Gross margin 11.7%, operating margin 11.4%
- Dividend yield: 2.38%, 23 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 9th largest of 83 Industrials stocks in the S&P 500
LMT price chart
1Y price change: +23.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| LMT | +15.2% | +27.2% | +27.0% | +13.6% | +13.0% | +13.1% | +10.7% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1962.
LMT key statistics
- Market cap
- $139.6B
- #87 in S&P 500
- P/E (TTM)
- 21.5x
- Forward P/E
- 18.3x
- EPS (TTM)
- $28.16
- Revenue (TTM)
- $79.1B
- +11%
- Free cash flow
- $8.7B
- Gross margin
- 11.7%
- Operating margin
- 11.4%
- Return on equity
- 80.2%
- Dividend yield
- 2.38%
- 52-week range
- $437.25 – $692.00
- Beta
- 0.10
- Price / sales
- 1.8x
- EV / EBITDA
- 15.6x
- Debt / equity
- 2.04x
- Employees
- 123,000
LMT report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth11.3%B
- Gross margin11.7%F
- Operating margin11.4%C
- FCF margin11.0%C
- Return on equity80.2%A
- Net debt / EBITDA1.5xC
- Forward P/E18.3xB
- PEG ratio1.0xB
- Shareholder yield4.5%B
- Share count change / yr-3.6%A
Lockheed Martin financials
Revenue went from $47.3B in fiscal 2016 to $75.0B in fiscal 2025, growing 5.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.3B | $50.0B | $53.8B | $59.8B | $65.4B | $67.0B | $66.0B | $67.6B | $71.0B | $75.0B |
| Gross profit | $5.4B | $6.4B | $7.3B | $8.4B | $8.7B | $9.1B | $8.3B | $8.5B | $6.9B | $7.6B |
| Operating income | $5.9B | $6.7B | $7.3B | $8.5B | $8.6B | $9.1B | $8.3B | $8.5B | $7.0B | $7.7B |
| Net income | $5.2B | $2.0B | $5.0B | $6.2B | $6.8B | $6.3B | $5.7B | $6.9B | $5.3B | $5.0B |
| EPS (diluted) | $17.07 | $6.75 | $17.59 | $21.95 | $24.30 | $22.76 | $21.66 | $27.55 | $22.31 | $21.49 |
| Free cash flow | $4.1B | $5.3B | $1.9B | $5.8B | $6.4B | $7.7B | $6.1B | $6.2B | $5.3B | $6.9B |
| Buybacks | $2.1B | $2.0B | $1.5B | $1.2B | $1.1B | $4.1B | $7.9B | $6.0B | $3.7B | $3.0B |
| Dividends paid | $2.0B | $2.2B | $2.3B | $2.6B | $2.8B | $2.9B | $3.0B | $3.1B | $3.1B | $3.1B |
| Diluted shares | 303.1M | 290.6M | 286.8M | 283.8M | 281.2M | 277.4M | 264.6M | 251.2M | 239.2M | 233.5M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into LMT?
A reverse DCF asks what growth the current price requires. With an enterprise value of $154.1B and $8.7B of trailing free cash flow, Lockheed Martin needs to grow free cash flow about 7.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 1.5% a year over the last five years.
P/E ratio history
Current 28.1x vs. median 17.8x (10th–90th percentile 10.0x–23.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
LMT dividend
- Dividend yield
- 2.38%
- Annual dividend
- $14.40
- Years of increases
- 23
- 5-yr dividend growth
- 6.4%
- per year
- Payout ratio
- 49%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
LMT earnings
Next report: January 26, 2027. Lockheed Martin has beaten EPS estimates 2 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 22, 2026 | $7.52 | $7.97 | +6.0% |
| Jul 23, 2026 | $7.19 | $7.94 | +10.4% |
| Apr 23, 2026 | $6.69 | $6.44 | -3.8% |
| Jan 29, 2026 | $5.75 | $5.80 | +0.9% |
| Oct 21, 2025 | $6.36 | $6.95 | +9.3% |
| Jul 22, 2025 | $6.42 | $1.46 | -77.3% |
| Apr 22, 2025 | $6.35 | $7.28 | +14.7% |
| Jan 28, 2025 | $6.60 | $2.22 | -66.4% |
Stocks like LMT
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
 RTX RTX | -1.90% | +8% | $257.8B | 31.1x | Compare |
 BA Boeing | +0.43% | -14% | $148.9B | 67.3x | Compare |
 GD General Dynamics | -0.41% | +4% | $94.5B | 21.3x | Compare |
 NOC Northrop Grumman | -0.16% | -7% | $78.3B | 17.4x | Compare |
 HWM Howmet Aerospace | -3.82% | -7% | $74.1B | 40.1x | Compare |
 TDG Transdigm | -3.23% | -18% | $61.1B | 33.5x | Compare |
 HONA Honeywell Aerospace | +0.18% | — | $51.8B | 49.8x | Compare |
LMT news
- Is Now a Good Time to Buy Lockheed Martin? · Oct 25, 2026
- Stocktwits Defense Watch: Lockheed Martin, RTX, L3Harris, HII Add To Their Defense Contract Backlogs Amid Pentagon Spending Ramp-Up · Oct 24, 2026
- Lockheed Vs. RTX: The Cheaper Defense Giant Is The Clear Value Win · Oct 23, 2026
- Lockheed Martin (LMT) Following Its Earnings Beat And F 35 Deal Still Looks Undervalued · Oct 23, 2026
- Lockheed Martin’s Growth Potential ‘Not Priced Into The Stock,’ UBS Says — Analyst Sees About 15% Upside Potential In LMT Shares · Oct 23, 2026
LMT stock FAQ
What is LMT's market cap?
Lockheed Martin's market capitalization is $139.57 billion as of October 23, 2026, ranking 87th in the S&P 500.
What is LMT's P/E ratio?
LMT trades at a trailing price-to-earnings ratio of 21.5x and a forward P/E of 18.3x. Its median P/E over the period we track is 17.8x.
Does LMT pay a dividend?
Yes. Lockheed Martin pays $14.40 per share a year, a 2.38% yield. It has raised its dividend 23 years in a row. Dividends grew 6.4% a year over the last five years.
How much has LMT stock returned?
Including reinvested dividends, LMT returned +27.0% over one year, +13.0% a year over five years, +13.1% a year over ten years through October 23, 2026.
Is LMT stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Lockheed Martin must grow free cash flow about 7% a year for the next decade. Its free cash flow grew 1% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does LMT report earnings?
Lockheed Martin is expected to report earnings on January 26, 2027. It has beaten EPS estimates 2 quarters in a row.
How many employees does Lockheed Martin have?
Lockheed Martin has about 123,000 full-time employees, or $643,220 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology