BA
The Boeing Company
BA offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
LMT
Lockheed Martin Corporation
LMT has the edge over BA overall, supported by stronger modeled upside and lower modeled downside.
BA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
BA's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
LMT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Unavailable |
LMT's revenue, profitability and cash flow are currently healthy. There isn't enough data to rate its balance sheet.
BA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $172 | — |
| Cheap | 51x | $496 | +189% |
| Fair | 82x | $790 | +360% |
| Expensive | 91x | $876 | +411% |
Historical ranges are pointers, not guarantees.
BA has the edge over LMT in the historical PE scenario, which offers more potential upside but is not a forecast.
LMT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $442 | -27% |
| Fair | 19x | $533 | -12% |
| Forward | 19x | $604 | — |
| Current | 21x | $604 | — |
| Expensive | 23x | $647 | +7.2% |
Historical ranges are pointers, not guarantees.
LMT's PE is in its expensive range at 21x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its fair range.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect BA to return to profit, with revenue growing. However, they disagree widely on these estimates.
LMT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for LMT, with profitability improving.
BA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $9.66 | +$23.38 |
| Q2 2026 | $2.78 | +$19.33 |
| Q1 2026 | $2.53 | +$20.49 |
| Q4 2025 | $2.48 | +$20.84 |
| Q3 2025 | -$13.72 | -$0.83 |
| Q2 2025 | -$16.55 | -$10.93 |
| Q1 2025 | -$17.96 | -$14.42 |
| Q4 2024 | -$18.36 | -$14.69 |
BA has the edge over LMT on earnings, with more consistent year-over-year improvement.
LMT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $32.14 | +14% |
| Q3 2026 | $28.15 | +57% |
| Q2 2026 | $27.13 | +52% |
| Q1 2026 | $20.65 | -11% |
| Q4 2025 | $21.49 | -3.7% |
| Q3 2025 | $17.96 | -35% |
| Q2 2025 | $17.81 | -35% |
| Q1 2025 | $23.20 | -15% |
| Q4 2024 | $22.31 | -19% |
LMT earned $28.15 per share over the past year, up 57% from the year before.
BA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.2B | +3.9% |
| Q2 2026 | $24.6B | +8% |
| Q1 2026 | $22.2B | +14% |
| Q4 2025 | $23.9B | +57% |
| Q3 2025 | $23.3B | +30% |
| Q2 2025 | $22.7B | +35% |
| Q1 2025 | $19.5B | +18% |
| Q4 2024 | $15.2B | -31% |
BA has the edge over LMT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.5% | +22 points |
| Q2 2026 | 0.6% | +1.4 points |
| Q1 2026 | 2% | -0.3 points |
| Q4 2025 | 37% | +61 points |
| Q3 2025 | -21% | +12 points |
| Q2 2025 | -0.8% | +5.7 points |
| Q1 2025 | 2.4% | +2.9 points |
| Q4 2024 | -25% | -26 points |
BA's operating margin was 1.5% last quarter, up 22 points from the same quarter a year ago.
LMT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.7B | +11% |
| Q2 2026 | $20.1B | +11% |
| Q1 2026 | $18B | +0.3% |
| Q4 2025 | $20.3B | +9.1% |
| Q3 2025 | $18.6B | +8.8% |
| Q2 2025 | $18.2B | +0.2% |
| Q1 2025 | $18B | +4.5% |
| Q4 2024 | $18.6B | -1.3% |
LMT's revenue has grown year over year for seven quarters in a row: $20.7B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | -0.4 points |
| Q2 2026 | 12% | +8.2 points |
| Q1 2026 | 11% | -1.8 points |
| Q4 2025 | 11% | +7.7 points |
| Q3 2025 | 12% | -0.3 points |
| Q2 2025 | 4.1% | -7.7 points |
| Q1 2025 | 13% | +1.4 points |
| Q4 2024 | 3.7% | -8.4 points |
LMT has the edge over BA on profitability, with a higher operating margin.
BA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $464M | +95% |
| Q2 2026 | $631M | +$831M |
| Q1 2026 | -$1.5B | +$836M |
| Q4 2025 | $375M | +$4.5B |
| Q3 2025 | $238M | +$2.2B |
| Q2 2025 | -$200M | +$4.1B |
| Q1 2025 | -$2.3B | +$1.6B |
| Q4 2024 | -$4.1B | -239% |
BA has the edge over LMT on cash flow, with more consistent year-over-year improvement.
LMT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3B | -10% |
| Q2 2026 | $2.9B | +$3.1B |
| Q1 2026 | -$291M | -130% |
| Q4 2025 | $2.8B | +525% |
| Q3 2025 | $3.3B | +61% |
| Q2 2025 | -$150M | -110% |
| Q1 2025 | $955M | -24% |
| Q4 2024 | $441M | -73% |
LMT generated $8.4B in free cash flow over the past year, up 82% from the year before.
BA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2.1M shares |
| 1 year | +4.3% | +32.8M shares |
| 3 years | +31% | +186M shares |
| 5 years | +35% | +204M shares |
| Available history | +40% | +227M shares |
BA has 793M diluted shares, up 4.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
LMT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +400K shares |
| 1 year | -0.6% | -1.3M shares |
| 3 years | -7.5% | -18.7M shares |
| 5 years | -17% | -45.8M shares |
| Available history | -18% | -52.3M shares |
LMT has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $750M |
| Q3 2025 | $1B |
| Q2 2025 | $500M |
| Q1 2025 | $750M |
| Q4 2024 | $1B |
LMT spent $750M buying back its own shares over the past year, down 77% from the year before.
BA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 5.7x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.9x | High |
| Q2 2024 | 361.8x | High |
| Q1 2024 | 36.1x | High |
| Q4 2023 | 36.4x | High |
| Q3 2023 | 96.1x | High |
BA's net debt is about 3.0 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
LMT Net Leverage
BA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.1 | Neutral |
| Stochastic | 9.6 | Oversold |
BA's weekly RSI is 31 (neutral) and its Stochastic is 10 (oversold).
LMT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.7 | Neutral |
| Stochastic | 66.1 | Neutral |
LMT's weekly RSI is 57 (neutral) and its Stochastic is 66 (neutral).
BA PE vs Industrials Sector
| Metric | BA | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 0 | 58 | 58 pts below |
BA has the edge over LMT on valuation relative to its sector.
LMT PE vs Industrials Sector
| Metric | LMT | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 24x | 11% below |
| PE % | 74 | 58 | 16 pts above |
LMT is trading at 21x earnings, a 11% discount to the Industrials sector's median of 24x.
BA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $184.6 | 7.1% below |
| 20 week MA | $203.8 | 16% below |
| 50 week MA | $215.5 | 20% below |
| 100 week MA | $205.9 | 17% below |
| 200 week MA | $200.6 | 14% below |
BA is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
LMT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $562.4 | 7.4% above |
| 20 week MA | $557.5 | 8.4% above |
| 50 week MA | $561.3 | 7.6% above |
| 100 week MA | $513.6 | 18% above |
| 200 week MA | $494.5 | 22% above |
LMT has the edge over BA on trend strength, trading above more of its moving averages.
BA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $330.1 | $217.2 | -34% |
| 2021 | $217.2 | $204.2 | -6% |
| 2022 | $204.2 | $189.1 | -7.4% |
| 2023 | $189.1 | $260.7 | +38% |
| 2024 | $260.7 | $180.7 | -31% |
| 2025 | $180.7 | $216.4 | +20% |
| 2026 YTD | $216.4 | $171.6 | -21% |
BA has finished lower in four of the last six years. It's down 21% so far in 2026.
LMT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $393.6 | $352.0 | -11% |
| 2021 | $352.0 | $347.0 | -1.4% |
| 2022 | $347.0 | $483.3 | +39% |
| 2023 | $483.3 | $453.2 | -6.2% |
| 2024 | $453.2 | $489.0 | +7.9% |
| 2025 | $489.0 | $483.0 | -1.2% |
| 2026 YTD | $483.0 | $604.1 | +25% |
LMT has the edge over BA on returns for 2026, with the stronger performance.