LMT
Lockheed Martin Corporation
LMT's fundamentals are strong: its operating margin rose 3 points to 12% and free cash flow grew 82%. At 21x earnings, it's trading above its usual 19x. Analysts expect earnings growth.
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.
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.
LMT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for LMT, with profitability improving.
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.
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's operating margin was 12% last quarter, about level with the same quarter a year ago.
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.
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 232M diluted shares, down 0.6% from a year ago.
| 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.
LMT Net Leverage
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).
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.
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 is in an uptrend: it's above all five of its weekly moving averages, and 22% above its 200-week average.
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 finished lower in four of the last six years. It's up 25% so far in 2026.