Lockheed Martin (LMT): analysis in plain words
Is Lockheed Martin cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Lockheed Martin (LMT) is listed on the NYSE and we classify it in aerospace and defence. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Lockheed Martin according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Lockheed Martin (LMT) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $595.04 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 21.1x | Price over earnings per share |
| Revenue growth | +11.3% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 8.2% | Profit for every 100 of sales |
| Net debt / EBITDA | 1.5x | Years of operating profit to repay debt |
| Dividend yield | 2.25% | Annual dividend over price |
| Market cap | $137.5 billion | What the stock market values it at |
The Lockheed Martin figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any LMT figure that is not available shows as N/A: we do not estimate it.
How Lockheed Martin makes money
Lockheed Martin sells mainly to the U.S. government and allied nations. Aeronautics, its largest segment, builds fighter jets like the Lightning II and Hercules transport aircraft. Missiles and Fire Control makes missiles and missile defense systems, Rotary and Mission Systems includes Sikorsky helicopters and radars, and Space builds satellites and strategic missiles.
Over the last 12 months, Lockheed Martin brought in revenue of $79.1 billion. For every 100 it sells, Lockheed Martin keeps 11.7 after the direct cost of what it sells (gross margin) and 11.4 after all operating costs (operating margin).
Lockheed Martin against its sector
To know whether a Lockheed Martin figure is high or low you have to put it next to similar companies. This table compares Lockheed Martin with the median of the 12 aerospace and defence companies Fintols covers, with data as of November 4, 2026.
| Figure | Lockheed Martin | aerospace and defence median |
|---|---|---|
| P/E | 21.1x | 24.9x (12) |
| Revenue growth | +11.3% | +14.4% (14) |
| Net margin | 8.2% | 8.2% (14) |
| Dividend yield | 2.25% | 1.17% (14) |
| Net debt / EBITDA | 1.5x | 1.3x (12) |
In short, against the typical aerospace and defence company, Lockheed Martin trades on a lower P/E, grows more slowly and pays a higher dividend yield. By size, Lockheed Martin ranks number 4 of 10 aerospace and defence companies quoted in USD on Fintols.
The bull case for Lockheed Martin
These are the strengths in the Lockheed Martin figures as of November 4, 2026:
- Lockheed Martin earns 80.2% a year on its shareholders' money (return on equity).
- Analysts expect Lockheed Martin earnings to rise: its P/E on the next 12 months of estimated earnings is 17.9x, below the current 21.1x.
- Lockheed Martin generates real cash: $5.6 billion of free cash flow over 12 months, 4.1% of its stock market value.
The main risk for Lockheed Martin
The Lockheed Martin figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: production delays and problems, and changes in defence budgets.
Frequently asked questions about Lockheed Martin
Is it a good time to buy Lockheed Martin stock?
Fintols does not tell you whether to buy or sell Lockheed Martin, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Lockheed Martin stock trades at $595.04, 14% below its 52-week high ($692.00) and 36% above its low ($437.25). Its P/E is 21.1x against a aerospace and defence median of 24.9x, and 17.9x on the earnings analysts expect over the next 12 months. With Lockheed Martin, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Lockheed Martin pay a dividend?
Yes. As of November 4, 2026, Lockheed Martin pays $14.40 per share a year, which at today's price is a yield of 2.25%. It uses 49% of its profit to pay it, which leaves room to keep paying it if profit dips. The aerospace and defence median on Fintols is 1.17%.
Is Lockheed Martin stock expensive?
It depends on what you compare it with. On P/E, Lockheed Martin trades at 21.1x its last 12 months of earnings: cheaper than the aerospace and defence median (24.9x). Including its debt, Lockheed Martin is valued at 16.4x its EBITDA (EV/EBITDA). A high P/E alone does not make Lockheed Martin expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Lockheed Martin's competitors?
On Fintols we compare Lockheed Martin with Boeing, General Dynamics and GE Aerospace, which are also in aerospace and defence. As of November 4, 2026, Boeing is worth $140.3 billion and trades on a P/E of 18.3; General Dynamics is worth $98.6 billion and trades on a P/E of 21.5; GE Aerospace is worth $341.8 billion and trades on a P/E of 37.7. Each has a side-by-side comparison with Lockheed Martin below.
Lockheed Martin competitors
- Boeing (BA) analysis · Lockheed Martin vs Boeing comparison
- General Dynamics (GD) analysis · Lockheed Martin vs General Dynamics comparison
- GE Aerospace (GE) analysis · Lockheed Martin vs GE Aerospace comparison
To understand Lockheed Martin better
- How to Write an Investment Thesis (Step by Step)
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Lockheed Martin: aerospace and defence stocks, S&P 500 companies and S&P 100 companies. Open the full LMT analysis with its valuation and scenarios. Educational content about Lockheed Martin, not investment advice.