Lockheed Martin (LMT) Financials

$468.20 -3.36 (-0.71%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$471.79 +3.59 (+0.77%)

As of 08:03 AM Eastern

Annual Income Statements for Lockheed Martin

This table shows Lockheed Martin's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336
Consolidated Net Income / (Loss)	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336
Net Income / (Loss) Continuing Operations	3,126	3,661	1,890	5,046	6,230	6,888	6,315	5,732	6,920	5,336
Total Pre-Tax Income	4,299	4,754	5,246	5,838	7,241	8,235	7,550	6,680	8,098	6,220
Total Operating Income	4,712	5,888	6,744	7,334	8,545	8,644	9,123	8,348	8,507	7,013
Total Gross Profit	4,492	5,401	6,371	7,274	8,367	8,654	9,061	8,287	8,479	6,930
Total Revenue	40,536	47,290	49,960	53,762	59,812	65,398	67,044	65,984	67,571	71,043
Operating Revenue	40,536	47,290	49,960	53,762	59,812	65,398	67,044	65,984	67,571	71,043
Total Cost of Revenue	36,044	41,889	43,589	46,488	51,445	56,744	57,983	57,697	59,092	64,113
Operating Cost of Revenue	36,044	41,889	43,589	46,488	51,445	56,744	57,983	57,597	59,000	64,026
Total Operating Expenses	-220	-487	-373	-60	-178	10	-62	-61	-28	-83
Other Operating Expenses / (Income)	-220	-487	-373	-60	-178	10	-62	-61	-28	-83
Total Other Income / (Expense), net	-413	-1,134	-1,498	-1,496	-1,304	-409	-1,573	-1,668	-409	-793
Interest Expense	443	663	651	668	653	591	569	623	916	1,036
Other Income / (Expense), net	30	-471	-847	-828	-651	-37	288	-1,045	507	243
Income Tax Expense	1,173	1,093	3,356	792	1,011	1,347	1,235	948	1,178	884
Basic Earnings per Share	$11.62	$17.28	$6.82	$17.74	$22.09	$24.40	$22.85	$21.74	$27.65	$22.39
Weighted Average Basic Shares Outstanding	310.30M	299.40M	287.80M	284.50M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M
Diluted Earnings per Share	$11.46	$17.07	$6.75	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31
Weighted Average Diluted Shares Outstanding	310.30M	299.40M	287.80M	284.50M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M
Weighted Average Basic & Diluted Shares Outstanding	310.30M	299.40M	287.80M	284.50M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M
Cash Dividends to Common per Share	$6.15	$6.77	$7.46	$8.20	$9.00	$9.80	$10.60	$11.40	$12.15	$12.75

This table shows Lockheed Martin's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/25/2022	12/31/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,641	1,623	527	1,712
Consolidated Net Income / (Loss)	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,641	1,623	527	1,712
Net Income / (Loss) Continuing Operations	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,641	1,623	527	1,712
Total Pre-Tax Income	2,099	2,190	1,994	2,006	1,953	2,145	1,835	1,948	1,918	519	2,036
Total Operating Income	2,159	2,293	2,037	2,135	2,042	2,293	2,029	2,148	2,140	696	2,372
Total Gross Profit	2,120	2,302	2,046	2,090	2,048	2,295	1,993	2,130	2,117	690	2,323
Total Revenue	16,583	18,991	15,126	16,693	16,878	18,874	17,195	18,122	17,104	18,622	17,963
Operating Revenue	16,583	18,991	15,126	16,693	16,878	18,874	17,195	18,122	17,104	18,622	17,963
Total Cost of Revenue	14,463	16,689	13,080	14,603	14,830	16,579	15,202	15,992	14,987	17,932	15,640
Operating Cost of Revenue	14,463	16,589	13,080	14,603	14,830	16,487	15,202	15,905	14,987	17,932	15,640
Total Operating Expenses	-39	9.00	9.00	-45	6.00	2.00	-36	-18	-23	-6.00	-49
Other Operating Expenses / (Income)	-39	9.00	9.00	-45	6.00	2.00	-36	-18	-23	-6.00	-49
Total Other Income / (Expense), net	-60	-103	-43	-129	-89	-148	-194	-200	-222	-177	-336
Interest Expense	145	202	202	223	237	254	255	261	256	264	268
Interest & Investment Income	111	-	110	111	111	-	16	-	16	-	-98
Other Income / (Expense), net	-26	-1,121	49	-17	37	438	45	61	18	119	30
Income Tax Expense	321	278	305	325	269	279	290	307	295	-8.00	324
Basic Earnings per Share	$6.73	$7.39	$6.63	$6.65	$6.75	$7.62	$6.42	$6.87	$6.83	$2.27	$7.30
Weighted Average Basic Shares Outstanding	262.07M	255.30M	253.25M	251.83M	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M
Diluted Earnings per Share	$6.71	$7.35	$6.61	$6.63	$6.73	$7.58	$6.39	$6.85	$6.80	$2.27	$7.28
Weighted Average Diluted Shares Outstanding	262.07M	255.30M	253.25M	251.83M	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M
Weighted Average Basic & Diluted Shares Outstanding	262.07M	255.30M	253.25M	251.83M	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M
Cash Dividends to Common per Share	$2.80	-	$3.00	$3.00	$3.00	-	$3.15	$3.15	$3.15	-	$3.30

This table details how cash moves in and out of Lockheed Martin's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-356	747	1,024	-2,089	742	1,646	444	-1,057	-1,105	1,041
Net Cash From Operating Activities	5,101	5,189	6,476	3,138	7,311	8,183	9,221	7,802	7,920	6,972
Net Cash From Continuing Operating Activities	5,101	5,189	6,476	3,138	7,311	8,183	9,221	7,802	7,920	6,972
Net Income / (Loss) Continuing Operations	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336
Consolidated Net Income / (Loss)	3,605	5,173	1,963	5,046	6,230	6,833	6,315	5,732	6,920	5,336
Depreciation Expense	1,026	1,215	1,195	1,161	1,189	1,290	1,364	1,404	1,430	1,559
Non-Cash Adjustments To Reconcile Net Income	240	-2,303	277	-1,211	516	-20	894	69	-463	2,220
Changes in Operating Assets and Liabilities, net	230	1,104	3,041	-1,858	-624	80	648	597	33	-2,143
Net Cash From Investing Activities	-9,734	-985	-1,147	-1,075	-1,241	-2,010	-1,161	-1,789	-1,694	-1,792
Net Cash From Continuing Investing Activities	-9,734	-985	-1,147	-1,075	-1,241	-2,010	-1,161	-1,789	-1,694	-1,792
Purchase of Property, Plant & Equipment	-939	-1,063	-1,177	-1,278	-1,484	-1,766	-1,522	-1,670	-1,691	-1,685
Other Investing Activities, net	208	78	30	203	243	-244	361	-119	-3.00	-107
Net Cash From Financing Activities	4,277	-3,457	-4,305	-4,152	-5,328	-4,527	-7,616	-7,070	-7,331	-4,139
Net Cash From Continuing Financing Activities	4,277	-3,457	-4,305	-4,152	-5,328	-4,527	-7,616	-7,070	-7,331	-4,139
Repayment of Debt	-5,995	-1,113	-141	-913	-1,572	-1,794	-589	-2,365	-250	-350
Repurchase of Common Equity	-3,071	-2,096	-2,001	-1,492	-1,200	-1,100	-4,087	-7,900	-6,000	-3,700
Payment of Dividends	-1,932	-2,048	-2,163	-2,347	-2,556	-2,764	-2,940	-3,016	-3,056	-3,059
Issuance of Debt	15,101	0.00	0.00	600	0.00	1,131	0.00	6,211	1,975	2,970

This table details how cash moves in and out of Lockheed Martin's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/25/2022	12/31/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025
Net Change in Cash & Equivalents	655	117	-107	1,233	-122	-2,109	1,348	-267	628	-668	-680
Net Cash From Operating Activities	3,133	1,928	1,564	1,100	2,891	2,365	1,635	1,876	2,438	1,023	1,409
Net Cash From Continuing Operating Activities	3,133	1,928	1,564	1,100	2,891	2,365	1,635	1,876	2,438	1,023	1,409
Net Income / (Loss) Continuing Operations	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,641	1,623	527	1,712
Consolidated Net Income / (Loss)	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,641	1,623	527	1,712
Depreciation Expense	293	439	325	334	350	421	351	359	390	459	397
Non-Cash Adjustments To Reconcile Net Income	-519	158	-814	270	-522	603	-806	323	-242	2,945	-1,660
Changes in Operating Assets and Liabilities, net	1,581	-581	364	-1,185	1,379	-525	545	-447	667	-2,908	960
Net Cash From Investing Activities	-398	-808	-259	-334	-398	-703	-372	-372	-210	-838	-430
Net Cash From Continuing Investing Activities	-398	-808	-259	-334	-398	-703	-372	-372	-210	-838	-430
Purchase of Property, Plant & Equipment	-405	-693	-294	-329	-364	-704	-378	-370	-355	-582	-454
Other Investing Activities, net	7.00	-115	35	-5.00	-34	1.00	6.00	-2.00	145	-256	24
Net Cash From Financing Activities	-2,080	-1,003	-1,412	467	-2,615	-3,771	85	-1,771	-1,600	-853	-1,659
Net Cash From Continuing Financing Activities	-2,080	-1,003	-1,412	467	-2,615	-3,771	85	-1,771	-1,600	-853	-1,659
Repayment of Debt	-3.00	25	-128	-	-118	-4.00	-115	-169	-1.00	-65	-113
Repurchase of Common Equity	-1,338	-4,206	-500	-750	-1,750	-3,000	-1,000	-850	-850	-1,000	-750
Payment of Dividends	-739	-766	-784	-758	-747	-767	-780	-752	-749	-778	-796
Issuance of Debt	-	3,944	0.00	1,975	-	-	1,980	-	-	990	0.00

This table presents Lockheed Martin's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	49,304	47,806	46,620	44,876	47,528	50,710	50,873	52,880	52,456	55,617
Total Current Assets	14,573	15,108	17,505	16,103	17,095	19,378	19,815	20,991	20,521	21,849
Cash & Equivalents	1,090	1,837	2,861	772	1,514	3,160	3,604	2,547	1,442	2,483
Accounts Receivable	7,254	8,202	2,265	2,444	2,337	1,978	1,963	2,505	2,132	2,351
Inventories, net	4,819	4,670	2,878	2,997	3,619	3,545	2,981	3,088	3,132	3,474
Other Current Assets	441	399	9,501	9,890	9,625	10,695	11,267	12,851	13,815	13,541
Plant, Property, & Equipment, net	5,389	5,549	5,775	6,124	6,591	7,213	7,597	7,975	8,370	8,726
Total Noncurrent Assets	29,342	27,149	23,340	22,649	23,842	24,119	23,461	23,914	23,565	25,042
Goodwill	10,695	10,764	10,807	10,769	10,604	10,806	10,813	10,780	10,799	11,067
Intangible Assets	4,022	4,093	3,797	3,494	3,213	3,012	2,706	2,459	2,212	2,015
Noncurrent Deferred & Refundable Income Taxes	6,068	6,625	3,156	3,208	3,319	3,475	2,290	3,744	2,953	3,557
Other Noncurrent Operating Assets	5,396	5,667	5,580	5,178	6,706	6,826	7,652	6,931	7,601	8,403
Total Liabilities & Shareholders' Equity	49,304	47,806	46,620	44,876	47,528	50,710	50,873	52,880	52,456	55,617
Total Liabilities	46,207	46,200	47,396	43,427	44,357	44,672	39,914	43,614	45,621	49,284
Total Current Liabilities	13,918	12,542	12,913	14,398	13,972	13,933	13,997	15,887	16,937	19,420
Short-Term Debt	956	0.00	750	1,500	1,250	500	-	118	168	643
Accounts Payable	1,745	1,653	1,467	2,402	1,281	880	780	2,117	2,312	2,222
Current Deferred Revenue	6,703	6,776	7,028	-	-	-	-	8,488	9,190	9,795
Current Employee Benefit Liabilities	1,707	1,764	1,785	2,122	2,466	3,163	3,108	3,075	3,133	3,125
Other Current Liabilities	1,859	2,349	1,883	8,374	8,975	9,390	10,109	2,089	2,134	3,635
Total Noncurrent Liabilities	32,289	33,658	34,483	29,029	30,385	30,739	25,917	27,727	28,684	29,864
Long-Term Debt	14,305	14,282	13,513	12,604	11,404	11,669	11,670	15,429	17,291	19,627
Noncurrent Employee Benefit Liabilities	12,877	14,717	16,422	12,114	13,234	12,874	8,319	5,472	6,162	4,791
Other Noncurrent Operating Liabilities	4,902	4,659	4,548	4,311	5,747	6,196	5,928	6,826	5,231	5,446
Total Equity & Noncontrolling Interests	3,097	1,606	-776	1,449	3,171	6,038	10,959	9,266	6,835	6,333
Total Preferred & Common Equity	3,097	1,511	-850	1,394	3,127	6,015	10,959	9,266	6,835	6,333
Total Common Equity	3,097	1,511	-850	1,394	3,127	6,015	10,959	9,266	6,835	6,333
Common Stock	303	289	284	281	280	500	365	346	240	234
Retained Earnings	14,238	13,324	11,405	15,434	18,401	21,636	21,600	16,943	15,398	14,551
Accumulated Other Comprehensive Income / (Loss)	-11,444	-12,102	-12,539	-14,321	-15,554	-16,121	-11,006	-8,023	-8,803	-8,452

This table presents Lockheed Martin's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/25/2022	12/31/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025
Total Assets	52,030	52,880	54,622	56,978	56,666	52,456	54,963	55,076	55,520	55,617	56,669
Total Current Assets	20,960	20,991	22,144	24,087	23,322	20,521	22,958	22,967	23,211	21,849	22,801
Cash & Equivalents	2,430	2,547	2,440	3,673	3,551	1,442	2,790	2,523	3,151	2,483	1,803
Accounts Receivable	2,484	2,505	2,583	3,427	2,405	2,132	2,257	2,930	2,141	2,351	2,024
Inventories, net	3,113	3,088	3,471	3,498	3,312	3,132	3,278	3,097	3,234	3,474	3,599
Other Current Assets	12,933	12,851	13,650	13,489	14,054	13,815	14,633	14,417	14,685	13,541	15,375
Plant, Property, & Equipment, net	7,629	7,975	7,938	7,966	8,046	8,370	8,354	8,394	8,454	8,726	8,713
Total Noncurrent Assets	23,441	23,914	24,540	24,925	25,298	23,565	23,651	23,715	23,855	25,042	25,155
Goodwill	10,764	10,780	10,776	10,795	10,782	10,799	10,789	10,787	10,800	11,067	11,076
Intangible Assets	2,521	2,459	2,397	2,336	2,274	2,212	2,151	2,040	1,979	2,015	1,952
Noncurrent Deferred & Refundable Income Taxes	3,116	3,744	4,175	4,518	4,873	2,953	3,024	3,080	3,105	3,557	3,568
Other Noncurrent Operating Assets	7,040	6,931	7,192	7,276	7,369	7,601	7,687	7,808	7,971	8,403	8,559
Total Liabilities & Shareholders' Equity	52,030	52,880	54,622	56,978	56,666	52,456	54,963	55,076	55,520	55,617	56,669
Total Liabilities	40,064	43,614	44,976	47,738	47,392	45,621	48,313	48,901	48,320	49,284	49,986
Total Current Liabilities	16,347	15,887	16,982	17,704	17,193	16,937	17,699	18,493	17,810	19,420	21,187
Short-Term Debt	-	118	115	283	168	168	168	142	142	643	1,643
Accounts Payable	2,622	2,117	3,271	3,466	3,817	2,312	3,523	3,282	3,221	2,222	3,821
Current Deferred Revenue	-	8,488	-	-	7,936	9,190	8,745	9,181	9,051	9,795	9,375
Current Employee Benefit Liabilities	3,151	3,075	2,634	2,896	3,139	3,133	2,679	2,871	3,076	3,125	2,391
Other Current Liabilities	10,574	2,089	10,962	11,059	2,133	2,134	2,584	3,017	2,320	3,635	3,957
Total Noncurrent Liabilities	23,717	27,727	27,994	30,034	30,199	28,684	30,614	30,408	30,510	29,864	28,799
Long-Term Debt	11,480	15,429	15,485	17,262	17,221	17,291	19,250	19,115	19,179	19,627	18,661
Noncurrent Employee Benefit Liabilities	5,745	5,472	5,422	5,373	5,323	6,162	6,133	6,105	6,077	4,791	4,815
Other Noncurrent Operating Liabilities	6,492	6,826	7,087	7,399	7,655	5,231	5,231	5,188	5,254	5,446	5,323
Total Equity & Noncontrolling Interests	11,966	9,266	9,646	9,240	9,274	6,835	6,650	6,175	7,200	6,333	6,683
Total Preferred & Common Equity	11,966	9,266	9,646	9,240	9,274	6,835	6,650	6,175	7,200	6,333	6,683
Total Common Equity	11,966	9,266	9,646	9,240	9,274	6,835	6,650	6,175	7,200	6,333	6,683
Common Stock	261	346	254	251	354	240	239	237	236	234	233
Retained Earnings	19,839	16,943	17,478	17,068	17,066	15,398	15,222	14,707	15,657	14,551	14,773
Accumulated Other Comprehensive Income / (Loss)	-8,134	-8,023	-8,086	-8,079	-8,146	-8,803	-8,811	-8,769	-8,693	-8,452	-8,323

This table displays calculated financial ratios and metrics derived from Lockheed Martin's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.48%	16.66%	5.65%	7.61%	11.25%	9.34%	2.52%	-1.58%	2.41%	5.14%
EBITDA Growth	-0.17%	14.98%	6.94%	8.11%	18.47%	8.96%	8.87%	-19.19%	19.95%	-15.60%
EBIT Growth	-0.88%	14.23%	8.86%	10.33%	21.33%	9.03%	9.34%	-22.40%	23.43%	-19.50%
NOPAT Growth	3.08%	32.34%	-46.42%	160.90%	15.98%	-1.66%	5.54%	-6.13%	1.48%	-17.24%
Net Income Growth	-0.25%	43.50%	-62.05%	157.06%	23.46%	9.68%	-7.58%	-9.23%	20.73%	-22.89%
EPS Growth	2.23%	48.95%	-60.46%	160.59%	24.79%	10.71%	-6.34%	-4.83%	27.19%	-19.02%
Operating Cash Flow Growth	31.95%	1.73%	24.80%	-51.54%	132.98%	11.93%	12.68%	-15.39%	1.51%	-11.97%
Free Cash Flow Firm Growth	-175.22%	272.44%	22.63%	-62.70%	258.14%	-16.98%	-43.75%	7.38%	70.40%	-28.96%
Invested Capital Growth	76.52%	-1.68%	-24.38%	39.10%	-3.18%	5.14%	26.44%	17.04%	2.63%	5.55%
Revenue Q/Q Growth	4.77%	12.01%	0.10%	1.07%	-31.34%	84.32%	1.05%	1.95%	-0.17%	-0.35%
EBITDA Q/Q Growth	4.06%	11.99%	-13.56%	-1.33%	4.04%	1.74%	21.50%	-24.17%	5.77%	-14.00%
EBIT Q/Q Growth	4.24%	14.43%	-15.73%	-1.39%	4.43%	1.51%	25.38%	-28.07%	6.98%	-16.87%
NOPAT Q/Q Growth	6.28%	20.75%	-53.40%	69.87%	2.66%	1.60%	1.91%	0.11%	-0.11%	-17.87%
Net Income Q/Q Growth	0.81%	-1.41%	-44.95%	65.50%	4.09%	4.50%	4.24%	-2.33%	-0.66%	-20.06%
EPS Q/Q Growth	1.69%	-0.58%	-44.67%	64.85%	4.37%	4.65%	5.03%	-0.55%	0.84%	-19.23%
Operating Cash Flow Q/Q Growth	44.26%	-10.90%	13.75%	28.98%	-9.04%	4.03%	36.41%	-23.07%	5.84%	-16.14%
Free Cash Flow Firm Q/Q Growth	-190.04%	321.16%	5.47%	-9.10%	11.06%	-18.72%	22.35%	-16.86%	28.99%	-32.81%
Invested Capital Q/Q Growth	80.33%	1.53%	-21.30%	-0.34%	-4.27%	6.90%	2.41%	5.95%	-1.13%	3.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.08%	11.42%	12.75%	13.53%	13.99%	13.23%	13.52%	12.56%	12.55%	9.75%
EBITDA Margin	14.23%	14.02%	14.20%	14.26%	15.19%	15.13%	16.07%	13.20%	15.46%	12.41%
Operating Margin	11.62%	12.45%	13.50%	13.64%	14.29%	13.22%	13.61%	12.65%	12.59%	9.87%
EBIT Margin	11.70%	11.45%	11.80%	12.10%	13.20%	13.16%	14.04%	11.07%	13.34%	10.21%
Profit (Net Income) Margin	8.89%	10.94%	3.93%	9.39%	10.42%	10.45%	9.42%	8.69%	10.24%	7.51%
Tax Burden Percent	83.86%	108.81%	37.42%	86.43%	86.04%	82.98%	83.64%	85.81%	85.45%	85.79%
Interest Burden Percent	90.66%	87.76%	88.96%	89.73%	91.73%	95.68%	80.23%	91.47%	89.84%	85.72%
Effective Tax Rate	27.29%	22.99%	63.97%	13.57%	13.96%	16.36%	16.36%	14.19%	14.55%	14.21%
Return on Invested Capital (ROIC)	30.61%	32.00%	19.69%	49.90%	50.54%	49.25%	44.79%	34.70%	32.22%	25.62%
ROIC Less NNEP Spread (ROIC-NNEP)	32.86%	37.40%	15.78%	39.44%	41.37%	45.31%	29.38%	21.11%	29.82%	21.59%
Return on Net Nonoperating Assets (RNNOA)	80.36%	187.99%	453.32%	1,449.65%	219.15%	99.14%	29.52%	21.99%	53.73%	55.43%
Return on Equity (ROE)	110.97%	219.99%	473.01%	1,499.55%	269.70%	148.40%	74.31%	56.68%	85.96%	81.05%
Cash Return on Invested Capital (CROIC)	-24.73%	33.69%	47.45%	17.19%	53.77%	44.24%	21.44%	19.00%	29.63%	20.22%
Operating Return on Assets (OROA)	10.98%	11.16%	12.49%	14.22%	17.09%	17.52%	18.53%	14.08%	17.11%	13.43%
Return on Assets (ROA)	8.35%	10.65%	4.16%	11.03%	13.48%	13.91%	12.43%	11.05%	13.14%	9.87%
Return on Common Equity (ROCE)	110.97%	215.54%	376.70%	1,212.12%	263.92%	147.32%	74.21%	56.68%	85.96%	81.05%
Return on Equity Simple (ROE_SIMPLE)	116.40%	342.36%	-230.94%	361.98%	199.23%	113.60%	57.62%	61.86%	101.24%	84.26%
Net Operating Profit after Tax (NOPAT)	3,426	4,534	2,430	6,339	7,352	7,230	7,631	7,163	7,270	6,016
NOPAT Margin	8.45%	9.59%	4.86%	11.79%	12.29%	11.06%	11.38%	10.86%	10.76%	8.47%
Net Nonoperating Expense Percent (NNEP)	-2.25%	-5.40%	3.91%	10.46%	9.17%	3.94%	15.41%	13.59%	2.41%	4.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	28.87%	29.92%	22.62%
Cost of Revenue to Revenue	88.92%	88.58%	87.25%	86.47%	86.01%	86.77%	86.49%	87.44%	87.45%	90.25%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-0.54%	-1.03%	-0.75%	-0.11%	-0.30%	0.02%	-0.09%	-0.09%	-0.04%	-0.12%
Earnings before Interest and Taxes (EBIT)	4,742	5,417	5,897	6,506	7,894	8,607	9,411	7,303	9,014	7,256
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,768	6,632	7,092	7,667	9,083	9,897	10,775	8,707	10,444	8,815
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.18	39.75	0.00	46.10	31.09	14.99	8.37	13.05	16.03	18.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.31	1.27	1.55	1.20	1.63	1.38	1.37	1.83	1.62	1.62
Price to Earnings (P/E)	14.76	11.61	39.46	12.74	15.61	13.20	14.52	21.10	15.84	21.59
Dividend Yield	3.55%	3.30%	2.76%	3.63%	2.61%	3.04%	3.19%	2.47%	2.75%	2.62%
Earnings Yield	6.77%	8.61%	2.53%	7.85%	6.41%	7.58%	6.89%	4.74%	6.32%	4.63%
Enterprise Value to Invested Capital (EV/IC)	4.72	5.17	8.37	5.25	7.58	6.59	5.24	6.02	5.50	5.51
Enterprise Value to Revenue (EV/Rev)	1.66	1.54	1.78	1.44	1.81	1.52	1.49	2.03	1.86	1.87
Enterprise Value to EBITDA (EV/EBITDA)	11.68	10.95	12.54	10.13	11.94	10.02	9.26	15.39	12.03	15.08
Enterprise Value to EBIT (EV/EBIT)	14.21	13.40	15.08	11.94	13.73	11.53	10.60	18.34	13.93	18.33
Enterprise Value to NOPAT (EV/NOPAT)	19.67	16.01	36.60	12.25	14.75	13.72	13.07	18.70	17.28	22.10
Enterprise Value to Operating Cash Flow (EV/OCF)	13.21	13.99	13.73	24.75	14.83	12.12	10.82	17.17	15.86	19.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	15.21	15.19	35.56	13.86	15.28	27.31	34.15	18.79	28.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.93	8.89	-18.38	9.73	3.99	2.02	1.06	1.68	2.55	3.20
Long-Term Debt to Equity	4.62	8.89	-17.41	8.70	3.60	1.93	1.06	1.67	2.53	3.10
Financial Leverage	2.45	5.03	28.73	36.75	5.30	2.19	1.00	1.04	1.80	2.57
Leverage Ratio	13.29	20.65	113.77	135.95	20.00	10.67	5.98	5.13	6.54	8.21
Compound Leverage Factor	12.05	18.12	101.21	121.99	18.35	10.21	4.79	4.69	5.88	7.04
Debt to Total Capital	83.13%	89.89%	105.75%	90.68%	79.96%	66.84%	51.57%	62.66%	71.87%	76.19%
Short-Term Debt to Total Capital	5.21%	0.00%	5.56%	9.64%	7.90%	2.75%	0.00%	0.48%	0.69%	2.42%
Long-Term Debt to Total Capital	77.92%	89.89%	100.19%	81.04%	72.06%	64.09%	51.57%	62.18%	71.17%	73.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.60%	0.55%	0.35%	0.28%	0.13%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	16.87%	9.51%	-6.30%	8.96%	19.76%	33.04%	48.43%	37.34%	28.13%	23.81%
Debt to EBITDA	2.65	2.15	2.01	1.84	1.39	1.23	1.08	1.79	1.67	2.30
Net Debt to EBITDA	2.46	1.88	1.61	1.74	1.23	0.91	0.75	1.49	1.53	2.02
Long-Term Debt to EBITDA	2.48	2.15	1.91	1.64	1.26	1.18	1.08	1.77	1.66	2.23
Debt to NOPAT	4.45	3.15	5.87	2.22	1.72	1.68	1.53	2.17	2.40	3.37
Net Debt to NOPAT	4.14	2.74	4.69	2.10	1.52	1.25	1.06	1.81	2.20	2.96
Long-Term Debt to NOPAT	4.18	3.15	5.56	1.99	1.55	1.61	1.53	2.15	2.38	3.26
Altman Z-Score	2.25	2.60	2.93	3.09	3.74	3.79	4.04	3.93	3.79	3.53
Noncontrolling Interest Sharing Ratio	0.00%	2.02%	20.36%	19.17%	2.14%	0.73%	0.14%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.20	1.36	1.12	1.22	1.39	1.42	1.32	1.21	1.13
Quick Ratio	0.60	0.80	0.40	0.22	0.28	0.37	0.40	0.32	0.21	0.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,769	4,774	5,855	2,184	7,822	6,494	3,653	3,922	6,684	4,748
Operating Cash Flow to CapEx	543.24%	488.15%	550.21%	245.54%	492.66%	463.36%	605.85%	467.19%	468.36%	413.77%
Free Cash Flow to Firm to Interest Expense	-6.25	7.20	8.99	3.27	11.98	10.99	6.42	6.30	7.30	4.58
Operating Cash Flow to Interest Expense	11.51	7.83	9.95	4.70	11.20	13.85	16.21	12.52	8.65	6.73
Operating Cash Flow Less CapEx to Interest Expense	9.40	6.22	8.14	2.78	8.92	10.86	13.53	9.84	6.80	5.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	0.97	1.06	1.18	1.29	1.33	1.32	1.27	1.28	1.31
Accounts Receivable Turnover	6.17	6.12	9.55	22.83	25.02	30.31	34.02	29.54	29.14	31.69
Inventory Turnover	9.46	8.83	11.55	15.83	15.55	15.84	17.77	19.01	19.00	19.41
Fixed Asset Turnover	8.00	8.65	8.82	9.04	9.41	9.48	9.05	8.47	8.27	8.31
Accounts Payable Turnover	21.80	24.66	27.94	24.03	27.94	52.52	69.86	39.83	26.68	28.28
Days Sales Outstanding (DSO)	59.12	59.65	38.24	15.99	14.59	12.04	10.73	12.36	12.52	11.52
Days Inventory Outstanding (DIO)	38.60	41.34	31.60	23.06	23.47	23.04	20.54	19.20	19.21	18.80
Days Payable Outstanding (DPO)	16.74	14.80	13.06	15.19	13.07	6.95	5.22	9.16	13.68	12.91
Cash Conversion Cycle (CCC)	80.97	86.18	56.77	23.86	24.99	28.13	26.04	22.39	18.06	17.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,291	14,051	10,626	14,781	14,311	15,047	19,025	22,266	22,852	24,120
Invested Capital Turnover	3.62	3.34	4.05	4.23	4.11	4.46	3.94	3.20	3.00	3.02
Increase / (Decrease) in Invested Capital	6,195	-240	-3,425	4,155	-470	736	3,978	3,241	586	1,268
Enterprise Value (EV)	67,383	72,600	88,928	77,657	108,414	99,211	99,759	133,964	125,596	132,972
Market Capitalization	53,212	60,060	77,452	64,270	97,230	90,179	91,693	120,964	109,579	115,185
Book Value per Share	$10.08	$5.16	($2.96)	$4.90	$11.09	$21.50	$39.74	$35.36	$27.55	$26.72
Tangible Book Value per Share	($37.81)	($45.55)	($53.90)	($45.25)	($37.90)	($27.89)	($9.28)	($15.16)	($24.89)	($28.47)
Total Capital	18,358	15,888	13,487	15,553	15,825	18,207	22,629	24,813	24,294	26,603
Total Debt	15,261	14,282	14,263	14,104	12,654	12,169	11,670	15,547	17,459	20,270
Total Long-Term Debt	14,305	14,282	13,513	12,604	11,404	11,669	11,670	15,429	17,291	19,627
Net Debt	14,171	12,445	11,402	13,332	11,140	9,009	8,066	13,000	16,017	17,787
Capital Expenditures (CapEx)	939	1,063	1,177	1,278	1,484	1,766	1,522	1,670	1,691	1,685
Debt-free, Cash-free Net Working Capital (DFCFNWC)	521	729	2,481	2,433	2,859	2,785	2,214	2,675	2,310	589
Debt-free Net Working Capital (DFNWC)	1,611	2,566	5,342	3,205	4,373	5,945	5,818	5,222	3,752	3,072
Net Working Capital (NWC)	655	2,566	4,592	1,705	3,123	5,445	5,818	5,104	3,584	2,429
Net Nonoperating Expense (NNE)	-179	-639	467	1,293	1,122	397	1,316	1,431	350	680
Net Nonoperating Obligations (NNO)	11,194	12,445	11,402	13,332	11,140	9,009	8,066	13,000	16,017	17,787
Total Depreciation and Amortization (D&A)	1,026	1,215	1,195	1,161	1,189	1,290	1,364	1,404	1,430	1,559
Debt-free, Cash-free Net Working Capital to Revenue	1.29%	1.54%	4.97%	4.53%	4.78%	4.26%	3.30%	4.05%	3.42%	0.83%
Debt-free Net Working Capital to Revenue	3.97%	5.43%	10.69%	5.96%	7.31%	9.09%	8.68%	7.91%	5.55%	4.32%
Net Working Capital to Revenue	1.62%	5.43%	9.19%	3.17%	5.22%	8.33%	8.68%	7.74%	5.30%	3.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.62	$17.71	$0.00	$17.74	$22.09	$24.40	$22.85	$21.74	$27.65	$22.39
Adjusted Weighted Average Basic Shares Outstanding	305.49M	290.32M	0.00	282.56M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M
Adjusted Diluted Earnings per Share	$11.46	$17.49	$0.00	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31
Adjusted Weighted Average Diluted Shares Outstanding	305.49M	290.32M	0.00	282.56M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$22.09	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	305.49M	290.32M	0.00	282.56M	281.94M	280.10M	272.33M	255.30M	241.64M	235.39M
Normalized Net Operating Profit after Tax (NOPAT)	3,426	4,534	4,721	6,339	7,352	7,230	7,631	7,163	7,270	6,016
Normalized NOPAT Margin	8.45%	9.59%	9.45%	11.79%	12.29%	11.06%	11.38%	10.86%	10.76%	8.47%
Pre Tax Income Margin	10.61%	10.05%	10.50%	10.86%	12.11%	12.59%	11.26%	10.12%	11.98%	8.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.70	8.17	9.06	9.74	12.09	14.56	16.54	11.72	9.84	7.00
NOPAT to Interest Expense	7.73	6.84	3.73	9.49	11.26	12.23	13.41	11.50	7.94	5.81
EBIT Less CapEx to Interest Expense	8.58	6.57	7.25	7.83	9.82	11.58	13.86	9.04	7.99	5.38
NOPAT Less CapEx to Interest Expense	5.61	5.24	1.92	7.58	8.99	9.25	10.74	8.82	6.09	4.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.59%	39.59%	110.19%	46.51%	41.03%	40.45%	46.56%	52.62%	44.16%	57.33%
Augmented Payout Ratio	138.78%	80.11%	212.12%	76.08%	60.29%	56.55%	111.27%	190.44%	130.87%	126.67%

This table displays calculated financial ratios and metrics derived from Lockheed Martin's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/25/2022	12/31/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.46%	7.12%	1.08%	8.07%	1.78%	-0.62%	13.68%	8.56%	1.34%	-1.34%	4.47%
EBITDA Growth	111.14%	-63.28%	-4.51%	14.31%	0.12%	95.65%	0.58%	4.73%	4.90%	-59.58%	15.42%
EBIT Growth	160.12%	-70.86%	-5.01%	17.54%	-2.53%	133.02%	-0.58%	4.30%	3.80%	-70.16%	15.81%
NOPAT Growth	-11.84%	-0.90%	6.16%	-2.66%	-3.72%	-0.36%	-0.99%	1.14%	2.85%	-64.57%	16.75%
Net Income Growth	189.58%	-6.69%	-2.54%	444.01%	-5.29%	-2.41%	-8.53%	-2.38%	-3.62%	-71.76%	10.81%
EPS Growth	203.62%	-1.61%	2.64%	471.55%	0.30%	3.13%	-3.33%	3.32%	1.04%	-70.05%	13.93%
Operating Cash Flow Growth	61.75%	-54.83%	10.92%	-17.36%	-7.72%	22.67%	4.54%	70.55%	-15.67%	-56.74%	-13.82%
Free Cash Flow Firm Growth	74.91%	36.71%	48.88%	99.38%	44.97%	213.69%	193.91%	9,289.49%	563.18%	-139.84%	-92.84%
Invested Capital Growth	13.12%	17.04%	15.39%	8.50%	9.97%	2.63%	2.07%	-0.88%	1.12%	5.55%	8.19%
Revenue Q/Q Growth	7.36%	14.52%	-20.35%	10.36%	1.11%	11.83%	-8.90%	5.39%	-5.62%	8.88%	-3.54%
EBITDA Q/Q Growth	13.10%	-33.59%	-6.62%	1.70%	-0.94%	29.77%	-10.48%	5.90%	-0.78%	-50.00%	119.70%
EBIT Q/Q Growth	18.37%	-45.05%	-2.66%	1.53%	-1.84%	31.36%	-9.35%	6.51%	-2.31%	-62.23%	194.72%
NOPAT Q/Q Growth	-0.50%	9.47%	-13.81%	3.69%	-1.59%	13.29%	-14.36%	5.92%	0.08%	-60.97%	182.22%
Net Income Q/Q Growth	475.40%	7.54%	-11.66%	-0.47%	0.18%	10.81%	-17.20%	6.21%	-1.10%	-67.53%	224.86%
EPS Q/Q Growth	478.45%	9.54%	-10.07%	0.30%	1.51%	12.63%	-15.70%	7.20%	-0.73%	-66.62%	220.70%
Operating Cash Flow Q/Q Growth	135.39%	-38.46%	-18.88%	-29.67%	162.82%	-18.19%	-30.87%	14.74%	29.96%	-58.04%	37.73%
Free Cash Flow Firm Q/Q Growth	82.63%	-103.40%	-6.25%	98.34%	-1,430.88%	520.20%	-12.24%	62.78%	-22.84%	-136.14%	115.77%
Invested Capital Q/Q Growth	-1.34%	5.95%	2.43%	1.34%	0.00%	-1.13%	1.86%	-1.59%	2.01%	3.21%	4.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.78%	12.12%	13.53%	12.52%	12.13%	12.16%	11.59%	11.75%	12.38%	3.71%	12.93%
EBITDA Margin	14.63%	8.48%	15.94%	14.69%	14.39%	16.70%	14.10%	14.17%	14.90%	6.84%	15.58%
Operating Margin	13.02%	12.07%	13.47%	12.79%	12.10%	12.15%	11.80%	11.85%	12.51%	3.74%	13.20%
EBIT Margin	12.86%	6.17%	13.79%	12.69%	12.32%	14.47%	12.06%	12.19%	12.62%	4.38%	13.37%
Profit (Net Income) Margin	10.72%	10.07%	11.17%	10.07%	9.98%	9.89%	8.99%	9.06%	9.49%	2.83%	9.53%
Tax Burden Percent	84.71%	87.31%	84.70%	83.80%	86.23%	86.99%	84.20%	84.24%	84.62%	101.54%	84.09%
Interest Burden Percent	98.41%	186.86%	95.59%	94.71%	93.94%	78.54%	88.48%	88.18%	88.88%	63.68%	84.76%
Effective Tax Rate	15.29%	12.69%	15.30%	16.20%	13.77%	13.01%	15.80%	15.76%	15.38%	-1.54%	15.91%
Return on Invested Capital (ROIC)	36.05%	33.69%	35.45%	32.53%	32.00%	31.66%	30.03%	30.84%	32.48%	11.48%	32.91%
ROIC Less NNEP Spread (ROIC-NNEP)	35.49%	32.84%	35.13%	31.62%	31.33%	30.77%	28.93%	29.74%	31.23%	10.42%	31.30%
Return on Net Nonoperating Assets (RNNOA)	29.57%	34.20%	40.99%	36.31%	33.76%	55.45%	52.88%	59.04%	56.88%	26.74%	82.46%
Return on Equity (ROE)	65.63%	67.89%	76.43%	68.84%	65.77%	87.11%	82.91%	89.88%	89.36%	38.22%	115.37%
Cash Return on Invested Capital (CROIC)	23.83%	19.00%	19.86%	24.92%	23.48%	29.63%	29.43%	32.50%	30.41%	20.22%	18.15%
Operating Return on Assets (OROA)	16.03%	7.85%	17.19%	15.73%	15.34%	18.56%	15.33%	15.46%	16.04%	5.75%	17.20%
Return on Assets (ROA)	13.36%	12.81%	13.92%	12.48%	12.43%	12.68%	11.42%	11.49%	12.06%	3.72%	12.26%
Return on Common Equity (ROCE)	65.63%	67.89%	76.43%	68.84%	65.77%	87.11%	82.91%	89.88%	89.36%	38.22%	115.37%
Return on Equity Simple (ROE_SIMPLE)	49.05%	0.00%	58.97%	76.41%	75.11%	0.00%	101.89%	109.09%	92.71%	0.00%	82.34%
Net Operating Profit after Tax (NOPAT)	1,829	2,002	1,725	1,789	1,761	1,995	1,708	1,809	1,811	707	1,995
NOPAT Margin	11.03%	10.54%	11.41%	10.72%	10.43%	10.57%	9.94%	9.99%	10.59%	3.80%	11.10%
Net Nonoperating Expense Percent (NNEP)	0.56%	0.85%	0.32%	0.91%	0.67%	0.89%	1.10%	1.10%	1.25%	1.06%	1.61%
Return On Investment Capital (ROIC_SIMPLE)	-	8.07%	-	-	-	8.21%	-	-	-	2.66%	7.39%
Cost of Revenue to Revenue	87.22%	87.88%	86.47%	87.48%	87.87%	87.84%	88.41%	88.25%	87.62%	96.29%	87.07%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-0.24%	0.05%	0.06%	-0.27%	0.04%	0.01%	-0.21%	-0.10%	-0.13%	-0.03%	-0.27%
Earnings before Interest and Taxes (EBIT)	2,133	1,172	2,086	2,118	2,079	2,731	2,074	2,209	2,158	815	2,402
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,426	1,611	2,411	2,452	2,429	3,152	2,425	2,568	2,548	1,274	2,799
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.73	13.05	12.13	12.25	10.94	16.03	16.86	18.15	19.28	18.19	15.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.61	1.83	1.77	1.68	1.50	1.62	1.61	1.58	1.95	1.62	1.45
Price to Earnings (P/E)	17.81	21.10	20.58	16.03	14.56	15.84	16.54	16.64	20.80	21.59	18.88
Dividend Yield	2.84%	2.47%	2.53%	2.64%	2.98%	2.75%	2.72%	2.67%	2.16%	2.62%	2.92%
Earnings Yield	5.62%	4.74%	4.86%	6.24%	6.87%	6.32%	6.04%	6.01%	4.81%	4.63%	5.30%
Enterprise Value to Invested Capital (EV/IC)	5.40	6.02	5.71	5.50	4.99	5.50	5.53	5.62	6.63	5.51	4.86
Enterprise Value to Revenue (EV/Rev)	1.75	2.03	1.97	1.88	1.70	1.86	1.85	1.81	2.17	1.87	1.70
Enterprise Value to EBITDA (EV/EBITDA)	9.89	15.39	13.61	12.87	11.67	12.03	12.85	12.71	15.12	15.08	13.32
Enterprise Value to EBIT (EV/EBIT)	11.18	18.34	15.95	14.98	13.68	13.93	15.04	14.89	17.75	18.33	16.14
Enterprise Value to NOPAT (EV/NOPAT)	15.87	18.70	17.91	17.29	15.84	17.28	17.75	17.70	21.16	22.10	19.42
Enterprise Value to Operating Cash Flow (EV/OCF)	11.20	17.17	16.37	16.44	15.40	15.86	16.11	14.69	18.64	19.07	18.15
Enterprise Value to Free Cash Flow (EV/FCFF)	24.07	34.15	30.80	22.95	22.25	18.79	18.98	17.22	21.93	28.00	27.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	1.68	1.62	1.90	1.88	2.55	2.92	3.12	2.68	3.20	3.04
Long-Term Debt to Equity	0.96	1.67	1.61	1.87	1.86	2.53	2.89	3.10	2.66	3.10	2.79
Financial Leverage	0.83	1.04	1.17	1.15	1.08	1.80	1.83	1.99	1.82	2.57	2.63
Leverage Ratio	4.81	5.13	5.40	5.26	5.12	6.54	6.72	7.27	6.81	8.21	8.37
Compound Leverage Factor	4.73	9.59	5.16	4.98	4.81	5.14	5.95	6.41	6.05	5.23	7.10
Debt to Total Capital	48.96%	62.66%	61.79%	65.50%	65.22%	71.87%	74.49%	75.72%	72.85%	76.19%	75.24%
Short-Term Debt to Total Capital	0.00%	0.48%	0.46%	1.06%	0.63%	0.69%	0.64%	0.56%	0.54%	2.42%	6.09%
Long-Term Debt to Total Capital	48.96%	62.18%	61.34%	64.45%	64.59%	71.17%	73.85%	75.16%	72.32%	73.78%	69.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.04%	37.34%	38.21%	34.50%	34.78%	28.13%	25.51%	24.28%	27.15%	23.81%	24.76%
Debt to EBITDA	1.00	1.79	1.63	1.78	1.76	1.67	1.94	1.90	1.89	2.30	2.21
Net Debt to EBITDA	0.79	1.49	1.38	1.41	1.40	1.53	1.66	1.65	1.58	2.02	2.01
Long-Term Debt to EBITDA	1.00	1.77	1.62	1.75	1.74	1.66	1.92	1.89	1.87	2.23	2.03
Debt to NOPAT	1.60	2.17	2.15	2.39	2.39	2.40	2.68	2.65	2.64	3.37	3.22
Net Debt to NOPAT	1.26	1.81	1.81	1.89	1.90	2.20	2.29	2.30	2.21	2.96	2.93
Long-Term Debt to NOPAT	1.60	2.15	2.13	2.35	2.37	2.38	2.65	2.63	2.62	3.26	2.96
Altman Z-Score	3.58	3.55	3.46	3.28	3.15	3.39	3.29	3.27	3.65	3.15	3.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.32	1.30	1.36	1.36	1.21	1.30	1.24	1.30	1.13	1.08
Quick Ratio	0.30	0.32	0.30	0.40	0.35	0.21	0.29	0.29	0.30	0.25	0.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-609	-1,239	-1,317	-22	-335	1,409	1,236	2,012	1,553	-561	89
Operating Cash Flow to CapEx	773.58%	278.21%	531.97%	334.35%	794.23%	335.94%	432.54%	507.03%	686.76%	175.77%	310.35%
Free Cash Flow to Firm to Interest Expense	-4.20	-6.13	-6.52	-0.10	-1.41	5.55	4.85	7.71	6.07	-2.13	0.33
Operating Cash Flow to Interest Expense	21.61	9.54	7.74	4.93	12.20	9.31	6.41	7.19	9.52	3.88	5.26
Operating Cash Flow Less CapEx to Interest Expense	18.81	6.11	6.29	3.46	10.66	6.54	4.93	5.77	8.14	1.67	3.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.25	1.27	1.25	1.24	1.25	1.28	1.27	1.27	1.27	1.31	1.29
Accounts Receivable Turnover	27.25	29.54	25.89	19.74	27.69	29.14	28.78	22.36	31.37	31.69	33.55
Inventory Turnover	18.72	19.01	17.45	16.98	18.43	19.00	18.14	18.99	19.18	19.41	18.77
Fixed Asset Turnover	8.65	8.47	8.54	8.68	8.64	8.27	8.55	8.69	8.64	8.31	8.42
Accounts Payable Turnover	27.19	39.83	19.67	20.38	18.39	26.68	18.02	18.55	17.83	28.28	17.58
Days Sales Outstanding (DSO)	13.40	12.36	14.10	18.49	13.18	12.52	12.68	16.32	11.64	11.52	10.88
Days Inventory Outstanding (DIO)	19.50	19.20	20.91	21.49	19.81	19.21	20.12	19.23	19.04	18.80	19.44
Days Payable Outstanding (DPO)	13.42	9.16	18.56	17.91	19.85	13.68	20.26	19.67	20.47	12.91	20.76
Cash Conversion Cycle (CCC)	19.47	22.39	16.45	22.07	13.14	18.06	12.55	15.88	10.21	17.41	9.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	21,016	22,266	22,806	23,112	23,112	22,852	23,278	22,909	23,370	24,120	25,184
Invested Capital Turnover	3.27	3.20	3.11	3.03	3.07	3.00	3.02	3.09	3.07	3.02	2.96
Increase / (Decrease) in Invested Capital	2,438	3,241	3,042	1,811	2,096	586	472	-203	258	1,268	1,906
Enterprise Value (EV)	113,548	133,964	130,200	127,018	115,264	125,596	128,725	128,809	154,980	132,972	122,422
Market Capitalization	104,498	120,964	117,040	113,146	101,426	109,579	112,097	112,075	138,810	115,185	103,921
Book Value per Share	$45.13	$35.36	$37.78	$36.49	$36.83	$27.55	$27.72	$25.74	$30.21	$26.72	$28.39
Tangible Book Value per Share	($4.97)	($15.16)	($13.82)	($15.36)	($15.02)	($24.89)	($26.22)	($27.72)	($23.41)	($28.47)	($26.96)
Total Capital	23,446	24,813	25,246	26,785	26,663	24,294	26,068	25,432	26,521	26,603	26,987
Total Debt	11,480	15,547	15,600	17,545	17,389	17,459	19,418	19,257	19,321	20,270	20,304
Total Long-Term Debt	11,480	15,429	15,485	17,262	17,221	17,291	19,250	19,115	19,179	19,627	18,661
Net Debt	9,050	13,000	13,160	13,872	13,838	16,017	16,628	16,734	16,170	17,787	18,501
Capital Expenditures (CapEx)	405	693	294	329	364	704	378	370	355	582	454
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,183	2,675	2,837	2,993	2,746	2,310	2,637	2,093	2,392	589	1,454
Debt-free Net Working Capital (DFNWC)	4,613	5,222	5,277	6,666	6,297	3,752	5,427	4,616	5,543	3,072	3,257
Net Working Capital (NWC)	4,613	5,104	5,162	6,383	6,129	3,584	5,259	4,474	5,401	2,429	1,614
Net Nonoperating Expense (NNE)	51	90	36	108	77	129	163	168	188	180	283
Net Nonoperating Obligations (NNO)	9,050	13,000	13,160	13,872	13,838	16,017	16,628	16,734	16,170	17,787	18,501
Total Depreciation and Amortization (D&A)	293	439	325	334	350	421	351	359	390	459	397
Debt-free, Cash-free Net Working Capital to Revenue	3.37%	4.05%	4.29%	4.44%	4.06%	3.42%	3.79%	2.95%	3.36%	0.83%	2.02%
Debt-free Net Working Capital to Revenue	7.13%	7.91%	7.98%	9.89%	9.30%	5.55%	7.79%	6.50%	7.77%	4.32%	4.54%
Net Working Capital to Revenue	7.13%	7.74%	7.80%	9.47%	9.05%	5.30%	7.55%	6.30%	7.58%	3.42%	2.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.73	$7.39	$6.63	$6.65	$6.75	$7.62	$6.42	$6.87	$6.83	$2.27	$7.30
Adjusted Weighted Average Basic Shares Outstanding	262.07M	255.30M	253.25M	251.83M	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M
Adjusted Diluted Earnings per Share	$6.71	$7.35	$6.61	$6.63	$6.73	$7.58	$6.39	$6.85	$6.80	$2.27	$7.28
Adjusted Weighted Average Diluted Shares Outstanding	262.07M	255.30M	253.25M	251.83M	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	262.07M	255.30M	253.25M	251.83M	248.10M	241.64M	239.94M	238.36M	237.04M	235.39M	234.30M
Normalized Net Operating Profit after Tax (NOPAT)	1,829	2,002	1,725	1,789	1,761	1,995	1,708	1,809	1,811	487	1,995
Normalized NOPAT Margin	11.03%	10.54%	11.41%	10.72%	10.43%	10.57%	9.94%	9.99%	10.59%	2.62%	11.10%
Pre Tax Income Margin	12.66%	11.53%	13.18%	12.02%	11.57%	11.36%	10.67%	10.75%	11.21%	2.79%	11.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.71	5.80	10.33	9.50	8.77	10.75	8.13	8.46	8.43	3.09	8.96
NOPAT to Interest Expense	12.61	9.91	8.54	8.02	7.43	7.85	6.70	6.93	7.07	2.68	7.44
EBIT Less CapEx to Interest Expense	11.92	2.37	8.87	8.02	7.24	7.98	6.65	7.05	7.04	0.88	7.27
NOPAT Less CapEx to Interest Expense	9.82	6.48	7.09	6.55	5.89	5.08	5.22	5.52	5.69	0.47	5.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.32%	52.62%	53.32%	43.16%	43.86%	44.16%	45.04%	45.22%	45.66%	57.33%	55.88%
Augmented Payout Ratio	149.82%	190.44%	165.84%	139.39%	147.30%	130.87%	140.97%	143.20%	131.06%	126.67%	118.57%

Frequently Asked Questions About Lockheed Martin's Financials

When does Lockheed Martin's fiscal year end?

According to the most recent income statement we have on file, Lockheed Martin's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Lockheed Martin's net income changed over the last 9 years?

Lockheed Martin's net income appears to be on an upward trend, with a most recent value of $5.34 billion in 2024, rising from $3.61 billion in 2015. The previous period was $6.92 billion in 2023. Find out what analysts predict for Lockheed Martin in the coming months.

What is Lockheed Martin's operating income?

Lockheed Martin's total operating income in 2024 was $7.01 billion, based on the following breakdown:

Total Gross Profit: $6.93 billion
Total Operating Expenses: -$83 million

How has Lockheed Martin revenue changed over the last 9 years?

Over the last 9 years, Lockheed Martin's total revenue changed from $40.54 billion in 2015 to $71.04 billion in 2024, a change of 75.3%.

How much debt does Lockheed Martin have?

Lockheed Martin's total liabilities were at $49.28 billion at the end of 2024, a 8.0% increase from 2023, and a 6.7% increase since 2015.

How much cash does Lockheed Martin have?

In the past 9 years, Lockheed Martin's cash and equivalents has ranged from $772 million in 2018 to $3.60 billion in 2021, and is currently $2.48 billion as of their latest financial filing in 2024.

How has Lockheed Martin's book value per share changed over the last 9 years?

Over the last 9 years, Lockheed Martin's book value per share changed from 10.08 in 2015 to 26.72 in 2024, a change of 165.1%.

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This page (NYSE:LMT) was last updated on 5/7/2025 by MarketBeat.com Staff

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Lockheed Martin (LMT) Financials

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Lockheed Martin (LMT) Financials

Annual Income Statements for Lockheed Martin

Quarterly Income Statements for Lockheed Martin

Annual Cash Flow Statements for Lockheed Martin

Quarterly Cash Flow Statements for Lockheed Martin

Annual Balance Sheets for Lockheed Martin

Quarterly Balance Sheets for Lockheed Martin

Annual Metrics and Ratios for Lockheed Martin

Quarterly Metrics and Ratios for Lockheed Martin

Frequently Asked Questions About Lockheed Martin's Financials

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