Lockheed Martin
LMT on NYSE. Lockheed Martin sells aerospace and defense systems to the U.S. government and allies. Market value $116.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.41 of spare cash in the past 12 months. A savings account pays about $4.
You pay 14.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 29 cents a year. Above 10 is good.
Quality score: 67 of 100. Price score: 91 of 100. Our list needs 70 on quality and 60 on price.
$510.12 a share, 17% above its 1-year low
Over the past year the price has ranged from $437.25 to $692.00.
Expected to report results Tuesday 20 Oct, before the market opens.
Dividend: 2.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $67.0bn | $66.0bn | $67.6bn | $71.0bn | $75.0bn |
| Operating margin | |||||
| Operating margin | 13.6% | 12.7% | 12.6% | 9.9% | 10.3% |
| Debt to equity | |||||
| Debt to equity | 1.07 | 1.68 | 2.55 | 3.20 | 3.23 |
| Shares outstanding | |||||
| Shares outstanding | 0.26bn | 0.24bn | 0.24bn | 0.23bn | 0.23bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt3.23× equity
- Revenue growth, five yearsSlow, 2.8% a year
- Buying back its own sharesYes, 10% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $20.1 billion last quarter, up 11% on a year ago.
- Profit: $1.8 billion, up 437% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, up from 8 cents a year earlier.
- Spare cash over the past 12 months: $8.7 billion, up from $3.3 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $16.7 billion more than cash, down from $20.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $17.1bn |
| December 2024 | $18.6bn |
| March 2025 | $18.0bn |
| June 2025 | $18.2bn |
| September 2025 | $18.6bn |
| December 2025 | $20.3bn |
| March 2026 | $18.0bn |
| June 2026 | $20.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $1.6bn |
| December 2024 | $527m |
| March 2025 | $1.7bn |
| June 2025 | $342m |
| September 2025 | $1.6bn |
| December 2025 | $1.3bn |
| March 2026 | $1.5bn |
| June 2026 | $1.8bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 20 October 2026
- Last annual report (10-K)
- 29 January 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
17 long-term investors we follow own it, up from 16 last quarter. 2,772 funds in all.
- Yacktman Asset ManagementStephen Yacktman
- Value
- $110m
- Share of fund
- 1.4%
- Markel GroupTom Gayner
- Value
- $33m
- Share of fund
- 0.3%
- Matrix Asset AdvisorsDavid Katz
- Value
- $17m
- Share of fund
- 1.4%
- Boston PartnersBoston Partners team
- Value
- $958,993
- Share of fund
- <0.1%
- Auxier Asset ManagementJeff Auxier
- Value
- $636,825
- Share of fund
- <0.1%
- Dodge & CoxDodge & Cox investment committee
- Value
- $394,832
- Share of fund
- <0.1%
- Horizon KineticsMurray Stahl
- Value
- $258,296
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Sanders CapitalLew Sanders | $1.1bn | 1.1% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $131m | 0.4% | New |
| Yacktman Asset ManagementStephen Yacktman | $110m | 1.4% | |
| LSV Asset ManagementJosef Lakonishok | $81m | 0.1% | Cut |
| Scharf InvestmentsBrian Krawez | $45m | 1.5% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $38m | <0.1% | Added |
| Markel GroupTom Gayner | $33m | 0.3% | |
| Matrix Asset AdvisorsDavid Katz | $17m | 1.4% | |
| Mawer Investment ManagementMawer team | $7m | <0.1% | New |
| Ariel InvestmentsJohn Rogers Jr. | $6m | <0.1% | Cut |
| GMOJeremy Grantham | $3m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $2m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | Cut |
| Boston PartnersBoston Partners team | $958,993 | <0.1% | |
| Auxier Asset ManagementJeff Auxier | $636,825 | <0.1% | |
| Dodge & CoxDodge & Cox investment committee | $394,832 | <0.1% | |
| Horizon KineticsMurray Stahl | $258,296 | <0.1% |
Sold out this quarter
Largest holders overall
- State Street$16.8bn
- BlackRock$9.6bnAdded
- Vanguard Capital Management$7.2bn
- Charles Schwab Investment Management$4.0bnAdded
- Morgan Stanley$2.9bn
- Vanguard Portfolio Management$2.8bnAdded
- Geode Capital Management$2.7bnAdded
- Invesco$1.2bnAdded
- Bank of America$1.2bnCut
- Sanders Capital$1.1bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.0%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.0% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $4m.
- Donovan JohnDirectorSold
- Date
- 13 August 2026
- Shares
- 3,378
- Price
- $0.00
- Value
- $0
- Lightfoot Robert M JRPresident SpaceSold
- Date
- 12 August 2026
- Shares
- 196
- Price
- $600.12
- Value
- $117,623
- Lightfoot Robert M JRPresident SpaceSold
- Date
- 11 August 2026
- Shares
- 2,410
- Price
- $0.00
- Value
- $0
- Cahill Timothy SPres. Missiles & Fire ControlSold
- Date
- 11 March 2026
- Shares
- 4,620
- Price
- $0.00
- Value
- $0
- Ulmer Gregory MPresident AeronauticsSold
- Date
- 27 February 2026
- Shares
- 2,840
- Price
- $0.00
- Value
- $0
- Hill Stephanie C.Pres. Rotary & Mission SystemsSold
- Date
- 24 February 2026
- Shares
- 2,410
- Price
- $2.76
- Value
- $6,661
- St John Frank AChief Operating OfficerSold
- Date
- 23 October 2025
- Shares
- 7,792
- Price
- $491.04
- Value
- $4m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | Donovan John Director | Sold | 3,378 | $0.00 | $0 |
| 12 August 2026 | Lightfoot Robert M JR President Space | Sold | 196 | $600.12 | $117,623 |
| 11 August 2026 | Lightfoot Robert M JR President Space | Sold | 2,410 | $0.00 | $0 |
| 11 March 2026 | Cahill Timothy S Pres. Missiles & Fire Control | Sold | 4,620 | $0.00 | $0 |
| 27 February 2026 | Ulmer Gregory M President Aeronautics | Sold | 2,840 | $0.00 | $0 |
| 24 February 2026 | Hill Stephanie C. Pres. Rotary & Mission Systems | Sold | 2,410 | $2.76 | $6,661 |
| 23 October 2025 | St John Frank A Chief Operating Officer | Sold | 7,792 | $491.04 | $4m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Jan 2026, plus the 10-Q filed 23 Jul 2026 and 4 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 72% last year. Losing that customer would hurt.
“Our primary customer is the U.S. Government, from which we derived 72% of our sales in 2025, including 63% from the DoW.”
From the 10-K filed 29 January 2026, Item 7. Management's Discussion and Analysis. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.2× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.