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Lockheed Martin Corp LMT

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Stock XNYS Rating as of
$459.14 −0.94 (0.20%)
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As of Delayed Price Post-Trading: $457.01 −2.12
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Company Report

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Lockheed Martin Earnings: Mixed-to-Good Results; Valuation Increased by $4 to $486

Nicolas Owens

Lockheed Martin reported first-quarter 2024 results on April 23, in which some programs delivered double-digit growth, with cost growth in other areas muting overall results. We saw over $2 billion in revenue appear sooner in the year than we anticipated. Still, only $100 million translated to operating profit in the first quarter, which we hadn't already forecast. Management reiterated its 2024 expectations, we did not change our forecast, and we are raising our fair value estimate for the wide-moat defense juggernaut to $486 from $482, essentially only for the time value of money.

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Price vs Fair Value

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LMT is trading at a 5% discount.
Price
$460.08
Fair Value
$751.00
Uncertainty
Medium
1-Star Price
$276.50
5-Star Price
$843.30
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Lockheed Martin’s prime contractor role on the F-35, the largest weapon program in history, should deliver stable revenue for decades through procurement and maintenance.

Bears

Lockheed Martin depends on US military funding for its sales, which is an inherently political and thus uncertain process.

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News

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Trading Information

Previous Close Price
$460.08
Day Range
$456.06–463.69
52-Week Range
$393.77–483.53
Bid/Ask
$457.01 / $458.50
Market Cap
$110.42 Bil
Volume/Avg
1.0 Mil / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
16.59
Price/Sales
1.64
Dividend Yield (Trailing)
2.67%
Dividend Yield (Forward)
2.74%
Total Yield
8.56%

Company Profile

Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Lockheed’s largest segment is aeronautics, which derives upward of two-thirds of its revenue from the F-35. Lockheed’s remaining segments are rotary and mission systems, which is mainly the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.
Sector
Industrials
Industry
Aerospace & Defense
Stock Style Box
Large Value
Total Number of Employees
122,000
Website
https://www.lockheedmartin.com

Competitors

Valuation

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Metric
LMT
BA
RTX
Price/Earnings (Normalized)
 16.59—19.61
Price/Book Value
 16.54—2.23
Price/Sales
 1.641.322.00
Price/Cash Flow
 13.7754.7821.62
Price/Earnings
LMT
BA
RTX

Financial Strength

Metric
LMT
BA
RTX
Quick Ratio
 0.990.280.64
Current Ratio
 1.211.141.07
Interest Coverage
 9.840.183.15
Quick Ratio
LMT
BA
RTX

Profitability

Metric
LMT
BA
RTX
Return on Assets (Normalized)
 12.47%−1.22%2.51%
Return on Equity (Normalized)
 82.57%—6.05%
Return on Invested Capital (Normalized)
 29.85%0.74%5.17%
Return on Assets
LMT
BA
RTX
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