Lockheed Martin Earnings: Maintaining $482 Valuation on Broadly Flat Results and Forecast

Lockheed Martin reported final 2023 results on Jan. 23, reflecting fairly flat revenue and steady but not compelling margin results. Management shared 2024 expectations broadly in line with our longer-term expectations and we are maintaining our $482 fair value estimate for this wide-moat stalwart of the defense industry. We see Lockheed as breathing a relatively thin atmosphere, as its wide portfolio of programs consistently ranks the company as the largest defense contractor in the world by revenue, and few of its programs can move its nearly $70 billion revenue needle.