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Lockheed Martin Corp LMT Stock Quote

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Morningstar‘s Stock Analysis LMT

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Our Outlook for Lockheed Martin's End Markets Has Improved Due to Increased Geopolitical Threats

Business Strategy and Outlook

| Krzysztof Smalec, CFA |

We think Lockheed Martin's exposure to the F-35 program, hypersonic missiles, and the militarization of space is well aligned with areas of secular growth in the defense budget. The defense budget is a political process, which is inherently difficult to predict. Therefore, we favor companies with tangible growth profiles through a steady stream of contract wins, ideally to contracts that are fulfilled over decades. Thankfully for defense investors, many programs are procured and maintained over decades. For instance, the F-35, which accounts for about 30% of Lockheed's revenue, will be maintained through 2070. Regulated margins, mature markets, customer-paid research and development, and long-term revenue visibility allow the defense primes to deliver a lot of cash to shareholders, which we view positively because we don’t see substantial growth in this industry.

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Key Statistics LMT

Company Profile LMT

Business Description

Lockheed Martin is the largest defense contractor globally and has dominated the Western market for high-end fighter aircraft since the F-35 program was awarded in 2001. Lockheed’s largest segment is aeronautics, which is dominated by the massive F-35 program. 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.

6801 Rockledge Drive
Bethesda, MD, 20817
T +1 301 897-6000
Industry Aerospace & Defense
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 114,000

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