Lockheed Martin (LMT) Stock Analysis

September 24, 2026

This is a peer-relative look at Lockheed Martin (LMT): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Capital Goods peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Lockheed Martin (LMT)
Profile Item	LMT
Name	Lockheed Martin Corporation
Country/Region	United States
GICS Sector	Industrials
GICS Industry Group	Capital Goods
GICS Industry	Aerospace & Defense
GICS Sub-Industry	Aerospace & Defense
Market Capitalization	120.55 billion USD
Currency	USD
Exchange	NYSE
Listing Date	January 2, 1962
Security Type	Common Stock

Price Performance

Cumulative Growth

LMT

GSPC

Lockheed Martin (LMT) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Lockheed Martin (LMT) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Lockheed Martin (LMT) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
Total Return (1Y)	16.13%	7.86%
Total Return (3Y, Annualized)	11.58%	15.33%
Total Return (5Y, Annualized)	12.74%	10.92%

Risk Profile

Drawdown History

LMT

GSPC

Lockheed Martin (LMT) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Lockheed Martin (LMT) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
Volatility (1Y, Annualized)	28.29%	44.10%
Beta (5Y)	0.08	1.21
Max Drawdown (5Y)	-31.79%	-49.28%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. LMT is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
Sharpe Ratio (1Y)	0.41	0.10
Sortino Ratio (1Y)	0.64	0.15

Profitability

ROE (TTM)

Lockheed Martin (LMT) posts ROE of 89.17%, above the industry benchmark range. Equity is being turned into profit at an exceptional rate, but very high ROE should still be checked against leverage, buybacks, and the size of the equity base.

LMT

Capital Goods industry group

89.17%

Group distribution

LMT: 89.17%
Max: 40.35%
Q3: 18.69%
Median: 11.55%
Q1: 2.89%
Min: -19.86%

Largest peers

BA: 173.54%
LMT: 89.17%
GEV: 82.58%
CAT: 56.97%
GE: 48.23%
DE: 18.24%
RTX: 12.27%

Where Lockheed Martin (LMT) stands on ROE within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Lockheed Martin (LMT) keeps 8.16% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

LMT

Capital Goods industry group

8.16%

Group distribution

Max: 27.47%
Q3: 11.71%
LMT: 8.16%
Median: 5.78%
Q1: 0.77%
Min: -14.15%

Largest peers

GEV: 23.04%
GE: 17.72%
CAT: 14.51%
DE: 10.17%
RTX: 8.28%
LMT: 8.16%
BA: 2.59%

Where Lockheed Martin (LMT) stands on net margin within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Lockheed Martin (LMT) turns 11.96% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

LMT

Capital Goods industry group

11.96%

Group distribution

Max: 35.46%
Q3: 17.39%
LMT: 11.96%
Median: 10.58%
Q1: 4.59%
Min: -12.63%

Largest peers

CAT: 22.18%
GE: 20.57%
DE: 17.48%
RTX: 12.70%
LMT: 11.96%
GEV: 7.47%
BA: 0.00%

Where Lockheed Martin (LMT) stands on operating margin within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
ROE (TTM)	89.17%	11.55%
ROA (TTM)	8.64%	5.06%
Net Margin (TTM)	8.16%	5.78%
Operating Margin (TTM)	11.96%	10.58%
Gross Margin (TTM)	11.80%	29.56%

Growth

Revenue Growth

Lockheed Martin (LMT) grew revenue 5.64%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Lockheed Martin (LMT): Revenue Growth across different time periods, set against Capital Goods industry-group medians.

EPS Growth

Lockheed Martin (LMT) grew earnings per share -3.68%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Lockheed Martin (LMT): EPS Growth across different time periods, set against Capital Goods industry-group medians.

Growth Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
Revenue Growth (YoY)	5.64%	8.23%
Revenue Growth (3Y CAGR)	4.38%	6.36%
EPS Growth (YoY)	-3.68%	4.97%
EPS Growth (3Y CAGR)	-0.26%	6.34%

Financial Strength

Current Ratio (MRQ)

Lockheed Martin (LMT) has current ratio of 1.19, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

LMT

Capital Goods industry group

1.19

Group distribution

Max: 5.28
Q3: 2.99
Median: 2.09
Q1: 1.45
LMT: 1.19
Min: 0.76

Largest peers

DE: 2.13
CAT: 1.37
LMT: 1.19
BA: 1.14
RTX: 1.01
GE: 0.98
GEV: 0.85

Where Lockheed Martin (LMT) stands on current ratio within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Lockheed Martin (LMT) has debt-to-equity ratio of 2.34, above the industry benchmark range. Debt sits unusually high against shareholders’ equity, leaving the balance sheet more exposed to rate, refinancing, or earnings shocks.

LMT

Capital Goods industry group

2.34

Group distribution

LMT: 2.34
Max: 2.15
Q3: 1.09
Median: 0.57
Q1: 0.27
Min: 0.00

Largest peers

BA: 7.91
DE: 3.76
LMT: 2.34
CAT: 2.33
GE: 1.13
RTX: 0.57
GEV: 0.28

Where Lockheed Martin (LMT) stands on debt-to-equity ratio within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
Current Ratio (MRQ)	1.19	2.09
Debt / Equity (MRQ)	2.34	0.57
Net Debt / EBITDA	1.73	1.93

Dividends

Dividend Yield (TTM)

Lockheed Martin (LMT) has dividend yield of 2.55%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

LMT

Capital Goods industry group

2.55%

Group distribution

Max: 2.75%
LMT: 2.55%
Q3: 1.11%
Median: 0.18%
Q1: 0.00%
Min: 0.00%

Largest peers

LMT: 2.55%
RTX: 1.40%
DE: 0.96%
CAT: 0.77%
GE: 0.51%
GEV: 0.19%
BA: 0.00%

Where Lockheed Martin (LMT) stands on dividend yield within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Lockheed Martin (LMT) has payout ratio of 50.33%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

LMT

Capital Goods industry group

50.33%

Group distribution

Max: 72.00%
LMT: 50.33%
Q3: 28.86%
Median: 6.13%
Q1: 0.00%
Min: 0.00%

Largest peers

LMT: 50.33%
RTX: 48.77%
DE: 36.02%
CAT: 26.01%
GE: 19.58%
GEV: 5.73%
BA: 0.00%

Where Lockheed Martin (LMT) stands on payout ratio within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
Dividend Yield (TTM)	2.55%	0.18%
Dividend Payout Ratio (TTM)	50.33%	6.13%

Valuation

P/E Ratio (TTM)

Lockheed Martin (LMT) trades at P/E ratio of 19.73, in the cheaper earnings-multiple quartile for its industry. Investors are paying less for each dollar of TTM earnings than they usually pay for comparable businesses.

LMT

Capital Goods industry group

19.73

Group distribution

Max: 66.10
Q3: 40.43
Median: 29.30
Q1: 21.19
LMT: 19.73
Min: 1.09

Largest peers

BA: 75.70
GE: 38.17
DE: 37.60
CAT: 35.21
RTX: 34.86
GEV: 27.48
LMT: 19.73

Where Lockheed Martin (LMT) stands on P/E ratio within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Lockheed Martin (LMT) trades at 1.57 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

LMT

Capital Goods industry group

1.57

Group distribution

Max: 9.06
Q3: 4.40
Median: 2.41
LMT: 1.57
Q1: 1.19
Min: 0.05

Largest peers

GE: 6.63
GEV: 6.16
CAT: 5.04
DE: 3.80
RTX: 2.85
BA: 1.77
LMT: 1.57

Where Lockheed Martin (LMT) stands on P/S ratio within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Lockheed Martin (LMT) trades at 13.70 on P/B ratio, above the industry benchmark range. Investors are putting an unusually rich price on each dollar of book equity relative to peers.

LMT

Capital Goods industry group

13.70

Group distribution

LMT: 13.70
Max: 11.10
Q3: 5.63
Median: 3.31
Q1: 1.94
Min: -3.52

Largest peers

BA: 27.27
GEV: 21.32
CAT: 19.40
GE: 19.04
LMT: 13.70
DE: 6.51
RTX: 4.01

Where Lockheed Martin (LMT) stands on P/B ratio within its Capital Goods peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Lockheed Martin (LMT) metric values compared with Capital Goods industry-group medians
Metric	Current stock: LMT	Industry group median
P/E Ratio (TTM)	19.73	29.30
P/S Ratio (TTM)	1.57	2.41
P/B Ratio (MRQ)	13.70	3.31
Free Cash Flow Yield (TTM)	4.61%	2.67%