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Lockheed Martin Corporation

LMT
55
Aerospace & Defense · Industrials
Also trades as: 0R3E.L GBP 5.11 (+0.46%)
Price
$509.59
+1.70 (+0.33%)
Market Cap
$117.61B
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 28, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
13/20
Cash Flow
Strong
8/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

55 of 100 counted points = Winston Score 55.

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Share count falling — buybacks

−16.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 277.4M (2021) → 231.9M (2025)

§Winston Score History

The full picture

Lockheed Martin builds military aircraft, missiles, satellites, and defense systems. Its most famous product is the F-35 fighter jet, which it sells to the U.S. military and allied governments around the world. It is the largest defense contractor in the United States by revenue.

The company makes money through long-term government contracts, mostly with the U.S. Department of Defense, which accounts for roughly 70% of its sales. It also sells to international governments and operates across four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Its main competitive advantage is its deep integration with U.S. defense programs, making it difficult to replace — but this also means its growth depends heavily on government budget decisions, and any cuts to defense spending or delays in F-35 orders remain the biggest risks to its business.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+446.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2.0B/ year

↑ Rising (+25% vs prior year)

2.7% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Lockheed Martin Corporation is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
12.2%
Thin — 12.2% gross margin
Profit after running costs
Operating Margin
12.4%
Healthy — 12.4% operating margin
Return on the money invested
ROCE
104.4%
Exceptional — 104.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+7.2%
Steady sales growth (+7.2% YoY)
Profit growth
EPS YoY
+52.9%
Earnings growing fast (+52.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
165%
Turns 165% of profit into real cash
Spare cash per sale
FCF Margin
11.3%
Modest free cash flow (11.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
2.76
Heavy debt load (2.76)
Covers its interest
Interest Cover
15.81x
Comfortably covers interest (15.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.7x
Fair value — P/E 18.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.7 → 14.8)

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Dividends

Dividend
Dividend Yield
2.64%
Moderate income — 2.64% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.5%
Dividend growing modestly (4.5% YoY)
Payout Ratio
51%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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