Lockheed Martin
ConvictionModerate
Long-cycle government contractor: ~73% US Government / DoD-heavy, plus ~27% international FMS and civil (NASA). Mix of cost-plus and fixed-price development/production contracts booked against a multi-year backlog and recognized over time; capital returned via a growing dividend plus buybacks.
Revenuefact
$75.0B FY2025fact, FY25 10-K); $18.0B Q1 FY26Rev growthfact
+6% YoY FY2025+0.3% YoY Q1 FY26 (factGross marginfact
Not separately disclosedconsolidated operating margin ~6.7% FY2025 depressed by ~$1.6B program charges vs ~10-11% normalized (estimateOp margin
~6.7% GAAP FY2025fact, charge-depressed); ~11% segment operating margin in a clean year (estimateCapex intensityfact
~2.2%capex $1.649B / revenue $75.0B, FY2025Market cap
~$116-117Bfact, ~$505/share, 25 Jun 2026Across the boards
The thesis on this name
opportunityModerate
State of Space & Launch
Full context
position · longModerate
State of Space & Launch
Full context
book · long
State of Space & Launch
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-01-29. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$67.0B
FY’22
$66.0B-2%
FY’23
$67.6B+2%
FY’24
$71.0B+5%
FY’25
$75.0B+6%
Margins & balance sheet — FY’25
Gross margin10.2%
Operating margin10.3%
Net margin6.7%
Net debt$18.8B
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Lockheed Martin
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.