Lockheed Martin
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Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. The last earnings update was 74 days ago. More info.
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LMT Share Price and Events
7 Day Returns
1 Year Returns
LMT Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Lockheed Martin (LMT) | 7.4% | 13.3% | 17.5% | -1% | 43.5% | 105.6% |
| US Aerospace & Defense | 1.5% | 6.1% | 12.4% | -7.8% | 41.2% | 58.7% |
| US Market | -0.1% | 3.7% | 10.2% | 7.6% | 38.1% | 46.4% |
1 Year Return vs Industry and Market
- LMT outperformed the Aerospace & Defense industry which returned -7.8% over the past year.
- LMT underperformed the Market in United States of America which returned 7.6% over the past year.
LMT Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Lockheed Martin
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Lockheed Martin.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 17 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.8% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Aerospace & Defense Unlevered Beta | Simply Wall St/ S&P Global | 0.92 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.916 (1 + (1- 21%) (14.97%)) |
1.016 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.02 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.016 * 5.96%) |
8.79% |
Discounted Cash Flow Calculation for NYSE:LMT using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Lockheed Martin is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 8.79%) |
|
|---|---|---|---|
| 2019 | 5,914.89 | Analyst x9 | 5,437.15 |
| 2020 | 5,724.80 | Analyst x10 | 4,837.38 |
| 2021 | 6,122.00 | Analyst x4 | 4,755.19 |
| 2022 | 6,145.33 | Analyst x3 | 4,387.78 |
| 2023 | 6,960.00 | Analyst x1 | 4,568.08 |
| 2024 | 7,308.43 | Est @ 5.01% | 4,409.34 |
| 2025 | 7,624.40 | Est @ 4.32% | 4,228.44 |
| 2026 | 7,917.58 | Est @ 3.85% | 4,036.38 |
| 2027 | 8,195.55 | Est @ 3.51% | 3,840.63 |
| 2028 | 8,464.08 | Est @ 3.28% | 3,646.10 |
| Present value of next 10 years cash flows | $44,146.46 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $8,464.08 × (1 + 2.73%) ÷ (8.79% – 2.73%) |
$143,566.53 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $143,566.53 ÷ (1 + 8.79%)10 |
$61,844.64 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $44,146.46 + $61,844.64 |
$105,991.10 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $105,991.10 / 282.81 |
$374.78 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $374.78 |
| Current discount | Discount to share price of
$333.10
= -1 x ($333.10 - $374.78) / $374.78 |
11.1% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Lockheed Martin's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Lockheed Martin's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Lockheed Martin's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Lockheed Martin's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $17.74 |
| NYSE:LMT Share Price ** | NYSE (2019-04-23) in USD | $333.1 |
| United States of America Aerospace & Defense Industry PE Ratio | Median Figure of 41 Publicly-Listed Aerospace & Defense Companies | 22.29x |
| United States of America Market PE Ratio | Median Figure of 3,080 Publicly-Listed Companies | 18.03x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Lockheed Martin.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:LMT Share Price ÷ EPS (both in USD) = 333.1 ÷ 17.74 |
18.78x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Lockheed Martin is good value based on earnings compared to the US Aerospace & Defense industry average.
- Lockheed Martin is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Lockheed Martin's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 18.78x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts |
9.9%per year |
| United States of America Aerospace & Defense Industry PEG Ratio | Median Figure of 34 Publicly-Listed Aerospace & Defense Companies | 1.81x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.55x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 18.78x ÷ 9.9% |
1.91x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Lockheed Martin is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Lockheed Martin's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $4.96 |
| NYSE:LMT Share Price * | NYSE (2019-04-23) in USD | $333.1 |
| United States of America Aerospace & Defense Industry PB Ratio | Median Figure of 56 Publicly-Listed Aerospace & Defense Companies | 2.64x |
| United States of America Market PB Ratio | Median Figure of 5,185 Publicly-Listed Companies | 1.92x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:LMT Share Price ÷ Book Value per Share (both in USD) = 333.1 ÷ 4.96 |
67.15x |
* Primary Listing of Lockheed Martin.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Lockheed Martin is overvalued based on assets compared to the US Aerospace & Defense industry average.
Value checks
We assess Lockheed Martin's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Aerospace & Defense industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Aerospace & Defense industry average (and greater than 0)? (1 check) Lockheed Martin has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
LMT Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Lockheed Martin's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Lockheed Martin's earnings growth is positive but not above the United States of America market average.
- Lockheed Martin's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:LMT Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts | 9.9% |
| NYSE:LMT Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts | 4.8% |
| United States of America Aerospace & Defense Industry Earnings Growth Rate | Market Cap Weighted Average | 10.5% |
| United States of America Aerospace & Defense Industry Revenue Growth Rate | Market Cap Weighted Average | 5.6% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 17 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 68,814 | 7,952 | 7,629 | 2 |
| 2022-12-31 | 64,542 | 7,662 | 7,634 | 4 |
| 2021-12-31 | 62,967 | 7,708 | 7,251 | 11 |
| 2020-12-31 | 59,772 | 7,390 | 6,852 | 17 |
| 2019-12-31 | 56,937 | 7,511 | 5,553 | 9 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 53,762 | 3,138 | 5,046 |
| 2018-09-30 | 54,283 | 2,433 | 3,015 |
| 2018-06-24 | 52,306 | 3,826 | 2,505 |
| 2018-03-25 | 51,471 | 5,442 | 2,297 |
| 2017-12-31 | 49,960 | 6,476 | 1,890 |
| 2017-09-24 | 49,868 | 5,693 | 3,666 |
| 2017-06-25 | 49,078 | 5,259 | 3,792 |
| 2017-03-26 | 48,092 | 5,188 | 3,736 |
| 2016-12-31 | 47,290 | 5,189 | 3,661 |
| 2016-09-25 | 45,016 | 5,824 | 3,611 |
| 2016-06-26 | 43,525 | 6,021 | 3,278 |
| 2016-03-27 | 40,793 | 5,811 | 3,054 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 17 Analyst Estimates (S&P Global) | See Below |
All data from Lockheed Martin Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 27.91 | 29.55 | 26.26 | 2.00 |
| 2022-12-31 | 27.72 | 29.90 | 25.45 | 4.00 |
| 2021-12-31 | 26.26 | 28.11 | 23.91 | 11.00 |
| 2020-12-31 | 24.25 | 25.70 | 21.40 | 16.00 |
| 2019-12-31 | 19.71 | 20.30 | 19.35 | 14.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 17.74 |
| 2018-09-30 | 10.58 |
| 2018-06-24 | 8.76 |
| 2018-03-25 | 8.01 |
| 2017-12-31 | 6.57 |
| 2017-09-24 | 12.68 |
| 2017-06-25 | 12.99 |
| 2017-03-26 | 12.64 |
| 2016-12-31 | 12.23 |
| 2016-09-25 | 11.92 |
| 2016-06-26 | 10.73 |
| 2016-03-27 | 9.93 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Lockheed Martin is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
Future performance checks
We assess Lockheed Martin's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Lockheed Martin has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
LMT Past Performance
How has Lockheed Martin performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Lockheed Martin's year on year earnings growth rate has been positive over the past 5 years.
- Lockheed Martin's 1-year earnings growth exceeds its 5-year average (167% vs 0.9%)
- Lockheed Martin's earnings growth has exceeded the US Aerospace & Defense industry average in the past year (167% vs 29.2%).
Earnings and Revenue History
All data from Lockheed Martin Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 53,762.00 | 5,046.00 | 67.00 | |
| 2018-09-30 | 54,283.00 | 3,015.00 | -33.00 | |
| 2018-06-24 | 52,306.00 | 2,505.00 | 2.00 | |
| 2018-03-25 | 51,471.00 | 2,297.00 | ||
| 2017-12-31 | 49,960.00 | 1,890.00 | 109.00 | |
| 2017-09-24 | 49,868.00 | 3,666.00 | 82.00 | |
| 2017-06-25 | 49,078.00 | 3,792.00 | 27.00 | |
| 2017-03-26 | 48,092.00 | 3,736.00 | ||
| 2016-12-31 | 47,290.00 | 3,661.00 | 123.00 | |
| 2016-09-25 | 45,016.00 | 3,611.00 | ||
| 2016-06-26 | 43,525.00 | 3,278.00 | ||
| 2016-03-27 | 40,793.00 | 3,054.00 | ||
| 2015-12-31 | 40,536.00 | 3,126.00 | ||
| 2015-09-27 | 41,546.00 | 3,213.00 | ||
| 2015-06-28 | 42,600.00 | 3,345.00 | ||
| 2015-03-29 | 45,061.00 | 3,559.00 | ||
| 2014-12-31 | 39,946.00 | 3,253.00 | ||
| 2014-09-28 | 44,603.00 | 3,198.00 | ||
| 2014-06-29 | 44,836.00 | 3,152.00 | ||
| 2014-03-30 | 44,938.00 | 3,122.00 | ||
| 2013-12-31 | 45,358.00 | 2,950.00 | ||
| 2013-09-29 | 45,924.00 | 3,031.00 | ||
| 2013-06-30 | 46,446.00 | 2,916.00 | ||
| 2013-03-31 | 46,959.00 | 2,838.00 | ||
| 2012-12-31 | 47,182.00 | 2,745.00 | ||
| 2012-09-30 | 47,294.00 | 2,874.00 | ||
| 2012-06-24 | 47,544.00 | 2,812.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Whilst Lockheed Martin made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
- Lockheed Martin used its assets more efficiently than the US Aerospace & Defense industry average last year based on Return on Assets.
- Lockheed Martin has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Lockheed Martin's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Aerospace & Defense industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Lockheed Martin has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
LMT Health
How is Lockheed Martin's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Lockheed Martin's finances.
The net worth of a company is the difference between its assets and liabilities.
- Lockheed Martin is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Lockheed Martin's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Lockheed Martin Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,449.00 | 14,104.00 | 772.00 |
| 2018-09-30 | 1,002.00 | 14,726.00 | 897.00 |
| 2018-06-24 | 479.00 | 14,229.00 | 1,181.00 |
| 2018-03-25 | -111.00 | 14,223.00 | 2,393.00 |
| 2017-12-31 | -776.00 | 14,263.00 | 2,861.00 |
| 2017-09-24 | 2,175.00 | 14,268.00 | 2,941.00 |
| 2017-06-25 | 1,349.00 | 14,283.00 | 2,452.00 |
| 2017-03-26 | 1,585.00 | 14,276.00 | 2,216.00 |
| 2016-12-31 | 1,606.00 | 14,282.00 | 1,837.00 |
| 2016-09-25 | 2,430.00 | 14,304.00 | 2,895.00 |
| 2016-06-26 | 2,997.00 | 14,809.00 | 1,269.00 |
| 2016-03-27 | 3,177.00 | 15,276.00 | 1,452.00 |
| 2015-12-31 | 3,097.00 | 15,261.00 | 1,090.00 |
| 2015-09-27 | 2,813.00 | 8,412.00 | 3,300.00 |
| 2015-06-28 | 2,982.00 | 8,402.00 | 3,202.00 |
| 2015-03-29 | 3,520.00 | 8,404.00 | 3,486.00 |
| 2014-12-31 | 3,400.00 | 6,142.00 | 1,446.00 |
| 2014-09-28 | 4,574.00 | 6,165.00 | 2,963.00 |
| 2014-06-29 | 4,319.00 | 6,169.00 | 3,436.00 |
| 2014-03-30 | 4,800.00 | 6,152.00 | 3,264.00 |
| 2013-12-31 | 4,918.00 | 6,152.00 | 2,617.00 |
| 2013-09-29 | 1,277.00 | 6,156.00 | 2,661.00 |
| 2013-06-30 | 694.00 | 6,140.00 | 2,845.00 |
| 2013-03-31 | 304.00 | 6,304.00 | 3,065.00 |
| 2012-12-31 | 39.00 | 6,308.00 | 1,898.00 |
| 2012-09-30 | 2,442.00 | 6,524.00 | 4,652.00 |
| 2012-06-24 | 2,204.00 | 6,493.00 | 3,802.00 |
- Lockheed Martin's level of debt (973.4%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (125.1% vs 973.4% today).
- Debt is well covered by operating cash flow (22.2%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 10.8x coverage).
Financial health checks
We assess Lockheed Martin's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Lockheed Martin has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
LMT Dividends
What is Lockheed Martin's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Lockheed Martin
shares you are expected to receive
$53
in your first year as a dividend.
Dividend Amount
- Lockheed Martin's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
- Lockheed Martin's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 17 Analyst Estimates (S&P Global) | See Below |
| United States of America Aerospace & Defense Industry Average Dividend Yield | Market Cap Weighted Average of 22 Stocks | 1.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2008 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 13.20 | 1.00 |
| 2022-12-31 | 11.16 | 3.00 |
| 2021-12-31 | 10.64 | 9.00 |
| 2020-12-31 | 9.74 | 13.00 |
| 2019-12-31 | 8.94 | 13.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-09-27 | 8.800 | 2.946 |
| 2018-06-28 | 8.000 | 2.492 |
| 2018-04-25 | 8.000 | 2.538 |
| 2018-01-24 | 8.000 | 2.330 |
| 2017-09-28 | 8.000 | 2.517 |
| 2017-06-22 | 7.280 | 2.460 |
| 2017-04-26 | 7.280 | 2.638 |
| 2017-01-26 | 7.280 | 2.740 |
| 2016-09-22 | 7.280 | 2.912 |
| 2016-06-23 | 6.600 | 2.642 |
| 2016-04-27 | 6.600 | 2.760 |
| 2016-01-28 | 6.600 | 3.016 |
| 2015-09-24 | 6.600 | 3.065 |
| 2015-06-25 | 6.000 | 2.967 |
| 2015-04-23 | 6.000 | 3.141 |
| 2015-01-29 | 6.000 | 3.018 |
| 2014-09-25 | 6.000 | 3.211 |
| 2014-06-26 | 5.320 | 3.147 |
| 2014-04-24 | 5.320 | 3.248 |
| 2014-01-23 | 5.320 | 3.349 |
| 2013-09-26 | 5.320 | 3.863 |
| 2013-06-27 | 4.600 | 3.821 |
| 2013-04-25 | 4.600 | 4.404 |
| 2013-01-30 | 4.600 | 5.036 |
| 2012-09-27 | 4.600 | 4.976 |
| 2012-06-28 | 4.000 | 4.440 |
| 2012-04-26 | 4.000 | 4.720 |
| 2012-01-27 | 4.000 | 4.520 |
| 2011-09-22 | 4.000 | 5.172 |
| 2011-06-23 | 3.000 | 4.004 |
| 2011-04-28 | 3.000 | 3.802 |
| 2011-01-27 | 3.000 | 3.746 |
| 2010-09-23 | 3.000 | 4.216 |
| 2010-06-24 | 2.520 | 3.448 |
| 2010-04-22 | 2.520 | 3.101 |
| 2010-01-28 | 2.520 | 3.127 |
| 2009-09-24 | 2.520 | 3.342 |
| 2009-06-25 | 2.280 | 2.972 |
| 2009-04-24 | 2.280 | 2.795 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Lockheed Martin's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (2.2x coverage).
- Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
Income/ dividend checks
We assess Lockheed Martin's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Lockheed Martin afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Lockheed Martin has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
LMT Management
CEO
| COMPENSATION | $21,516,613 |
| AGE | 64 |
| TENURE AS CEO | 6.3 years |
CEO Bio
Ms. Marillyn A. Hewson has been the Chief Executive Officer and President of Lockheed Martin Corporation since January 1, 2013 and has been its Chairman since January 1, 2014. Ms. Hewson served as an Executive Vice President of the Electronic Systems at Lockheed Martin Corporation from January 1, 2010 to November 2012 and served as its Chief Operating Officer from November 2012 to December 2012. She served as Executive Vice President of Lockheed Martin Electronic Systems. She served as the President of Lockheed Martin Systems Integration -Owego, a subsidiary at Lockheed Martin Corporation from September 2008 to December 2009. She served as the President of Lockheed Martin Logistics Services of Lockheed Martin Corporation since November 2006 and also served as its Senior Vice President. She served as the President and General Manager of Lockheed Martin Commercial Engine Solutions, a joint venture between Lockheed Martin Aircraft and Logistics Centers, GE-Aviation and Rolls-Royce and a center of excellence for military engine maintenance, repair and overhaul. She served as the President of Logistics Services for Lockheed Martin Corporation from January 2007 to March 2007. She served as an Executive Vice President of Global Sustainment for Aeronautics of Lockheed Martin Aeronautics Company from February 2007 to August 2008 where she was responsible for ensuring that customers around the world receive best-value sustainment services and total life cycle support for their aircraft. She served in a number of executive positions for Lockheed Martin Corporation and served as its Senior Vice President of Corporate Shared Services since May 2001, Corporate Vice President of Global Supply Chain Management since August 2000 and Vice President of Corporate Internal Audit since September 1998. She joined Lockheed Aeronautical Systems Company, Marietta, Georgia in 1983 and served as its Senior Industrial Engineer. She held a variety of increasingly responsible management positions in industrial engineering, operations control and business management until 1993, when she served as Director of Operations Control of Lockheed Aeronautical Systems Company. She served as Director of Commercial Practices of Lockheed Aeronautical Systems Company since 1995. She served as Director of Consolidated Material Systems and Business Management of Aeronautics Material Management Center in Fort Worth, Texas since September 1995. She has served in key leadership positions in the aerospace industry. She served as the Chairman of Sandia Corporation from 2010 until 2013. She served as a Director of Sandia Corporation since May 2010. She has been a Director of DuPont do Brasil S.A. since October 2007. She serves as a Director of Catalyst Inc. and Exostar Corporation. Ms. Hewson was Chief Executive Officer and President of Lockheed Martin from January 2013 to December 2013 She has been a Director of Lockheed Martin Corporation since November 9, 2012. She served as an Independent Director of E. I. du Pont de Nemours and Company since October 2007 to August 31, 2017. She served as a Director of Carpenter Technology Corporation from 2002 to 2006. She served as a Director of Lockheed Martin Australia Pty Ltd. In September 2013, she was appointed by President Barack Obama to the President’s Export Council, the Principal National Advisory Committee on international trade. She serves as Vice Chairman of the Aerospace Industries Association and is an Associate Fellow of the American Institute of Aeronautics and Astronautics. She had been Director at DowDuPont Inc. since August 31, 2017 until March 31, 2019. She serves on the Board of Directors of the Congressional Medal of Honor Foundation, the Board of Governors of the USO, the Board of the National Geographic Education Foundation, the University of Alabama’s Culverhouse College of Commerce and Business Administration Board of Visitors and the Board of Directors of Catalyst. She is also a Director of the Atlantic Council’s International Advisory Board and a Member of The Business Roundtable, an Association of Chief Executive Officers of leading U.S. companies. Ms. Hewson also serves on the Board of Trustees for King Abdullah University of Science and Technology in the Kingdom of Saudi Arabia and on the Board of Trustees for Khalifa University of Science and Technology in the United Arab Emirates. Ms. Hewson has been selected by Fortune magazine as one of the “50 Most Powerful Women in Business” for the past five years and was named #4 in 2014. Ms. Hewson was named #21 on the Forbes “World’s 100 Most Powerful Women” list in 2014. Having served for more than three decades in executive and operational roles of a global security, aerospace and advanced technology company with worldwide interests, Ms. Hewson has vast experience, insight and knowledge of the complexities of global business management, strategic planning, cybersecurity, finance, supply chain, leveraged services, manufacturing, government relations and human capital management, including corporate governance and audit expertise derived from service on boards of other multinational corporations and non-profit organizations. Ms. Hewson holds Bachelor’s Science in Business Administration from University of Alabama, Master of Arts in Economics from University of Alabama, Attended Columbia Business School and Executive Development Program from Harvard Business School.
CEO Compensation
- Marillyn's compensation has been consistent with company performance over the past year.
- Marillyn's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Lockheed Martin management team in years:
- The tenure for the Lockheed Martin management team is about average.
Management Team
Marillyn Hewson
Chairman
$22M
64
6.3 yrs
Dale Bennett
Executive Vice President of Rotary & Mission Systems
$7M
61
6.3 yrs
Rick Edwards
Executive Vice President of International
$6M
61
6.3 yrs
Rick Ambrose
Executive Vice President of Space
$6M
59
6 yrs
Frank St. John
Executive Vice President of Missiles & Fire Control Business
$6M
51
1.3 yrs
Ken Possenriede
Executive VP & CFO
57
0.2 yrs
Rod Makoske
Senior Vice President of Corporate Engineering
4.2 yrs
Brian Colan
VP, Controller & Chief Accounting Officer
57
4.7 yrs
Keoki Jackson
Chief Technology Officer
48
4.2 yrs
Greg Gardner
Vice President of Investor Relations
2.3 yrs
Board of Directors Tenure
Average tenure and age of the Lockheed Martin board of directors in years:
- The tenure for the Lockheed Martin board of directors is about average.
Board of Directors
Marillyn Hewson
Chairman
$22M
64
5.3 yrs
Nolan Archibald
Lead Director
$375K
74
4 yrs
Jim Ellis
Independent Director
$332K
70
14.4 yrs
Thomas Falk
Independent Director
$350K
59
8.8 yrs
Dan Akerson
Independent Director
$340K
69
5.2 yrs
Joseph Ralston
Independent Director
$331K
74
16 yrs
David Burritt
Independent Director
$320K
63
11 yrs
Bruce Carlson
Independent Director
$312K
68
3.8 yrs
Ilene Gordon
Independent Director
$323K
64
2.8 yrs
Jeh Johnson
Independent Director
$310K
60
1.3 yrs
Who owns this company?
Recent Insider Trading
- Lockheed Martin insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 28. Feb 19 | Sell | Maryanne Lavan | Individual | 26. Feb 19 | 26. Feb 19 | -5,515 | $306.84 | $-1,689,305 | ||
| 28. Feb 19 | Sell | Frank St. John | Individual | 27. Feb 19 | 27. Feb 19 | -1,900 | $305.42 | $-580,307 | ||
| 27. Feb 19 | Buy | Ilene Gordon | Individual | 25. Feb 19 | 25. Feb 19 | 750 | $306.04 | $229,533 | ||
| 20. Feb 19 | Sell | Brian Colan | Individual | 19. Feb 19 | 19. Feb 19 | -4,000 | $305.04 | $-1,218,244 | ||
| 08. Feb 19 | Sell | Richard Ambrose | Individual | 06. Feb 19 | 06. Feb 19 | -6,647 | $301.83 | $-2,002,975 | ||
| 08. Feb 19 | Sell | Michele Evans | Individual | 07. Feb 19 | 07. Feb 19 | -1,169 | $298.78 | $-349,274 | ||
| 09. Nov 18 | Sell | Bruce Tanner | Individual | 07. Nov 18 | 07. Nov 18 | -11,203 | $309.06 | $-3,456,030 | ||
| 30. Jul 18 | Sell | Marillyn Hewson | Individual | 27. Jul 18 | 27. Jul 18 | -25,000 | $324.60 | $-8,091,875 | ||
| 26. Jul 18 | Sell | Maryanne Lavan | Individual | 25. Jul 18 | 25. Jul 18 | -7,250 | $324.76 | $-2,346,391 | ||
Management checks
We assess Lockheed Martin's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Lockheed Martin has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
LMT News
Simply Wall St News
Have Insiders Been Selling Lockheed Martin Corporation (NYSE:LMT) Shares This Year?
So shareholders might well want to know whether insiders have been buying or selling shares in Lockheed Martin Corporation (NYSE:LMT). … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price … All up, insiders sold more shares in Lockheed Martin than they bought, over the last year
Simply Wall St - – Full articleDo You Know What Lockheed Martin Corporation's (NYSE:LMT) P/E Ratio Means?
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … How Do I Calculate Lockheed Martin's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleHow Does Lockheed Martin Corporation (NYSE:LMT) Fare As A Dividend Stock?
Lockheed Martin Corporation (NYSE:LMT) has pleased shareholders over the past 10 years, by paying out dividends. … The stock currently pays out a dividend yield of 2.9%, and has a market cap of US$85b. … Let's dig deeper into whether Lockheed Martin should have a place in your portfolio.
Simply Wall St - – Full articleWhat Are Analysts Saying About The Future Of Lockheed Martin Corporation's (NYSE:LMT)?
Looking at Lockheed Martin Corporation's (NYSE:LMT) earnings update in December 2018,. … with earnings expected to grow by 9.9% in the upcoming year … the past 5-year average growth rate of 0.9%
Simply Wall St - – Full articleDid You Miss Lockheed Martin's (NYSE:LMT) 86% Share Price Gain?
For example, the Lockheed Martin Corporation (NYSE:LMT) share price is up 86% in the last 5 years, clearly besting than the market return of around 41% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Lockheed Martin managed to grow its earnings per share at 14% a year.
Simply Wall St - – Full articleIs Lockheed Martin Corporation (NYSE:LMT) Potentially Undervalued?
led the NYSE gainers with a relatively large price hike in the past couple of weeks. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price … However, could the stock still be trading at a relatively cheap price?
Simply Wall St - – Full articleEstimating The Intrinsic Value Of Lockheed Martin Corporation (NYSE:LMT)
Help shape the future of investing tools and receive a $20 prize! … by projecting its future cash flows and then discounting them to today's value. … discounted cash flows (DCF)
Simply Wall St - – Full articleLockheed Martin Corporation (NYSE:LMT): A Fundamentally Attractive Investment
Help shape the future of investing tools and you could win a $250 gift card! … Lockheed Martin Corporation (NYSE:LMT) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects.
Simply Wall St - – Full articleWhat Do Analysts Think About Lockheed Martin Corporation's (NYSE:LMT) Earnings Outlook?
Participate in a short research study and receive a 6-month subscription to the award winning Simply Wall St research tool (valued at $60)! … Lockheed Martin Corporation's (NYSE:LMT) most recent earnings announcement in December 2018a
Simply Wall St - – Full articleDoes Lockheed Martin Corporation's (NYSE:LMT) CEO Pay Matter?
Marillyn Hewson has been the CEO of Lockheed Martin Corporation (NYSE:LMT) since 2013. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Marillyn Hewson's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleLMT Company Info
Description
Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. The RMS segment offers military and commercial helicopters; ship and submarine mission and combat systems; mission systems and sensors for rotary and fixed-wing aircraft; sea and land-based missile defense systems; radar systems; the Littoral combat ships; simulation and training services; and unmanned systems and technologies. It also supports government customers in cybersecurity; and delivers communications, and command and control capabilities through mission solutions for defense applications. The Space segment provides satellites, strategic and defensive missile systems, and space transportation systems; and classified systems and services in support of national security systems. This segment also offers network-enabled situational awareness services; and integrates space and ground-based systems to help its customers gather, analyze, and securely distribute critical intelligence data. Lockheed Martin Corporation was founded in 1995 and is headquartered in Bethesda, Maryland.
Details
| Name: | Lockheed Martin Corporation |
| LMT | |
| Exchange: | NYSE |
| Founded: | 1995 |
| $94,203,240,872 | |
| 282,807,688 | |
| Website: | http://www.lockheedmartin.com |
| Address: |
Lockheed Martin Corporation 6801 Rockledge Drive, Bethesda, Maryland, 20817, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | LMT | Common Stock | New York Stock Exchange | US | USD | 15. Mar 1995 | |
| DB | LOM | Common Stock | Deutsche Boerse AG | DE | EUR | 15. Mar 1995 | |
| XTRA | LOM | Common Stock | XETRA Trading Platform | DE | EUR | 15. Mar 1995 | |
| LSE | 0R3E | Common Stock | London Stock Exchange | GB | USD | 15. Mar 1995 | |
| SWX | LMT | Common Stock | SIX Swiss Exchange | CH | CHF | 15. Mar 1995 | |
| WBAG | LMT | Common Stock | Wiener Boerse AG | AT | EUR | 15. Mar 1995 | |
| BMV | LMT * | Common Stock | Bolsa Mexicana de Valores | MX | MXN | 15. Mar 1995 | |
| BOVESPA | LMTB34 | BDR EACH REPR 1 COM USD1 | Bolsa de Valores de Sao Paulo | BR | BRL | 24. Aug 2012 | |
| BASE | LMT | CEDEAR EACH 1 REPR 1 ORD USD1 | Buenos Aires Stock Exchange | AR | ARS | 26. Nov 2002 |
Number of employees
Current staff
Industry
| Aerospace and Defense | |
| Capital Goods |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/23 23:39 |
| End of day share price update: | 2019/04/23 00:00 |
| Last estimates confirmation: | 2019/04/23 |
| Last earnings filing: | 2019/02/08 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
