Lockheed Martin Corporation

NYSE:LMT Stock Report

Market Cap: US$143.5b

Lockheed Martin Valuation

Is LMT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of LMT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: LMT ($623.58) is trading below our estimate of future cash flow value ($666.54)

Significantly Below Future Cash Flow Value: LMT is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LMT?

Key metric: As LMT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for LMT. This is calculated by dividing LMT's market cap by their current earnings.
What is LMT's PE Ratio?
PE Ratio28.6x
EarningsUS$5.02b
Market CapUS$143.47b

Price to Earnings Ratio vs Peers

How does LMT's PE Ratio compare to its peers?

The above table shows the PE ratio for LMT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average52.5x
BA Boeing
101x31.58%US$190.9b
NOC Northrop Grumman
24.1x3.77%US$100.6b
GD General Dynamics
23.1x7.13%US$97.2b
HWM Howmet Aerospace
62x14.98%US$89.7b
LMT Lockheed Martin
28.6x10.61%US$143.5b

Price-To-Earnings vs Peers: LMT is good value based on its Price-To-Earnings Ratio (28.6x) compared to the peer average (37.2x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does LMT's PE Ratio compare vs other companies in the US Aerospace & Defense Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
ETCC Environmental Tectonics
1.4xn/aUS$14.36m
No more companies available in this PE range
LMT 28.6xIndustry Avg. 41.3xNo. of Companies5PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: LMT is good value based on its Price-To-Earnings Ratio (28.6x) compared to the US Aerospace & Defense industry average (41.3x).

Price to Earnings Ratio vs Fair Ratio

What is LMT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LMT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.6x
Fair PE Ratio35.8x

Price-To-Earnings vs Fair Ratio: LMT is good value based on its Price-To-Earnings Ratio (28.6x) compared to the estimated Fair Price-To-Earnings Ratio (35.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst LMT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$623.58
US$652.53
+4.64%
7.67%US$740.00US$517.00n/a19
Feb ’27US$634.22
US$626.79
-1.17%
9.89%US$740.00US$517.00n/a19
Jan ’27US$483.67
US$523.95
+8.33%
6.02%US$590.00US$430.00n/a19
Dec ’26US$439.19
US$528.17
+20.26%
7.92%US$630.00US$430.00n/a18
Nov ’26US$491.88
US$526.88
+7.12%
8.10%US$630.00US$430.00n/a17
Oct ’26US$499.00
US$473.35
-5.14%
8.08%US$544.00US$398.00n/a17
Sep ’26US$455.63
US$483.22
+6.06%
11.92%US$670.00US$398.00n/a18
Aug ’26US$421.01
US$484.50
+15.08%
11.91%US$670.00US$398.00n/a18
Jul ’26US$465.94
US$527.60
+13.23%
9.97%US$670.00US$408.00n/a20
Jun ’26US$482.38
US$523.72
+8.57%
10.10%US$670.00US$408.00n/a21
May ’26US$477.72
US$522.99
+9.48%
10.12%US$670.00US$408.00n/a21
Apr ’26US$448.64
US$523.23
+16.62%
9.65%US$670.00US$418.00n/a21
Mar ’26US$450.37
US$544.70
+20.95%
11.93%US$685.00US$418.00n/a21
Feb ’26US$462.95
US$546.80
+18.11%
11.58%US$685.00US$418.00US$634.2221
Jan ’26US$485.94
US$598.58
+23.18%
11.90%US$704.00US$434.00US$483.6720
Dec ’25US$529.41
US$607.93
+14.83%
11.22%US$704.00US$434.00US$439.1920
Nov ’25US$545.35
US$607.13
+11.33%
11.34%US$704.00US$434.00US$491.8820
Oct ’25US$605.86
US$557.86
-7.92%
10.73%US$704.00US$405.00US$499.0020
Sep ’25US$568.10
US$546.66
-3.77%
8.96%US$635.00US$405.00US$455.6320
Aug ’25US$548.86
US$536.86
-2.19%
8.79%US$635.00US$405.00US$421.0120
Jul ’25US$466.44
US$490.37
+5.13%
7.22%US$546.00US$378.00US$465.9419
Jun ’25US$470.34
US$488.84
+3.93%
7.12%US$546.00US$378.00US$482.3819
May ’25US$461.73
US$487.86
+5.66%
6.82%US$546.00US$378.00US$477.7221
Apr ’25US$452.79
US$482.87
+6.64%
6.83%US$546.00US$380.00US$448.6422
Mar ’25US$426.46
US$482.96
+13.25%
6.91%US$550.00US$380.00US$450.3722
Feb ’25US$429.77
US$483.88
+12.59%
6.92%US$550.00US$380.00US$462.9522
US$652.53
Fair Value
4.4% undervalued intrinsic discount
19
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/02/08 23:06
End of Day Share Price 2026/02/06 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Lockheed Martin Corporation is covered by 39 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John EadeArgus Research Company
Peter ArmentBaird
David StraussBarclays