LOCKHEED MARTIN CORP
LMT · Guided Missiles & Space Vehicles & Parts · 230.6M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $5.7B (gross $6.0B, SBC $265M)
Reference price $666.05 · est. market cap ~$153.6B — last insider sale, 2026-02-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A86Dominant, wide-moat defense prime with top-decile returns and durable, scaled franchise economics despite thin headline gross margin.
Strengths
- Top-decile ROA (100th pct) and very high ROE (74.6%, 91st pct), reflecting a scaled, capital-efficient franchise
- Wide moat: F-35 (27% of sales), long-cycle multi-decade programs, ~72% U.S. Government demand and replenishment tailwinds
- Operating margin 71.5th pct with strong, recurring cash generation
Risks
- High debt-to-equity (3.05, 93.6th pct), largely buyback-driven, plus low current/quick ratios
- Supply-chain shortages (rare earths, microelectronics) and fixed-price contract margin pressure from inflation
- Low gross margin (9.1 pct) is a sector-accounting artifact but leaves little error margin on fixed-price work
Notable findings
- High leverageHigh leverage (debt/equity 3.05)
- Buying back stockNet buyback — share count -3%/yr over 4y
- Revenue declineRevenue -11.3% YoY
- Insider sellingInsider selling — 12 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
10.2%
Operating margin
10.3%
Net margin
6.7%
Return on equity
74.6%
Return on assets
8.4%
ROIC
22.4%
Revenue growth (QoQ)
-11.3%
Net-income growth
-6.0%
Debt / equity
3.1×
Net debt / EBITDA
1.7×
Current ratio
1.1×
EBITDA
$9.4B
Tangible book value
-$6.5B
Cash & investments
$4.1B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Hill Stephanie C. | Gift | 368 | — |
| 2026-04-01 | Hollub Vicki A. | Option exercise | 416 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 440 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 600 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 640 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 900 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 1.3K | — |
| 2026-03-11 | Cahill Timothy S | Sell | 400 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 280 | — |
| 2026-03-11 | Cahill Timothy S | Sell | 80 | — |
| 2026-02-27 | Ulmer Gregory M | Sell | 320 | — |
| 2026-02-27 | Ulmer Gregory M | Sell | 2.5K | — |
| 2026-02-26 | O'Connor Kevin J. | Tax withheld | 2.6K | $641.63 |
| 2026-02-26 | O'Connor Kevin J. | Option exercise | 5.3K | — |
| 2026-02-24 | Hill Stephanie C. | Sell | 10 | $666.05 |
| 2026-02-24 | Hill Stephanie C. | Sell | 2.4K | — |
| 2026-02-22 | Lightfoot Robert M JR | Option exercise | 2.6K | — |
| 2026-02-22 | Lightfoot Robert M JR | Grant | 2.1K | — |
| 2026-02-22 | Lightfoot Robert M JR | Tax withheld | 2.1K | $658.26 |
| 2026-02-22 | Cahill Timothy S | Option exercise | 2.5K | — |
| 2026-02-22 | Cahill Timothy S | Grant | 2.1K | — |
| 2026-02-22 | Cahill Timothy S | Tax withheld | 1.8K | $658.26 |
| 2026-02-22 | TAICLET JAMES D JR | Option exercise | 9.6K | — |
| 2026-02-22 | TAICLET JAMES D JR | Grant | 7.8K | — |
| 2026-02-22 | Hill Stephanie C. | Option exercise | 2.5K | — |
| 2026-02-22 | Hill Stephanie C. | Grant | 2.1K | — |
| 2026-02-22 | Hill Stephanie C. | Tax withheld | 2.2K | $658.26 |
| 2026-02-22 | TAICLET JAMES D JR | Tax withheld | 7.7K | $658.26 |
| 2026-02-22 | Ulmer Gregory M | Option exercise | 2.5K | — |
| 2026-02-22 | Ulmer Gregory M | Grant | 2.1K | — |
| 2026-02-22 | Ulmer Gregory M | Tax withheld | 1.8K | $658.26 |
| 2026-02-22 | St John Frank A | Option exercise | 3.8K | — |
| 2026-02-22 | St John Frank A | Grant | 3.1K | — |
| 2026-02-22 | St John Frank A | Tax withheld | 3.0K | $658.26 |
| 2026-02-22 | Scott Evan T | Option exercise | 886 | — |
| 2026-02-22 | Scott Evan T | Grant | 209 | — |
| 2026-02-22 | Scott Evan T | Tax withheld | 533 | $658.26 |
| 2026-02-22 | Ricciardone Maria A. | Option exercise | 417 | — |
| 2026-02-22 | Ricciardone Maria A. | Grant | 99 | — |
| 2026-02-22 | Ricciardone Maria A. | Tax withheld | 230 | $658.26 |
| 2026-02-22 | Paul Harry Edward III | Option exercise | 886 | — |
| 2026-02-22 | Paul Harry Edward III | Grant | 209 | — |
| 2026-02-22 | Paul Harry Edward III | Tax withheld | 495 | $658.26 |
| 2025-12-05 | St John Frank A | Tax withheld | 63 | $452.20 |
| 2025-12-05 | Ulmer Gregory M | Option exercise | 38 | — |
| 2025-12-05 | Ulmer Gregory M | Option exercise | 33 | — |
| 2025-12-05 | Ulmer Gregory M | Option exercise | 33 | — |
| 2025-12-05 | Ulmer Gregory M | Tax withheld | 33 | $452.20 |
| 2025-12-05 | Ulmer Gregory M | Tax withheld | 33 | $452.20 |
| 2025-12-05 | Ulmer Gregory M | Tax withheld | 38 | $452.20 |
| 2025-12-05 | TAICLET JAMES D JR | Option exercise | 391 | — |
| 2025-12-05 | TAICLET JAMES D JR | Option exercise | 294 | — |
| 2025-12-05 | TAICLET JAMES D JR | Option exercise | 134 | — |
| 2025-12-05 | TAICLET JAMES D JR | Tax withheld | 134 | $452.20 |
| 2025-12-05 | TAICLET JAMES D JR | Tax withheld | 294 | $452.20 |
| 2025-12-05 | TAICLET JAMES D JR | Tax withheld | 391 | $452.20 |
| 2025-12-05 | Hill Stephanie C. | Option exercise | 44 | — |
| 2025-12-05 | Hill Stephanie C. | Option exercise | 39 | — |
| 2025-12-05 | Hill Stephanie C. | Option exercise | 38 | — |
| 2025-12-05 | Hill Stephanie C. | Tax withheld | 38 | $452.20 |
| 2025-12-05 | Hill Stephanie C. | Tax withheld | 39 | $452.20 |
| 2025-12-05 | Hill Stephanie C. | Tax withheld | 44 | $452.20 |
| 2025-12-05 | St John Frank A | Option exercise | 63 | — |
| 2025-12-05 | St John Frank A | Option exercise | 54 | — |
| 2025-12-05 | St John Frank A | Option exercise | 53 | — |
| 2025-12-05 | St John Frank A | Tax withheld | 53 | $452.20 |
| 2025-12-05 | St John Frank A | Tax withheld | 54 | $452.20 |
| 2025-12-05 | Cahill Timothy S | Option exercise | 38 | — |
| 2025-12-05 | Cahill Timothy S | Option exercise | 33 | — |
| 2025-12-05 | Cahill Timothy S | Option exercise | 33 | — |
| 2025-12-05 | Cahill Timothy S | Tax withheld | 33 | $452.20 |
| 2025-12-05 | Cahill Timothy S | Tax withheld | 33 | $452.20 |
| 2025-12-05 | Cahill Timothy S | Tax withheld | 38 | $452.20 |
| 2025-12-05 | Cahill Timothy S | Gift | 338 | — |
| 2025-10-24 | Ricciardone Maria A. | Option exercise | 446 | — |
| 2025-10-24 | Ricciardone Maria A. | Tax withheld | 196 | $485.41 |
| 2025-10-23 | St John Frank A | Sell | 69 | $492.42 |
| 2025-10-23 | St John Frank A | Sell | 3.0K | $490.58 |
| 2025-10-23 | St John Frank A | Sell | 4.7K | $491.31 |
| 2025-10-23 | St John Frank A | I | 8 | — |
| 2025-02-26 | Paul Harry Edward III | Sell | 707 | $442.61 |
| 2025-02-26 | Lightfoot Robert M JR | Sell | 3.2K | $442.42 |
| 2025-02-26 | Hill Stephanie C. | Sell | 4.8K | $442.51 |
| 2025-02-23 | Ulmer Gregory M | Grant | 6.2K | — |
| 2025-02-23 | Ulmer Gregory M | Option exercise | 3.0K | — |
| 2025-02-23 | Ulmer Gregory M | Tax withheld | 3.5K | $440.72 |
| 2025-02-23 | TAICLET JAMES D JR | Grant | 23K | — |
| 2025-02-23 | TAICLET JAMES D JR | Option exercise | 12K | — |
| 2025-02-23 | TAICLET JAMES D JR | Tax withheld | 16K | $440.72 |
| 2025-02-23 | St John Frank A | Grant | 9.3K | — |
| 2025-02-23 | St John Frank A | Option exercise | 4.4K | — |
| 2025-02-23 | St John Frank A | Tax withheld | 6.1K | $440.72 |
| 2025-02-23 | Paul Harry Edward III | Option exercise | 475 | — |
| 2025-02-23 | Paul Harry Edward III | Grant | 116 | — |
| 2025-02-23 | Paul Harry Edward III | Tax withheld | 268 | $440.72 |
| 2025-02-23 | MALAVE JESUS JR | Grant | 12K | — |
| 2025-02-23 | MALAVE JESUS JR | Option exercise | 6.2K | — |
| 2025-02-23 | MALAVE JESUS JR | Tax withheld | 9.0K | $440.72 |
| 2025-02-23 | Lightfoot Robert M JR | Grant | 6.2K | — |
| 2025-02-23 | Lightfoot Robert M JR | Option exercise | 3.1K | — |
| 2025-02-23 | Lightfoot Robert M JR | Tax withheld | 4.1K | $440.72 |
| 2025-02-23 | Hill Stephanie C. | Grant | 6.2K | — |
| 2025-02-23 | Hill Stephanie C. | Option exercise | 3.0K | — |
| 2025-02-23 | Hill Stephanie C. | Tax withheld | 4.3K | $440.72 |
| 2025-02-23 | Cahill Timothy S | Grant | 3.1K | — |
| 2025-02-23 | Cahill Timothy S | Option exercise | 1.5K | — |
| 2025-02-23 | Cahill Timothy S | Tax withheld | 1.8K | $440.72 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (5)
- U.S. Government 72% of rev
- Department of War (Department of Defense) 63% of rev
- U.S. Navy
- U.S. Air Force
- U.S. Marine Corps
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-13 | 2026-05-12 | 0000936468-26-000011 ↗ |
| 10-Q | 2026-04-23 | 2026-03-29 | 0001628280-26-026836 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001628280-26-026683 ↗ |
| 10-K | 2026-01-29 | 2025-12-31 | 0001628280-26-004195 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001628280-26-003970 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0000936468-25-000057 ↗ |
| 8-K | 2025-12-09 | 2025-12-05 | 0001193125-25-312904 ↗ |
| 10-Q | 2025-10-21 | 2025-09-28 | 0001628280-25-045693 ↗ |
| 8-K | 2025-10-21 | 2025-10-21 | 0001628280-25-045582 ↗ |
| 8-K | 2025-08-29 | 2025-08-28 | 0001193125-25-192837 ↗ |
| 8-K | 2025-07-28 | 2025-07-28 | 0000936468-25-000050 ↗ |
| 10-Q | 2025-07-22 | 2025-06-29 | 0001628280-25-035565 ↗ |