Explain this page
Arphra AIPlain-English read on Lockheed Martin Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +13.52% | +12.56% | +12.55% | +9.75% | +10.15% | +10.82% | +10.70% | +10.73% | +10.75% |
| Operating margin | +13.61% | +12.65% | +12.59% | +9.87% | +10.30% | +10.51% | +11.14% | +10.63% | +11.02% |
| EBITDA margin | +14.14% | +13.20% | +15.46% | +12.41% | +10.33% | +12.39% | +12.43% | +12.66% | +12.59% |
| EBIT margin | +12.11% | +11.07% | +13.34% | +10.21% | +9.38% | +11.28% | +11.09% | +10.72% | +11.25% |
| Pre-tax margin | +11.26% | +10.12% | +11.98% | +8.76% | +7.89% | +9.47% | +9.58% | +9.39% | +9.45% |
| Net margin | +9.42% | +8.69% | +10.24% | +7.51% | +6.68% | +8.03% | +8.01% | +8.12% | +8.05% |
| Cost structure | |||||||||
| Cost of revenue / sales | +86.48% | +87.44% | +87.45% | +90.25% | +89.84% | +88.39% | +86.59% | +89.42% | +91.40% |
| R&D intensity | +2.24% | +2.58% | +2.22% | +2.25% | +2.66% | +2.44% | +2.42% | +2.41% | +2.35% |
| SG&A intensity | +1.85% | +1.31% | +0.74% | +0.19% | +0.07% | +0.34% | +0.33% | +0.33% | +0.33% |
| Effective tax rate | +16.36% | +14.19% | +14.55% | +14.21% | +15.28% | +14.96% | +14.78% | +15.18% | +14.98% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +57.62% | +61.86% | +101.24% | +84.26% | +74.65% | +85.02% | +85.81% | +85.84% | +87.52% |
| Return on assets (ROA) | +12.41% | +10.84% | +13.19% | +9.59% | +8.38% | +10.40% | +10.11% | +10.10% | +10.55% |
| Return on capital (ROC) | +40.30% | +33.64% | +35.02% | +26.36% | +27.20% | +27.92% | +29.73% | +28.19% | +29.66% |
| Return on invested capital (ROIC) | +27.90% | +23.10% | +28.48% | +20.06% | +17.65% | +21.34% | +21.39% | +21.54% | +21.65% |
| Asset turnover | +131.79% | +124.78% | +128.81% | +127.74% | +125.43% | +129.52% | +126.15% | +124.38% | +131.13% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +9.42% | +8.69% | +10.24% | +7.51% | +6.68% | +8.03% | +8.01% | +8.12% | +8.05% |
| Asset turnover (× revenue / assets) | +131.79% | +124.78% | +128.81% | +127.74% | +125.43% | +129.52% | +126.15% | +124.38% | +131.13% |
| Equity multiplier (× assets / equity) | +464.21% | +570.69% | +767.46% | +878.21% | +890.34% | +817.37% | +848.96% | +849.61% | +829.41% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.32 | 1.25 | 1.29 | 1.28 | 1.25 | 1.30 | 1.26 | 1.24 | 1.31 |
| Fixed-asset turnover | 8.83 | 8.27 | 8.07 | 8.14 | 8.46 | — | — | — | — |
| Inventory turnover | 19.45 | 18.68 | 18.87 | 18.46 | 19.13 | — | — | — | — |
| Receivables turnover | 5.35 | 4.45 | 4.41 | 4.64 | 4.44 | — | — | — | — |
| Payables turnover | 74.34 | 27.25 | 25.56 | 28.85 | 18.58 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 68.28 | 82.00 | 82.73 | 78.65 | 82.19 | — | — | — | — |
| Days inventory outstanding (DIO) | 18.77 | 19.54 | 19.35 | 19.78 | 19.08 | — | — | — | — |
| Days payables outstanding (DPO) | 4.91 | 13.39 | 14.28 | 12.65 | 19.65 | — | — | — | — |
| Cash conversion cycle | 82.14 | 88.14 | 87.79 | 85.78 | 81.62 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.46 | 1.36 | 1.14 | 1.31 | 1.71 | 1.33 | 1.36 | 1.37 | 1.34 |
| FCF / Net income | 1.22 | 1.07 | 0.90 | 0.99 | 1.38 | 1.05 | 1.05 | 1.08 | 1.07 |
| FCF margin | +11.48% | +9.29% | +9.22% | +7.44% | +9.20% | +8.43% | +8.40% | +8.76% | +8.63% |
| OCF margin | +13.75% | +11.82% | +11.72% | +9.81% | +11.40% | +10.71% | +10.90% | +11.16% | +10.78% |
| CapEx / Revenue | +2.27% | +2.53% | +2.50% | +2.37% | +2.20% | +2.38% | +2.42% | +2.40% | +2.32% |
| CapEx / D&A | 1.12 | 1.19 | 1.18 | 1.08 | 0.98 | — | — | — | — |
| Stock-based comp / Revenue | +0.34% | +0.36% | +0.39% | +0.39% | +0.41% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 22.77 | 21.66 | 27.55 | 22.31 | 21.49 | 29.93 | 32.03 | 34.06 | 36.46 |
| EPS · basic | 22.85 | 21.74 | 27.65 | 22.39 | 21.56 | 29.83 | 32.60 | 34.57 | 36.74 |
| Book value / share | 39.51 | 35.02 | 27.21 | 26.48 | 28.98 | 32.42 | 33.30 | 36.05 | 35.44 |
| Tangible BV / share | -9.23 | -15.02 | -24.59 | -28.21 | -27.94 | 32.42 | 33.30 | 36.05 | 35.44 |
| Sales / share | 241.69 | 249.37 | 268.99 | 297.00 | 323.66 | 343.26 | 356.67 | 380.94 | 385.48 |
| Operating CF / share | 33.24 | 29.49 | 31.53 | 29.15 | 36.90 | 36.76 | 38.87 | 42.52 | 41.56 |
| Free cash flow / share | 27.75 | 23.17 | 24.80 | 22.10 | 29.79 | 28.94 | 29.95 | 33.36 | 33.29 |
| Dividends / share | 10.60 | 11.40 | 12.17 | 12.79 | 13.50 | 14.91 | 15.85 | 16.22 | 16.65 |
| Payout ratio | +46.56% | +52.62% | +44.16% | +57.33% | +62.41% | +54.07% | +55.46% | +52.41% | +53.67% |
| Retention ratio | +53.44% | +47.38% | +55.84% | +42.67% | +37.59% | +45.93% | +44.54% | +47.59% | +46.33% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -1.58% | +2.41% | +5.14% | +5.65% | +5.47% | +5.45% | +5.59% | +1.99% | +3.74% |
| Gross profit · YoY | — | -8.54% | +2.32% | -18.27% | +9.94% | +12.47% | +4.26% | +5.84% | +2.18% | +0.81% |
| Profit | ||||||||||
| Operating income · YoY | — | -8.50% | +1.90% | -17.56% | +10.24% | +7.60% | +11.75% | +0.80% | +5.77% | +1.04% |
| EBITDA · YoY | — | -8.18% | +19.95% | -15.59% | -12.05% | +26.54% | +5.75% | +7.57% | +1.39% | +2.23% |
| Net income · YoY | — | -9.23% | +20.73% | -22.89% | -5.98% | +26.72% | +5.22% | +7.05% | +1.04% | +1.71% |
| Operating | ||||||||||
| EBIT · YoY | — | -10.05% | +23.43% | -19.50% | -2.98% | +26.82% | +3.69% | +2.06% | +7.05% | +2.78% |
| R&D · YoY | — | +13.33% | -11.76% | +6.67% | +25.00% | -3.24% | +4.18% | +5.23% | -0.53% | +4.36% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -4.87% | +27.19% | -19.02% | -3.68% | +39.29% | +7.02% | +6.34% | +7.02% | +6.06% |
| EPS · basic · YoY | — | -4.86% | +27.18% | -19.02% | -3.71% | +38.34% | +9.31% | +6.04% | +6.25% | +6.11% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $11.68B | $15.55B | $17.46B | $20.27B | $21.7B | $22.31B | $23.47B | $24.9B | $25.15B |
| Net debt | $8.07B | $13B | $16.02B | $17.79B | $17.58B | $19.36B | $20.47B | $21.58B | $21.77B |
| Net debt / EBITDA | 0.85 | 1.49 | 1.53 | 2.02 | 2.27 | 1.97 | 1.97 | 1.93 | 1.92 |
| Debt / equity | 1.07 | 1.68 | 2.55 | 3.20 | 3.23 | 2.98 | 3.01 | 2.99 | 3.04 |
| Debt / assets | +22.95% | +29.40% | +33.28% | +36.45% | +36.26% | +36.51% | +35.47% | +35.14% | +36.68% |
| Equity / assets | +21.54% | +17.52% | +13.03% | +11.39% | +11.23% | +12.23% | +11.78% | +11.77% | +12.06% |
| Coverage | |||||||||
| EBITDA / interest expense | 16.67 | 13.98 | 11.40 | 8.51 | 6.94 | 8.78 | 8.48 | 8.79 | 8.55 |
| Operating income / interest | 16.03 | 13.40 | 9.29 | 6.77 | 6.92 | 7.44 | 7.60 | 7.38 | 7.49 |
| Interest expense | $569M | $623M | $916M | $1.04B | $1.12B | $1.12B | $1.22B | $1.27B | $1.32B |
| Liquidity | |||||||||
| Current ratio | 1.42 | 1.32 | 1.21 | 1.13 | 1.09 | — | — | — | — |
| Quick ratio | 1.15 | 1.09 | 0.99 | 0.92 | 0.90 | — | — | — | — |
| Cash ratio | 0.26 | 0.16 | 0.09 | 0.13 | 0.18 | — | — | — | — |
| Working capital | $5.82B | $5.1B | $3.58B | $2.43B | $2.03B | — | — | — | — |
| Working capital / revenue | +8.68% | +7.74% | +5.30% | +3.42% | +2.70% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).