Lockheed Martin (LMT)
Forward P/E is 19.49x against a peer median of 24.34x, a ratio of 0.80x — below the fair range — with trailing P/E 22.12x and PEG 1.21. Latest-quarter revenue grew 11.3% year over year (PRIMARY, EDGAR), at the group pace. Value-trap check: revenue is growing, not shrinking, and the group median growth is positive, so the discount is not explained by falling sales. Delivered demand check: the aerospace & defense group's median growth was 11.0% year over year — demand rising.
What would change this label: Move to FAIRLY PRICED if the forward P/E rises to about 21.9x or above (0.90x the peer median) at unchanged estimates, or if revenue growth falls below 0% year over year for two quarters, which would start to explain the discount. Move further from fair value if the forward P/E falls below about 18.3x (0.75x the peer median) while revenue growth stays above 11% year over year.
Lockheed Martin builds fighter jets, missiles and space systems, mostly for the US government, and its sales grew 11.3% in the latest quarter, matching similar companies. Its shares nevertheless cost less per dollar of expected earnings than those peers charge. Growing at the group pace for a below-group price makes the shares look undervalued.
Both lines start at 100 on 2020-09-01. Over the full window Lockheed Martin returned +61.06% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Lockheed Martin: -33.2% (2024-10-21 to 2025-07-22). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 19.49x against a peer median of 24.34x, a ratio of 0.80x — below the fair range — with trailing P/E 22.12x and PEG 1.21. Latest-quarter revenue grew 11.3% year over year (PRIMARY, EDGAR), at the group pace. Value-trap check: revenue is growing, not shrinking, and the group median growth is positive, so the discount is not explained by falling sales. Delivered demand check: the aerospace & defense group's median growth was 11.0% year over year — demand rising. The company’s forward P/E is 19.5× against a peer median of 24.3×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the aerospace & defense group's median latest-quarter revenue growth was 11.0% year over year (SEC filings) — demand rising. This company grew at the group pace, at 11.3%. Latest-quarter sales growth was +11.3% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Lockheed Martin (LMT) | $623.05 | 19.5× | 22.1× |
| BA | — | 158.6× | 17.9× |
| GD | — | 20.2× | 21.6× |
| NOC | — | 18.7× | 17.3× |
| HWM | — | 33.1× | 42.3× |
| TDG | — | 24.3× | 34.4× |
| Peer median | 24.3× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Sep 2026 2026-09-27 | $20.7B | 11.8% | $1.8B | 7.97 | $3.0B |
| Q/E Jun 2026 2026-06-28 | $20.1B | 12.2% | $1.8B | 7.94 | $2.9B |
| Q/E Mar 2026 2026-03-29 | $18.0B | 11.5% | $1.5B | 6.44 | $-291M |
| Q/E Dec 2025 2025-12-31 | $20.3B | 11.4% | $1.3B | — | $2.8B |
| Q/E Sep 2025 2025-09-28 | $18.6B | 12.0% | $1.6B | 6.95 | $3.3B |
| Q/E Jun 2025 2025-06-29 | $18.2B | 4.0% | $342M | 1.46 | $-150M |
| Q/E Mar 2025 2025-03-30 | $18.0B | 12.9% | $1.7B | 7.28 | $955M |
| Q/E Dec 2024 2024-12-31 | $18.6B | 3.7% | $527M | — | $441M |
| Q/E Sep 2024 2024-09-29 | $17.1B | 12.4% | $1.6B | 6.80 | $2.1B |
| Q/E Jun 2024 2024-06-30 | $18.1B | 11.8% | $1.6B | 6.85 | $1.5B |
| Q/E Mar 2024 2024-03-31 | $17.2B | 11.6% | $1.5B | 6.39 | $1.3B |
| Q/E Dec 2023 2023-12-31 | $18.9B | 12.2% | $1.9B | — | $1.7B |
The last twelve reported quarters. Full 25-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | LOCKHEED MARTIN CORP |
| Chief executive | James Taiclet (source: https://en.wikipedia.org/wiki/James_Taiclet) |
| Sector | Industrials — Aerospace & Defense — builds fighter jets, missiles and space systems, mainly for the US government |
| Share price (Oct 28, 2026) | $623.05 |
| Market value (market cap) | $143.9B — share price times shares outstanding of 231,004,640 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $79.1B |
| Net income, last twelve months | $6.5B |
| Free cash flow, last twelve months | $8.4B |
| Latest reported quarter | Q/E Sep 2026 (of 25 quarters in the data pack) |
| Six-year price return vs S&P 500 | +61.06% vs +118.28% |
| Worst peak-to-trough fall | -33.2% (2024-10-21 to 2025-07-22) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E (5-year median): not computed in the Phase 1 batch — UNVERIFIED
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000936468.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000936468.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/LMT/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.