Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

Lockheed Martin Corp., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Net earnings1 ÷ Stockholders’ equity (deficit)1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
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Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The return on equity (ROE) exhibited significant fluctuations over the period from 2005 to 2025. Initial values demonstrated strong profitability, followed by periods of extreme volatility and subsequent stabilization. Net earnings generally increased over the period, though with considerable variation, while stockholders’ equity experienced substantial swings, particularly negative values in 2011 and 2016, significantly impacting ROE calculations.

Initial Growth and Volatility (2005-2009)
From 2005 to 2009, ROE demonstrated an initial increase from 23.20% to a peak of 73.24% in 2009. This period coincided with increasing net earnings. However, the volatility was already apparent, with a substantial increase in 2008 to 112.29%, likely influenced by a significant decrease in stockholders’ equity that year.
Extreme Fluctuations (2010-2017)
The years 2010 through 2017 were characterized by extreme ROE fluctuations. ROE reached an exceptionally high value of 265.23% in 2011, followed by an unprecedented 7,038.46% in 2012. These spikes were driven by dramatic reductions in stockholders’ equity, even reaching a deficit of negative US$683 million in 2016, which resulted in an ROE that is not meaningfully interpretable. Net earnings also varied considerably during this period, contributing to the overall instability. A substantial increase in ROE to 361.98% was observed in 2018.
Stabilization and Decline (2018-2025)
Following the period of extreme volatility, ROE began to stabilize, albeit at a generally decreasing trend. From 2018 to 2025, ROE decreased from 361.98% to 74.65%. While still representing a strong return, the decline suggests a diminishing ability to generate profits relative to shareholders’ equity. Net earnings remained relatively high, but the growth in stockholders’ equity outpaced earnings growth, contributing to the decreasing ROE. The ROE values in the latter part of the period remained above the initial value in 2005.

The significant fluctuations in stockholders’ equity appear to be the primary driver of the observed ROE volatility. While net earnings generally trended upward, the impact of equity changes overshadowed earnings performance, particularly in the years with substantial equity reductions. The high ROE values during periods of negative or near-zero equity should be interpreted with caution, as they are heavily influenced by the denominator in the ROE calculation.

Comparison to Competitors

Lockheed Martin Corp., ROE, long-term trends, comparison to competitors

Microsoft Excel
Lockheed Martin Corp. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. RTX Corp.
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
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Dec 31, 2013
Dec 31, 2012
Dec 31, 2011
Dec 31, 2010
Dec 31, 2009
Dec 31, 2008
Dec 31, 2007
Dec 31, 2006
Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Capital Goods)

Lockheed Martin Corp., ROE, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Lockheed Martin Corp. Capital Goods
Dec 31, 2025
Dec 31, 2024
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Dec 31, 2014
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Dec 31, 2010
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Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Lockheed Martin Corp., ROE, long-term trends, comparison to industry (industrials)

Microsoft Excel
Lockheed Martin Corp. Industrials
Dec 31, 2025
Dec 31, 2024
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).