Analysis of Reportable Segments
Lockheed Martin Corp. operates in 4 segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space.
Segment Profit Margin
Lockheed Martin Corp., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 10.17% | 10.52% | 10.38% | 10.72% | 10.54% |
| Missiles and Fire Control (MFC) | 12.91% | 13.69% | 13.39% | 13.07% | 13.54% |
| Rotary and Mission Systems (RMS) | 10.16% | 9.25% | 9.62% | 9.02% | 8.36% |
| Space | 8.93% | 8.77% | 9.31% | 9.37% | 10.62% |
Based on: 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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Aeronautics | Aeronautics segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Space | Space segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Profit Margin: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 2,825) | 2,866) | 2,799) | 2,843) | 2,521) |
| Net sales | 27,777) | 27,236) | 26,967) | 26,509) | 23,910) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 10.17% | 10.52% | 10.38% | 10.72% | 10.54% |
Based on: 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).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 2,825 ÷ 27,777 = 10.17%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Aeronautics | Aeronautics segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,541) | 1,635) | 1,648) | 1,545) | 1,441) |
| Net sales | 11,941) | 11,944) | 12,311) | 11,819) | 10,646) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 12.91% | 13.69% | 13.39% | 13.07% | 13.54% |
Based on: 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).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 1,541 ÷ 11,941 = 12.91%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,865) | 1,673) | 1,798) | 1,615) | 1,421) |
| Net sales | 18,364) | 18,078) | 18,684) | 17,898) | 17,000) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 10.16% | 9.25% | 9.62% | 9.02% | 8.36% |
Based on: 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).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 1,865 ÷ 18,364 = 10.16%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Space
Lockheed Martin Corp.; Space; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,158) | 1,045) | 1,134) | 1,149) | 1,191) |
| Net sales | 12,963) | 11,913) | 12,174) | 12,257) | 11,212) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 8.93% | 8.77% | 9.31% | 9.37% | 10.62% |
Based on: 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).
1 2023 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × 1,158 ÷ 12,963 = 8.93%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Space | Space segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
Lockheed Martin Corp., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 21.46% | 23.77% | 26.02% | 28.71% | 27.68% |
| Missiles and Fire Control (MFC) | 27.02% | 28.25% | 31.43% | 31.11% | 28.65% |
| Rotary and Mission Systems (RMS) | 10.64% | 9.30% | 10.18% | 8.95% | 7.58% |
| Space | 17.65% | 16.45% | 18.29% | 17.81% | 20.38% |
Based on: 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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Aeronautics | Aeronautics segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Space | Space segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment ROA: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 2,825) | 2,866) | 2,799) | 2,843) | 2,521) |
| Assets | 13,167) | 12,055) | 10,756) | 9,903) | 9,109) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 21.46% | 23.77% | 26.02% | 28.71% | 27.68% |
Based on: 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).
1 2023 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 2,825 ÷ 13,167 = 21.46%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Aeronautics | Aeronautics segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,541) | 1,635) | 1,648) | 1,545) | 1,441) |
| Assets | 5,703) | 5,788) | 5,243) | 4,966) | 5,030) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 27.02% | 28.25% | 31.43% | 31.11% | 28.65% |
Based on: 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).
1 2023 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 1,541 ÷ 5,703 = 27.02%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,865) | 1,673) | 1,798) | 1,615) | 1,421) |
| Assets | 17,521) | 17,988) | 17,664) | 18,035) | 18,751) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 10.64% | 9.30% | 10.18% | 8.95% | 7.58% |
Based on: 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).
1 2023 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 1,865 ÷ 17,521 = 10.64%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment ROA: Space
Lockheed Martin Corp.; Space; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,158) | 1,045) | 1,134) | 1,149) | 1,191) |
| Assets | 6,560) | 6,351) | 6,199) | 6,451) | 5,844) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 17.65% | 16.45% | 18.29% | 17.81% | 20.38% |
Based on: 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).
1 2023 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × 1,158 ÷ 6,560 = 17.65%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Space | Space segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover
Lockheed Martin Corp., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 2.11 | 2.26 | 2.51 | 2.68 | 2.62 |
| Missiles and Fire Control (MFC) | 2.09 | 2.06 | 2.35 | 2.38 | 2.12 |
| Rotary and Mission Systems (RMS) | 1.05 | 1.01 | 1.06 | 0.99 | 0.91 |
| Space | 1.98 | 1.88 | 1.96 | 1.90 | 1.92 |
Based on: 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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Aeronautics | Aeronautics segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. | |
| Space | Space segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Asset Turnover: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 27,777) | 27,236) | 26,967) | 26,509) | 23,910) |
| Assets | 13,167) | 12,055) | 10,756) | 9,903) | 9,109) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.11 | 2.26 | 2.51 | 2.68 | 2.62 |
Based on: 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 27,777 ÷ 13,167 = 2.11
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Aeronautics | Aeronautics segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 11,941) | 11,944) | 12,311) | 11,819) | 10,646) |
| Assets | 5,703) | 5,788) | 5,243) | 4,966) | 5,030) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.09 | 2.06 | 2.35 | 2.38 | 2.12 |
Based on: 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 11,941 ÷ 5,703 = 2.09
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Asset Turnover: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 18,364) | 18,078) | 18,684) | 17,898) | 17,000) |
| Assets | 17,521) | 17,988) | 17,664) | 18,035) | 18,751) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.05 | 1.01 | 1.06 | 0.99 | 0.91 |
Based on: 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 18,364 ÷ 17,521 = 1.05
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover: Space
Lockheed Martin Corp.; Space; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 12,963) | 11,913) | 12,174) | 12,257) | 11,212) |
| Assets | 6,560) | 6,351) | 6,199) | 6,451) | 5,844) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.98 | 1.88 | 1.96 | 1.90 | 1.92 |
Based on: 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).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Assets
= 12,963 ÷ 6,560 = 1.98
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Space | Space segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation
Lockheed Martin Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 1.29 | 1.20 | 1.37 | 1.53 | 1.65 |
| Missiles and Fire Control (MFC) | 1.44 | 1.58 | 1.99 | 2.88 | 2.46 |
| Rotary and Mission Systems (RMS) | 1.00 | 1.09 | 1.12 | 1.27 | 1.17 |
| Space | 2.06 | 1.95 | 1.49 | 2.21 | 1.57 |
Based on: 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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Aeronautics | Aeronautics segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Space | Space segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 535) | 461) | 477) | 534) | 526) |
| PP&E depreciation and software amortization | 416) | 383) | 348) | 348) | 318) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.29 | 1.20 | 1.37 | 1.53 | 1.65 |
Based on: 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= 535 ÷ 416 = 1.29
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Aeronautics | Aeronautics segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 252) | 253) | 304) | 391) | 300) |
| PP&E depreciation and software amortization | 175) | 160) | 153) | 136) | 122) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.44 | 1.58 | 1.99 | 2.88 | 2.46 |
Based on: 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= 252 ÷ 175 = 1.44
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Missiles and Fire Control (MFC) | Missiles and Fire Control (MFC) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 220) | 266) | 279) | 311) | 272) |
| PP&E depreciation and software amortization | 220) | 245) | 250) | 244) | 232) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.00 | 1.09 | 1.12 | 1.27 | 1.17 |
Based on: 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= 220 ÷ 220 = 1.00
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Rotary and Mission Systems (RMS) | Rotary and Mission Systems (RMS) segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Space
Lockheed Martin Corp.; Space; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 455) | 391) | 305) | 403) | 258) |
| PP&E depreciation and software amortization | 221) | 201) | 205) | 182) | 164) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.06 | 1.95 | 1.49 | 2.21 | 1.57 |
Based on: 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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= 455 ÷ 221 = 2.06
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Space | Space segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net sales
Lockheed Martin Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 27,777) | 27,236) | 26,967) | 26,509) | 23,910) |
| Missiles and Fire Control (MFC) | 11,941) | 11,944) | 12,311) | 11,819) | 10,646) |
| Rotary and Mission Systems (RMS) | 18,364) | 18,078) | 18,684) | 17,898) | 17,000) |
| Space | 12,963) | 11,913) | 12,174) | 12,257) | 11,212) |
| Intersegment sales | (3,474) | (3,187) | (3,092) | (3,085) | (2,956) |
| Total | 67,571) | 65,984) | 67,044) | 65,398) | 59,812) |
Based on: 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).
Operating profit
Lockheed Martin Corp., operating profit by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 2,825) | 2,866) | 2,799) | 2,843) | 2,521) |
| Missiles and Fire Control (MFC) | 1,541) | 1,635) | 1,648) | 1,545) | 1,441) |
| Rotary and Mission Systems (RMS) | 1,865) | 1,673) | 1,798) | 1,615) | 1,421) |
| Space | 1,158) | 1,045) | 1,134) | 1,149) | 1,191) |
| Total | 7,389) | 7,219) | 7,379) | 7,152) | 6,574) |
Based on: 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).
Capital expenditures
Lockheed Martin Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 535) | 461) | 477) | 534) | 526) |
| Missiles and Fire Control (MFC) | 252) | 253) | 304) | 391) | 300) |
| Rotary and Mission Systems (RMS) | 220) | 266) | 279) | 311) | 272) |
| Space | 455) | 391) | 305) | 403) | 258) |
| Total | 1,462) | 1,371) | 1,365) | 1,639) | 1,356) |
Based on: 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).
PP&E depreciation and software amortization
Lockheed Martin Corp., pp&e depreciation and software amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 416) | 383) | 348) | 348) | 318) |
| Missiles and Fire Control (MFC) | 175) | 160) | 153) | 136) | 122) |
| Rotary and Mission Systems (RMS) | 220) | 245) | 250) | 244) | 232) |
| Space | 221) | 201) | 205) | 182) | 164) |
| Total | 1,032) | 989) | 956) | 910) | 836) |
Based on: 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).
Assets
Lockheed Martin Corp., assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Aeronautics | 13,167) | 12,055) | 10,756) | 9,903) | 9,109) |
| Missiles and Fire Control (MFC) | 5,703) | 5,788) | 5,243) | 4,966) | 5,030) |
| Rotary and Mission Systems (RMS) | 17,521) | 17,988) | 17,664) | 18,035) | 18,751) |
| Space | 6,560) | 6,351) | 6,199) | 6,451) | 5,844) |
| Total | 42,951) | 42,182) | 39,862) | 39,355) | 38,734) |
Based on: 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).