Analysis of Inventory
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Lockheed Martin Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Inventory Disclosure
Lockheed Martin Corp., balance sheet: inventory
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Materials, spares and supplies | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Inventories, net |
Based on: 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).
- Materials, Spares and Supplies
- The values for materials, spares, and supplies demonstrate moderate fluctuation over the five-year span. Starting at 612 million USD in 2020, there was a slight increase to 624 million USD in 2021, followed by a decrease in 2022 to 599 million USD. A small recovery occurred in 2023, with the figure rising to 606 million USD, and a more pronounced increase to 661 million USD in 2024, indicating a growing investment in these inventory components toward the end of the observed period.
- Work-in-Process
- Work-in-process inventory levels exhibit a generally decreasing trend until 2021, moving from 2693 million USD in 2020 down to 2163 million USD in 2021. Subsequently, the figures experienced a gradual increase: 2297 million USD in 2022, 2338 million USD in 2023, and reaching 2617 million USD in 2024. This pattern suggests a recovery and potential buildup of production activities post-2021, reflecting changing dynamics in manufacturing or project execution phases.
- Finished Goods
- Finished goods inventory shows a steady decline from 240 million USD in 2020 to 188 million USD in 2023, with a slight uptick to 196 million USD in 2024. Overall, the finished goods levels decreased over the period, which may imply effective inventory management or accelerated turnover, though the slight increase in the final year suggests a minor accumulation or planned stock increase.
- Inventories, Net
- Net inventories decreased significantly from 3545 million USD in 2020 to 2981 million USD in 2021, a decline of approximately 16%. Following this drop, net inventories gradually increased to 3088 million USD in 2022 and 3132 million USD in 2023, culminating in a substantial rise to 3474 million USD in 2024. This recovery points to a reinstatement of inventory levels closer to the initial 2020 balance, reflecting potential changes in supply chain strategy, demand expectations, or production cycles.