Common-Size Balance Sheet: Assets
Quarterly Data
Lockheed Martin Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28).
The asset composition of the organization exhibits a gradual shift toward a higher concentration of current assets, particularly driven by an increase in contract assets. Over the analyzed period, current assets as a percentage of total assets rose from 39.37% in March 2021 to 45.48% by June 2026, indicating a growing proportion of short-term operational receivables and work-in-progress.
- Current Asset Dynamics
- Contract assets represent the most significant component of current assets, showing a general upward trajectory from 21.21% in early 2021 to a peak of 26.82% in March 2026. This suggests an increase in revenue recognized for work performed but not yet billed. Cash and cash equivalents exhibit volatility, fluctuating between a low of 2.20% and a high of 7.08%, without a definitive long-term trend. Inventories have remained relatively stable, generally oscillating between 5.6% and 7.2%, though a slight increase is observed in the final two quarters of the period.
- Noncurrent Asset Evolution
- Noncurrent assets as a percentage of total assets decreased from 60.63% in March 2021 to 54.52% by June 2026. This contraction is primarily attributed to the steady decline of intangible assets, which fell from 5.70% to 2.86%, likely reflecting scheduled amortization. Similarly, goodwill saw a gradual reduction from 20.99% to 18.09% over the period. Conversely, property, plant, and equipment (PP&E) remained stable around 14-15% for several years before increasing significantly to 18.24% by June 2026, suggesting recent capital investments in long-term infrastructure.
- Tax and Other Asset Trends
- Deferred income taxes showed a fluctuating pattern, peaking at 8.60% in September 2023 before declining to 3.87% by June 2026. Other noncurrent assets remained relatively consistent, averaging between 11% and 15% of the total asset base, although a decline is noted in the final quarters of the observation window.
Overall, the financial structure demonstrates a migration of value from intangible and deferred tax assets toward tangible fixed assets and operational contract assets. This transition indicates a shift in the balance sheet composition toward more operational and physical asset bases while reducing the relative weight of acquired intangibles.
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