Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Lockheed Martin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 4.00 4.41 4.00 1.53 1.74
Salaries, benefits and payroll taxes 5.62 5.97 5.82 6.11 6.24
Contract liabilities 17.61 17.52 16.05 15.94 14.88
Current maturities of long-term debt 1.16 0.32 0.22 0.01 0.99
Other current liabilities 6.54 4.07 3.95 3.92 3.64
Current liabilities 34.92% 32.29% 30.04% 27.51% 27.48%
Long-term debt, net, excluding current portion 35.29 32.96 29.18 22.94 23.01
Accrued pension liabilities 8.61 11.75 10.35 16.35 25.39
Other noncurrent liabilities 9.79 9.97 12.91 11.65 12.22
Noncurrent liabilities 53.70% 54.68% 52.43% 50.94% 60.62%
Total liabilities 88.61% 86.97% 82.48% 78.46% 88.09%
Common stock, $1 par value per share 0.42 0.46 0.48 0.53 0.55
Additional paid-in capital 0.00 0.00 0.17 0.18 0.44
Retained earnings 26.16 29.35 32.04 42.46 42.67
Accumulated other comprehensive loss -15.20 -16.78 -15.17 -21.63 -31.79
Stockholders’ equity 11.39% 13.03% 17.52% 21.54% 11.86%
Noncontrolling interests in subsidiary 0.00 0.00 0.00 0.00 0.05
Total equity 11.39% 13.03% 17.52% 21.54% 11.91%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Current Liabilities
The proportion of current liabilities relative to total liabilities and equity exhibited an upward trend over the observed period. Accounts payable increased steadily from 1.74% in 2020 to a peak of 4.41% in 2023, slightly receding to 4% in 2024. Contract liabilities also moved upward from 14.88% in 2020 to 17.61% in 2024, demonstrating incremental growth each year. Other current liabilities experienced a notable rise from 3.64% in 2020 to 6.54% in 2024, particularly accelerating in the final year. Current maturities of long-term debt remained low initially but increased significantly from 0.32% in 2023 to 1.16% in 2024. Collectively, these factors contributed to an increase in total current liabilities from 27.48% in 2020 to 34.92% in 2024.
Noncurrent Liabilities
Noncurrent liabilities decreased from 60.62% in 2020 to 50.94% in 2021 but subsequently rose, reaching 54.68% in 2023 before slightly declining to 53.7% in 2024. Long-term debt, net of current portions, showed consistent growth from 23.01% in 2020 to 35.29% in 2024, indicating increased indebtedness over time. Accrued pension liabilities decreased significantly from 25.39% in 2020 to 8.61% in 2024, representing a reduction in this particular obligation. Other noncurrent liabilities fluctuated without a clear trend, moving from 12.22% in 2020 to 9.79% in 2024 after peaking in 2022.
Total Liabilities
Total liabilities as a percentage of total liabilities and equity decreased notably from 88.09% in 2020 to 78.46% in 2021 but then trended upward again to 88.61% in 2024, nearly returning to its original proportion. This reflects variability in the company's leverage and obligations across the years without a sustained directional change.
Stockholders' Equity
Stockholders’ equity grew markedly from 11.86% in 2020 to 21.54% in 2021, indicating an improvement in the equity base relative to liabilities, before declining to 11.39% in 2024. Retained earnings followed a declining trend after 2021, dropping from 42.67% in 2020 to 26.16% in 2024, which may imply distributions or losses reducing accumulated profits. Common stock and additional paid-in capital remained relatively stable but minor contributors to total equity, with additional paid-in capital data unavailable beyond 2022. The accumulated other comprehensive loss decreased in magnitude from -31.79% in 2020 to about -15.2% in 2024, suggesting reduced losses or improved valuation adjustments impacting equity.
Overall Trends
The data reveals an increasing reliance on long-term debt within noncurrent liabilities and growth in certain current liabilities such as contract liabilities and other current liabilities. There is a notable reduction in accrued pension liabilities, which may reflect changes in pension funding or actuarial assumptions. Equity proportions experienced initial growth followed by decline, influenced significantly by changes in retained earnings and comprehensive loss components. Total liabilities exhibit cyclical patterns but ultimately remain a dominant portion of the capital structure throughout the period.