Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Lockheed Martin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity demonstrate moderate fluctuations over the observed periods. Initially around 31.78%, the ratio decreased to a low of approximately 27.48% in late 2020, followed by a general upward trend reaching over 41% by mid-2025, indicating an increasing share of current obligations within the capital structure.
- Accounts Payable
- Accounts payable showed variability, ranging from lows near 1.53% to highs around 6.74%. There was a notable decline through 2020, but subsequent periods exhibited an upward movement, peaking intermittently above 6%, suggesting variations in short-term creditor reliance.
- Salaries, Benefits, and Payroll Taxes
- This component gradually increased from around 4.11% to a peak close to 6.24% during 2020, before stabilizing near 5% to 6%. Fluctuations within this range reflect relatively stable personnel-related liabilities in relation to total capitalization.
- Contract Liabilities
- Contract liabilities maintained a consistent share, fluctuating between approximately 14% and 17.6%, with a slight increase observed toward the end of the period. This indicates sustained deferred revenue or advance payments impacting current and noncurrent liabilities.
- Current Maturities of Long-term Debt
- Current maturities presented low proportional values early in the timeline, with occasional absences in reported data. However, a notable increase occurred starting in late 2024, peaking near 5.3%, signaling greater short-term portions of long-term debt obligations becoming due.
- Other Current Liabilities
- These liabilities fluctuated between 3.6% and 8.4%, with occasional spikes. The variability points to intermittent changes in miscellaneous current obligations that are not classified elsewhere.
- Noncurrent Liabilities
- Noncurrent liabilities exhibited a declining trend from over 61% initially down to near 49.5%, with a recovery toward 51.6% by the end of the period. This includes components such as long-term debt and pension liabilities, suggesting shifts in the balance between short- and long-term financing.
- Long-term Debt, Net, Excluding Current Maturities
- Long-term debt proportions showed relative stability around 22%-24% in early periods, with a significant increase starting 2022, reaching above 34% by late 2025. This trend indicates a growing emphasis on longer-term financing instruments.
- Accrued Pension Liabilities
- There was a marked decline in accrued pension liabilities from over 26.5% down to about 8% by 2025. The sharp reduction suggests pension obligations have been actively reduced or revalued downward over time, substantially affecting noncurrent liabilities.
- Other Noncurrent Liabilities
- Other noncurrent liabilities remained relatively steady, fluctuating in the 9.3% to 13.5% range, indicating minor changes in less significant long-term liabilities outside dominant categories.
- Total Liabilities
- Total liabilities decreased from nearly 93% in early 2020 to a low of approximately 77% in mid-2022, then rose again to levels close to 90% by mid-2025. The volatility reflects adjustments in debt, pension, and other liabilities relative to equity.
- Stockholders’ Equity
- Equity rose notably from 7% early in the data series to a peak over 21% around late 2021, followed by a gradual decline toward 9-10% by mid-2025. This pattern suggests periods of equity strengthening, possibly through retained earnings or capital actions, later offset by relative liability increases.
- Retained Earnings
- Retained earnings as a percentage of total capitalization saw a peak near 42.7% in early 2021, declining steadily thereafter to around 22.5% by mid-2025. The downtrend implies either dividend payments, losses, or other adjustments reducing accumulated earnings relative to total capital.
- Accumulated Other Comprehensive Loss
- The accumulated other comprehensive loss diminished in absolute terms from about -31.6% to closer to -13.4%, indicating a reduction in unrealized losses on items such as pension adjustments, currency translation, or other OCI components, thus improving equity quality.
- Overall Capital Structure
- The overall capital structure experienced shifts marked by a decrease in pension liabilities and an increase in long-term debt. The share of total liabilities remained high throughout, generally above 75%, while equity proportions fluctuated, peaking in 2021 before declining. Current liabilities' rise in recent years may indicate increasing short-term obligations. The data reflects dynamic financial management balancing debt maturities, pension obligations, and equity changes over the reported periods.