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: 2025-06-29), 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).
- Accounts Payable
- The proportion of accounts payable relative to total liabilities and equity demonstrates some fluctuations, ranging from a low of approximately 1.53% to a high near 6.74%. There is a notable increase in the ratio starting from late 2022 through the first half of 2025, indicating rising short-term obligations in this category.
- Salaries, Benefits, and Payroll Taxes
- This expense category shows moderate variability, oscillating mostly between roughly 4.11% and 6.24%. A peak occurs in late 2020, followed by a decline toward early 2024 and slight recovery thereafter. The trend suggests some fluctuations in payroll-related costs relative to the company's financial base.
- Contract Liabilities
- Contract liabilities maintain a generally stable range between 14% and 17.6% of total liabilities and equity, with a minor upward trajectory towards the end of the observed period. This stability points to a consistent level of advance payments or deferred revenue in the company's operations.
- Current Maturities of Long-Term Debt and Commercial Paper
- Values in this category are notably irregular and sparse in certain quarters, but the available data reveal an upward trend from under 1% initially to over 5% by mid-2025. This increase may reflect growing short-term debt repayments approaching maturity or refinancing activities.
- Other Current Liabilities
- Other current liabilities exhibit noticeable variability, ranging between approximately 3.64% to over 8.4%. There has been an increasing tendency in recent quarters, suggesting rising miscellaneous short-term obligations.
- Current Liabilities
- Current liabilities as a whole reveal some cyclical fluctuations but display a general rise across the periods, growing from about 27.5% to above 41%. This increase signifies that short-term obligations are forming a larger proportion of total liabilities and equity over time.
- Long-Term Debt (net, excluding current maturities)
- Long-term debt shows relative stability in the earlier years, hovering in the low 20% range. However, starting in late 2022 it markedly increases to peaks above 35%, before exhibiting a slight decline toward mid-2025. This pattern suggests increased leverage or debt financing during the later periods, possibly for capital expansion or refinancing.
- Accrued Pension Liabilities
- Accrued pension liabilities display a consistent downward trend, starting from nearly 27% and decreasing steadily to approximately 8%. The significant reduction might indicate pension plan funding improvements, liability reductions, or changes in actuarial assumptions.
- Other Noncurrent Liabilities
- This category remains relatively stable, fluctuating near 10% to 13%, but shows a slight dip from about 13.5% reaching closer to 9% in the most recent periods. This denotes some reduction in miscellaneous long-term noncurrent obligations.
- Noncurrent Liabilities
- Noncurrent liabilities overall decrease from over 61% in early 2020 to below 50% around mid-2025. This decline is influenced by decreases in pension liabilities and other long-term liabilities, despite increases in long-term debt levels.
- Total Liabilities
- Total liabilities as a portion of the financial structure decrease from approximately 93% in early 2020 to as low as 77% during 2022, followed by a gradual increase again to over 90% in later quarters. This indicates varying reliance on liabilities in the capital structure, with evident shifts in financial leverage.
- Common Stock
- The percentage representation of common stock remains quite low and steadily declines slightly over time, from about 0.57% to 0.39%, reflecting minimal changes in par value equity relative to total financing.
- Additional Paid-in Capital
- Data for additional paid-in capital are incomplete but show small fluctuations between 0.13% and 0.44% where available, suggesting minor changes in capital contributions beyond par value.
- Retained Earnings
- Retained earnings as a portion of total liabilities and equity initially increase up to nearly 43% but undergo a downward shift from early 2022 onward, declining to around 22.5% by mid-2025. This decrease may indicate distributions through dividends, share buybacks, or periods of lower profitability retained within the company.
- Accumulated Other Comprehensive Loss
- Accumulated other comprehensive loss remains a significant negative factor, though its absolute ratio diminishes from about -31.6% to -13.9%. This improvement suggests a reduction in unrealized losses or valuation adjustments affecting equity and total financing.
- Stockholders’ Equity
- Equity grows notably in mid-periods, increasing up to over 21% by late 2021, but experiences a decline thereafter down to roughly 9% toward mid-2025. This pattern reflects fluctuations in the company's net asset position, possibly influenced by earnings volatility, repurchases, or equity financing changes.
- Noncontrolling Interests in Subsidiaries
- Noncontrolling interests are minimal and steadily decline from about 0.08% to near zero, becoming negligible in recent periods, indicating reduced minority interests or consolidation effects.
- Total Equity
- Total equity follows a similar trend to stockholders' equity, rising initially but receding in the later quarters. The increase peaks around 23% in late 2022 before falling to approximately 9% by mid-2025. This decline could relate to increased liabilities, reduced earnings retention, or capital return to shareholders.
- Total Liabilities and Equity
- The combined total of liabilities and equity remains constant at 100% throughout, confirming that all components are proportionally reported relative to the entire capital structure.