Lockheed Martin Corp. (NYSE:LMT)

The financial data indicates a generally positive trend in the total assets over the observed period. The total assets increased from $50,710 million in 2020 to $55,617 million in 2024, reflecting growth in the company's asset base despite minor fluctuations. Notably, there was a slight decrease between 2022 and 2023, where total assets declined from $52,880 million to $52,456 million, before rising again in 2024.

The adjusted total assets follow a similar upward trajectory, starting at $47,235 million in 2020 and rising to $52,060 million in 2024. This indicates sustained asset growth after adjustments, with a steady increase each year, although the pace of growth appears more moderate compared to the total assets. The adjusted total assets show a consistent upward movement with no decreases, suggesting adjustments have smoothed out short-term volatility observed in total assets.

Total Assets

Demonstrates overall growth over the five-year span, with a cumulative increase of approximately 10% from 2020 to 2024.

Minor decline observed between 2022 and 2023, potentially reflecting short-term asset reallocation or market conditions.

Recovery in 2024 indicates stabilization and a return to growth trajectory.

Adjusted Total Assets

Constant growth trend confirms underlying asset strength after correction for adjustments.

Growth from $47,235 million to $52,060 million represents an approximate 10% increase, aligning closely with total asset growth.

Absence of year-over-year decline suggests that adjustments remove some volatility present in total assets figures.

Total Liabilities

The total liabilities showed a decreasing trend from 44,672 million US dollars at the end of 2020 to 39,914 million US dollars at the end of 2021. However, this was followed by a steady increase in subsequent years, rising to 43,614 million in 2022, 45,621 million in 2023, and reaching 49,284 million by the end of 2024. This indicates a reversal from a reduction in liabilities to a consistent growth trend over the later periods.

Adjusted Total Liabilities

The adjusted total liabilities mirrored the patterns observed in the total liabilities. Starting at 44,665 million US dollars in 2020, there was a decrease to 39,906 million in 2021. Afterwards, there was a continuous increase to 43,609 million in 2022, 45,611 million in 2023, and 49,260 million in 2024. The close alignment with the total liabilities suggests minimal adjustments between these two measures.

Overall Observations

The data reflects an initial effort to reduce liabilities in 2021, followed by a period of rising liabilities through to 2024. The growth in liabilities over the last three years may indicate increased borrowing or obligations, possibly to finance expansion or operational needs. The close correspondence between total and adjusted liabilities suggests consistency in the accounting approach or minimal impact of adjustments on the reported liabilities.

Stockholders’ equity

The stockholders’ equity exhibited a notable increase from 6,015 million US dollars at the end of 2020 to a peak of 10,959 million US dollars at the end of 2021. However, following this peak, a downward trend is observable, with equity decreasing to 9,266 million in 2022, further declining to 6,835 million in 2023, and continuing the decline to 6,333 million by the end of 2024. This pattern indicates significant appreciation in equity in the early period, followed by consistent reductions over the subsequent three years.

Adjusted total equity

Adjusted total equity shows a substantial increase from 2,570 million US dollars in 2020 to 8,677 million in 2021, mirroring the general trend seen in stockholders’ equity but with lower absolute values. Subsequently, adjusted total equity decreases sharply to 5,527 million in 2022, continues declining to 3,892 million in 2023, and reaches 2,800 million in 2024. This represents a more pronounced relative decline compared to stockholders’ equity, suggesting underlying adjustments or revaluations impacting this measure more severely.

Overall trends and insights

Both stockholders’ equity and adjusted total equity demonstrate a similar pattern of strong growth between 2020 and 2021, followed by a marked decline from 2022 onwards. The initial surge may reflect significant capital injections, asset appreciation, or retained earnings growth. Conversely, the subsequent decline indicates potential losses, dividend distributions, asset impairments, or other balance sheet adjustments. The sharper decrease in adjusted total equity compared to stockholders’ equity suggests that certain adjustments or exclusions included in this measure have a considerable impact during the later periods.

The financial data indicates several notable trends over the five-year period.

Total reported debt

There is a consistent and significant increase in the total reported debt, rising from 12,169 million US dollars in 2020 to 20,270 million US dollars in 2024. This represents a substantial increase of approximately 66.5% over the five years, signaling a growing reliance on debt financing.

Stockholders’ equity

Stockholders’ equity experienced a notable rise from 6,015 million US dollars in 2020 to a peak of 10,959 million US dollars in 2021, followed by a persistent decline through to 2024, ending at 6,333 million US dollars. This downward trend after 2021 suggests reduced net assets available to shareholders despite initial growth.

Total reported capital

Total reported capital consistently increased overall, starting at 18,184 million US dollars in 2020 and rising to 26,603 million US dollars in 2024. Although there was a slight dip in 2023, the general trend is upward, driven predominantly by increases in reported debt.

Adjusted total debt

The adjusted total debt follows a similar upward trajectory as the reported debt, increasing from 13,284 million US dollars in 2020 to 21,418 million US dollars in 2024. This steady increase reflects adjustments in debt measurements but confirms the growing debt burden.

Adjusted total equity

Adjusted total equity shows a marked decline from 2,570 million US dollars in 2020 to 2,800 million US dollars in 2024, with a significant peak at 8,677 million US dollars in 2021. The steep decrease after 2021 indicates a reduction in equity when measured on an adjusted basis, consistent with stockholders’ equity trends but more pronounced.

Adjusted total capital

Adjusted total capital saw an overall increase from 15,854 million US dollars in 2020 to 24,218 million US dollars in 2024, although the growth was less pronounced than total reported capital. The adjusted total capital suggests a more moderated expansion in capital structure when accounting for adjustments.

Overall, the data indicates an increasing leverage position, with a steadily rising debt load outpacing equity growth. The increasing total capital, both reported and adjusted, demonstrates expanded financing, predominantly through debt. The decline in both stockholders’ equity and adjusted total equity after 2021 raises potential concerns about the company’s net asset strength and financial stability. The notable increase in debt levels combined with decreasing equity metrics may imply heightened financial risk over the analyzed period.

Net Earnings

The net earnings exhibit a fluctuating pattern over the five-year period. Starting at 6,833 million US dollars at the end of 2020, the value decreased to 6,315 million in 2021 and further declined to 5,732 million in 2022. A notable rebound occurred in 2023, with net earnings rising to 6,920 million, the highest in the observed timeframe. However, in 2024, net earnings experienced a significant drop to 5,336 million, marking the lowest value since 2020. Overall, the trend shows volatility with a peak in 2023 followed by a sharp decline.

Adjusted Net Earnings

Adjusted net earnings demonstrate a different trend compared to net earnings. Beginning at 6,326 million US dollars in 2020, there was a substantial increase to 11,247 million in 2021, representing the highest value recorded in the dataset. This was followed by a sharp decline to 7,958 million in 2022 and a continued decrease to 5,642 million in 2023. The downward trend persisted into 2024, with adjusted net earnings falling to 5,099 million, the lowest level over the five years. The data reflects significant volatility, with a peak in 2021 and a consistent decline thereafter.

Comparative Observations

While both net earnings and adjusted net earnings show volatility, adjusted net earnings had a more pronounced peak in 2021, almost doubling compared to 2020. Following this peak, adjusted net earnings declined more sharply than net earnings over the subsequent years. Net earnings showed a recovery in 2023 that was not mirrored in adjusted net earnings, which continued to decline. Both metrics concluded the period at their lowest levels in 2024 relative to the five-year span. The divergence in trends may suggest different accounting treatments or adjustments impacting the adjusted net earnings figure, especially noticeable in the 2021 to 2024 period.