Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Lockheed Martin Corp., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Long-term debt, net1 ÷ Stockholders’ equity (deficit)1
Dec 31, 2025 = ÷
Dec 31, 2024 = ÷
Dec 31, 2023 = ÷
Dec 31, 2022 = ÷
Dec 31, 2021 = ÷
Dec 31, 2020 = ÷
Dec 31, 2019 = ÷
Dec 31, 2018 = ÷
Dec 31, 2017 = ÷
Dec 31, 2016 = ÷
Dec 31, 2015 = ÷
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Dec 31, 2012 = ÷
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Dec 31, 2008 = ÷
Dec 31, 2007 = ÷
Dec 31, 2006 = ÷
Dec 31, 2005 = ÷

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt-to-equity ratio exhibits significant fluctuations over the observed period. Initially, the ratio demonstrates a moderate level, followed by a period of substantial volatility and then a generally increasing trend in recent years.

Early Period (2005-2007)
From 2005 to 2007, the debt-to-equity ratio decreased from 0.61 to 0.44. This indicates a strengthening of the equity position relative to debt during this timeframe. Long-term debt decreased slightly while stockholders’ equity increased considerably.
Volatility and Peak (2008-2012)
The period between 2008 and 2012 is characterized by extreme volatility. The ratio increased dramatically to 1.24 in 2008, coinciding with a substantial decrease in stockholders’ equity. In 2011 and 2012, the ratio peaked at 6.45 and 157.90 respectively, driven by a significant decline in stockholders’ equity, even reaching a deficit in 2012. This suggests a period of financial distress or substantial restructuring.
Stabilization and Increase (2013-2025)
Following the peak in 2012, the debt-to-equity ratio began to stabilize, though at a higher level than the early period. From 2013 to 2015, the ratio decreased from 1.25 to 4.62, then increased to 9.45 in 2015. The ratio then decreased to 9.04 in 2018, before increasing again. From 2018 to 2025, the ratio generally increased, reaching 3.23 in 2025. This suggests a renewed reliance on debt financing, or a slower growth in equity compared to debt. Long-term debt has increased overall during this period, while stockholders’ equity has experienced periods of growth and decline.

The most recent values indicate a debt-to-equity ratio of 3.23 in 2025, representing a substantial increase from the levels observed in the early years of the period. This suggests a higher degree of financial leverage and potentially increased financial risk.

Comparison to Competitors

Lockheed Martin Corp., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Lockheed Martin Corp. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. RTX Corp.
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Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Capital Goods)

Lockheed Martin Corp., debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Lockheed Martin Corp. Capital Goods
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Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Lockheed Martin Corp., debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
Lockheed Martin Corp. Industrials
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Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).