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
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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), 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

Long-term debt, net
The net long-term debt displays variability over the analyzed period. Initially, from 2005 to 2008, a general decline is observed, decreasing from 4,784 million US dollars to 3,563 million. This is followed by a marked increase from 2008 onward, peaking at 14,305 million by 2015. After reaching this peak, the debt slightly decreases for a few years, then rises again from 2019 to 2024, reaching the highest value in the series at 20,270 million US dollars. This trend indicates phases of significant borrowing, especially around the mid to late 2010s, followed by continued debt accumulation into the early 2020s.
Stockholders’ equity (deficit)
Stockholders’ equity shows considerable fluctuations throughout the period. Starting at 7,867 million US dollars in 2005, it declines sharply to 2,865 million by 2008, reflecting a substantial reduction in net assets. A notable drop occurs in 2012, where equity almost reaches zero (39 million), even dipping into deficit territory in 2017 with a negative value of -683 million. After this low point, equity progressively recovers, rising to 10,959 million by 2021 before again declining to 6,333 million by 2024. The pattern indicates significant volatility in net worth, with periods of strain and recovery, but no stable upward trend across the full timeline.
Debt to equity ratio
The debt to equity ratio exhibits pronounced volatility, reflecting the shifts in both debt and equity components. Initially, the ratio remains moderate, hovering between 0.44 and 1.35 until 2007. Thereafter, extreme spikes occur, notably in 2012 when the ratio surges to 157.9, coinciding with the near-zero equity value that year. Such a high ratio signals a considerable leverage risk and potential financial stress. Post-2012, the ratio declines but stays elevated relative to the early years, fluctuating between 1.07 and 4.62 for several years. In the most recent years, the ratio rises again, reaching 3.20 by 2024. This pattern indicates episodes of elevated leverage, particularly linked to the periods of reduced equity, and suggests an overall increase in financial leverage over time.

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: 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: 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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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), 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).