Price to Book Value (P/BV)
since 2005
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Lockheed Martin Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Calculation
Lockheed Martin Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | = | ÷ | = | ÷ | |||||||
| Jan 28, 2025 | = | ÷ | = | ÷ | |||||||
| Jan 23, 2024 | = | ÷ | = | ÷ | |||||||
| Jan 26, 2023 | = | ÷ | = | ÷ | |||||||
| Jan 25, 2022 | = | ÷ | = | ÷ | |||||||
| Jan 28, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Lockheed Martin Corp. Annual Report.
The price-to-book value (P/BV) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates moderate values, increasing from 4.05 in 2006 to a peak of 6.23 in 2007 before declining to 4.38 in 2008. A significant spike occurs in 2009, reaching 9.51, followed by a decrease to 7.00 in 2010 and a slight increase to 7.56 in 2011.
A dramatic increase is then observed in 2012, with the P/BV ratio surging to 28.67. This is followed by an exceptionally high value of 727.88 in 2013, which represents an outlier in the series. Subsequently, the ratio decreases to 10.65 in 2014 and continues to rise, reaching 17.92 in 2015 and 21.37 in 2016. A substantial peak is observed in 2017 at 49.61, before a missing value in 2018. The ratio then returns to 61.11 in 2019 and declines to 39.60 in 2020.
From 2020 onward, the P/BV ratio demonstrates a downward trend, falling to 15.27 in 2021 and 9.62 in 2022. A slight increase is seen in 2023, reaching 12.67, followed by further increases to 15.54 in 2024 and 17.00 in 2025. The most recent observation in 2026 shows a P/BV ratio of 21.31.
- Overall Trend
- The P/BV ratio generally increased over the period, although with significant volatility. The period between 2012 and 2017 shows particularly large fluctuations, including the extreme outlier in 2013. The latter part of the period, from 2020 to 2026, shows a more moderate, but still fluctuating, trend.
- Key Observations
- The exceptionally high P/BV ratio in 2013 warrants further investigation, as it deviates significantly from the surrounding values. The missing value for 2018 limits the ability to assess the trend during that year. The recent trend from 2020 to 2026 suggests a potential stabilization, but continued monitoring is necessary.
- Book Value per Share Influence
- The fluctuations in the P/BV ratio are influenced by both share price and book value per share. The dramatic increase in 2013 coincides with a substantial increase in share price and a relatively small change in book value per share. Conversely, the decrease in P/BV in 2020 is associated with a larger decrease in share price and a smaller change in book value per share.
Comparison to Competitors
Lockheed Martin Corp., P/BV, long-term trends, comparison to competitors
| Lockheed Martin Corp. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | |||||||
| Jan 28, 2025 | |||||||
| Jan 23, 2024 | |||||||
| Jan 26, 2023 | |||||||
| Jan 25, 2022 | |||||||
| Jan 28, 2021 | |||||||
| Feb 7, 2020 | |||||||
| Feb 8, 2019 | |||||||
| Feb 6, 2018 | |||||||
| Feb 9, 2017 | |||||||
| Feb 24, 2016 | |||||||
| Feb 9, 2015 | |||||||
| Feb 14, 2014 | |||||||
| Feb 28, 2013 | |||||||
| Feb 23, 2012 | |||||||
| Feb 25, 2011 | |||||||
| Feb 25, 2010 | |||||||
| Feb 26, 2009 | |||||||
| Feb 28, 2008 | |||||||
| Feb 26, 2007 | |||||||
| Feb 28, 2006 |
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., P/BV, long-term trends, comparison to sector (capital goods)
| Lockheed Martin Corp. | Capital Goods | |
|---|---|---|
| Jan 29, 2026 | ||
| Jan 28, 2025 | ||
| Jan 23, 2024 | ||
| Jan 26, 2023 | ||
| Jan 25, 2022 | ||
| Jan 28, 2021 | ||
| Feb 7, 2020 | ||
| Feb 8, 2019 | ||
| Feb 6, 2018 | ||
| Feb 9, 2017 | ||
| Feb 24, 2016 | ||
| Feb 9, 2015 | ||
| Feb 14, 2014 | ||
| Feb 28, 2013 | ||
| Feb 23, 2012 | ||
| Feb 25, 2011 | ||
| Feb 25, 2010 | ||
| Feb 26, 2009 | ||
| Feb 28, 2008 | ||
| Feb 26, 2007 | ||
| Feb 28, 2006 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Lockheed Martin Corp. | Industrials | |
|---|---|---|
| Jan 29, 2026 | ||
| Jan 28, 2025 | ||
| Jan 23, 2024 | ||
| Jan 26, 2023 | ||
| Jan 25, 2022 | ||
| Jan 28, 2021 | ||
| Feb 7, 2020 | ||
| Feb 8, 2019 | ||
| Feb 6, 2018 | ||
| Feb 9, 2017 | ||
| Feb 24, 2016 | ||
| Feb 9, 2015 | ||
| Feb 14, 2014 | ||
| Feb 28, 2013 | ||
| Feb 23, 2012 | ||
| Feb 25, 2011 | ||
| Feb 25, 2010 | ||
| Feb 26, 2009 | ||
| Feb 28, 2008 | ||
| Feb 26, 2007 | ||
| Feb 28, 2006 |
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).