Price to Book Value (P/BV)
since 2005
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 28, 2025 | 17.00 | = | 457.45 | ÷ | 26.90 | 26.90 | = | 6,333 | ÷ | 235,385,902 | |
| Jan 23, 2024 | 15.54 | = | 439.67 | ÷ | 28.29 | 28.29 | = | 6,835 | ÷ | 241,643,304 | |
| Jan 26, 2023 | 12.67 | = | 459.81 | ÷ | 36.29 | 36.29 | = | 9,266 | ÷ | 255,297,298 | |
| Jan 25, 2022 | 9.62 | = | 387.17 | ÷ | 40.24 | 40.24 | = | 10,959 | ÷ | 272,326,925 | |
| Jan 28, 2021 | 15.27 | = | 327.93 | ÷ | 21.47 | 21.47 | = | 6,015 | ÷ | 280,103,431 | |
| Feb 7, 2020 | 39.60 | = | 439.17 | ÷ | 11.09 | 11.09 | = | 3,127 | ÷ | 281,937,366 | |
| Feb 8, 2019 | 61.11 | = | 301.50 | ÷ | 4.93 | 4.93 | = | 1,394 | ÷ | 282,562,534 | |
| Feb 6, 2018 | — | = | 341.42 | ÷ | -2.39 | -2.39 | = | -683 | ÷ | 285,570,742 | |
| Feb 9, 2017 | 49.61 | = | 258.20 | ÷ | 5.20 | 5.20 | = | 1,511 | ÷ | 290,315,668 | |
| Feb 24, 2016 | 21.37 | = | 216.63 | ÷ | 10.14 | 10.14 | = | 3,097 | ÷ | 305,487,347 | |
| Feb 9, 2015 | 17.92 | = | 193.02 | ÷ | 10.77 | 10.77 | = | 3,400 | ÷ | 315,583,849 | |
| Feb 14, 2014 | 10.65 | = | 162.89 | ÷ | 15.30 | 15.30 | = | 4,918 | ÷ | 321,430,271 | |
| Feb 28, 2013 | 727.88 | = | 88.00 | ÷ | 0.12 | 0.12 | = | 39 | ÷ | 322,583,334 | |
| Feb 23, 2012 | 28.67 | = | 88.29 | ÷ | 3.08 | 3.08 | = | 1,001 | ÷ | 325,105,500 | |
| Feb 25, 2011 | 7.56 | = | 80.11 | ÷ | 10.60 | 10.60 | = | 3,708 | ÷ | 349,855,179 | |
| Feb 25, 2010 | 7.00 | = | 76.99 | ÷ | 11.00 | 11.00 | = | 4,129 | ÷ | 375,428,680 | |
| Feb 26, 2009 | 9.51 | = | 68.93 | ÷ | 7.25 | 7.25 | = | 2,865 | ÷ | 395,271,609 | |
| Feb 28, 2008 | 4.38 | = | 105.16 | ÷ | 24.02 | 24.02 | = | 9,805 | ÷ | 408,122,756 | |
| Feb 26, 2007 | 6.23 | = | 101.47 | ÷ | 16.29 | 16.29 | = | 6,884 | ÷ | 422,481,655 | |
| Feb 28, 2006 | 4.05 | = | 72.87 | ÷ | 18.01 | 18.01 | = | 7,867 | ÷ | 436,911,542 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Lockheed Martin Corp. Annual Report.
- Share Price Trend
- The share price of the company exhibits notable volatility over the analyzed period. Initially, it increased from $72.87 in 2006 to a peak of $105.16 in 2008, followed by a decline to $68.93 in 2009. Subsequently, a consistent upward trend is observed, reaching an all-time high of $459.81 in 2023. The price fluctuates slightly afterward, ending around $457.45 in 2025. This overall growth reflects substantial appreciation in market valuation, despite short-term decreases.
- Book Value per Share (BVPS) Trend
- BVPS demonstrates significant fluctuation and lacks a clear upward or downward trend. Starting at $18.01 in 2006, it declines at various intervals, reaching a low of -$2.39 in 2018, indicating periods of negative equity per share. BVPS recovers afterward, peaking at $40.24 in 2022 before declining slightly through 2025. The irregular pattern reveals episodes of financial instability or write-downs affecting shareholder equity.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio is highly volatile, reflecting the interaction between share price and book value per share. Early values vary from 4.05 to 9.51 between 2006 and 2009, then spike dramatically to an extreme 727.88 in 2013, coinciding with an almost negligible BVPS (0.12), which inflates the ratio. After 2013, the ratio stabilizes somewhat but remains elevated, fluctuating between approximately 10 and 61, and finishing near 17 in 2025. These elevated ratios suggest the market values the company significantly above its book equity, potentially due to growth expectations or intangible asset valuations.
- Insights and Implications
- The disparity between the steady increase in share price and the erratic BVPS implies that market confidence is driven more by forward-looking factors than by current book value. The extreme spikes in P/BV ratio highlight periods when book value was very low or negative, which may signal financial adjustments or distress. However, the rebound in both share price and BVPS in recent years indicates recovery and improved financial position. Investors appear willing to pay premium multiples relative to book value, suggesting strong market expectations for future performance.
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 28, 2025 | 17.00 | — | 8.66 | 6.16 | 11.33 | 7.08 | 2.88 |
| Jan 23, 2024 | 15.54 | — | 8.25 | 6.07 | 5.43 | 8.11 | 2.05 |
| Jan 26, 2023 | 12.67 | — | 8.09 | 4.04 | 2.43 | 8.02 | 1.97 |
| Jan 25, 2022 | 9.62 | — | 6.62 | 3.63 | 2.64 | 6.91 | 1.95 |
| Jan 28, 2021 | 15.27 | — | 7.20 | 3.54 | 2.89 | 8.07 | 1.53 |
| Feb 7, 2020 | 39.60 | — | 5.16 | 2.48 | 3.66 | 6.97 | 3.24 |
| Feb 8, 2019 | 61.11 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 2.71 |
| Feb 6, 2018 | — | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | 3.38 |
| Feb 9, 2017 | 49.61 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 3.22 |
| Feb 24, 2016 | 21.37 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 2.59 |
| Feb 9, 2015 | 17.92 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 3.49 |
| Feb 14, 2014 | 10.65 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 3.14 |
| Feb 28, 2013 | 727.88 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 3.18 |
| Feb 23, 2012 | 28.67 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 3.48 |
| Feb 25, 2011 | 7.56 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 3.65 |
| Feb 25, 2010 | 7.00 | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 3.12 |
| Feb 26, 2009 | 9.51 | — | 2.63 | 0.95 | 1.10 | 3.38 | 2.82 |
| Feb 28, 2008 | 4.38 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 3.28 |
| Feb 26, 2007 | 6.23 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 3.92 |
| Feb 28, 2006 | 4.05 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 3.39 |
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., P/BV, long-term trends, comparison to sector (capital goods)
| Lockheed Martin Corp. | Capital Goods | |
|---|---|---|
| Jan 28, 2025 | 17.00 | 7.55 |
| Jan 23, 2024 | 15.54 | 6.94 |
| Jan 26, 2023 | 12.67 | 5.31 |
| Jan 25, 2022 | 9.62 | 4.77 |
| Jan 28, 2021 | 15.27 | 5.05 |
| Feb 7, 2020 | 39.60 | 6.91 |
| Feb 8, 2019 | 61.11 | 6.11 |
| Feb 6, 2018 | — | 5.42 |
| Feb 9, 2017 | 49.61 | 4.64 |
| Feb 24, 2016 | 21.37 | 3.45 |
| Feb 9, 2015 | 17.92 | 3.17 |
| Feb 14, 2014 | 10.65 | 2.85 |
| Feb 28, 2013 | 727.88 | 2.77 |
| Feb 23, 2012 | 28.67 | 2.89 |
| Feb 25, 2011 | 7.56 | 2.90 |
| Feb 25, 2010 | 7.00 | 2.29 |
| Feb 26, 2009 | 9.51 | 1.86 |
| Feb 28, 2008 | 4.38 | 3.46 |
| Feb 26, 2007 | 6.23 | 3.91 |
| Feb 28, 2006 | 4.05 | 3.47 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Lockheed Martin Corp. | Industrials | |
|---|---|---|
| Jan 28, 2025 | 17.00 | 6.68 |
| Jan 23, 2024 | 15.54 | 6.85 |
| Jan 26, 2023 | 12.67 | 5.50 |
| Jan 25, 2022 | 9.62 | 5.44 |
| Jan 28, 2021 | 15.27 | 5.89 |
| Feb 7, 2020 | 39.60 | 6.28 |
| Feb 8, 2019 | 61.11 | 5.96 |
| Feb 6, 2018 | — | 5.37 |
| Feb 9, 2017 | 49.61 | 4.89 |
| Feb 24, 2016 | 21.37 | 3.68 |
| Feb 9, 2015 | 17.92 | 3.70 |
| Feb 14, 2014 | 10.65 | 3.14 |
| Feb 28, 2013 | 727.88 | 3.06 |
| Feb 23, 2012 | 28.67 | 3.09 |
| Feb 25, 2011 | 7.56 | 3.05 |
| Feb 25, 2010 | 7.00 | 2.43 |
| Feb 26, 2009 | 9.51 | 2.01 |
| Feb 28, 2008 | 4.38 | 3.45 |
| Feb 26, 2007 | 6.23 | 3.75 |
| Feb 28, 2006 | 4.05 | 3.95 |
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).