Price to Earnings (P/E)
since 2005
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Lockheed Martin Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Calculation
Lockheed Martin Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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
- The share price exhibits notable fluctuations over the observed period. It started at $72.87 in early 2006, experienced a general increase until 2008, then declined significantly in 2009 to $68.93. Following this dip, the price demonstrated a strong upward trend, reaching a peak of $341.42 in early 2018. Subsequently, the price showed volatility with periods of decline and recovery, including a drop to $301.50 in 2019, followed by an increase to $439.17 in 2020. The last years show mixed performance, with the price ranging between approximately $327 and $460, indicating moderate instability but overall higher valuation compared to the early years.
- Earnings Per Share (EPS)
- EPS generally increased from $4.18 in 2006 to a peak of $24.39 in early 2021, reflecting strong profitability growth. The period from 2006 to 2011 shows steady growth, followed by a sharp increase around 2016 to 2017, where EPS jumped to 18.26 from 11.8 the prior year. A significant dip to 7.01 EPS in early 2018 is visible, which may indicate one-off effects or operational challenges during that year. EPS rebounded strongly afterwards, reaching its highest point in 2020 at 28.64. The large fluctuations from 2017 onward suggest periods of volatility in earnings performance, though the longer-term trend is positive.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio displays substantial variability, ranging from as low as 8.47 in 2009 to a peak of 48.7 in 2018. The lower ratios around 2009 indicate relatively lower valuations in respect to earnings, potentially due to market correction or elevated earnings at that time. The dramatic spike in 2018 correlates with the sharp decline in EPS that year, pushing valuation multiples higher despite lower earnings. Post-2018, the P/E ratio trends downward and fluctuates between 13 and 20, suggesting moderate valuation levels. This pattern indicates market sensitivity to earnings changes and episodic investor revaluation.
- Overall Observations
- The data reveals sustained growth in earnings per share over the medium to long term, albeit punctuated by a significant earnings decline in 2018. Share prices have generally trended upward, reflecting growing investor confidence and company value, though with considerable volatility possibly tied to macroeconomic factors or company-specific events. The high P/E ratio in 2018 stands out as an anomaly, indicating a temporary dislocation between price and earnings. Subsequent years show a normalization in valuation multiples. The interplay between share price and earnings suggests the market adjusts promptly to earnings fluctuations but maintains an overall positive outlook on future performance.
Comparison to Competitors
Lockheed Martin Corp., P/E, 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 | |||||||
| 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: 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/E, long-term trends, comparison to sector (capital goods)
| Lockheed Martin Corp. | Capital Goods | |
|---|---|---|
| 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: 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/E, long-term trends, comparison to industry (industrials)
| Lockheed Martin Corp. | Industrials | |
|---|---|---|
| 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: 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).