Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

$24.99

Return on Assets (ROA)
since 2005

Microsoft Excel

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Calculation

Lockheed Martin Corp., ROA, long-term trends, calculation

Microsoft Excel
ROA = 100 × Net earnings1 ÷ Total assets1
Dec 31, 2024 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

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

Net Earnings
Net earnings exhibited notable fluctuations over the analyzed period. From 2005 to 2008, net earnings increased steadily from $1,825 million to $3,217 million. This positive trend was followed by a relatively stable phase with slight variations until 2011, where earnings declined moderately to $2,655 million. A recovery phase was observed from 2012 to 2016, culminating in a peak at $5,302 million in 2016. However, there was a pronounced drop in 2017 to $2,002 million. Subsequently, net earnings bounced back strongly through 2019, reaching $6,230 million, and peaked further at $6,833 million in 2020. The following years saw a gradual decrease, including a dip to $5,336 million in 2024.
Total Assets
Total assets overall showed an upward trajectory throughout the period. The asset base grew from $27,744 million in 2005 to above $35,000 million by 2009, maintaining slight increases and fluctuations until 2011. From 2012 to 2014, assets remained relatively stable near the $36,000–$37,000 million range, followed by a significant rise in 2015 to over $49,000 million. Thereafter, assets slightly declined until 2018 but resumed growth trend reaching $55,617 million in 2024, indicating expansion in asset holdings over the long term.
Return on Assets (ROA)
The return on assets metric demonstrated considerable variability over the years. ROA increased from 6.58% in 2005 to a local high of 10.49% in 2007. After a moderate decline through 2011 to around 7%, ROA rebounded during 2012–2014, peaking again at 11.09% in 2016. A notable downturn occurred in 2017 when ROA hit a low of 4.3%, consistent with the sharp drop in net earnings the same year. Subsequent years showed recovery with ROA reaching 13.47% in 2020, the highest in the observed period, followed by a gradual decrease to 9.59% in 2024.
Insights and Trends
The financial data reveals a cyclical pattern with periods of growth and decline in profitability, interspersed with expanding asset bases. The sharp drop in net earnings and ROA in 2017 stands out as an anomaly amidst otherwise upward trends, suggesting a potentially significant one-time event or operational challenge that year. The increase in total assets especially from 2015 onward implies sustained investment or acquisition activities. While net earnings and ROA have shown sensitivity to economic or operational conditions, the overall asset growth reflects long-term strategic expansion. The ROA peaks correspond closely with strong net earnings years, confirming effective asset utilization during those periods. The decrease in ROA despite increasing assets in recent years may indicate that asset growth has outpaced earnings growth, warranting close monitoring of efficiency in asset use moving forward.

Comparison to Competitors

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

Microsoft Excel
Lockheed Martin Corp. Capital Goods
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Dec 31, 2005

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., ROA, 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).