Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

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

Microsoft Excel
ROE = 100 × Net earnings1 ÷ Stockholders’ equity (deficit)1
Dec 31, 2024 = 100 × ÷
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Dec 31, 2006 = 100 × ÷
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
The net earnings demonstrated a generally upward trend from 2005 through 2020, rising from $1,825 million to a peak of $6,833 million in 2020. However, fluctuations are evident throughout the period. Notably, earnings declined between 2007 and 2009, dropping from $3,033 million to $3,024 million, and again showed a slight decrease in 2011 to $2,655 million. A significant surge occurred in 2016, when earnings jumped to $5,302 million from $3,605 million in 2015. After peaking in 2020, net earnings declined to $5,336 million by 2024, indicating some volatility in recent years.
Stockholders’ Equity (Deficit)
The stockholders’ equity experienced considerable variability and downward pressure during the earlier years of the data set. Initially, equity was positive, starting at $7,867 million in 2005, but sharply declined to $39 million by 2012, even becoming negative by 2017 at ($683) million. From 2017 onwards, equity recovered strongly, reaching $10,959 million in 2021, before declining again to $6,333 million by 2024. This pattern indicates periods of financial strain followed by recovery, reflecting underlying changes in asset valuation and retained earnings.
Return on Equity (ROE)
The ROE values exhibit notable volatility. The ratio started at 23.2% in 2005 and increased significantly, peaking at an exceptionally high 7,038.46% in 2012. This extreme spike corresponds with the very low equity level recorded in that year, suggesting that the calculation was influenced by a near-zero denominator. Excluding this anomaly, ROE generally hovered in a wide range, fluctuating between approximately 30% and over 350% in certain years. Following the peak values in 2012 and 2016, the ratio stabilized to a range between 57% and 113% from 2019 to 2024, indicating a strong but more moderate return relative to prior volatility.
Overall Insights
The financial performance shows periods of rapid growth in earnings, interspersed with episodes of decline, potentially impacted by macroeconomic factors or internal company dynamics. The stockholders’ equity suggests significant restructuring or write-down events especially evident in the mid-2010s, with subsequent recovery phases. The high fluctuations in ROE, particularly in years with very low equity, suggest caution in interpreting profitability metrics without considering equity position changes. The data collectively reflect a company experiencing robust earnings growth with intermittent periods of financial stress and recovery.

Comparison to Competitors

Lockheed Martin Corp., ROE, 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.
Dec 31, 2024
Dec 31, 2023
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Dec 31, 2021
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Dec 31, 2018
Dec 31, 2017
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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., ROE, 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., ROE, long-term trends, comparison to industry (industrials)

Microsoft Excel
Lockheed Martin Corp. Industrials
Dec 31, 2024
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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).