Lockheed Martin Corp. (NYSE:LMT)

Net Fixed Asset Turnover

The net fixed asset turnover ratio showed a generally declining trend from the end of 2020 through early 2025. Starting at a level slightly above 9.0 at the beginning of 2021, the ratio gradually decreased over time, settling around the 8.2 to 8.5 range in subsequent periods. This indicates a modest reduction in how efficiently fixed assets are being utilized to generate sales over the analyzed timeframe.

Total Asset Turnover

The total asset turnover ratio exhibited relative stability throughout the observed periods. Values fluctuated marginally around the 1.2 to 1.3 range with minor dips and rebounds. This suggests consistent efficiency in the use of total assets to produce revenue, with no pronounced upward or downward movement across the quarters.

Equity Turnover

The equity turnover ratio displayed considerable variability. It began at high levels near 10.9 at the end of 2020, then declined significantly reaching a low point slightly above 5.4 during late 2021 and early 2022. Subsequently, the ratio showed a recovery trend, increasing notably in 2023 and peaking above 11.5 in late 2024. This pattern reflects fluctuations in how effectively equity is being deployed to drive sales, with periods of both diminished and enhanced turnover efficiency over time.

The sales figures demonstrate notable fluctuations throughout the quarters, displaying a cyclical pattern with certain periods of decline followed by recovery. Sales peaked at US$17,729 million during December 2021, followed by a decline to US$14,964 million in March 2022. The subsequent quarters saw a general upward trend with sales reaching another peak of US$18,991 million in December 2022. Afterward, sales showed variability with a moderate decline in March 2023, then fluctuated around the mid to high sixteen thousands through December 2023, followed by a gradual rise again reaching US$18,622 million in December 2024 and a slight decrease to US$17,963 million in March 2025.

The property, plant and equipment (net) values exhibited a steady increase over the period. Starting from US$6,605 million in March 2020, the asset base increased consistently with minor fluctuations, reaching US$8,726 million by December 2024. This represents a significant expansion in tangible fixed assets over the analyzed quarters.

The net fixed asset turnover ratio, available from December 2020 onward, remained relatively stable but showed a gradual decreasing trend. It started at 9.07 and exhibited slight declines over time, reaching a low of 8.07 in December 2023, then oscillating modestly in subsequent quarters, ending at 8.24 in March 2025. This declining trend suggests that asset efficiency in generating sales has diminished marginally despite growth in sales and asset base.

Sales Trend

Sales figures fluctuate with peaks typically around year-end quarters and troughs in the early part of the year, showing cyclical behavior.

There is an overall slight upward tendency in sales when comparing the earliest and latest data points, highlighting recovery and growth phases amid volatility.

Property, Plant and Equipment (Net)

There is a clear upward trend indicating ongoing investment or acquisition in fixed assets, enhancing the company's capacity and operational infrastructure.

Net Fixed Asset Turnover Ratio

The ratio declines gradually, indicating that increases in the asset base are not fully translating into proportional sales growth, suggesting reduced efficiency in asset utilization.

Over the reported periods, sales exhibited notable fluctuations with several cycles of decrease and recovery. Initially, sales increased from approximately $15,651 million in early 2020 to a peak of around $17,729 million by the end of 2021, demonstrating growth despite intermittent quarterly declines. Notably, sales declined significantly in early 2022, reaching about $14,964 million, followed by a recovery and subsequent rises and falls through 2023 and into 2024. The general pattern shows volatility in revenue generation, with peaks and troughs, but no steady upward or downward trend.

Total assets displayed a gradual upward trend from nearly $49,248 million at the beginning of the period to approximately $56,669 million by early 2025. Though some quarters reflect slight decreases or plateaus, the overall movement indicates steady asset accumulation or valuation growth over the five-year span. This suggests an expansion or reinvestment strategy maintaining asset base growth despite market or operational challenges.

Total asset turnover ratios were only available from the end of 2020 onward and remained relatively stable within a narrow range of approximately 1.18 to 1.32. The ratio peaked at about 1.32 in late 2020 and again near the end of 2023, showing periods of improved efficiency in using assets to generate sales. Conversely, the ratio dipped to its lowest point around 1.18 in mid-2023, indicating variations in operational efficiency but no sharp declines. The data suggests consistent asset utilization levels over time, with minor fluctuations likely related to sales volatility rather than asset base changes.

Sales

Displayed cyclical variability with peaks around the end of 2021 and late 2023. Several quarterly declines were observed, especially notable declines in early 2022 and early 2023, followed by recovery phases.

Total Assets

Exhibited a gradual upward trajectory over the period, increasing by approximately 15% from early 2020 to early 2025, reflecting asset growth despite some intermittent small decreases.

Total Asset Turnover

Maintained a stable range between 1.18 and 1.32, indicating consistent efficiency in generating sales from asset base, without sustained deterioration or improvement.

The sales figures demonstrate fluctuations across the reported quarters, with an initial upward trend from March 2020 through December 2020, peaking at 17,032 million US dollars. This is followed by some volatility with periods of decline and recovery, particularly noticeable around early 2022 and 2023. Most recently, sales show an increasing tendency again, reaching 18,622 million US dollars by December 2024 before a slight dip to 17,963 million US dollars in March 2025.

Stockholders’ equity exhibits a generally rising trajectory in the initial periods, increasing from 3,446 million US dollars in March 2020 to a peak of 11,959 million US dollars by September 2022. After this peak, equity values display a declining trend, descending to approximately 6,333 million US dollars by March 2025. This suggests potential changes in retained earnings, share repurchases, or dividend policies impacting equity.

The equity turnover ratio, which measures how efficiently the company uses its equity to generate sales, shows high values initially, with values around 10.87 to 10.24 in late 2020 and early 2021. This ratio declines significantly to a low of 5.41 by December 2021, reflecting a period where sales relative to equity decreased or equity increased disproportionately. Subsequently, the ratio recovers to higher levels, reaching above 11.51 by September 2024 before marginally decreasing again. These fluctuations indicate changes in operational efficiency and capital management at different intervals.

Sales

Initial growth in 2020, followed by volatility in 2021 and early 2022, with a recovery trend observed through late 2024.

Stockholders’ equity

Strong growth through 2022, peaking in late 2022, then a notable decline over the subsequent quarters until early 2025.

Equity turnover

High turnover ratios early in the period, significant decline at end of 2021, with subsequent recovery and elevated ratios approaching 2024.