Lockheed Martin Corp. (NYSE:LMT)

The financial data exhibits certain trends in the company's efficiency metrics over the observed quarters.

Net Fixed Asset Turnover

This ratio begins at a relatively high level around 9.07 in the first measured quarter (March 2021) and shows a gentle, gradual decline over time. By mid-2025, the ratio trends downward to approximately 8.29. The pattern suggests a slight decrease in how efficiently the company is utilizing its fixed assets to generate sales, although the turnover remains fairly stable above 8 throughout the period.

Total Asset Turnover

The total asset turnover ratio maintains relative stability, fluctuating narrowly around a mean value near 1.25. It starts at 1.29 in early 2021, experiences minor decreases and increases within a close range, and decreases slightly to 1.22 by mid-2025. This indicates that the company's overall asset use efficiency in generating revenue is steady, with no significant changes in asset deployment effectiveness.

Equity Turnover

Equity turnover demonstrates more pronounced variability compared to other turnover ratios. It starts at a high of approximately 10.87 in March 2021, then declines steadily to 5.41 by December 2021, indicating a notable decrease in revenue generated per equity dollar during that period. Following that trough, the ratio oscillates upwards, reaching highs above 13.00 by mid-2025. This variability suggests fluctuations in the company's capital structure or profitability related to equity, reflecting periods of both lower and higher effectiveness in generating sales from shareholders' equity.

In summary, the company shows a mild weakening trend in fixed asset utilization, stable overall asset efficiency, and significant fluctuations in equity turnover. These patterns highlight areas of consistent asset management alongside shifts in equity-related performance throughout the reported quarters.

The sales figures demonstrate notable fluctuations over the periods analyzed. Beginning at $15,651 million in March 2020, sales showed a general upward trend with some variability, peaking at $18,991 million in December 2022. Subsequent quarters reveal a dip and smaller fluctuations, with sales ranging between approximately $15,126 million and $18,874 million through December 2023. Moving into 2024 and mid-2025, sales figures stabilize somewhat, remaining mostly within the $17,000 million to $18,600 million range.

The net values of property, plant, and equipment exhibit a steady growth trend throughout the entire period. Starting at $6,605 million in March 2020, the net fixed assets increased consistently, reaching $8,670 million by December 2025, signifying ongoing investment in fixed assets.

Regarding net fixed asset turnover, data is only available from late 2020 onwards. The ratio initially peaks at 9.17 and then exhibits a generally declining trend, dipping to its lowest around 8.07 by December 2023. Thereafter, the ratio stabilizes somewhat, fluctuating between 8.14 and 8.47 through mid-2025. This decline indicates that the efficiency in generating sales from net fixed assets has gradually reduced over time, albeit remaining relatively stable in the latter periods.

Sales

Show a generally upward trend from early 2020 to late 2022, peaking at nearly $19 billion, followed by fluctuations and partial stabilization between $15 billion and $19 billion in subsequent periods through mid-2025.

Property, plant and equipment, net

Display continuous and steady growth over the full timeline, increasing from approximately $6.6 billion to about $8.7 billion, reflecting ongoing investment in fixed assets.

Net fixed asset turnover

Available from the third quarter of 2020 onward, this ratio declines from a high of 9.17 to around 8.07 by the end of 2023, then stabilizes, indicating a modest reduction in asset utilization efficiency, with some recovery or stabilization in the latest periods.

The analyzed data reveals several key trends regarding sales, total assets, and total asset turnover ratios over multiple quarters.

Sales

Sales figures demonstrate a generally fluctuating pattern, with notable quarterly variations over the observed periods. Initial quarters show a progressive increase from approximately 15,651 million USD to a peak at 17,729 million USD by December 2021. After this peak, sales experienced a decline in early 2022, dropping near 14,964 million USD, followed by a subsequent recovery that peaked again near 18,991 million USD by the end of 2022. Subsequent quarters indicate continued volatility, with values oscillating between roughly 15,126 million USD and 18,874 million USD across 2023 and 2024. More recent quarters suggest a slight downward adjustment, concluding near 18,155 million USD by mid-2025.

Total Assets

Total assets show a gradual upward trend through most observed periods, starting at 49,248 million USD and reaching 56,978 million USD by mid-2023. A transient decline occurred around late 2023 to early 2024, with assets dropping to approximately 52,456 million USD. This was followed by a steady recovery and continued growth through mid-2025, ending near 58,870 million USD. The fluctuations suggest periods of asset optimization or revaluation but overall indicate expansion of the asset base across the timeframe.

Total Asset Turnover

Total asset turnover ratios are relatively stable, mostly fluctuating within a narrow range between 1.18 and 1.32. Early 2020 showed ratios near 1.29, with minor declines and increases over subsequent quarters. The ratio slightly decreased toward 1.18 in mid-2023, implying marginally reduced efficiency in generating sales relative to assets during that time. However, turnover ratios partially rebounded afterward, nearing 1.27 by late 2024. The ratio eventually declines slightly again to 1.22 by mid-2025, indicating a modest weakening in asset utilization efficiency.

Overall, the company demonstrates growth in total assets paired with fluctuating sales volumes, leading to marginal variations in asset turnover ratios. The financial data suggest periods of adjustment in sales and asset management, with asset growth outpacing sales increases in some quarters, which affects turnover efficiency. Continued monitoring of sales trends relative to asset base expansion is advisable to maintain or improve operational effectiveness.

The analysis reveals variable trends over the observed quarters in sales, stockholders' equity, and equity turnover ratios, indicating fluctuating operational performance and changes in capital structure efficiency.

Sales

Sales figures in millions of US dollars show a fluctuating but overall upward movement over the periods. Initial sales amounted to approximately 15,651 million in March 2020, followed by some quarters with declines, such as in March 2022 where sales dropped to 14,964 million. Despite these fluctuations, later quarters demonstrate recovery and growth, reaching highs around 18,874 million by December 2023, and maintaining a relatively high level near 18,155 million by June 2025. This pattern indicates resilient demand with some short-term volatility.

Stockholders’ Equity

Stockholders’ equity exhibited a rising trend from 3,446 million in March 2020 to a peak near 11,959 million in September 2022, suggesting periods of capital accumulation or retained earnings growth. After this peak, equity demonstrated a notable decline to levels around 5,334 million by June 2025. The decline after 2022 could reflect dividend payments, share repurchase activity, or losses impacting the retained earnings component of equity. The early growth followed by decline points to dynamic changes in financial strategy or performance outcomes affecting owners' equity.

Equity Turnover

The equity turnover ratio, which measures the efficiency of equity use to generate sales, showed varied behavior across the periods with data available from the end of 2020 onwards. Initially, high ratios near 10.87 indicate efficient use of equity to generate sales. Subsequently, the ratio dipped to lows of approximately 5.41 by December 2022, reflecting either increased equity base relative to sales or decreased sales efficiency. However, there is a rising trend again after this period, reaching about 13.47 by June 2025, which suggests improved utilization of equity resources to support sales growth. The variations in this ratio mirror the trends seen in both sales and equity levels.

In summary, sales display a pattern of recovery and growth despite intermittent decreases, stockholders' equity grows strongly early on but contracts significantly in later periods, and equity turnover fluctuates with an overall pattern of initial high efficiency, mid-period decreases, and subsequent improvement. These trends suggest ongoing adjustments in operational performance and capital management strategies.