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Lockheed Martin Corp. (LMT)

Profitability Analysis

Difficulty: Beginner

Profitability ratios measure the company’s ability to generate profitable sales from its resources (assets).

Ratios (Summary)
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Assets (ROA)

Ratios (Summary)

Lockheed Martin Corp., profitability ratios

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Return on Sales
	Gross profit margin
	Operating profit margin
	Net profit margin
	Return on Investment
	Return on equity (ROE)
	Return on assets (ROA)

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

Ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Lockheed Martin Corp.’s gross profit margin improved from 2016 to 2017 and from 2017 to 2018.
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Lockheed Martin Corp.’s operating profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Lockheed Martin Corp.’s net profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

Ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Lockheed Martin Corp.’s ROE deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
ROA	A profitability ratio calculated as net income divided by total assets.	Lockheed Martin Corp.’s ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Gross Profit Margin

Lockheed Martin Corp., gross profit margin calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Gross profit
	Net sales
	Ratio
	Gross profit margin¹
	Benchmarks
	Gross Profit Margin, Competitors
	Boeing Co.
	General Dynamics Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	United Technologies Corp.

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

2018 Calculations

¹ Gross profit margin = 100 × Gross profit ÷ Net sales
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Lockheed Martin Corp.’s gross profit margin improved from 2016 to 2017 and from 2017 to 2018.

Operating Profit Margin

Lockheed Martin Corp., operating profit margin calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Operating profit
	Net sales
	Ratio
	Operating profit margin¹
	Benchmarks
	Operating Profit Margin, Competitors
	Boeing Co.
	General Dynamics Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	United Technologies Corp.
	Operating Profit Margin, Sector
	Aerospace & Defense
	Operating Profit Margin, Industry
	Industrials

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

2018 Calculations

¹ Operating profit margin = 100 × Operating profit ÷ Net sales
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Lockheed Martin Corp.’s operating profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Net Profit Margin

Lockheed Martin Corp., net profit margin calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net earnings
	Net sales
	Ratio
	Net profit margin¹
	Benchmarks
	Net Profit Margin, Competitors
	Boeing Co.
	General Dynamics Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	United Technologies Corp.
	Net Profit Margin, Sector
	Aerospace & Defense
	Net Profit Margin, Industry
	Industrials

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

2018 Calculations

¹ Net profit margin = 100 × Net earnings ÷ Net sales
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Lockheed Martin Corp.’s net profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

Return on Equity (ROE)

Lockheed Martin Corp., ROE calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net earnings
	Stockholders’ equity (deficit)
	Ratio
	ROE¹
	Benchmarks
	ROE, Competitors
	Boeing Co.
	General Dynamics Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	United Technologies Corp.
	ROE, Sector
	Aerospace & Defense
	ROE, Industry
	Industrials

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

2018 Calculations

¹ ROE = 100 × Net earnings ÷ Stockholders’ equity (deficit)
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Lockheed Martin Corp.’s ROE deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Return on Assets (ROA)

Lockheed Martin Corp., ROA calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net earnings
	Total assets
	Ratio
	ROA¹
	Benchmarks
	ROA, Competitors
	Boeing Co.
	General Dynamics Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	United Technologies Corp.
	ROA, Sector
	Aerospace & Defense
	ROA, Industry
	Industrials

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).

2018 Calculations

¹ ROA = 100 × Net earnings ÷ Total assets
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
ROA	A profitability ratio calculated as net income divided by total assets.	Lockheed Martin Corp.’s ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

	Lockheed Martin Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality