Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Lockheed Martin Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
- Gross profit margin
- The gross profit margin exhibits relatively stable figures from early 2020 through mid-2023, fluctuating mostly between 12.5% and 13.5%. From the first quarter of 2024 onward, a noticeable decline is observed, descending from approximately 12.1% to a low of 8.16% by mid-2025. This decline suggests diminishing efficiency in core production or increased cost pressures over the most recent periods.
- Operating profit margin
- The operating profit margin maintains a consistent pattern similar to that of gross profit margin during the initial periods, generally ranging from 12.5% to 13.6% until mid-2023. Beginning in early 2024, there is a downward trend with values dropping to 8.29% by mid-2025. This trend indicates rising operating expenses or downward pressure on operational earnings relative to revenue.
- Net profit margin
- Net profit margin shows some volatility over the examined periods. Early to mid-2020 values are in the range of about 10.5%, followed by a period with a dip below 8% around late 2021. Subsequently, it recovers towards 10.4% in late 2023 but then declines again, reaching around 5.85% by mid-2025. This pattern reflects influences from both operational performance and other factors like financing and tax costs impacting final profitability.
- Return on equity (ROE)
- Return on equity starts at exceptionally high levels exceeding 100% in early 2020 and mid-2024, with a notable dip to below 50% during late 2021. The ROE generally fluctuates between 40% and 110%, displaying significant volatility throughout the timeframe. The high ROE indicates strong profitability relative to shareholder equity in some periods, but the decline towards the end suggests diminished return efficiency.
- Return on assets (ROA)
- Return on assets follows a moderate decline pattern, staying around 12% to 13.7% up until early 2023. Thereafter, the ratio dips to about 7.14% by mid-2025. This indicates a decrease in net income relative to total assets, implying less effective utilization of assets for generating profit in the most recent quarters.
Return on Sales
Return on Investment
Gross Profit Margin
Lockheed Martin Corp., gross profit margin calculation (quarterly data)
| Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 31, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Gross profit | 734) | 2,323) | 690) | 2,117) | 2,130) | 1,993) | 2,295) | 2,048) | 2,090) | 2,046) | 2,302) | 2,120) | 1,956) | 1,909) | 2,422) | 2,302) | 2,151) | 2,186) | 2,214) | 2,136) | 2,213) | 2,091) | |||||||
| Sales | 18,155) | 17,963) | 18,622) | 17,104) | 18,122) | 17,195) | 18,874) | 16,878) | 16,693) | 15,126) | 18,991) | 16,583) | 15,446) | 14,964) | 17,729) | 16,028) | 17,029) | 16,258) | 17,032) | 16,495) | 16,220) | 15,651) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 8.16% | 10.11% | 9.75% | 11.97% | 11.91% | 12.10% | 12.55% | 12.54% | 12.70% | 12.74% | 12.56% | 12.99% | 13.39% | 13.36% | 13.52% | 13.34% | 13.00% | 13.26% | 13.23% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -0.32% | -2.09% | -2.99% | 3.13% | 9.47% | 10.04% | 9.93% | 9.09% | 6.65% | 7.20% | 5.26% | -1.41% | 2.74% | 3.20% | 4.84% | -0.25% | -1.35% | -7.82% | -9.78% | — | — | — | |||||||
| Caterpillar Inc. | 32.64% | 33.92% | 34.49% | 34.33% | 34.29% | 33.59% | 33.04% | 31.71% | 30.44% | 28.74% | 26.91% | 26.14% | 25.52% | 25.71% | 26.30% | 27.08% | 26.83% | 25.98% | 25.47% | — | — | — | |||||||
| Eaton Corp. plc | 38.16% | 38.45% | 38.20% | 37.83% | 37.53% | 37.06% | 36.36% | 35.54% | 34.51% | 33.64% | 33.19% | 32.83% | 32.55% | 32.36% | 32.28% | 32.14% | 32.23% | 30.80% | 30.52% | — | — | — | |||||||
| GE Aerospace | 31.98% | 31.87% | 30.79% | 27.00% | 24.74% | 22.97% | 21.95% | 23.26% | 23.29% | 24.24% | 24.55% | 24.52% | 25.22% | 24.26% | 24.19% | 24.97% | 22.43% | 18.80% | 17.26% | — | — | — | |||||||
| Honeywell International Inc. | 38.08% | 38.06% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | 31.98% | 32.34% | 32.06% | 31.52% | 32.07% | — | — | — | |||||||
| RTX Corp. | 20.05% | 19.53% | 19.09% | 19.21% | 16.38% | 17.01% | 17.54% | 17.36% | 20.43% | 20.53% | 20.38% | 20.49% | 20.17% | 19.94% | 19.40% | 17.59% | 15.79% | 13.98% | 15.08% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q2 2025 Calculation
Gross profit margin = 100
× (Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024)
÷ (SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024)
= 100 × (734 + 2,323 + 690 + 2,117)
÷ (18,155 + 17,963 + 18,622 + 17,104)
= 8.16%
2 Click competitor name to see calculations.
The gross profit demonstrated variability across the reported quarters, with values generally oscillating above 2000 million US dollars in most periods. Notably, there is a visible dip in the quarters ending in March 2022 and March 2024, where gross profit decreased to 1909 million and 690 million respectively, indicating potential operational or market challenges during these intervals. Conversely, peaks occurred in quarters such as December 2021 and December 2023, reaching figures above 2300 million, suggestive of heightened efficiency or favorable market conditions.
Sales figures exhibited a broadly upward trajectory from early 2020 through late 2023, starting at 15,651 million US dollars and rising to a peak of 18,991 million by December 2022. This positive movement underscores overall growth in revenue generation despite some fluctuations. However, a slight downturn is observable in the first half of 2024, with sales declining to 17,195 million in March 2024, followed by a partial recovery towards the end of 2025, where sales stabilize near 18,155 million. This suggests intermittent market pressure or seasonal factors impacting sales performance.
The gross profit margin percentages, available from the quarter ending December 2020 onwards, reveal a subtle decreasing trend over time. Initially recorded at 13.23%, margins gradually declined to below 12% in several quarters of 2022 and 2023. The margin experiences further compression in 2024, falling below 10% and reaching a low of 8.16% by June 2025. This contraction implies increasing cost pressures, pricing challenges, or changes in product mix adversely affecting profitability despite stable or growing sales volumes.
- Gross Profit
- Displayed periodic volatility with notable declines in early 2022 and 2024, and peaks during year-end quarters suggesting seasonal or operational influences.
- Sales
- Exhibited an overall upward trend until late 2023, followed by fluctuations with a mild decline and stabilization, indicating variability in revenue streams.
- Gross Profit Margin
- Showed a gradual reduction over time, falling from above 13% to as low as 8.16%, pointing to margin pressures and possible cost or competitive challenges.
Operating Profit Margin
Lockheed Martin Corp., operating profit margin calculation (quarterly data)
| Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 31, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating profit | 748) | 2,372) | 696) | 2,140) | 2,148) | 2,029) | 2,293) | 2,042) | 2,135) | 2,037) | 2,293) | 2,159) | 1,963) | 1,933) | 2,455) | 2,294) | 2,192) | 2,182) | 2,289) | 2,147) | 2,086) | 2,122) | |||||||
| Sales | 18,155) | 17,963) | 18,622) | 17,104) | 18,122) | 17,195) | 18,874) | 16,878) | 16,693) | 15,126) | 18,991) | 16,583) | 15,446) | 14,964) | 17,729) | 16,028) | 17,029) | 16,258) | 17,032) | 16,495) | 16,220) | 15,651) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 8.29% | 10.24% | 9.87% | 12.08% | 11.98% | 12.20% | 12.59% | 12.57% | 12.80% | 12.78% | 12.65% | 13.15% | 13.47% | 13.50% | 13.61% | 13.50% | 13.19% | 13.19% | 13.22% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -12.27% | -14.63% | -16.10% | -9.08% | -2.31% | -0.93% | -0.99% | -1.86% | -4.62% | -3.58% | -5.33% | -11.99% | -6.98% | -6.53% | -4.66% | -10.80% | -12.18% | -20.36% | -21.95% | — | — | — | |||||||
| Caterpillar Inc. | 19.31% | 20.29% | 21.30% | 21.33% | 21.55% | 21.58% | 20.30% | 18.13% | 16.97% | 14.94% | 13.97% | 14.56% | 13.81% | 13.87% | 14.27% | 14.56% | 13.82% | 12.32% | 11.67% | — | — | — | |||||||
| Eaton Corp. plc | 18.82% | 19.08% | 18.62% | 18.23% | 17.96% | 17.28% | 16.75% | 16.28% | 15.48% | 14.85% | 14.55% | 13.90% | 16.33% | 15.97% | 15.69% | 15.50% | 12.54% | 10.81% | 11.45% | — | — | — | |||||||
| GE Aerospace | 25.57% | 25.46% | 23.29% | 16.88% | 13.80% | 10.44% | 8.49% | 8.08% | 6.92% | 7.40% | 6.05% | 7.05% | 8.12% | 7.31% | 8.58% | 7.86% | 6.82% | 4.72% | 5.49% | — | — | — | |||||||
| Honeywell International Inc. | 19.22% | 19.26% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | 18.03% | 18.36% | 17.95% | 16.90% | 17.45% | — | — | — | |||||||
| RTX Corp. | 9.95% | 8.20% | 8.10% | 7.94% | 3.94% | 5.32% | 5.17% | 4.79% | 8.63% | 8.73% | 8.07% | 7.93% | 7.81% | 7.75% | 7.70% | 5.93% | 4.61% | -3.59% | -3.34% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q2 2025 Calculation
Operating profit margin = 100
× (Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024)
÷ (SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024)
= 100 × (748 + 2,372 + 696 + 2,140)
÷ (18,155 + 17,963 + 18,622 + 17,104)
= 8.29%
2 Click competitor name to see calculations.
The operating profit of the company showed a generally fluctuating pattern over the reported quarters. Initially, operating profit remained relatively stable around the 2100 million US$ mark from the first quarter of 2020 through the end of 2021, with some peaks such as 2455 million US$ in the last quarter of 2021. However, a notable decline occurred in the beginning of 2022, with figures dropping to around 1933 million US$ and oscillating in the low 2000 million US$ range afterward. Towards the end of the observed period, operating profit demonstrated atypical volatility, with a sharp dip to 696 million US$ at the quarter ending December 31, 2024, followed by a substantial rebound to 2372 million US$ in the same quarter of the following year, then another dip to 748 million US$ mid-2025.
Sales figures displayed a somewhat cyclical trend but with a general upward bias through the majority of the timeline. Sales increased from approximately 15,651 million US$ in early 2020 to peak at 18,991 million US$ in the last quarter of 2022. The data indicates some variability in sales between quarters, reflecting potential seasonality or market conditions affecting sales volume or contract timing. After the peak, sales continued at elevated levels, fluctuating mostly between 17,000 and 18,000 million US$, with no consistent downward or upward trend towards the end of the period.
The operating profit margin, available only from late 2020 onward, started at 13.22% and generally ranged between approximately 12% and 13.5% for most quarters, indicating a stable profitability level relative to sales during this time. A gradual decline in the margin became observable from mid-2022, dipping below 12%, and further dropping significantly toward the later quarters, reaching levels as low as 8.29% in the middle of 2025. This suggests decreasing profitability in the latest periods, despite sales figures remaining relatively strong, highlighting either increased costs or pricing pressure impacting profit efficiency.
Overall, while sales exhibited growth and stability over time, the operating profit and profit margin reflect increased volatility and decreased efficiency in recent quarters. The sharp fluctuations in operating profit and the declining profit margin toward the end of the series may warrant further investigation into cost management, pricing strategies, or other factors affecting operational performance.
- Operating Profit
- Stable around 2100 million US$ early on, with fluctuations and a peak at 2455 million US$ in late 2021; sharp declines and rebounds observed in late 2024 and 2025.
- Sales
- General upward trend from 15,651 million US$ in early 2020 to nearly 19,000 million US$ by end of 2022; subsequent stable fluctuations between 17,000 and 18,000 million US$ thereafter.
- Operating Profit Margin
- Stable around 12.5% to 13.5% through 2020-2022, followed by a gradual decrease to below 10%, and down to approximately 8.3% by mid-2025, indicating declining profitability despite steady sales.
Net Profit Margin
Lockheed Martin Corp., net profit margin calculation (quarterly data)
| Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 31, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net earnings | 342) | 1,712) | 527) | 1,623) | 1,641) | 1,545) | 1,866) | 1,684) | 1,681) | 1,689) | 1,912) | 1,778) | 309) | 1,733) | 2,049) | 614) | 1,815) | 1,837) | 1,792) | 1,698) | 1,626) | 1,717) | |||||||
| Sales | 18,155) | 17,963) | 18,622) | 17,104) | 18,122) | 17,195) | 18,874) | 16,878) | 16,693) | 15,126) | 18,991) | 16,583) | 15,446) | 14,964) | 17,729) | 16,028) | 17,029) | 16,258) | 17,032) | 16,495) | 16,220) | 15,651) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 5.85% | 7.66% | 7.51% | 9.36% | 9.48% | 9.73% | 10.24% | 10.29% | 10.48% | 8.60% | 8.69% | 9.07% | 7.33% | 9.45% | 9.42% | 9.13% | 10.69% | 10.53% | 10.45% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -14.18% | -16.58% | -17.77% | -10.88% | -4.68% | -2.81% | -2.86% | -3.74% | -6.08% | -5.86% | -7.41% | -13.75% | -8.69% | -8.00% | -6.75% | -13.50% | -14.30% | -20.87% | -20.42% | — | — | — | |||||||
| Caterpillar Inc. | 15.83% | 16.63% | 17.59% | 17.15% | 17.46% | 17.65% | 16.18% | 14.35% | 13.53% | 12.10% | 11.85% | 13.70% | 13.19% | 13.02% | 13.47% | 11.28% | 10.17% | 8.53% | 7.68% | — | — | — | |||||||
| Eaton Corp. plc | 15.11% | 15.55% | 15.25% | 15.31% | 15.12% | 14.38% | 13.87% | 13.24% | 12.30% | 12.00% | 11.86% | 11.36% | 11.70% | 11.21% | 10.92% | 10.60% | 9.86% | 8.05% | 7.90% | — | — | — | |||||||
| GE Aerospace | 20.43% | 19.41% | 18.67% | 14.28% | 9.25% | 5.96% | 14.68% | 15.08% | 13.91% | 12.35% | 0.31% | -8.10% | -6.18% | -6.70% | -9.17% | -0.06% | -3.39% | -4.68% | 7.81% | — | — | — | |||||||
| Honeywell International Inc. | 14.30% | 14.51% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | 16.11% | 15.80% | 14.65% | 14.17% | 14.64% | — | — | — | |||||||
| RTX Corp. | 7.35% | 5.63% | 5.91% | 5.97% | 3.12% | 4.90% | 4.64% | 4.76% | 7.88% | 8.08% | 7.75% | 6.76% | 6.84% | 6.47% | 6.00% | 5.20% | 3.51% | -4.44% | -6.22% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q2 2025 Calculation
Net profit margin = 100
× (Net earningsQ2 2025
+ Net earningsQ1 2025
+ Net earningsQ4 2024
+ Net earningsQ3 2024)
÷ (SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024)
= 100 × (342 + 1,712 + 527 + 1,623)
÷ (18,155 + 17,963 + 18,622 + 17,104)
= 5.85%
2 Click competitor name to see calculations.
The financial data over the reviewed quarters show notable fluctuations in key metrics such as net earnings, sales, and net profit margin.
- Net Earnings
- Net earnings generally experienced variability throughout the periods, with several quarters exhibiting significant declines followed by recoveries. The early quarters showed relatively stable earnings around the 1600-1800 million USD range, with a pronounced dip in late 2020 and mid-2022, where earnings dropped substantially below 700 million USD. Following these troughs, earnings rebounded to previous levels but remained inconsistent, exhibiting periodic sharp declines in the most recent quarters ending in March and June 2025.
- Sales
- Sales figures reveal some growth over the years, though not in a steady and uninterrupted manner. The data show an upward trend from early 2020 through late 2022, with sales increasing from approximately 15,600 million USD to nearly 19,000 million USD. However, this was followed by a slight contraction and fluctuating sales numbers towards the later periods, with sales hovering mostly between 17,000 and 18,000 million USD through the first half of 2025.
- Net Profit Margin
- The net profit margin, where data is available, shows a relatively narrow range between approximately 7.3% and just over 10.5%. This metric presents moderate stability with some decline observed around Q3 2022 (7.33%) and a notable dip towards the latest quarters ending in mid-2025, where margins dropped to below 6%. This decline in margin coincides with the observed volatility in net earnings, suggesting challenges in sustaining profitability relative to sales volume during these periods.
Overall, the data indicate a business with generally strong sales but periods of earnings volatility and pressure on profit margins, especially in the most recent quarters. The decoupling of sales growth from profitability highlights potential operational or market challenges that may warrant closer examination to understand underlying causes and to stabilize financial performance going forward.
Return on Equity (ROE)
Lockheed Martin Corp., ROE calculation (quarterly data)
| Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 31, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net earnings | 342) | 1,712) | 527) | 1,623) | 1,641) | 1,545) | 1,866) | 1,684) | 1,681) | 1,689) | 1,912) | 1,778) | 309) | 1,733) | 2,049) | 614) | 1,815) | 1,837) | 1,792) | 1,698) | 1,626) | 1,717) | |||||||
| Stockholders’ equity | 5,334) | 6,683) | 6,333) | 7,200) | 6,175) | 6,650) | 6,835) | 9,274) | 9,240) | 9,646) | 9,266) | 11,966) | 11,432) | 10,002) | 10,959) | 9,631) | 6,522) | 6,312) | 6,015) | 4,953) | 3,751) | 3,446) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | 78.82% | 82.34% | 84.26% | 92.71% | 109.09% | 101.89% | 101.24% | 75.11% | 76.41% | 58.97% | 61.86% | 49.05% | 41.16% | 62.10% | 57.62% | 62.90% | 109.51% | 110.16% | 113.60% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Caterpillar Inc. | 50.57% | 55.01% | 55.37% | 55.04% | 64.26% | 63.77% | 53.02% | 44.48% | 45.85% | 39.18% | 42.25% | 47.28% | 42.96% | 38.07% | 39.37% | 30.90% | 26.09% | 20.73% | 19.56% | — | — | — | |||||||
| Eaton Corp. plc | 21.10% | 21.27% | 20.52% | 19.71% | 18.99% | 17.63% | 16.90% | 16.29% | 15.10% | 14.72% | 14.45% | 14.26% | 14.12% | 13.35% | 13.06% | 12.95% | 12.23% | 9.54% | 9.44% | — | — | — | |||||||
| GE Aerospace | 40.54% | 36.34% | 33.90% | 33.11% | 25.51% | 11.77% | 34.63% | 35.27% | 30.77% | 27.72% | 0.62% | -18.56% | -12.75% | -12.20% | -16.17% | -0.11% | -7.29% | -9.82% | 16.04% | — | — | — | |||||||
| Honeywell International Inc. | 35.52% | 32.59% | 30.64% | 32.65% | 34.13% | 34.81% | 35.68% | 31.42% | 31.52% | 30.89% | 29.74% | 30.36% | 28.96% | 28.58% | 29.85% | 30.67% | 27.73% | 25.71% | 27.23% | — | — | — | |||||||
| RTX Corp. | 9.85% | 7.48% | 7.94% | 7.72% | 3.83% | 5.75% | 5.34% | 4.59% | 7.67% | 7.61% | 7.16% | 6.36% | 6.34% | 5.79% | 5.29% | 4.65% | 3.07% | -3.74% | -4.88% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q2 2025 Calculation
ROE = 100
× (Net earningsQ2 2025
+ Net earningsQ1 2025
+ Net earningsQ4 2024
+ Net earningsQ3 2024)
÷ Stockholders’ equity
= 100 × (342 + 1,712 + 527 + 1,623)
÷ 5,334 = 78.82%
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends regarding net earnings, stockholders’ equity, and return on equity (ROE) over the analyzed periods.
- Net Earnings
- The net earnings exhibit significant fluctuations across the quarters. Initially, net earnings maintain a generally stable range between approximately 1600 and 1850 million US dollars from March 2020 through June 2021, with a sudden sharp decline observed in September 2021 to 614 million. This drop marks the most pronounced dip in the series. After this decline, net earnings recover to higher values around 1700 to 1900 million by December 2021 and December 2022, indicating a rebound. Another substantial decrease is noted in June 2022 and March 2024, where earnings fall below 400 million, suggesting episodic volatility. The latest data through June 2025 demonstrates similar inconsistent patterns, with net earnings oscillating between 342 million and 1712 million US dollars, underscoring ongoing earnings variability.
- Stockholders’ Equity
- Stockholders’ equity displays an upward progression until December 2021, rising from approximately 3446 million US dollars in March 2020 to a peak near 11,000 million by year-end 2021. This steady increase suggests consistent capital growth or retained earnings accumulation during this timeframe. Subsequently, the stockholders’ equity contracts notably, with values decreasing from 11,432 million in June 2022 to 5,334 million by June 2025. This reduction signifies either equity repurchases, dividend distributions exceeding earnings, or other factors diminishing the equity base. The observed decline reverses part of the earlier growth, indicating a shift in capital structure or strategic financial management in the later periods.
- Return on Equity (ROE)
- ROE is recorded beginning in the fourth quarter of 2020, with exceptional high values exceeding 100% in multiple quarters (e.g., 113.6% in December 2020, 110.16% in March 2021, and again above 100% in early 2024). These unusually high percentages may stem from very low or unusual equity levels in those quarters, magnifying the ratio. Following the December 2021 peak, ROE settles into a more moderate but still elevated range between approximately 40% and 80% through the subsequent quarters. The latest quarters show a declining trend from 82.34% to 78.82%. This persistent high ROE alongside falling equity suggests efficient utilization of equity or potential distortions due to fluctuating equity values.
In summary, the financial metrics demonstrate that net earnings and stockholders’ equity are subject to considerable volatility. Initial equity growth was strong but reversed significantly in later periods, while net earnings experienced sharp dips and partial recoveries. ROE levels are exceptionally high during the observed timeframe, which may indicate leverage effects or irregular equity accounting. These dynamics suggest a complex financial environment with shifting capital structure and earnings performance challenges.
Return on Assets (ROA)
Lockheed Martin Corp., ROA calculation (quarterly data)
| Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 31, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net earnings | 342) | 1,712) | 527) | 1,623) | 1,641) | 1,545) | 1,866) | 1,684) | 1,681) | 1,689) | 1,912) | 1,778) | 309) | 1,733) | 2,049) | 614) | 1,815) | 1,837) | 1,792) | 1,698) | 1,626) | 1,717) | |||||||
| Total assets | 58,870) | 56,669) | 55,617) | 55,520) | 55,076) | 54,963) | 52,456) | 56,666) | 56,978) | 54,622) | 52,880) | 52,030) | 51,758) | 51,510) | 50,873) | 51,843) | 52,099) | 51,437) | 50,710) | 50,773) | 49,603) | 49,248) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 7.14% | 9.71% | 9.59% | 12.02% | 12.23% | 12.33% | 13.19% | 12.29% | 12.39% | 10.41% | 10.84% | 11.28% | 9.09% | 12.06% | 12.41% | 11.69% | 13.71% | 13.52% | 13.47% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -6.89% | -7.36% | -7.56% | -5.79% | -2.41% | -1.60% | -1.62% | -2.11% | -3.32% | -3.03% | -3.60% | -6.14% | -3.90% | -3.60% | -3.03% | -5.77% | -5.92% | -7.85% | -7.80% | — | — | — | |||||||
| Caterpillar Inc. | 10.45% | 11.70% | 12.30% | 12.38% | 13.21% | 13.43% | 11.81% | 10.50% | 9.79% | 8.50% | 8.18% | 9.11% | 8.33% | 7.90% | 7.84% | 6.37% | 5.37% | 4.26% | 3.83% | — | — | — | |||||||
| Eaton Corp. plc | 9.69% | 10.04% | 9.89% | 9.60% | 9.27% | 8.83% | 8.37% | 8.03% | 7.37% | 7.23% | 7.03% | 6.67% | 6.58% | 6.30% | 6.30% | 6.06% | 5.12% | 4.20% | 4.43% | — | — | — | |||||||
| GE Aerospace | 6.19% | 5.64% | 5.32% | 4.93% | 3.85% | 2.14% | 5.81% | 6.45% | 5.89% | 5.33% | 0.12% | -3.23% | -2.38% | -2.48% | -3.28% | -0.02% | -1.03% | -1.34% | 2.25% | — | — | — | |||||||
| Honeywell International Inc. | 7.29% | 7.57% | 7.59% | 7.73% | 8.34% | 8.72% | 9.20% | 8.83% | 8.75% | 8.73% | 7.97% | 8.92% | 8.16% | 8.29% | 8.60% | 8.53% | 7.78% | 7.28% | 7.40% | — | — | — | |||||||
| RTX Corp. | 3.68% | 2.79% | 2.93% | 2.86% | 1.40% | 2.17% | 1.97% | 1.96% | 3.43% | 3.43% | 3.27% | 2.82% | 2.81% | 2.63% | 2.39% | 2.09% | 1.37% | -1.67% | -2.17% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q2 2025 Calculation
ROA = 100
× (Net earningsQ2 2025
+ Net earningsQ1 2025
+ Net earningsQ4 2024
+ Net earningsQ3 2024)
÷ Total assets
= 100 × (342 + 1,712 + 527 + 1,623)
÷ 58,870 = 7.14%
2 Click competitor name to see calculations.
- Net Earnings
- The net earnings show considerable volatility across the quarters. Initial periods exhibit values mostly above 1600 million US dollars, reaching a peak of 2049 million in December 2021. However, a significant drop is observable in some quarters, such as June 2022 (309 million), June 2023 (1681 million after a previous higher level), and the quarter ending December 2024 with 527 million. The fluctuations reflect episodic decreases possibly linked to specific business events or market conditions. Despite the variability, the company generally maintains earnings around the 1600 to 1800 million range with notable exceptions.
- Total Assets
- Total assets present a steadily increasing trend over the period analyzed. Starting from approximately 49,248 million US dollars in March 2020, assets grow consistently, reaching nearly 58,870 million by June 2025. This trend indicates continued investment or asset accumulation. Some slight decreases or plateaus are observed, such as between December 2021 and December 2023, but the overall trajectory is upward, suggesting asset base expansion.
- Return on Assets (ROA)
- The ROA metric is only available from March 2020 onward and shows some fluctuation around a range of approximately 7% to 14%. The highest ROA values occur around mid-2020 with a peak above 13%, followed by a decline reaching near 9% to 11% mid-2021 through 2023. There appears to be a declining trend toward the latter quarters, with values dipping closer to 7% by the end of the period in 2025. This decreasing ROA may indicate a lower efficiency in generating earnings from assets or changes in earnings or asset composition over time.
- Interrelation Observations
- Despite the growth in total assets, the fluctuating and at times sharply decreasing net earnings and the declining ROA suggest challenges in maintaining profitability proportional to asset expansion. The variability in net earnings alongside a generally growing asset base implies potential issues with asset utilization or external factors affecting earnings quality.