Analysis of Reportable Segments
Lockheed Martin Corp. operates in 4 segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space.
Paying user area
Try for free
Lockheed Martin Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Lockheed Martin Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Segment Profit Margin
Lockheed Martin Corp., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space |
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).
- Aeronautics Segment
- The profit margin exhibited a gradual decline from 10.72% in 2020 to 8.7% in 2024. The margin remained relatively stable from 2020 through 2023 with minor fluctuations, but there was a noticeable decrease in 2024, indicating potential challenges or increasing costs impacting profitability in the most recent period.
- Missiles and Fire Control (MFC) Segment
- This segment showed an initial upward trend from 13.07% in 2020 to a peak of 13.69% in 2022, suggesting improving profitability during this time. However, a sharp decline occurred in the following years, with margins dropping to 12.91% in 2023 and significantly falling to 3.06% in 2024. The steep decrease in 2024 indicates a substantial reduction in profitability, which may be due to operational difficulties, cost increases, or other adverse factors.
- Rotary and Mission Systems (RMS) Segment
- The margin for this segment showed moderate variability, starting at 9.02% in 2020, rising to 9.62% in 2021, and then experiencing a slight dip to 9.25% in 2022. The margin improved again in 2023 to 10.16% before a slight decrease to 9.81% in 2024. Overall, the data suggests relative stability in profitability with a modest upward trend over the period.
- Space Segment
- The profit margin has fluctuated slightly but remained fairly consistent over the five years. Beginning at 9.37% in 2020, it slightly dipped to 8.77% in 2022, then gradually recovered to 9.53% in 2024. This pattern indicates a stable segment with minor cyclical fluctuations but no significant trend of increase or decrease.
Segment Profit Margin: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
The financial performance of the aeronautics segment exhibits several noteworthy trends over the analyzed five-year period.
- Net Sales
- There is a consistent upward trend in net sales, increasing from US$26,509 million in 2020 to US$28,995 million in 2024. This represents a cumulative growth of approximately 9.4% over the five years, with steady year-over-year increases observed.
- Operating Profit
- Operating profit shows a less consistent pattern compared to net sales. Starting at US$2,843 million in 2020, the figures fluctuate slightly in the following years but generally trend downward, declining notably in 2024 to US$2,523 million. This represents a reduction of roughly 11.2% from the initial value in 2020.
- Segment Profit Margin
- The segment profit margin gradually decreases over time, beginning at 10.72% in 2020 and declining to 8.7% in 2024. This decline indicates a reduction in profitability relative to sales, with the margin narrowing by approximately 2 percentage points over the period.
Overall, while sales revenue steadily increases, operating profit and profit margin experience downward trends, especially becoming more pronounced in the latest year. This divergence suggests rising costs or other factors affecting profitability despite stronger sales performance. The reduction in margin and operating profit may require attention to cost management or operational efficiencies within the segment.
Segment Profit Margin: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
- Operating Profit
- Operating profit showed a general increase from 2020 to 2021, rising from 1,545 million US dollars to 1,648 million US dollars. In 2022, there was a slight decline to 1,635 million US dollars, followed by a further decrease to 1,541 million US dollars in 2023. A notable and significant drop occurred in 2024, where operating profit fell sharply to 413 million US dollars, indicating a substantial contraction in profitability within the latest year.
- Net Sales
- Net sales experienced moderate growth from 11,819 million US dollars in 2020 to 12,311 million US dollars in 2021. This was followed by a marginal decrease to 11,944 million US dollars in 2022 and a nearly stable figure of 11,941 million US dollars in 2023. In 2024, net sales rose notably to 13,486 million US dollars, reaching the highest level over the five-year period, which suggests an expansion in sales volume or pricing in the most recent year.
- Segment Profit Margin
- The segment profit margin gradually increased from 13.07% in 2020 to a peak of 13.69% in 2022. Afterward, the margin declined to 12.91% in 2023, and then dropped dramatically to 3.06% in 2024. This sharp contraction in margin corresponds to the steep decline in operating profit despite increased net sales, highlighting a significant erosion in profitability efficiency in 2024.
- Summary
- Overall, the segment demonstrated steady sales with slight fluctuations until 2023, followed by a marked increase in 2024. Profitability metrics, however, reveal a contrasting trend: operating profit and segment profit margin both improve initially but then experience considerable declines in the latest year. The drastic reduction in profit margin despite increased sales in 2024 may indicate rising costs, pricing pressures, or other operational challenges adversely impacting profitability within the segment.
Segment Profit Margin: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
- Operating Profit
- The operating profit of the segment displayed a generally upward trend over the five-year period. Starting at $1,615 million in 2020, it increased to $1,798 million in 2021, followed by a slight decline to $1,673 million in 2022. Subsequently, it rose again to $1,865 million in 2023 and further increased to $1,921 million in 2024. This pattern suggests overall growth with some variability, particularly the dip noted in 2022 before a recovery.
- Net Sales
- Net sales exhibited fluctuations across the years. The segment recorded sales of $17,898 million in 2020, which increased to $18,684 million in 2021. A decline was observed in 2022 with sales falling to $18,078 million, followed by a modest increase to $18,364 million in 2023. The most significant growth occurred in 2024, reaching $19,584 million. These fluctuations indicate some instability in sales volume but an overall upward trajectory from 2020 to 2024.
- Segment Profit Margin
- The segment profit margin showed a positive but somewhat variable trend. It started at 9.02% in 2020, increased to 9.62% in 2021, then slightly dropped to 9.25% in 2022. A noticeable improvement occurred in 2023, with the margin rising to 10.16%, followed by a minor decrease to 9.81% in 2024. This indicates that profitability relative to sales has generally improved over the period, with some minor year-to-year variations.
- Summary
- Overall, the financial metrics for the segment indicate growth in both operating profit and net sales over the five-year span, despite some year-to-year fluctuations. The operating profit's recovery after the 2022 dip reflects effective management or operational improvements. The net sales trend reveals some volatility but an increasing pattern, culminating in the highest sales figure in 2024. The profit margin's increase suggests enhanced efficiency or pricing power, contributing to better profitability despite fluctuating sales. These trends collectively demonstrate a positive financial performance with resilience to short-term challenges.
Segment Profit Margin: Space
Lockheed Martin Corp.; Space; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
The analysis of the annual data for the Space reportable segment reveals several notable trends across the five-year span.
- Operating Profit
- The operating profit demonstrates a fluctuating yet generally stable pattern. From 2020 to 2021, there is a slight decrease from 1,149 million US dollars to 1,134 million US dollars. The figure then declines more markedly in 2022 to 1,045 million US dollars but recovers in the subsequent years, rising to 1,158 million US dollars in 2023 and further increasing to 1,226 million US dollars in 2024. Overall, the operating profit in 2024 surpasses the initial 2020 level, reflecting a recovery and marginal growth.
- Net Sales
- Net sales show a similar pattern of slight decline followed by recovery and growth. Starting at 12,257 million US dollars in 2020, net sales dipped gradually over the next two years to 12,174 million US dollars in 2021 and further to 11,913 million US dollars in 2022. This trend reversed in 2023, with net sales increasing to 12,963 million US dollars before a marginal decrease to 12,871 million US dollars in 2024. The net sales figures for 2023 and 2024 suggest a rebound after the earlier decline, although the value in 2024 is still slightly below the 2023 peak.
- Segment Profit Margin
- The segment profit margin illustrates a modest downward trend from 2020 to 2022, moving from 9.37% down to 8.77%. However, from 2022 onwards, the profit margin improves, rising to 8.93% in 2023 and further to 9.53% in 2024. This improvement in margin in the last two years surpasses the earlier levels, indicating enhanced profitability relative to sales.
- Overall Insights
- The data suggests that the Space segment experienced a period of contraction or pressure through 2021 and 2022, visible in both operating profit and net sales declines. Nonetheless, the segment recovered in 2023 and 2024, with increases in operating profit and segment profit margin outpacing net sales growth. This implies improved operational efficiency or cost management resulting in better profitability margins in the most recent years. The slightly reduced net sales in 2024 compared to 2023 does not appear to have negatively affected profit margins or operating profit significantly.
Segment Return on Assets (Segment ROA)
Lockheed Martin Corp., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space |
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).
- Aeronautics
- The Return on Assets (ROA) for the Aeronautics segment demonstrates a consistent downward trend over the analyzed periods. Starting from 28.71% at the end of 2020, the ROA gradually declines each year, reaching 19.08% by the end of 2024. This represents a notable decrease of 9.63 percentage points over five years, indicating diminishing asset profitability in this segment.
- Missiles and Fire Control (MFC)
- The MFC segment's ROA shows an initial slight increase from 31.11% in 2020 to 31.43% in 2021, before beginning a steady decline to 27.02% in 2023. A sharp reduction is observed in 2024 with the ROA dropping drastically to 6.94%. This significant decline in the final year suggests major challenges or changes impacting asset efficiency within this segment.
- Rotary and Mission Systems (RMS)
- The RMS segment exhibits a generally positive trajectory with some fluctuations. The ROA increases from 8.95% in 2020 to 10.18% in 2021, dips slightly to 9.3% in 2022, then rises again in subsequent years, reaching 11.28% by 2024. This pattern reflects improving asset returns, with the segment showing resilience and moderate growth in profitability.
- Space
- The ROA for the Space segment remains relatively stable throughout the period, starting at 17.81% in 2020 and ending at 16.59% in 2024. Although there are minor fluctuations—with a peak of 18.29% in 2021 and a slight dip to 16.45% in 2022 and 16.59% in 2024—the overall profile indicates consistent asset performance without significant volatility.
Segment ROA: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × ÷ =
- Operating Profit
- The operating profit fluctuated slightly over the five-year period. It started at 2,843 million US dollars in 2020, declined marginally to 2,799 million in 2021, then increased somewhat to 2,866 million in 2022. However, from 2022 onward, a downward trend was observed with operating profit decreasing to 2,825 million in 2023 and further to 2,523 million in 2024.
- Assets
- The total assets showed a consistent upward trend throughout the period. Beginning at 9,903 million US dollars in 2020, assets increased annually, reaching 10,756 million in 2021, 12,055 million in 2022, 13,167 million in 2023, and slightly higher at 13,223 million in 2024. This steady growth indicates an expansion of resource base over the years.
- Segment Return on Assets (ROA)
- The segment ROA experienced a clear declining trend. Starting at a high of 28.71% in 2020, it dropped to 26.02% in 2021, then further decreased to 23.77% in 2022. The drop continued through 2023 with ROA falling to 21.46%, and finally reaching 19.08% in 2024. This consistent reduction in ROA suggests decreasing efficiency in asset utilization to generate profits within the segment.
- Overall Analysis
- Despite the steady increase in total assets, the operating profit exhibited minor fluctuations without a clear growth trend and eventually declined over the latter years. The continuous decrease in segment ROA highlights a reduction in profitability relative to the asset base, implying that the increased asset investment did not translate proportionally into higher operating returns. This may indicate operational or market challenges affecting the segment's profitability and efficiency during this timeframe.
Segment ROA: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × ÷ =
The segment's operating profit exhibited variability over the five-year span. It increased from 1545 million USD in 2020 to a peak of 1648 million USD in 2021, followed by a slight decline to 1635 million USD in 2022. This was succeeded by a more noticeable decrease to 1541 million USD in 2023, and a sharp drop to 413 million USD in 2024. This steep decline in the final year signals a significant drop in profitability for the segment.
Assets for the segment showed a generally upward trajectory throughout the period. The asset base increased from 4966 million USD in 2020 to 5952 million USD by the end of 2024, reflecting steady growth in asset investment or accumulation.
Return on assets (ROA) for the segment mirrored the trends observed in profitability but with a downward trend overall. ROA started at 31.11% in 2020 and saw a marginal increase to 31.43% in 2021. However, it then decreased to 28.25% in 2022 and further declined to 27.02% in 2023, culminating in a steep fall to 6.94% in 2024. This reduction in ROA indicates diminishing efficiency in asset utilization to generate operating profit, particularly marked in 2024.
- Operating Profit
- Showed initial growth until 2021, followed by a gradual decrease and a sharp decline in 2024.
- Assets
- Consistently increased over the five-year period, indicating steady asset expansion.
- Segment ROA
- Peaked early in the period, then declined progressively, with a significant drop in the final year, reflecting reduced profitability relative to assets.
Overall, the segment experienced growing asset levels but faced challenges in maintaining operating profitability and efficiency, with 2024 reflecting a substantial downturn in performance metrics.
Segment ROA: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × ÷ =
- Operating Profit
- The operating profit exhibited an overall upward trend from 2020 to 2024. Starting at $1,615 million in 2020, it increased to $1,798 million in 2021, followed by a slight decline to $1,673 million in 2022. Subsequently, the operating profit rose again, reaching $1,865 million in 2023 and further to $1,921 million in 2024. This indicates a general growth in profitability with a minor dip observed in 2022.
- Assets
- The total assets showed a gradual decrease over the same period. Assets were $18,035 million in 2020, followed by a slight decline to $17,664 million in 2021. The asset base remained relatively stable in 2022 at $17,988 million but then continued to decrease to $17,521 million in 2023 and further down to $17,025 million in 2024. This downward trend suggests a reduction in the asset base over the five years.
- Segment Return on Assets (ROA)
- The segment ROA demonstrated consistent improvement throughout the period. Beginning at 8.95% in 2020, it increased to 10.18% in 2021 despite the dip in operating profit during 2022, where ROA slightly declined to 9.3%. Following that, ROA rose steadily to 10.64% in 2023 and 11.28% in 2024. The rising ROA indicates enhanced efficiency in generating profits from the asset base despite the shrinking asset values.
- Summary
- The data reflects a scenario where operating profit is generally increasing while assets are decreasing. This combination has contributed to an improving segment ROA, highlighting improved asset utilization and profitability efficiency. The slight fluctuations in operating profit and ROA during 2022 may point to temporary operational challenges or market fluctuations. Overall, the segment appears to be strengthening its profitability relative to its asset base over time.
Segment ROA: Space
Lockheed Martin Corp.; Space; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Assets
= 100 × ÷ =
The annual data for the "Space" reportable segment demonstrates several notable financial trends from 2020 through 2024. Operating profit exhibited slight fluctuations, starting at 1,149 million US dollars in 2020 and experiencing a minor decline in 2021 to 1,134 million. This downward trend continued more noticeably in 2022 with operating profit reducing to 1,045 million. However, the segment recovered in the following years, with operating profits increasing to 1,158 million in 2023 and further rising to 1,226 million by 2024. This indicates an overall upward trajectory in profitability toward the end of the period despite earlier year declines.
Assets within the segment showed a more steady and consistent growth pattern. Beginning with 6,451 million US dollars in 2020, the asset base slightly decreased in 2021 to 6,199 million but then resumed growth in subsequent years. Asset values reached 6,351 million in 2022, 6,560 million in 2023, and saw a more substantial increase to 7,388 million by 2024. This steady expansion in assets suggests ongoing investment and capacity building within the segment.
The Segment Return on Assets (ROA) percentage reveals some volatility during the period. The ROA started at 17.81% in 2020 and increased marginally to 18.29% in 2021, reflecting improvement in asset efficiency. However, it declined to 16.45% in 2022, showing decreased profitability relative to asset base. The ROA recovered to 17.65% in 2023 but fell again to 16.59% in 2024, indicating that while operating profit improved, the growth in assets somewhat outpaced profit gains, leading to a less efficient use of assets in generating returns by the end of the period.
- Operating Profit Trends
- Minor decline from 2020 to 2022 followed by a recovery and growth through 2024.
- Assets Trends
- Initial decrease in 2021, then continuous growth, culminating in a significant rise in 2024.
- Segment ROA Trends
- Peaked in 2021, decreased in 2022, slight recovery in 2023, and decreased again in 2024, suggesting fluctuating asset efficiency.
Segment Asset Turnover
Lockheed Martin Corp., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space |
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).
- Aeronautics Segment
- The asset turnover ratio for the Aeronautics segment demonstrates a gradual decline over the observed five-year period, decreasing from 2.68 in 2020 to 2.19 in 2024. The most notable drop occurred between 2020 and 2023, with a slight rebound in 2024. This trend suggests a reduction in the efficiency with which this segment uses its assets to generate revenue, potentially reflecting increased asset base or lower sales relative to assets.
- Missiles and Fire Control (MFC) Segment
- The MFC segment experiences a fairly stable yet slightly declining asset turnover from 2.38 in 2020 to a low of 2.06 in 2022. However, there is a noticeable recovery in subsequent years, reaching 2.27 in 2024. This partial rebound may indicate improved utilization of assets or higher sales relative to the asset base after the dip in 2021-2022.
- Rotary and Mission Systems (RMS) Segment
- The RMS segment shows a general upward trend in asset turnover ratios, starting at 0.99 in 2020 and increasing steadily to 1.15 by 2024. This consistent improvement suggests enhanced efficiency in asset use over time, possibly driven by operational improvements or growth in segment revenues relative to assets.
- Space Segment
- The asset turnover ratio for the Space segment fluctuates modestly throughout the period. Beginning at 1.90 in 2020, it rises slightly to 1.98 in 2023 before declining to 1.74 in 2024. The variability indicates some volatility in asset utilization or sales, with the final decline potentially signaling reduced efficiency or increased asset investment not yet matched by revenue.
- Overall Observations
- Across the segments, variations in asset turnover ratios reflect differing trends in operational efficiency and asset management. The Aeronautics and Space segments generally show declining or variable turnover ratios, suggesting challenges in maintaining asset efficiency. Conversely, MFC exhibits a recovery after a dip, and RMS shows steady improvement, indicating stronger asset utilization in these areas. Monitoring these trends is important for understanding segment performance and guiding resource allocation.
Segment Asset Turnover: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- Net sales have exhibited a steady upward trend over the five-year period. Starting from $26,509 million in 2020, there was consistent growth each year, reaching $28,995 million by the end of 2024. This indicates a gradual increase in revenue generation within the segment.
- Assets
- Segment assets have also increased consistently, beginning at $9,903 million in 2020 and growing to $13,223 million by 2024. The growth in assets suggests ongoing investments or acquisitions supporting the business expansion or operational needs.
- Segment Asset Turnover
- The segment asset turnover ratio has shown a declining trend from 2.68 in 2020 to a low of 2.11 in 2023, with a slight recovery to 2.19 in 2024. The decrease in this ratio over most of the period implies that the efficiency in generating sales from assets has weakened. The minor uptick in the final year may indicate a modest improvement in asset utilization.
- Overall Insight
- While net sales and asset base have both increased steadily, the declining asset turnover ratio suggests that the segment’s asset growth has outpaced sales growth, leading to diminished efficiency in asset use. The slight rebound in asset turnover in 2024 merits monitoring to determine if it reflects a sustainable operational improvement.
Segment Asset Turnover: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- The net sales displayed a generally stable trend from 2020 to 2023, fluctuating slightly around the 11,900 to 12,300 million US dollars range. However, a notable increase occurred in 2024, with net sales rising to 13,486 million US dollars, indicating a significant growth in revenue during that period.
- Assets
- Assets showed a consistent upward trajectory over the five-year span, increasing from 4,966 million US dollars in 2020 to 5,952 million US dollars in 2024. This steady growth suggests ongoing investment or accumulation of resources related to the segment's operations.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency of using assets to generate sales, exhibited a declining trend from 2.38 in 2020 to a low of 2.06 in 2022. It then showed a slight recovery to 2.27 by 2024. Despite this rebound, the ratio did not return to the initial 2020 level, implying that while asset use efficiency improved after 2022, it remained below the early-year benchmark.
- Overall Analysis
- Over the examined period, net sales and assets both increased, with assets growing steadily and net sales showing a marked improvement in the final year. The segment asset turnover’s decline followed by partial recovery indicates that the increase in sales was not immediately matched by proportional efficiency gains but started to improve toward the end of the period. This pattern suggests that although the segment expanded its asset base and sales volume, achieving optimal asset utilization took time, and further efforts to enhance operational efficiency might be warranted.
Segment Asset Turnover: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
- Net Sales
- Net sales exhibited a generally upward trend over the five-year period. Starting at $17,898 million in 2020, sales increased to $18,684 million in 2021, followed by a slight decline to $18,078 million in 2022. Sales then experienced a modest recovery reaching $18,364 million in 2023, before rising more significantly to $19,584 million in 2024. Overall, this reflects consistent growth with minor fluctuations, culminating in a notable increase of approximately 9.4% from 2020 to 2024.
- Assets
- Assets showed a declining trend throughout the period. Starting at $18,035 million in 2020, assets fell gradually each year to $17,664 million in 2021, $17,988 million in 2022 (a slight increase from the prior year), then decreased again to $17,521 million in 2023, and finally dropped to $17,025 million in 2024. The overall reduction from 2020 to 2024 amounted to about 5.6%, indicating a gradual reduction in the segment's asset base.
- Segment Asset Turnover
- This ratio demonstrates the efficiency of asset utilization in generating sales. The segment asset turnover increased from 0.99 in 2020 to 1.06 in 2021, suggesting improved efficiency. It then declined slightly to 1.01 in 2022, followed by incremental increases to 1.05 in 2023 and a notable rise to 1.15 in 2024. This upward trend from 2022 onward indicates enhanced effectiveness in using assets to generate revenues, culminating in a 16.2% improvement over the five-year period.
Segment Asset Turnover: Space
Lockheed Martin Corp.; Space; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales ÷ Assets
= ÷ =
The analysis of the annual data for the Space reportable segment reveals several noteworthy trends over the five-year period.
- Net Sales
- Net sales experienced a slight decline from 2020 to 2022, decreasing from $12,257 million in 2020 to $11,913 million in 2022. However, this was followed by a recovery in 2023, with net sales increasing to $12,963 million. In 2024, net sales saw a modest decline again to $12,871 million. Overall, net sales remained relatively stable, with a slight fluctuation around the $12,000 million mark.
- Assets
- The total assets showed a generally increasing trend throughout the period. Assets decreased slightly from $6,451 million in 2020 to $6,199 million in 2021. However, from 2021 onwards, there was consistent growth, reaching $6,351 million in 2022, $6,560 million in 2023, and experiencing a more significant increase to $7,388 million in 2024. This upward trend suggests continual investment or asset growth within the segment.
- Segment Asset Turnover
- The segment asset turnover ratio displayed minor fluctuations but an overall decreasing trend towards the end of the period. Initially, the ratio increased from 1.9 in 2020 to 1.96 in 2021, indicating improved efficiency in asset utilization. This was followed by a drop to 1.88 in 2022, then an increase to 1.98 in 2023, suggesting some variability in operational efficiency. However, in 2024, the ratio declined significantly to 1.74, the lowest point in the observed period, which may imply reduced efficiency in generating sales from assets.
In summary, the Space segment's net sales remained fairly steady with minor fluctuations, asset values generally increased showing expansion or reinvestment activity, and asset turnover exhibited some volatility but showed a declining efficiency in 2024. The decrease in asset turnover alongside increasing assets may indicate challenges in maintaining sales growth proportional to asset growth in the most recent year.
Segment Capital Expenditures to Depreciation
Lockheed Martin Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space |
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).
- Aeronautics
- The ratio started at 1.53 in 2020, followed by a decline to 1.37 in 2021 and further to 1.2 in 2022. From 2022 to 2024, a moderate recovery is observed with the ratio rising to 1.29 in 2023 and 1.31 in 2024, indicating a gradual stabilization of capital expenditures relative to depreciation in this segment.
- Missiles and Fire Control (MFC)
- This segment exhibits a significant decreasing trend in the ratio over the observed period. The ratio declined sharply from 2.88 in 2020 to 1.99 in 2021, and continued to decrease to 1.58 in 2022, 1.44 in 2023, and 1.45 in 2024. This suggests a consistent reduction in capital expenditures relative to depreciation, indicating possible moderation in investment or a catching-up in asset depreciation levels.
- Rotary and Mission Systems (RMS)
- The ratio declined gradually from 1.27 in 2020 to 1.12 in 2021, with a further slight decrease to 1.09 in 2022. It stabilized around 1.00 in 2023 and 1.01 in 2024. This trend reflects a tendency toward a near equivalence between capital expenditures and depreciation, suggesting a steady state in asset base maintenance and replacement.
- Space
- The Space segment shows more variability. Starting at 2.21 in 2020, the ratio dipped to 1.49 in 2021. However, there was an increase to 1.95 in 2022 and 2.06 in 2023, indicating a resurgence in capital investments exceeding depreciation. In 2024, the ratio fell markedly to 1.36, suggesting a significant reduction in capital expenditures relative to depreciation, possibly reflecting shifting investment priorities or completion of major capital projects.
Segment Capital Expenditures to Depreciation: Aeronautics
Lockheed Martin Corp.; Aeronautics; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| PP&E depreciation and software amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= ÷ =
The data reveals several notable trends in the Aeronautics segment over the five-year period ending December 31, 2024.
- Capital Expenditures
- Capital expenditures display some fluctuation. After an initial decline from 534 million US dollars in 2020 to 461 million in 2022, there is a steady increase in the subsequent years, reaching 593 million in 2024. This suggests renewed or growing investment in fixed assets or related projects in the most recent years.
- PP&E Depreciation and Software Amortization
- This expense category shows a steady upward trend throughout the period. Starting at 348 million US dollars in 2020 and 2021, depreciation and amortization gradually increase each year to reach 452 million in 2024. The trend indicates an expanding base of depreciable assets or accelerated amortization of software within the segment.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation declines from 1.53 in 2020 to a low of 1.20 in 2022, reflecting reduced investment relative to asset consumption during that period. However, the ratio then improves modestly to 1.31 by 2024, indicating improving investment levels relative to depreciation, though it remains below the initial 2020 ratio.
Overall, the segment experienced a contraction in capital investment in the early part of the period, coupled with steadily increasing depreciation and amortization costs. The latter years show a reversal with capital expenditures rising and the investment-to-depreciation ratio improving, highlighting a potential phase of asset base expansion or modernization.
Segment Capital Expenditures to Depreciation: Missiles and Fire Control (MFC)
Lockheed Martin Corp.; Missiles and Fire Control (MFC); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| PP&E depreciation and software amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= ÷ =
The data on the Missiles and Fire Control (MFC) segment reveals notable trends in capital expenditures and depreciation over the five-year span from 2020 to 2024.
- Capital Expenditures
- There is a consistent downward trend in capital expenditures from 2020 through 2023, decreasing from US$391 million in 2020 to US$252 million in 2023. This represents a reduction of approximately 35.5% over this period. However, in 2024, a slight increase to US$265 million is observed, indicating a moderate rebound after several years of decline.
- PP&E Depreciation and Software Amortization
- Depreciation and amortization have steadily increased each year, rising from US$136 million in 2020 to US$183 million in 2024. This represents an increase of about 34.6% over the five years, suggesting ongoing consumption and aging of assets within the segment.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation decreases significantly from 2.88 in 2020 to 1.44 in 2023, stabilizing at 1.45 in 2024. This decline indicates that while depreciation is rising, the reinvestment in assets through capital expenditures is not keeping pace. The ratio nearing 1.45 in the last two years suggests a more balanced but somewhat conservative investment approach relative to asset wear and tear.
Overall, the trends reflect a period of decreased investment activity in the segment through 2023, alongside steadily increasing depreciation charges. The slight increase in capital expenditures in 2024, coupled with the stabilization of the capital expenditure to depreciation ratio, may suggest a shift toward maintaining or moderately increasing investment in property, plant, equipment, and software assets after a period of contraction.
Segment Capital Expenditures to Depreciation: Rotary and Mission Systems (RMS)
Lockheed Martin Corp.; Rotary and Mission Systems (RMS); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| PP&E depreciation and software amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= ÷ =
- Capital Expenditures
- Capital expenditures demonstrate a declining trend from 311 million US dollars in 2020 to 220 million in 2023, representing a reduction over four years. In 2024, there is a slight increase to 230 million US dollars, indicating a modest reversal in the downward trend.
- PP&E Depreciation and Software Amortization
- The depreciation and amortization expense overall decreases from 244 million US dollars in 2020 to 220 million in 2023. In 2024, this figure slightly rises to 227 million US dollars, following a similar pattern to capital expenditures.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio declines steadily from 1.27 in 2020 to 1.0 in 2023, suggesting that capital expenditures over this period have been moving closer in magnitude to the depreciation expense. The ratio marginally increases to 1.01 in 2024, which could imply stabilization of investment in relation to asset consumption.
Segment Capital Expenditures to Depreciation: Space
Lockheed Martin Corp.; Space; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| PP&E depreciation and software amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ PP&E depreciation and software amortization
= ÷ =
The analysis of the Space segment reveals several notable trends in capital expenditures, depreciation, and related ratios from 2020 to 2024.
- Capital Expenditures
- Capital expenditures exhibited some fluctuation over the period. The amount decreased from 403 million USD in 2020 to 305 million USD in 2021, suggesting a reduction in investment during that year. Subsequently, expenditures increased to 391 million USD in 2022 and peaked at 455 million USD in 2023, indicating a renewed emphasis on investment and expansion activities. However, in 2024, there was a decline to 366 million USD, hinting at a slight pullback from the prior peak.
- PP&E Depreciation and Software Amortization
- The depreciation and amortization expenses showed a generally upward trend throughout the analyzed years. Starting at 182 million USD in 2020, these expenses rose steadily to 205 million USD in 2021, and although they slightly decreased to 201 million USD in 2022, the upward trajectory resumed thereafter, reaching 221 million USD in 2023 and accelerating to 270 million USD by 2024. This pattern suggests an increasing aging or utilization of fixed assets and software within the segment.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio, which indicates the level of reinvestment relative to asset depreciation, demonstrates a declining trend over the period. It started at a high of 2.21 in 2020, signifying that capital expenditures more than doubled depreciation levels at that time, implying robust reinvestment. The ratio then dropped significantly to 1.49 in 2021, recovered partially to 1.95 in 2022, and slightly increased to 2.06 in 2023, reflecting a temporary rebound in investment relative to asset wear and tear. Nonetheless, by 2024, the ratio declined sharply to 1.36, the lowest in the observed period, indicating that capital expenditures were becoming less substantial relative to depreciation, potentially signaling slower asset base growth or increased spending on maintaining rather than expanding the asset base.
Net sales
Lockheed Martin Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space | |||||
| Intersegment sales | |||||
| Total |
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).
- Aeronautics Segment
- The Aeronautics segment shows a steady upward trend in net sales over the five-year period. Starting at $26,509 million in 2020, sales increased continuously each year, reaching $28,995 million by 2024. This indicates consistent growth, with a compounded increase reflecting possibly sustained demand or new contract acquisitions.
- Missiles and Fire Control (MFC) Segment
- The MFC segment experienced some fluctuations. From $11,819 million in 2020, sales increased to $12,311 million in 2021 but declined slightly to $11,944 million in 2022 and remained nearly stable at $11,941 million in 2023. However, there is a notable rise in 2024 to $13,486 million, the highest value in the period, suggesting a potential recovery or expansion in this business area.
- Rotary and Mission Systems (RMS) Segment
- The RMS segment illustrates variable growth patterns. After an initial rise from $17,898 million in 2020 to $18,684 million in 2021, sales declined to $18,078 million in 2022, followed by a modest increase to $18,364 million in 2023. In 2024, sales jumped more substantially to $19,584 million, marking the strongest year within the period and implying a positive momentum in this segment.
- Space Segment
- Net sales in the Space segment varied over the time frame with a slight downward trend initially, decreasing from $12,257 million in 2020 to $11,913 million in 2022. In 2023, there was a significant rebound to $12,963 million, but a slight decrease followed in 2024 to $12,871 million. This pattern indicates some volatility, though the segment remains near the overall level observed at the beginning of the period.
- Intersegment Sales
- Intersegment sales, which represent internal transactions, show an increasing negative balance from -$3,085 million in 2020 to -$3,893 million in 2024. This steady increase in internal sales elimination suggests more intersegment transactions or a higher level of internal revenue allocation over time.
- Total Net Sales
- Total net sales generally trend upward, beginning at $65,398 million in 2020 and reaching $71,043 million in 2024. Despite a slight dip in 2022 to $65,984 million from $67,044 million in 2021, the overall growth over the five years is evident, reflecting the cumulative effects of segment performances and general business expansion.
Operating profit
Lockheed Martin Corp., operating profit by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space | |||||
| Total |
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).
- Aeronautics Segment
- The operating profit in the Aeronautics segment shows a relatively stable pattern from 2020 to 2023, ranging narrowly between approximately $2,799 million and $2,866 million. However, there is a noticeable decline in 2024, where the profit decreases to $2,523 million, indicating a potential reduction in profitability or increased challenges faced by this segment in the most recent year.
- Missiles and Fire Control (MFC) Segment
- This segment experienced growth from 2020 ($1,545 million) to 2021 ($1,648 million), followed by a small decline in 2022 ($1,635 million) and a further decrease in 2023 ($1,541 million). A significant drop is observed in 2024, with operating profit falling sharply to $413 million. This steep decline suggests substantial difficulties or restructuring within this segment during 2024.
- Rotary and Mission Systems (RMS) Segment
- The RMS segment demonstrates an overall upward trend over the period analyzed. After an initial increase from $1,615 million in 2020 to $1,798 million in 2021, a slight dip occurs in 2022 to $1,673 million, followed by consecutive increases in 2023 and 2024, reaching $1,865 million and $1,921 million respectively. This pattern indicates steady improvement and growing contribution to overall profitability.
- Space Segment
- The operating profit in the Space segment remains relatively steady across the years with minor fluctuations. Starting at $1,149 million in 2020, the values slightly decrease to $1,134 million in 2021 and $1,045 million in 2022, before rebounding to $1,158 million in 2023 and further increasing to $1,226 million in 2024. This segment appears to maintain a stable and gradually improving performance.
- Total Operating Profit
- The total operating profit across all segments displays modest growth from 2020 ($7,152 million) to 2021 ($7,379 million), followed by a slight decrease in 2022 ($7,219 million). The total figure rebounds in 2023 to $7,389 million but then declines substantially in 2024 to $6,083 million. The considerable reduction in 2024 is largely influenced by the sharp decline in the Missiles and Fire Control segment and the decrease in Aeronautics, partially offset by growth in RMS and Space segments.
Capital expenditures
Lockheed Martin Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space | |||||
| Total |
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).
- Capital Expenditures Trends by Segment
-
Capital expenditures exhibit varying trajectories across the four reportable segments over the five-year period.
- Aeronautics Segment
-
This segment shows a generally upward trend. After a decline from 534 million in 2020 to 461 million in 2022, expenditures rebounded noticeably to 535 million in 2023 and further increased to 593 million in 2024. The rise in the last two years indicates renewed investment focus or expansion initiatives within this segment.
- Missiles and Fire Control (MFC) Segment
-
The MFC segment displays a consistent downward trend from 391 million in 2020 to 253 million in 2022, followed by a stabilization with minor increases to 252 million in 2023 and 265 million in 2024. Overall, the segment’s capital expenditures declined significantly over the period, suggesting either reduced investment needs or optimization efforts.
- Rotary and Mission Systems (RMS) Segment
-
Expenditures in RMS steadily decreased from 311 million in 2020 to a low of 220 million in 2023, with a slight recovery to 230 million in 2024. The overall downward pattern suggests a reduction in capital investment or completion of major projects, with minor signs of spending increase in the most recent year.
- Space Segment
-
The Space segment shows some volatility, with a steep decline from 403 million in 2020 to 305 million in 2021, followed by substantial growth to 391 million in 2022 and a peak at 455 million in 2023. However, a decrease to 366 million occurs in 2024. This pattern indicates cyclical or project-based capital expenditures, with intensive investment periods followed by a moderation.
- Total Capital Expenditures
-
Total capital expenditures declined from 1,639 million in 2020 to a low of 1,365 million in 2021 but then stabilized around an upward range, reaching 1,462 million in 2023 before slightly retreating to 1,454 million in 2024. The total expenditure trend reflects the combination of divergent segment trends, with some recovery after the initial drop but without surpassing the 2020 peak.
PP&E depreciation and software amortization
Lockheed Martin Corp., pp&e depreciation and software amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space | |||||
| Total |
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).
The data presents depreciation and amortization expenses related to Property, Plant, & Equipment (PP&E) and software for various reportable segments over a five-year period. The analysis focuses on the trends and variations observed in annual figures.
- Aeronautics Segment
- The depreciation and amortization expenses for this segment have shown a consistent upward trend from 2020 to 2024. Starting at 348 million USD in 2020, the expenses remain stable into 2021, then gradually increase each subsequent year, reaching 452 million USD by the end of 2024. This indicates ongoing investments or rising depreciation charges, reflecting possibly expanding asset base or higher capital expenditures in this segment.
- Missiles and Fire Control (MFC) Segment
- Depreciation and amortization for the MFC segment also show a steady increase over the five years. The figures rise from 136 million USD in 2020 to 183 million USD in 2024. The gradual year-over-year increase suggests a controlled growth in asset base, maintenance of existing assets, or updated accounting estimates influencing amortization.
- Rotary and Mission Systems (RMS) Segment
- This segment displays a different pattern, with expenses relatively steady around 244-250 million USD in the initial years but then experiencing a decline beginning in 2022. From a peak of 250 million USD in 2021, the expenses drop to 227 million USD by 2024, with the lowest point at 220 million USD in 2023. This decrease may indicate asset disposals, reduced capital investment, or the completion of amortization schedules on previously acquired assets.
- Space Segment
- The Space segment shows a generally increasing trend as well, although with some fluctuations. Expenses rise from 182 million USD in 2020 to 205 million in 2021, then slightly dip to 201 million in 2022. However, in the following years, there is a notable increase reaching 270 million USD by 2024, representing the most significant growth among the segments in relative terms. This surge could result from recent investments or expanded operations in space-related assets.
- Total
- The total depreciation and amortization expenses across all segments demonstrate a steady upward movement each year, increasing from 910 million USD at the end of 2020 to 1,132 million USD at the end of 2024. The total growth reflects the combined effect of growth in most segments, with the exception of the declining RMS segment. This overall increase highlights a broader trend of asset growth or increased amortization across the corporation's operations.
In summary, the data reveals consistent growth in depreciation and amortization expenses in the Aeronautics, Missiles and Fire Control, and Space segments, while the Rotary and Mission Systems segment shows a moderate decline in recent years. The aggregate figures confirm a rising trend in total amortization related to PP&E and software, suggesting ongoing asset acquisitions or increased capital expenditures in key areas of the business.
Assets
Lockheed Martin Corp., assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Aeronautics | |||||
| Missiles and Fire Control (MFC) | |||||
| Rotary and Mission Systems (RMS) | |||||
| Space | |||||
| Total |
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).
The annual reportable segment assets data demonstrates varying trends across the different business units over the five-year period ending in 2024. The aggregate total assets show a steady upward trajectory, indicating overall growth in segment assets.
- Aeronautics
- The assets allocated to the Aeronautics segment consistently increased each year, rising from 9,903 million USD in 2020 to 13,223 million USD by the end of 2024. This represents a significant growth trend, with an overall increase of approximately 33.6% over the five years, suggesting ongoing investment or expansion in this segment.
- Missiles and Fire Control (MFC)
- The MFC segment assets exhibited moderate fluctuation but generally trended upward. From 4,966 million USD in 2020, the value increased to 5,952 million USD in 2024. The exception occurred in 2023, where a slight decline from 5,788 million in 2022 to 5,703 million USD was observed before rebounding. The overall increase across the period amounts to around 19.8%.
- Rotary and Mission Systems (RMS)
- This segment experienced a slight downward trend. Its asset base decreased from 18,035 million USD in 2020 to 17,025 million USD in 2024. Despite minor fluctuations, the general pattern is a gradual decline of approximately 5.6%, implying potential divestments, reallocation, or contraction within this segment.
- Space
- Assets in the Space segment showed a generally upward trend with some variability. Starting at 6,451 million USD in 2020, the assets decreased slightly in 2021 before recovering and growing to 7,388 million USD in 2024. The net increase over five years is about 14.5%, reflecting renewed emphasis or capital allocation towards space-related activities.
- Total Segment Assets
- The sum of reportable segment assets increased steadily from 39,355 million USD in 2020 to 43,588 million USD in 2024, representing an overall growth of approximately 10.8%. This consistent rise underscores a general expansion in the company's asset base distributed across segments, albeit with differing growth rates and directions among the individual units.