Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

$24.99

Enterprise Value to EBITDA (EV/EBITDA)

Microsoft Excel

Paying user area

The data is hidden behind: . Unhide it.

This is a one-time payment. There is no automatic renewal.


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Lockheed Martin Corp., EBITDA calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net earnings
Less: Net loss from discontinued operations
Add: Income tax expense
Earnings before tax (EBT)
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Depreciation and amortization
Earnings before interest, tax, depreciation and amortization (EBITDA)

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).


Net earnings
Net earnings show a fluctuating trend over the five-year period. Starting at 6,833 million USD in 2020, there is a decline in 2021 and 2022, reaching 5,732 million USD. The figure then rises sharply to 6,920 million USD in 2023 but decreases again to 5,336 million USD in 2024. Overall, the net earnings demonstrate volatility with a downward tendency at the end of the period.
Earnings before tax (EBT)
The earnings before tax follow a similar pattern to net earnings. Beginning at 8,235 million USD in 2020, the value declines steadily to 6,680 million USD in 2022. It then increases significantly to 8,098 million USD in 2023 before dropping again to 6,220 million USD in 2024. This indicates cyclical fluctuations with an overall decrease over the five years.
Earnings before interest and tax (EBIT)
EBIT experiences an initial decrease from 8,826 million USD in 2020 to 7,303 million USD in 2022. This is followed by an increase to 9,014 million USD in 2023, then a decline to 7,256 million USD in 2024. The pattern is consistent with EBT and net earnings, showing variability but generally trending downwards by the end of the period.
Earnings before interest, tax, depreciation and amortization (EBITDA)
EBITDA also displays a similar pattern: a decline from 10,116 million USD in 2020 to 8,707 million USD in 2022, a rise to 10,444 million USD in 2023, and a subsequent fall to 8,815 million USD in 2024. Despite the fluctuations, EBITDA remains the highest value metric, suggesting that non-cash expenses such as depreciation and amortization contribute to variability.

Enterprise Value to EBITDA Ratio, Current

Lockheed Martin Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Earnings before interest, tax, depreciation and amortization (EBITDA)
Valuation Ratio
EV/EBITDA
Benchmarks
EV/EBITDA, Competitors1
Boeing Co.
Caterpillar Inc.
Eaton Corp. plc
GE Aerospace
Honeywell International Inc.
RTX Corp.
EV/EBITDA, Sector
Capital Goods
EV/EBITDA, Industry
Industrials

Based on: 10-K (reporting date: 2024-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Lockheed Martin Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)1
Earnings before interest, tax, depreciation and amortization (EBITDA)2
Valuation Ratio
EV/EBITDA3
Benchmarks
EV/EBITDA, Competitors4
Boeing Co.
Caterpillar Inc.
Eaton Corp. plc
GE Aerospace
Honeywell International Inc.
RTX Corp.
EV/EBITDA, Sector
Capital Goods
EV/EBITDA, Industry
Industrials

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 See details »

2 See details »

3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =

4 Click competitor name to see calculations.


Enterprise Value (EV)
The enterprise value demonstrated an overall increasing trend from 2020 to 2024. Starting at approximately 100.9 billion US dollars in 2020, it rose steadily to reach 130.4 billion US dollars in 2022. However, it experienced a decline in 2023, dropping to 122.3 billion US dollars, before partially rebounding to 125.5 billion US dollars in 2024. This pattern indicates a general upward movement with some volatility towards the end of the period.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
EBITDA showed a differing trend compared to EV. It started at 10.1 billion US dollars in 2020, then gradually decreased over the next two years to 8.7 billion US dollars in 2022. A notable increase occurred in 2023, with EBITDA rising to 10.4 billion US dollars, followed by a decline again to 8.8 billion US dollars in 2024. This fluctuation suggests variability in operating performance or profitability across the years.
EV/EBITDA Ratio
The EV/EBITDA ratio displayed significant variation over the observed period. It increased consistently from 9.97 in 2020 to 14.98 in 2022, indicating that the enterprise value grew at a faster rate than EBITDA, potentially reflecting increased market valuation relative to earnings or a decrease in operational profitability. Subsequently, the ratio decreased to 11.71 in 2023 amidst the EBITDA increase and EV decline, and then rose again to 14.23 in 2024, corresponding with the reduction in EBITDA and moderate increase in EV. These fluctuations suggest changing market expectations or shifts in operational efficiency impacting valuation multiples.