Price to FCFE (P/FCFE)
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Lockheed Martin Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Free Cash Flow to Equity (FCFE)
Lockheed Martin Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial information presents a review of net cash provided by operating activities and free cash flow to equity (FCFE) over a five-year period. A notable fluctuation in FCFE is observed, while operating cash flow demonstrates a more moderate pattern.
- Net Cash from Operations
- Net cash provided by operating activities decreased from US$9,221 million in 2021 to US$7,802 million in 2022, representing a decline of approximately 15.4%. A slight recovery to US$7,920 million occurred in 2023, followed by a further decrease to US$6,972 million in 2024. The final year examined, 2025, shows an increase to US$8,557 million. Overall, operating cash flow exhibits volatility but concludes with a positive trend.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a significant increase from US$7,199 million in 2021 to US$10,093 million in 2022, a rise of approximately 40.3%. This was followed by a decrease to US$8,089 million in both 2023 and 2024. A modest increase to US$8,251 million is then observed in 2025. The FCFE figures suggest a period of strong cash generation in 2022, followed by stabilization at a level somewhat below that peak, with a slight upward adjustment in the most recent year.
The divergence between operating cash flow and FCFE suggests that factors beyond core operations, such as financing activities or changes in non-operating assets and liabilities, are influencing the cash available to equity holders. The consistency of FCFE in 2023, 2024, and 2025, despite fluctuations in operating cash flow, reinforces this observation.
Price to FCFE Ratio, Current
Lockheed Martin Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Boeing Co. | |
| Caterpillar Inc. | |
| Eaton Corp. plc | |
| GE Aerospace | |
| Honeywell International Inc. | |
| RTX Corp. | |
| P/FCFE, Sector | |
| Capital Goods | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Lockheed Martin Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| RTX Corp. | ||||||
| P/FCFE, Sector | ||||||
| Capital Goods | ||||||
| P/FCFE, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Lockheed Martin Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited fluctuations over the five-year period. Initial observations indicate a decrease followed by a subsequent increase in the ratio.
- Share Price
- The share price demonstrated an increasing trend overall, with an initial rise from $387.17 in 2021 to $459.81 in 2022. A slight decrease to $439.67 was noted in 2023, followed by a modest increase to $457.45 in 2024. A significant increase to $622.51 occurred in 2025.
- FCFE per Share
- Free Cash Flow to Equity per share increased from $26.44 in 2021 to $39.53 in 2022, representing substantial growth. This was followed by a decrease to $33.47 in 2023. Subsequent years showed incremental increases, reaching $34.36 in 2024 and $35.86 in 2025.
- P/FCFE Ratio
- The P/FCFE ratio decreased from 14.65 in 2021 to 11.63 in 2022, coinciding with the substantial increase in FCFE per share. It then rose to 13.13 in 2023 and remained relatively stable at 13.31 in 2024. A notable increase to 17.36 was observed in 2025, driven by the significant increase in share price and a more moderate increase in FCFE per share.
The initial decline in the P/FCFE ratio suggests that the market valuation did not increase at the same rate as the FCFE per share in 2022. The subsequent stabilization and eventual increase in the ratio indicate a shift in market perception, potentially reflecting increased investor confidence or expectations for future growth. The substantial increase in 2025 suggests a heightened premium placed on the equity relative to its free cash flow generation, possibly due to anticipated future performance or broader market conditions.