Price to FCFE (P/FCFE)
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Lockheed Martin Corp. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) 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: 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 Cash Provided by Operating Activities
- The net cash provided by operating activities exhibited variability over the five-year period. Beginning at 8,183 million USD in 2020, it increased notably to 9,221 million USD in 2021, representing a positive growth trend. However, in 2022, there was a decline to 7,802 million USD, followed by a slight recovery to 7,920 million USD in 2023. The latest figure for 2024 shows a further decline to 6,972 million USD. Overall, this suggests fluctuating operational cash generation with a peak in 2021, then a downward trend through 2024.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity demonstrates a different pattern, with values starting at 5,898 million USD in 2020 and showing continuous growth through 2022, peaking at 10,093 million USD. In 2023, there was a marked reduction to 8,089 million USD, where it then remained stable through 2024. The initial increase indicates enhanced cash availability for equity holders in the early years, but the decrease and stabilization suggest either increased capital expenditures, changes in financing, or other factors affecting free cash flow post-2022.
- Overall Trends and Insights
- The data reveals that while operational cash flow peaked early and has been declining, free cash flow to equity increased significantly before stabilizing at a lower level. This divergence may imply shifts in working capital management, investment activities, or financing structure impacting the free cash flow availability despite a reduction in operational cash generation. Continuous assessment is advisable to understand the underlying causes and future implications for shareholder returns and liquidity management.
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$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Boeing Co. | |
| Caterpillar Inc. | |
| Eaton Corp. plc | |
| GE Aerospace | |
| Honeywell International Inc. | |
| RTX Corp. | |
| P/FCFE, Sector | |
| Capital Goods | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Lockheed Martin Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 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 Data adjusted for splits and stock dividends.
3 2024 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 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data for the period from December 31, 2020, through December 31, 2024, indicates several notable trends in the valuation and cash flow generation of the company.
- Share Price
- The share price increased steadily from $327.93 at the end of 2020 to a peak of $459.81 at the end of 2022. This was followed by a slight decline in 2023 to $439.67, before rebounding to $457.45 by the end of 2024. Overall, the share price demonstrated a strong upward trend, suggesting positive market sentiment and increased investor confidence over the five-year period.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed significant growth, rising from $21.06 in 2020 to a high of $39.53 in 2022. There was a decrease in 2023 to $33.47, and a modest increase again to $34.36 in 2024. This pattern mirrors the share price movements, indicating that changes in free cash flow per share were a key factor influencing the valuation multiple.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio declined from 15.57 in 2020 to 11.63 in 2022, reflecting a period during which the FCFE growth outpaced the increase in share price. In 2023 and 2024, the ratio slightly increased to 13.13 and then 13.31, respectively, corresponding with the share price fluctuations and the partial reduction in FCFE per share. This suggests a mild recalibration by the market in valuing the company's cash flow generation relative to its share price.
In summary, the company experienced robust growth in its underlying free cash flow per share, contributing to a generally rising share price over the five-year span. The initial declining price-to-FCFE ratio indicates improving valuation attractiveness during the earlier years, followed by a moderate expansion of that ratio in the later years. These trends suggest a dynamic but overall positive performance environment with some market adjustments in valuation metrics.