Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Historical Valuation Ratios (Summary)

Lockheed Martin Corp., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 24, 2018 Mar 25, 2018 Dec 31, 2017 Sep 24, 2017 Jun 25, 2017 Mar 26, 2017 Dec 31, 2016 Sep 25, 2016 Jun 26, 2016 Mar 27, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
Price to earnings (P/E) 15.79 16.26 17.09 19.87 17.47 17.27 16.68 16.88 27.66 35.10 39.27 48.70 24.31 16.40 15.14 14.14 13.88 20.92 19.62 18.36
Price to operating profit (P/OP) 12.14 12.39 12.72 14.49 12.68 12.47 11.82 11.62 11.87 13.50 14.48 16.47 16.08 14.77 14.12 13.51 13.48 15.04 13.58 12.17
Price to sales (P/S) 1.61 1.67 1.75 2.07 1.79 1.76 1.65 1.58 1.60 1.76 1.82 1.91 1.78 1.70 1.63 1.59 1.57 1.68 1.53 1.43
Price to book value (P/BV) 20.84 27.96 30.96 39.60 26.86 35.45 37.84 61.11 92.42 220.82 42.08 65.95 52.77 49.61 31.34 25.94 22.39 21.37 23.65 21.12 17.67

Based on: 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-21), 10-Q (filing date: 2020-04-22), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-23), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-20), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-20), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-22), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Lockheed Martin Corp.’s P/E ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Lockheed Martin Corp.’s P/OP ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Lockheed Martin Corp.’s P/S ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Lockheed Martin Corp.’s P/BV ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Price to Earnings (P/E)

Lockheed Martin Corp., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 24, 2018 Mar 25, 2018 Dec 31, 2017 Sep 24, 2017 Jun 25, 2017 Mar 26, 2017 Dec 31, 2016 Sep 25, 2016 Jun 26, 2016 Mar 27, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 279,783,747 279,542,050 280,435,314 281,937,366 282,071,418 282,397,501 282,538,809 282,562,534 284,425,688 284,781,066 285,529,483 285,570,742 286,734,181 287,990,865 289,443,053 290,315,668 292,977,354 302,905,786 304,453,019 305,487,347 307,295,494 310,534,530 314,760,542
Selected Financial Data (US$)
Net earnings (in millions) 1,698  1,626  1,717  1,498  1,608  1,420  1,704  1,253  1,473  1,163  1,157  (642) 939  942  763  988  2,395  1,021  898  933  865  929  878 
Earnings per share (EPS)2 23.37 23.07 22.26 22.10 21.22 20.72 19.80 17.86 11.08 9.19 8.39 7.01 12.67 17.67 17.85 18.26 17.91 12.27 11.91 11.80 0.00 0.00 0.00
Share price1, 3 368.96 375.12 380.40 439.17 370.73 357.80 330.12 301.50 306.41 322.57 329.50 341.42 307.89 289.67 270.35 258.20 248.53 256.67 233.65 216.63 216.51 202.79 197.63
Valuation Ratio
P/E ratio4 15.79 16.26 17.09 19.87 17.47 17.27 16.68 16.88 27.66 35.10 39.27 48.70 24.31 16.40 15.14 14.14 13.88 20.92 19.62 18.36
Benchmarks
P/E Ratio, Competitors5
Boeing Co. 50.46 40.72 20.85 21.87 19.81 21.17 21.66 24.68 22.99 19.37 21.39 20.50 20.94 22.83 17.26 14.89
General Dynamics Corp. 11.93 13.14 11.38 15.48 14.89 16.37 15.86 14.95 16.70 20.19 21.62 21.37 20.14 19.48 19.59 18.75 15.75 15.06 14.80 13.88
Northrop Grumman Corp. 20.62 22.67 24.55 28.70 19.96 17.46 14.62 14.48 16.27 20.98 26.19 29.23 22.46 19.81 18.96 18.21 18.84 18.99 18.12 17.15
Raytheon Technologies Corp. 12.02 24.41 24.29 22.64 22.83 19.74 19.82 21.22 21.95 21.97 18.40 17.85 18.13 17.55 11.26 12.51 11.86 9.31

Based on: 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-21), 10-Q (filing date: 2020-04-22), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-23), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-20), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-20), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-22), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
EPS = (Net earningsQ3 2020 + Net earningsQ2 2020 + Net earningsQ1 2020 + Net earningsQ4 2019) ÷ No. shares of common stock outstanding
= (1,698,000,000 + 1,626,000,000 + 1,717,000,000 + 1,498,000,000) ÷ 279,783,747 = 23.37

3 Closing price as at the filing date of Lockheed Martin Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 368.96 ÷ 23.37 = 15.79

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Lockheed Martin Corp.’s P/E ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Price to Operating Profit (P/OP)

Lockheed Martin Corp., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 24, 2018 Mar 25, 2018 Dec 31, 2017 Sep 24, 2017 Jun 25, 2017 Mar 26, 2017 Dec 31, 2016 Sep 25, 2016 Jun 26, 2016 Mar 27, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 279,783,747 279,542,050 280,435,314 281,937,366 282,071,418 282,397,501 282,538,809 282,562,534 284,425,688 284,781,066 285,529,483 285,570,742 286,734,181 287,990,865 289,443,053 290,315,668 292,977,354 302,905,786 304,453,019 305,487,347 307,295,494 310,534,530 314,760,542
Selected Financial Data (US$)
Operating profit (in millions) 2,147  2,086  2,122  2,149  2,105  2,008  2,283  1,851  1,963  1,795  1,725  1,859  1,428  1,485  1,149  1,428  1,588  1,375  1,158  1,281  1,354  1,445  1,356 
Operating profit per share2 30.39 30.27 29.90 30.31 29.24 28.70 27.93 25.96 25.81 23.90 22.75 20.73 19.15 19.62 19.14 19.11 18.44 17.06 17.20 17.79 0.00 0.00 0.00
Share price1, 3 368.96 375.12 380.40 439.17 370.73 357.80 330.12 301.50 306.41 322.57 329.50 341.42 307.89 289.67 270.35 258.20 248.53 256.67 233.65 216.63 216.51 202.79 197.63
Valuation Ratio
P/OP ratio4 12.14 12.39 12.72 14.49 12.68 12.47 11.82 11.62 11.87 13.50 14.48 16.47 16.08 14.77 14.12 13.51 13.48 15.04 13.58 12.17
Benchmarks
P/OP Ratio, Competitors5
Boeing Co. 43.51 37.86 18.43 19.08 18.58 18.09 17.95 19.69 16.32 15.29 18.07 17.20 18.67 16.60 12.11 10.36
General Dynamics Corp. 9.06 9.91 8.57 11.61 11.05 12.14 11.70 11.22 12.03 14.41 15.35 14.90 14.53 13.63 13.70 12.86 10.89 10.68 10.44 9.85
Northrop Grumman Corp. 12.48 13.54 13.94 16.26 15.93 14.52 12.29 12.37 13.77 15.70 17.50 17.85 15.77 13.74 13.18 12.55 13.17 12.88 12.31 11.10
Raytheon Technologies Corp. 258.59 38.06 5.66 15.07 13.67 13.97 14.00 12.16 11.49 12.07 11.76 11.53 11.38 11.24 11.22 10.86 11.90 12.92 12.38 9.71

Based on: 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-21), 10-Q (filing date: 2020-04-22), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-23), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-20), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-20), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-22), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Operating profit per share = (Operating profitQ3 2020 + Operating profitQ2 2020 + Operating profitQ1 2020 + Operating profitQ4 2019) ÷ No. shares of common stock outstanding
= (2,147,000,000 + 2,086,000,000 + 2,122,000,000 + 2,149,000,000) ÷ 279,783,747 = 30.39

3 Closing price as at the filing date of Lockheed Martin Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 368.96 ÷ 30.39 = 12.14

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Lockheed Martin Corp.’s P/OP ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Price to Sales (P/S)

Lockheed Martin Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 24, 2018 Mar 25, 2018 Dec 31, 2017 Sep 24, 2017 Jun 25, 2017 Mar 26, 2017 Dec 31, 2016 Sep 25, 2016 Jun 26, 2016 Mar 27, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 279,783,747 279,542,050 280,435,314 281,937,366 282,071,418 282,397,501 282,538,809 282,562,534 284,425,688 284,781,066 285,529,483 285,570,742 286,734,181 287,990,865 289,443,053 290,315,668 292,977,354 302,905,786 304,453,019 305,487,347 307,295,494 310,534,530 314,760,542
Selected Financial Data (US$)
Net sales (in millions) 16,495  16,220  15,651  15,878  15,171  14,427  14,336  14,411  14,318  13,398  11,635  15,137  12,169  12,685  11,057  13,752  11,551  11,577  10,368  12,917  11,461  11,643  10,111 
Sales per share2 229.62 225.08 217.97 212.15 206.84 203.59 199.84 190.27 191.57 183.79 180.81 178.76 173.20 170.30 165.62 162.75 158.42 152.93 152.37 151.01 0.00 0.00 0.00
Share price1, 3 368.96 375.12 380.40 439.17 370.73 357.80 330.12 301.50 306.41 322.57 329.50 341.42 307.89 289.67 270.35 258.20 248.53 256.67 233.65 216.63 216.51 202.79 197.63
Valuation Ratio
P/S ratio4 1.61 1.67 1.75 2.07 1.79 1.76 1.65 1.58 1.60 1.76 1.82 1.91 1.78 1.70 1.63 1.59 1.57 1.68 1.53 1.43
Benchmarks
P/S Ratio, Competitors5
Boeing Co. 1.38 1.41 1.11 2.34 2.20 2.21 2.10 2.26 2.05 2.10 2.09 2.17 1.69 1.52 1.18 1.06 0.95 0.88 0.90 0.80
General Dynamics Corp. 0.99 1.11 1.01 1.37 1.29 1.42 1.38 1.38 1.50 1.85 2.05 2.01 2.00 1.88 1.89 1.77 1.49 1.44 1.40 1.31
Northrop Grumman Corp. 1.43 1.57 1.61 1.91 1.81 1.76 1.51 1.55 1.74 1.90 2.21 2.28 2.08 1.82 1.74 1.63 1.69 1.65 1.59 1.45
Raytheon Technologies Corp. 1.29 1.27 0.64 1.75 1.63 1.61 1.74 1.56 1.54 1.72 1.60 1.67 1.62 1.63 1.65 1.55 1.45 1.60 1.56 1.26

Based on: 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-21), 10-Q (filing date: 2020-04-22), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-23), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-20), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-20), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-22), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Sales per share = (Net salesQ3 2020 + Net salesQ2 2020 + Net salesQ1 2020 + Net salesQ4 2019) ÷ No. shares of common stock outstanding
= (16,495,000,000 + 16,220,000,000 + 15,651,000,000 + 15,878,000,000) ÷ 279,783,747 = 229.62

3 Closing price as at the filing date of Lockheed Martin Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 368.96 ÷ 229.62 = 1.61

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Lockheed Martin Corp.’s P/S ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Price to Book Value (P/BV)

Lockheed Martin Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 24, 2018 Mar 25, 2018 Dec 31, 2017 Sep 24, 2017 Jun 25, 2017 Mar 26, 2017 Dec 31, 2016 Sep 25, 2016 Jun 26, 2016 Mar 27, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 279,783,747 279,542,050 280,435,314 281,937,366 282,071,418 282,397,501 282,538,809 282,562,534 284,425,688 284,781,066 285,529,483 285,570,742 286,734,181 287,990,865 289,443,053 290,315,668 292,977,354 302,905,786 304,453,019 305,487,347 307,295,494 310,534,530 314,760,542
Selected Financial Data (US$)
Stockholders’ equity (deficit) (in millions) 4,953  3,751  3,446  3,127  3,893  2,850  2,465  1,394  943  416  (182) (683) 2,098  1,265  1,483  1,511  2,323  2,997  3,177  3,097  2,813  2,982  3,520 
Book value per share (BVPS)2 17.70 13.42 12.29 11.09 13.80 10.09 8.72 4.93 3.32 1.46 -0.64 -2.39 7.32 4.39 5.12 5.20 7.93 9.89 10.44 10.14 9.15 9.60 11.18
Share price1, 3 368.96 375.12 380.40 439.17 370.73 357.80 330.12 301.50 306.41 322.57 329.50 341.42 307.89 289.67 270.35 258.20 248.53 256.67 233.65 216.63 216.51 202.79 197.63
Valuation Ratio
P/BV ratio4 20.84 27.96 30.96 39.60 26.86 35.45 37.84 61.11 92.42 220.82 42.08 65.95 52.77 49.61 31.34 25.94 22.39 21.37 23.65 21.12 17.67
Benchmarks
P/BV Ratio, Competitors5
Boeing Co. 1,689.96 674.83 163.46 569.92 141.72 1,154.49 122.80 43.00 144.98 21.60 12.17 14.03 15.89 13.22
General Dynamics Corp. 2.58 3.09 2.97 3.97 3.72 4.21 4.27 4.26 4.02 5.03 5.41 5.44 5.35 5.32 5.55 5.05 4.07 4.07 4.15 3.83 4.44 4.29 3.95
Northrop Grumman Corp. 4.83 5.60 6.10 7.32 6.18 6.30 5.44 5.71 5.45 6.25 7.55 8.36 8.17 7.76 7.79 7.62 6.97 6.85 6.65 6.18 6.10 5.27 4.57
Raytheon Technologies Corp. 1.26 1.35 1.25 3.24 3.05 2.87 3.05 2.71 3.07 3.43 3.21 3.38 3.18 3.34 3.46 3.22 2.82 3.10 3.08 2.59 2.92 2.91 3.61

Based on: 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-21), 10-Q (filing date: 2020-04-22), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-23), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-20), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-20), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-22), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= 4,953,000,000 ÷ 279,783,747 = 17.70

3 Closing price as at the filing date of Lockheed Martin Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 368.96 ÷ 17.70 = 20.84

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Lockheed Martin Corp.’s P/BV ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.