Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Lockheed Martin Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27).
Valuation multiples across the analyzed period exhibit a cyclical pattern characterized by moderate stability in 2022, a contraction through 2023, a significant expansion peaking in late 2025, and a subsequent correction in the first half of 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed a downward trend throughout 2023, reaching a minimum of 15.35 in December 2023. Following this trough, the ratio entered a period of aggressive growth, peaking at 28.55 in December 2025. By June 2026, the ratio retracted to 20.87, suggesting a return toward historical averages.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely tracked the trajectory of the P/E ratio, oscillating between a low of 11.97 in June 2022 and a peak of 18.58 in September 2025. The correlation between P/E and P/OP indicates that the valuation fluctuations were driven by broad market sentiment rather than shifts in the relationship between operating profit and net income.
- Price to Sales (P/S) Ratio
- The P/S ratio remained the most stable metric, fluctuating within a range of 1.33 to 1.92. Unlike the earnings and book value multiples, the P/S ratio did not exhibit a sharp peak in 2025, suggesting that the market valuation remained more closely aligned with revenue generation than with profitability or equity growth.
- Price to Book Value (P/BV) Ratio
- A significant expansion in the P/BV ratio is observed, rising from 12.08 in March 2022 to a high of 21.31 in December 2025. This trend reflects a substantial increase in the premium the market placed on the company relative to its accounting book value during the 2024-2025 period, followed by a sharp decline to 14.97 by June 2026.
The convergence of peaks across the P/E, P/OP, and P/BV ratios in late 2025 indicates a period of peak market optimism. The subsequent decline in all three profit-and-equity-based ratios by mid-2026 suggests a valuation correction toward more conservative levels.
Price to Earnings (P/E)
Lockheed Martin Corp., historical P/E calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net earnings (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025
+ Net earningsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lockheed Martin Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics from March 2022 through June 2026 exhibit a cyclical pattern characterized by an initial period of stability, a significant compression phase, a sharp expansion, and a final correction toward historical means.
- Price-to-Earnings (P/E) Ratio Trajectory
- The P/E ratio remained relatively range-bound between 19.28 and 22.32 during the first year of the analysis. A sustained contraction occurred throughout 2023, with the ratio declining from 22.32 in March to a period low of 15.35 in December. A reversal followed in 2024, leading into a steep valuation expansion in 2025, where the ratio peaked at 28.55 in December. By June 2026, the ratio corrected to 20.87, returning to levels observed in the 2022 period.
- Earnings Per Share (EPS) and Valuation Divergence
- A notable divergence between earnings growth and market valuation is evident in 2023. During this period, EPS increased from 22.46 to 28.64, yet the P/E ratio simultaneously declined, indicating that the share price did not appreciate in proportion to the earnings growth. A similar but opposite divergence occurred in late 2025; the share price reached a peak of 622.51 while EPS sat at 21.81, driving the P/E ratio to its maximum value of 28.55.
- Price Volatility and Normalization
- Share price fluctuations were most pronounced between 2024 and 2026. The rapid ascent from 457.45 in December 2024 to 622.51 in December 2025 created a valuation premium that was not supported by concurrent earnings growth. The subsequent rise in EPS to 27.24 by June 2026 served as a stabilizing factor, effectively compressing the P/E ratio back to 20.87 and aligning the stock price more closely with fundamental earnings performance.
Price to Operating Profit (P/OP)
Lockheed Martin Corp., historical P/OP calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating profit (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lockheed Martin Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits a period of relative stability followed by a significant expansion in valuation multiples, which subsequently contracts by mid-2026. Between March 2022 and March 2024, the ratio generally oscillated between 11.97 and 15.02, reflecting a consistent market valuation relative to operating performance.
- Share Price Volatility
- The share price experienced notable fluctuations, reaching a low of 390.38 in June 2022 and achieving a peak of 622.51 in December 2025. The upward trajectory in the latter half of the period exerted significant upward pressure on the valuation multiple.
- Operating Profit per Share Trends
- Operating profit per share remained resilient, ranging between 32.47 and 36.32 from early 2022 through September 2024. A marked decline occurred between December 2024 and June 2025, reaching a minimum of 25.51. This was followed by a strong recovery, peaking at 39.66 in June 2026.
- Valuation Multiple Analysis
- The P/OP ratio entered a period of expansion starting in mid-2024, climbing from 14.04 in June 2024 to a peak of 18.58 in September 2025. This peak coincided with a period of diminished operating profit per share, suggesting that the market maintained a high valuation despite a temporary decline in operational earnings. The ratio subsequently contracted to 14.34 by June 2026 as operating profits recovered and normalized.
Price to Sales (P/S)
Lockheed Martin Corp., historical P/S calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Sales (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lockheed Martin Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The period from March 2022 through June 2026 is characterized by a divergence between consistent revenue growth per share and significant volatility in equity pricing, which resulted in a fluctuating Price-to-Sales (P/S) ratio.
- Sales per Share Performance
- A steady and linear upward trend is observed in sales per share, which rose from $247.08 in March 2022 to $333.70 by June 2026. This consistent growth indicates a robust expansion in top-line revenue generation relative to the number of shares outstanding throughout the entire analyzed timeframe.
- Share Price Volatility
- The share price exhibited substantial instability, oscillating between a period low of $390.38 in June 2022 and a peak of $622.51 in December 2025. These fluctuations suggest that the market valuation was driven by factors beyond simple revenue growth, reflecting shifts in investor sentiment or external market conditions.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio varied between a maximum of 1.92 and a minimum of 1.33. A notable contraction in the valuation multiple occurred between September 2024 and June 2025, where the ratio dropped from 1.92 to 1.33 despite the continued increase in sales per share. This indicates a period of valuation compression where the market assigned a lower premium to the company's revenue.
- Valuation Convergence
- Following the low in June 2025, the P/S ratio experienced a recovery, climbing to 1.91 by December 2025 before stabilizing around 1.70 by June 2026. The lack of a steady correlation between the increasing sales per share and the P/S ratio confirms that the valuation multiple was more sensitive to share price volatility than to the incremental growth in sales.
Price to Book Value (P/BV)
Lockheed Martin Corp., historical P/BV calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 31, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Lockheed Martin Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between March 2022 and June 2026 exhibit a significant expansion in the Price to Book Value (P/BV) ratio, driven by a divergence between market pricing and the accounting value of equity.
- Share Price Trends
- The share price demonstrated notable volatility with a general upward trajectory. After an initial decline to 390.38 US$ in June 2022, the price entered a long-term growth phase, reaching a peak of 622.51 US$ in December 2025. Despite a subsequent correction in the first half of 2026, the price remained elevated compared to the 2022 baseline, closing at 568.59 US$ in June 2026.
- Book Value Per Share (BVPS) Dynamics
- The BVPS experienced a sustained downward trend for much of the observed period. After peaking at 45.66 US$ in September 2022, the value declined steadily, reaching a minimum of 22.85 US$ by June 2025. A reversal occurred in the latter part of 2025, with the BVPS recovering to 37.99 US$ by June 2026, returning to levels seen at the start of the analyzed period.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio shifted from a range of 9.05 to 13.16 in 2022 to significantly higher valuations in subsequent years. The ratio peaked at 21.31 in December 2025, coinciding with the maximum share price and a relatively low book value. This expansion indicates that the market placed an increasing premium on the company's assets or expected future earnings relative to its balance sheet value. Toward the end of the period, the ratio contracted to 14.97 by June 2026, resulting from a combination of a declining share price and an increasing book value per share.
Overall, the data reflects a period of valuation expansion followed by a recent correction. The significant rise in the P/BV ratio through 2024 and 2025 suggests a period where market sentiment decoupled from the underlying accounting equity, followed by a realignment in 2026 as BVPS recovered and share prices stabilized.