Lockheed Martin Corporation (LMT)

Executive Summary

Lockheed Martin is the world’s largest pure-play defense prime contractor and the right name to add defense exposure to a value-focused portfolio. The franchise ended fiscal 2025 with a record order backlog of $194 billion — approximately 2.5 times annual revenue already contracted — and continues to win major international programs (the AUKUS submarine contract for Australia, F-35 upgrade contracts across NATO allies, the Sentinel ICBM modernization for the U.S. Air Force).

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers