Lockheed Martin Corp. (LMT) intrinsic value & 10-year financials
Lockheed Martin Corp. (LMT) has a Graham intrinsic value of $243.25 per share. At $552.09 on Oct 17, 2026, the stock trades 127% above that value. Over the last 10 fiscal years revenue grew 5.3% a year to $75.0B, with an average return on invested capital of 36.0%.
- Graham intrinsic value
- $243.25
- Share price (Oct 17, 2026)
- $552.09
- Price vs Graham value
- 127% above
- Market cap
- $128.9B
- Revenue (FY2025)
- $75.0B
- Revenue growth (10-yr CAGR)
- 5.3%
- ROIC (10-yr avg)
- 36.0%
- Free cash flow (FY2025)
- $6.9B
LMT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $75.0B | $5.0B | $21.49 | $6.9B | 10.3% | 26.2% |
| FY2024 | $71.0B | $5.3B | $22.31 | $5.3B | 9.9% | 24.7% |
| FY2023 | $67.6B | $6.9B | $27.55 | $6.2B | 12.6% | 31.0% |
| FY2022 | $66.0B | $5.7B | $21.66 | $6.1B | 12.7% | 33.1% |
| FY2021 | $67.0B | $6.3B | $22.76 | $7.7B | 13.6% | 42.4% |
| FY2020 | $65.4B | $6.8B | $24.30 | $6.4B | 13.2% | 46.6% |
| FY2019 | $59.8B | $6.2B | $21.95 | $5.8B | 14.3% | 49.3% |
| FY2018 | $53.8B | $5.0B | $17.59 | $1.9B | 13.6% | 49.8% |
| FY2017 | $50.0B | $2.0B | $6.89 | $5.3B | 11.9% | 24.0% |
| FY2016 | $47.3B | $5.3B | $17.49 | $4.1B | 11.7% | 32.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lockheed Martin has demonstrated mature, steady growth, with revenue compounding at 5.3% annually over the past decade.
Lockheed Martin has earned high returns on invested capital, averaging 36.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Lockheed Martin shows that management has aggressively returned capital to shareholders by retiring 23.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lockheed Martin is modeled at 2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $243.25 per share.