Lockheed Martin Corp.
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+ FollowMarket Cap$130.69B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong Q3 results + cash flow + backlog momentum
- Sales: $20.7B (+11% YoY) across all segments (F-35 volume/sustainment, MFC munitions ramp, RMS radar/C2 growth, Space FBM & NGI).
- Profitability: Operating profit $2.2B; margin 10.8% (double-digit earnings growth; RMS favorable adjustment on a contracting matter).
- EPS: $7.97 vs $6.95 (+15% YoY).
- Cash: Operating cash $3.4B; Free cash flow $3.0B (solid working-capital collections).
- Backlog: Record $292B, + $113B YoY; book-to-bill 4x (notably driven by PAC-3 seven-year award).
Raised full-year 2026 guidance (forecasts)
- Sales: $80B–$82B (~+8% YoY at midpoint), raised vs prior range.
- Segment operating profit: $8.575B–$8.675B (also raised).
- Cash from ops: $10B–$10.2B; Free cash flow: $7.8B–$8.0B.
- Key drivers for the raise: MFC production ramp/munitions growth outpacing a timing-related offset in F-35 lot award assumptions.
- Segment nuance: Aeronautics sales outlook slightly pressured by F-35 award timing shifting into 2027 (top-end of earlier assumption moved).
Segment outlook highlights (what management sees next)
- Aeronautics: Q3 +13% YoY sales; FY26 sales $31.1B–$32.5B; profit $2.92B–$2.95B. Expect mid-single-digit sales growth (3%–7% YoY); profitability partially offset by unfavorable adjustments.
- MFC (Missiles & Fire Control): Q3 sales and profit +24% YoY; FY26 sales $17.25B–$17.45B; profit $2.395B–$2.425B; ~20% YoY growth expected. This is the clearest growth engine.
- RMS: FY26 sales $17.7B–$18.0B (low single-digit growth), profit $1.88B–$1.9B (range tightened / raised).
- Space: FY26 sales $13.95B–$14.05B (+7% to +8% YoY); profit $1.38B–$1.4B. No ULA equity earnings included in Q4 2026 (explicitly stated).
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$864.32
52.4% upside
Current Fair Value
52.4% upsideUndervalued by 52.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $130.69 Billion |
|---|---|
| Enterprise Value | $157.50 Billion |
| Annual dividend | $13.80 |
| Dividend yield | 2.43% |
| Earnings per Share | $21.56 |
| Beta | 0.1 |
| Outstanding Shares | 230,500,000 |
Return
| Return on Equity | 66.05% |
|---|---|
| Return on Assets | 10.30% |
| Return on Invested Capital | 22.46% |
Valuation & Multiples
| P/E Ratio | 20.06 |
|---|---|
| PEG | 121.66 |
| Price to Sales | 1.64 |
| Price to Book Ratio | 13.19 |
| Enterprise Value to Revenue | 1.98 |
| Enterprise Value to EBIT | 17.79 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.21 |
| Debt to Equity | 3.29 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$7.52
Consensus analyst estimateRevenue Estimate
$20.48 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 26, 2027
EPS Estimate
$8.35
Consensus analyst estimateRevenue Estimate
$22.66 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.10, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.1004▼ 72.60% |
|---|---|
| Total Calls | 20,922▼ 99.44% |
| Total Puts | 2,100▼ 99.93% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.22%▼ 67.07% |
|---|---|
| Total Invested | $14.32B▼ 84.50% |
| Investors Holding | 1,692▼ 1186.00% |
About Lockheed Martin Corp.
123,000 employees
CEO: James Taiclet
Lockheed Martin Corporation is a leading global enterprise in the security and aerospace industries. The company is actively involved worldwide in the entire lifecycle of advanced technological systems, products, and services – encompass...