--- title: Lockheed Martin (LMT) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/lmt ticker: LMT as_of: 2026-10-17 sector: Industrials industry: Aerospace & Defense --- # Lockheed Martin (LMT) Lockheed Martin (LMT) closed at $552.09 on Oct 16, 2026, overvalued by 14% vs its model value of $484.10 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $552.09 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $484.10 | | Price vs model | overvalued by 14% vs model | | Range of that model | $248.82 – $1,093.10 | | Market value | $127.4B | | P/E (fiscal 2025) | 25.7 | | Net margin (fiscal 2025) | 6.7% | | Free cash flow (fiscal 2025) | $6.9B | | Dividend yield (trailing twelve months) | 2.50% | | Beta | 0.10 | | Cost of capital (WACC) | 6.38% | | Business classification | Dividend Payer (Low/slowing growth (~5% recent), Moderate margins (7% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 3.2x), Strong FCF yield (5.4%)) | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 2.50% | | Dividends per share, last 12 months | $13.80 | | Dividends / free cash flow (fiscal 2025) | 45.3% | | Raised | 23 years in a row | | Growth over 5 years | 5.8% a year | | Latest payment | $3.45, ex-date Sep 1, 2026, paid Sep 25, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Aug 31, 2021 | $10.40 | | To Aug 31, 2022 | $11.20 | | To Aug 31, 2023 | $12.00 | | To Sep 3, 2024 | $12.60 | | To Sep 2, 2025 | $13.20 | | Trailing twelve months (to Sep 1, 2026) | $13.80 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $484.10 | $248.82 | $1,093.10 | | DCF · Perpetuity growth · 10y | cross check | $528.57 | $281.53 | $1,199.28 | | DCF · EBITDA exit · 5y | cross check | $654.23 | $477.96 | $861.47 | | DCF · EBITDA exit · 10y | cross check | $680.22 | $470.11 | $959.13 | | P/E · peers | cross check | $604.21 | $548.48 | $832.12 | | P/E · own history | cross check | $533.97 | $481.51 | $562.79 | | PEG | sanity check | $487.13 | $487.13 | $487.13 | | EV/EBITDA · peers | cross check | $650.16 | $457.16 | $927.92 | | EV/Revenue · peers | cross check | $588.02 | $540.72 | $715.33 | | Earnings power value | cross check | $279.94 | $212.19 | $389.35 | | Dividend discount | cross check | $394.82 | $244.44 | $826.41 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 9 open-market sales ($117,622.5); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Sep 30, 2026 | Donovan John | Director | Grant / award | 96.956 | — | | Sep 30, 2026 | BURRITT DAVID B | Director | Grant / award | 83.456 | — | | Aug 13, 2026 | Donovan John | Director | Open-market sell | 212 | $0 | | Aug 13, 2026 | Donovan John | Director | Open-market sell | 469 | $0 | | Aug 13, 2026 | Donovan John | Director | Open-market sell | 631 | $0 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Aug 28, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/936468/000119312526371750/d177255d8k.htm | | Jul 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/936468/000162828026049411/lmt-20260628.htm | | Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/936468/000162828026049277/lmt-20260723.htm | | May 13, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/936468/000093646826000011/lmt-20260512.htm | | Apr 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/936468/000162828026026836/lmt-20260329.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Yacktman | 2026-06-30 | 216,359 | $110.2M | | Thomas Gayner | 2026-06-30 | 65,213 | $33.2M | | Bridgewater | 2026-06-30 | 38,715 | $19.7M | | John Rogers | 2026-06-30 | 11,045 | $5.6M | 6 tracked managers in all. ## About Lockheed Martin Corporation stands as a prominent global security and aerospace enterprise, specializing in the comprehensive lifecycle of advanced technological systems. Its expertise spans the research, design, development, manufacturing, integration, and ongoing sustainment of cutting-edge products and services across the world. The company's diverse operations are structured into four key segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The Aeronautics division is responsible for creating and producing leading-edge combat and air mobility aircraft, alongside unmanned aerial vehicles and their related innovations. The Missiles and Fire Control segment delivers sophisticated air and missile defense systems; tactical and precision air-to-ground weapon systems; comprehensive logistics; advanced fire control; mission operations, readiness, engineeri… --- Source: https://sweetvaluelab.com/stocks/lmt (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.