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Lockheed Martin Corporation

LMTActive

CIK 936468 · Aerospace & Defense

Lockheed Martin Corporation is a public company in Aerospace & Defense, tracked in the aerospace and defense sub-sector, with $75B TTM revenue and $8.1B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, LMT filings, SEC EDGAR

$116,783

Market cap ($MM)

$135,586

Enterprise value ($MM)

$75,115

Revenue · LTM ($MM)

$8,089

EBITDA · LTM ($MM)

11%

EBITDA margin

1.8x

EV / revenue

16.8x

EV / EBITDA

2.3x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

  1. 01LMT is a scaled public consolidator in A&D, a benchmark for how the sub-sector buys, pays, and trades.
  2. 02The relevant peer set is RTX.

Balance sheet & capacity

Indicative capacity read: 2.3x net debt / EBITDA with EBITDA of $8.1B.

$1,894

Cash & equiv. ($MM)

$20,697

Total debt ($MM)

$18,803

Net debt ($MM)

2.3x

Net debt / EBITDA

Valuation

Where it trades against its peer set

LMT versus the scaled public Aerospace & Defense comparables.

Indexed share-price performance

LMT versus available Aerospace & Defense peers and SPY.

+39%

LMT

N/A

Peer med.

+79%

SPY

19013274May 21Nov 23May 26LMTpeer medianSPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

CompanyTickerRevenue ($MM)EBITDA ($MM)MarginMarket cap ($MM)EV ($MM)EV / revEV / EBITDANet debt / EBITDA
Lockheed Martin CorporationLMT$75,115$8,08911%$116,783$135,5861.8x16.8x2.3x
RTX CorporationRTX$90,373$13,80815%$237,137$269,2543.0x19.5x1.9x
Aerospace & Defense median$82,744$10,94913%$176,960$202,4202.4x18.1x2.1x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

LMT's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

64

Active years

10

Named deals

10

Avg / active year

6.4

Acq. cash outflow ($MM)

N/A

Banker read

  • 01LMT reads as a programmatic acquirer: 64 disclosed acquisitions across 10 active years, or 6.4 per active year. The chart shows activity in 5 of the last 10 visible years.
  • 02In the last three years, the file shows 1 acquisitions versus 5 in the prior three; recent activity has cooled versus the prior three-year period.
  • 03Spend changes the read: $13B of disclosed spend is concentrated in lumpy years, with FY15 the largest year at $9.0B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal
5 deals$9.0B06070809101112131415

LMT count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

1 / 5

Last three years is down 80% vs prior three.

Peak count year

FY06

5 disclosed acquisitions in the peak visible year.

Recent spend

$10B

is up 824% vs prior three; peak FY15 at $9.0B.

Named evidence

10 rows

16% selected source-cited transaction coverage.

Selected transactions

DateTargetSegmentConsideration ($MM)Strategic rationaleSource
Nov 6, 2015Sikorsky Aircraft CorporationAerospace and defense$9,078On November 6, 2015, we completed the acquisition of Sikorsky Aircraft Corporation and certain affiliated companies (collectively “Sikorsky”) from United Technologies Corporatio...10-K†
Dec 31, 2015SikorskyAerospace and defense$9,000The increase in our goodwill and total assets from 2014 to 2015 was primarily attributable to the Sikorsky acquisition, which resulted in an increase in goodwill and total asset...10-K†
Nov 6, 2015Sikorsky Aircraft CorporationAerospace and defense$9,000On November 6, 2015, pursuant to a Stock Purchase Agreement, dated as of July 19, 2015 by and between us and United Technologies Corporation (UTC) and certain wholly-owned subsi...10-K†
Jul 1, 2021Aerojet Rocketdyne Holdings, Inc.Aerospace and defense$4,600On December 20, 2020, we entered into an agreement to acquire Aerojet Rocketdyne Holdings, Inc. (Aerojet Rocketdyne). The transaction is expected to close in the second half of...10-K†
Dec 20, 2020Aerojet Rocketdyne Holdings, Inc.Aerospace and defense$4,400On December 20, 2020, we entered into an agreement to acquire Aerojet Rocketdyne Holdings, Inc. (Aerojet Rocketdyne) for $51.00 per share, which is net of a $5.00 per share spec...10-K†
Sep 1, 2003The Titan CorporationAerospace and defense$2,400In September 2003, the Corporation announced that a definitive agreement had been reached to acquire The Titan Corporation (Titan). Under the terms of the merger agreement, stoc...10-K†
2003Acquisition of two businesses providing IT services to defense, intelligence and other government customersAerospace and defense$645During 2003, we paid approximately $645 million for two businesses that will strengthen our capabilities in providing IT services to defense, intelligence and other government c...10-K†
Jan 1, 2011QTC Holdings Inc. and Sim-Industries B.V.Aerospace and defense$624In 2011, we paid $624 million for acquisition activities including the acquisitions of QTC Holdings Inc. (QTC), which provides outsourced medical evaluation services to the U.S....10-K†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 10 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

22

Named deal filings

9

Recent SEC filings

10

Evidence clips

6

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+
Fiscal yearFiling dateFormStatusCountCash spendPurchase considerationSource
FY2025Jan 29, 2026Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2024Jan 28, 2025Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2023Jan 23, 2024Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2022Jan 26, 2023Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2021Jan 25, 2022Annual M&A 10-Kwarning (1 warn)N/A$0.3MMN/ASEC filing
FY2020Jan 28, 2021Annual M&A 10-Kwarning (1 warn)N/A$282MMN/ASEC filing
FY2019Feb 7, 2020Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2018Feb 8, 2019Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2017Feb 6, 2018Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2016Feb 9, 2017Annual M&A 10-Kquarantined (1 issue)1$9.0MM$9.1MMSEC filing
FY2015Feb 24, 2016Annual M&A 10-Kaccepted1$9.0B$9.0BSEC filing
FY2014Feb 9, 2015Annual M&A 10-Kwarning (1 warn)N/A$898MMN/ASEC filing
FY2013Feb 14, 2014Annual M&A 10-Kquarantined (1 warn, 1 issue)1$269MMN/ASEC filing
FY2012Feb 28, 2013Annual M&A 10-Kquarantined (1 warn, 1 issue)3$304MMN/ASEC filing
FY2011Feb 23, 2012Annual M&A 10-Kwarning (1 warn)2$649MMN/ASEC filing
FY2010Feb 25, 2011Annual M&A 10-Kwarning (1 warn)N/A$148MMN/ASEC filing
FY2009Feb 25, 2010Annual M&A 10-Kwarning (1 warn)N/A$435MMN/ASEC filing
FY2008Feb 26, 2009Annual M&A 10-Kwarning (1 warn)2$233MMN/ASEC filing
FY2006Feb 26, 2007Annual M&A 10-Kquarantined (2 issue)5$1.1B$1.1BSEC filing
FY2005Feb 28, 2006Annual M&A 10-Kquarantined (1 warn, 1 issue)4$564MM$660MMSEC filing
FY2004Feb 28, 2005Annual M&A 10-Kquarantined (1 issue)N/A$0.1MM$585MMSEC filing
FY2003Mar 8, 2004Annual M&A 10-Kaccepted2$0.8MM$585MMSEC filing
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.9 rows+
Filing dateFormTargets / topicsSupportSource
Jan 25, 202210-KAerojet Rocketdyne Holdings, Inc.Annual M&ANamed dealsSEC filing
Jan 28, 202110-KAerojet Rocketdyne Holdings, Inc.Annual M&ANamed dealsSEC filing
Feb 8, 201910-KSikorskyAnnual M&ANamed dealsSEC filing
Feb 9, 201710-KSikorsky Aircraft CorporationAnnual M&ANamed dealsSEC filing
Feb 24, 201610-KSikorsky Aircraft CorporationAnnual M&ANamed dealsSEC filing
Feb 14, 201410-KQTC Holdings Inc. and Sim-Industries B.V.Annual M&ANamed dealsSEC filing
Feb 28, 200610-KAffiliated Computer Services, Inc. federal government IT businessAnnual M&ANamed dealsSEC filing
Feb 28, 200510-KAffiliated Computer Services, Inc. (ACS) federal government IT businessAnnual M&ANamed dealsSEC filing
Mar 8, 200410-KThe Titan Corporation; Acquisition of two businesses providing IT services to defense, intelligence and other government customersAnnual M&ANamed dealsSEC filing
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+
Filing dateFormItemsDescriptionSupportSource
Jan 29, 202610-KN/A10-KFinancialsAnnual M&ARecent SECSEC filing
Apr 23, 20268-K2.02,9.018-KRecent SECSEC filing
Apr 23, 202610-QN/A10-QRecent SECSEC filing
Apr 1, 202610-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Mar 26, 2026DEFA14AN/ADEFA14ARecent SECSEC filing
Mar 26, 2026DEF 14AN/ADEF 14ARecent SECSEC filing
Jan 29, 20268-K2.02,9.018-KRecent SECSEC filing
Jan 1, 202610-KN/AAnnual report from SEC company indexRecent SECSEC filing
Dec 18, 20258-K8.018-KRecent SECSEC filing
Dec 9, 20258-K1.01,9.018-KRecent SECSEC filing
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Acquisition of Sikorsky Aircraft Corporation

10-K - Feb 9, 2017

Medium

On November 6, 2015, we completed the acquisition of Sikorsky Aircraft Corporation and certain affiliated companies (collectively “Sikorsky”) from United Technologies Corporation (UTC) and certain of UTC’s subsidiaries.…

SEC source

Sikorsky acquisition

10-K - Feb 8, 2019

Medium

The increase in our goodwill and total assets from 2014 to 2015 was primarily attributable to the Sikorsky acquisition, which resulted in an increase in goodwill and total assets as of December 31, 2015 of $2.8 billion…

SEC source

Sikorsky Aircraft Corporation acquisition

10-K - Feb 24, 2016

Medium

On November 6, 2015, pursuant to a Stock Purchase Agreement, dated as of July 19, 2015 by and between us and United Technologies Corporation (UTC) and certain wholly-owned subsidiaries of UTC, we completed the acquisiti…

SEC source

Aerojet Rocketdyne Holdings, Inc.

10-K - Jan 28, 2021

Medium

On December 20, 2020, we entered into an agreement to acquire Aerojet Rocketdyne Holdings, Inc. (Aerojet Rocketdyne). The transaction is expected to close in the second half of 2021 and is subject to the satisfaction of…

SEC source

Aerojet Rocketdyne Holdings, Inc.

10-K - Jan 25, 2022

Medium

On December 20, 2020, we entered into an agreement to acquire Aerojet Rocketdyne Holdings, Inc. (Aerojet Rocketdyne) for $51.00 per share, which is net of a $5.00 per share special cash dividend Aerojet Rocketdyne paid…

SEC source

Merger agreement to acquire The Titan Corporation

10-K - Mar 8, 2004

Medium

In September 2003, the Corporation announced that a definitive agreement had been reached to acquire The Titan Corporation (Titan). Under the terms of the merger agreement, stockholders of Titan ma...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Prepared from SEC EDGAR public filingsLMT · CIK 936468Source-backed coverage research, not investment advice