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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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
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
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Lockheed Martin Corporation | LMT | $75,115 | $8,089 | 11% | $116,783 | $135,586 | 1.8x | 16.8x | 2.3x |
| RTX Corporation | RTX | $90,373 | $13,808 | 15% | $237,137 | $269,254 | 3.0x | 19.5x | 1.9x |
| Aerospace & Defense median | $82,744 | $10,949 | 13% | $176,960 | $202,420 | 2.4x | 18.1x | 2.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
LMT's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
64
Active years
10
Named deals
10
Avg / active year
6.4
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
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 $9.0B.
Named evidence
10 rows
16% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Nov 6, 2015 | Sikorsky Aircraft Corporation | Aerospace and defense | $9,078 | On 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, 2015 | Sikorsky | Aerospace and defense | $9,000 | 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 asset... | 10-K† |
| Nov 6, 2015 | Sikorsky Aircraft Corporation | Aerospace and defense | $9,000 | 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 subsi... | 10-K† |
| Jul 1, 2021 | Aerojet Rocketdyne Holdings, Inc. | Aerospace and defense | $4,600 | 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... | 10-K† |
| Dec 20, 2020 | Aerojet Rocketdyne Holdings, Inc. | Aerospace and defense | $4,400 | 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 spec... | 10-K† |
| Sep 1, 2003 | The Titan Corporation | Aerospace and defense | $2,400 | 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, stoc... | 10-K† |
| 2003 | Acquisition of two businesses providing IT services to defense, intelligence and other government customers | Aerospace and defense | $645 | During 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, 2011 | QTC Holdings Inc. and Sim-Industries B.V. | Aerospace and defense | $624 | In 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
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
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Jan 29, 2026 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Jan 28, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Jan 23, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Jan 26, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Jan 25, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $0.3MM | N/A | SEC filing |
| FY2020 | Jan 28, 2021 | Annual M&A 10-K | warning (1 warn) | N/A | $282MM | N/A | SEC filing |
| FY2019 | Feb 7, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Feb 8, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Feb 6, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 9, 2017 | Annual M&A 10-K | quarantined (1 issue) | 1 | $9.0MM | $9.1MM | SEC filing |
| FY2015 | Feb 24, 2016 | Annual M&A 10-K | accepted | 1 | $9.0B | $9.0B | SEC filing |
| FY2014 | Feb 9, 2015 | Annual M&A 10-K | warning (1 warn) | N/A | $898MM | N/A | SEC filing |
| FY2013 | Feb 14, 2014 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 1 | $269MM | N/A | SEC filing |
| FY2012 | Feb 28, 2013 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 3 | $304MM | N/A | SEC filing |
| FY2011 | Feb 23, 2012 | Annual M&A 10-K | warning (1 warn) | 2 | $649MM | N/A | SEC filing |
| FY2010 | Feb 25, 2011 | Annual M&A 10-K | warning (1 warn) | N/A | $148MM | N/A | SEC filing |
| FY2009 | Feb 25, 2010 | Annual M&A 10-K | warning (1 warn) | N/A | $435MM | N/A | SEC filing |
| FY2008 | Feb 26, 2009 | Annual M&A 10-K | warning (1 warn) | 2 | $233MM | N/A | SEC filing |
| FY2006 | Feb 26, 2007 | Annual M&A 10-K | quarantined (2 issue) | 5 | $1.1B | $1.1B | SEC filing |
| FY2005 | Feb 28, 2006 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 4 | $564MM | $660MM | SEC filing |
| FY2004 | Feb 28, 2005 | Annual M&A 10-K | quarantined (1 issue) | N/A | $0.1MM | $585MM | SEC filing |
| FY2003 | Mar 8, 2004 | Annual M&A 10-K | accepted | 2 | $0.8MM | $585MM | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Jan 25, 2022 | 10-K | Aerojet Rocketdyne Holdings, Inc. | Annual M&ANamed deals | SEC filing |
| Jan 28, 2021 | 10-K | Aerojet Rocketdyne Holdings, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 8, 2019 | 10-K | Sikorsky | Annual M&ANamed deals | SEC filing |
| Feb 9, 2017 | 10-K | Sikorsky Aircraft Corporation | Annual M&ANamed deals | SEC filing |
| Feb 24, 2016 | 10-K | Sikorsky Aircraft Corporation | Annual M&ANamed deals | SEC filing |
| Feb 14, 2014 | 10-K | QTC Holdings Inc. and Sim-Industries B.V. | Annual M&ANamed deals | SEC filing |
| Feb 28, 2006 | 10-K | Affiliated Computer Services, Inc. federal government IT business | Annual M&ANamed deals | SEC filing |
| Feb 28, 2005 | 10-K | Affiliated Computer Services, Inc. (ACS) federal government IT business | Annual M&ANamed deals | SEC filing |
| Mar 8, 2004 | 10-K | The Titan Corporation; Acquisition of two businesses providing IT services to defense, intelligence and other government customers | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Jan 29, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ARecent SEC | SEC filing |
| Apr 23, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 23, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 26, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 26, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Jan 29, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Jan 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Dec 18, 2025 | 8-K | 8.01 | 8-K | Recent SEC | SEC filing |
| Dec 9, 2025 | 8-K | 1.01,9.01 | 8-K | Recent SEC | SEC filing |
Acquisition of Sikorsky Aircraft Corporation
10-K - Feb 9, 2017
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.…
Sikorsky acquisition
10-K - Feb 8, 2019
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…
Sikorsky Aircraft Corporation acquisition
10-K - Feb 24, 2016
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…
Aerojet Rocketdyne Holdings, Inc.
10-K - Jan 28, 2021
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…
Aerojet Rocketdyne Holdings, Inc.
10-K - Jan 25, 2022
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…
Merger agreement to acquire The Titan Corporation
10-K - Mar 8, 2004
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...
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.