Financials Lockheed Martin Corporation Buenos Aires S.E.

Equities

LMTD

ARDEUT111200

Aerospace & Defense

End-of-day quote Buenos Aires S.E. Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
25.5 ^USD	0.00%		0.00%	+10.15%

08/05	Lockheed Martin Gets $861.3M U.S. Army Rocket-System Pact	DJ
08/05	Singapore says Air Force F-16 crashed at air base on Wednesday	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,09,833	99,318	98,017	1,27,496	1,12,448	1,11,850	-	-
Enterprise Value (EV) ¹	1,20,973	1,08,327	1,06,089	1,40,378	1,28,465	1,28,753	1,28,643	1,28,512
P/E ratio	17.7 x	14.6 x	15.6 x	22.5 x	16.5 x	17.7 x	16.6 x	15.8 x
Yield	2.31%	2.76%	2.98%	2.34%	-	2.74%	2.9%	3.08%
Capitalization / Revenue	1.84 x	1.52 x	1.46 x	1.93 x	1.66 x	1.61 x	1.55 x	1.5 x
EV / Revenue	2.02 x	1.66 x	1.58 x	2.13 x	1.9 x	1.85 x	1.78 x	1.72 x
EV / EBITDA	12.4 x	10.9 x	10.1 x	14.4 x	12.9 x	13.2 x	12.6 x	12.2 x
EV / FCF	20.8 x	16.9 x	13.8 x	22.9 x	20.6 x	20.7 x	20.9 x	20.1 x
FCF Yield	4.82%	5.92%	7.26%	4.37%	4.85%	4.83%	4.78%	4.99%
Price to Book	34.9 x	16.5 x	8.79 x	13.3 x	16.7 x	17.7 x	16.2 x	14.2 x
Nbr of stocks (in thousands)	2,82,071	2,79,784	2,75,786	2,62,074	2,48,099	2,39,938	-	-
Reference price ²	389.4	355.0	355.4	486.5	453.2	466.2	466.2	466.2
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	59,812	65,398	67,044	65,984	67,571	69,600	72,212	74,808
EBITDA ¹	9,734	9,934	10,487	9,752	9,937	9,781	10,187	10,573
EBIT ¹	8,545	8,644	9,123	8,348	8,507	8,331	8,632	8,891
Operating Margin	14.29%	13.22%	13.61%	12.65%	12.59%	11.97%	11.95%	11.89%
Earnings before Tax (EBT) ¹	7,241	8,235	7,550	6,680	8,098	7,400	7,786	8,026
Net income ¹	6,230	6,833	6,315	5,732	6,920	6,263	6,552	6,761
Net margin	10.42%	10.45%	9.42%	8.69%	10.24%	9%	9.07%	9.04%
EPS ²	21.95	24.30	22.76	21.66	27.55	26.28	28.17	29.59
Free Cash Flow ¹	5,827	6,417	7,699	6,132	6,229	6,219	6,155	6,408
FCF margin	9.74%	9.81%	11.48%	9.29%	9.22%	8.94%	8.52%	8.57%
FCF Conversion (EBITDA)	59.86%	64.6%	73.41%	62.88%	62.68%	63.59%	60.42%	60.61%
FCF Conversion (Net income)	93.53%	93.91%	121.92%	106.98%	90.01%	99.31%	93.95%	94.79%
Dividend per Share ²	9.000	9.800	10.60	11.40	-	12.78	13.51	14.34
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	17,729	14,964	15,446	16,583	18,991	15,126	16,693	16,878	18,874	17,195	16,984	17,302	18,418	17,585	17,562
EBITDA ¹	2,820	2,262	2,306	2,452	2,732	2,362	2,469	2,392	2,714	2,380	2,398	2,425	2,590	2,465	2,505
EBIT ¹	2,455	1,933	1,963	2,159	2,293	2,037	2,135	2,042	2,293	2,029	2,060	2,042	2,213	2,082	2,090
Operating Margin	13.85%	12.92%	12.71%	13.02%	12.07%	13.47%	12.79%	12.1%	12.15%	11.8%	12.13%	11.8%	12.01%	11.84%	11.9%
Earnings before Tax (EBT) ¹	2,490	2,061	330	2,099	2,190	1,994	2,006	1,953	2,145	1,835	1,829	1,780	1,998	1,724	1,786
Net income ¹	2,049	1,733	309	1,778	1,912	1,689	1,681	1,684	1,866	1,545	1,540	1,513	1,673	1,518	1,562
Net margin	11.56%	11.58%	2%	10.72%	10.07%	11.17%	10.07%	9.98%	9.89%	8.99%	9.07%	8.74%	9.08%	8.63%	8.9%
EPS ²	7.470	6.440	1.160	6.710	7.400	6.610	6.630	6.730	7.580	6.390	6.452	6.422	7.121	6.557	6.826
Dividend per Share ²	2.800	2.800	2.800	2.800	2.800	3.000	3.000	3.150	-	-	3.167	3.222	3.301	3.307	3.286
Announcement Date	25/01/22	19/04/22	19/07/22	18/10/22	24/01/23	18/04/23	18/07/23	17/10/23	23/01/24	23/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,140	9,009	8,072	12,882	16,017	16,904	16,793	16,663
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.144 x	0.9069 x	0.7697 x	1.321 x	1.612 x	1.728 x	1.648 x	1.576 x
Free Cash Flow ¹	5,827	6,417	7,699	6,132	6,229	6,219	6,155	6,408
ROE (net income / shareholders' equity)	177%	151%	74.4%	71.3%	86%	97.8%	105%	110%
ROA (Net income/ Total Assets)	13.5%	14%	12.4%	11%	13.1%	11.8%	12.3%	12.9%
Assets ¹	46,202	48,727	50,791	51,877	52,668	53,291	53,127	52,448
Book Value Per Share ²	11.20	21.60	40.40	36.50	27.20	26.40	28.80	32.80
Cash Flow per Share ²	25.80	29.10	33.20	29.50	31.50	32.80	35.20	36.90
Capex ¹	1,484	1,766	1,522	1,670	1,691	1,752	1,805	1,869
Capex / Sales	2.48%	2.7%	2.27%	2.53%	2.5%	2.52%	2.5%	2.5%
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lockheed Martin Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

466.2 USD

Average target price

487.5 USD

Spread / Average Target

+4.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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