Question 1

What is Lockheed Martin's P/FCF ratio?

Accepted Answer

Lockheed Martin (LMT) P/FCF ratio is 21.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Lockheed Martin?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Lockheed Martin specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Lockheed Martin's P/FCF ratio high or low?

Accepted Answer

Lockheed Martin's P/FCF ratio of 21.0× is above its own 5-year average of 19.3× and below the sector median of 24.3×. That places the current reading at the 77th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Lockheed Martin's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Lockheed Martin (LMT) P/FCF ratio has ranged from a low of 7.1× in 2009 to a high of 89.4× in 2018. The 5-year average is 19.3× and the 5-year median is 19.1×.

Question 7

What was Lockheed Martin's P/FCF ratio in 2025?

Accepted Answer

Lockheed Martin (LMT) P/FCF ratio at the end of 2025 was 16.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Lockheed Martin's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$112B	$6.91B	16.2×	-5.5×	Dec 31, 2025
2024	$115B	$5.29B	21.7×	+3.8×	Dec 31, 2024
2023	$111B	$6.23B	17.8×	-2.6×	Dec 31, 2023
2022	$125B	$6.13B	20.4×	+7.8×	Dec 31, 2022
2021	$97.1B	$7.7B	12.6×	-2.9×	Dec 31, 2021
2020	$99.3B	$6.42B	15.5×	-3.3×	Dec 31, 2020
2019	$110B	$5.83B	18.8×	-21.0×	Dec 31, 2019
2018	$74.1B	$1.86B	39.9×	+22.5×	Dec 31, 2018
2017	$91.8B	$5.3B	17.3×	-0.4×	Dec 31, 2017
2016	$72.9B	$4.13B	17.7×	+1.7×	Dec 31, 2016
2015	$66.4B	$4.16B	16.0×	-4.1×	Dec 31, 2015
2014	$60.7B	$3.02B	20.1×	+7.3×	Dec 31, 2014
2013	$47.6B	$3.71B	12.8×	-35.3×	Dec 31, 2013
2012	$29.8B	$619M	48.1×	+40.1×	Dec 31, 2012
2011	$26.1B	$3.27B	8.0×	-1.1×	Dec 31, 2011
2010	$24.7B	$2.73B	9.0×	-3.2×	Dec 31, 2010
2009	$28.5B	$2.32B	12.3×	+2.7×	Dec 31, 2009
2008	$33.3B	$3.5B	9.5×	-3.6×	Dec 31, 2008
2007	$43.4B	$3.3B	13.2×	-0.3×	Dec 31, 2007
2006	$38.7B	$2.89B	13.4×	+1.6×	Dec 31, 2006
2005	$27.6B	$2.33B	11.8×	+0.5×	Dec 31, 2005
2004	$24.4B	$2.16B	11.3×	-8.9×	Dec 31, 2004
2003	$22.7B	$1.12B	20.2×	+4.3×	Dec 31, 2003
2002	$25.8B	$1.63B	15.9×	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Lockheed Martin (LMT) 2002-2026

P/FCF Ratio daily chart for Lockheed Martin (LMT)

Historical P/FCF Ratio for Lockheed Martin (LMT) from 2002 to 2025

About P/FCF Ratio at Lockheed Martin (LMT)

Lockheed Martin P/FCF Ratio by Year

Lockheed Martin P/FCF Ratio 2025: 16.2×

Lockheed Martin P/FCF Ratio 2024: 21.7×

Lockheed Martin P/FCF Ratio 2023: 17.8×

Lockheed Martin P/FCF Ratio 2022: 20.4×

Lockheed Martin P/FCF Ratio 2021: 12.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Lockheed Martin (LMT) Key Financials