Question 1

What is Lockheed Martin's P/B ratio?

Accepted Answer

Lockheed Martin (LMT) P/B ratio is 15.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Lockheed Martin specifically, the relevant sector benchmark is the current sector median of 4.6×.

Question 5

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

Accepted Answer

Lockheed Martin's P/B ratio of 15.9× is above its own 5-year average of 14.6× and above the sector median of 4.6×. That places the current reading at the 55th 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/B ratio range?

Accepted Answer

In the available daily series, Lockheed Martin (LMT) P/B ratio has ranged from a low of 2.9× in 2004 to a high of 763.6× in 2012. The 5-year average is 14.6× and the 5-year median is 15.9×.

Question 7

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

Accepted Answer

Lockheed Martin (LMT) P/B ratio at the end of 2025 was 16.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$6.72B	16.6×	-1.5×	Dec 31, 2025
2024	$115B	$6.33B	18.1×	+1.8×	Dec 31, 2024
2023	$111B	$6.84B	16.3×	+2.8×	Dec 31, 2023
2022	$125B	$9.27B	13.5×	+4.6×	Dec 31, 2022
2021	$97.1B	$11B	8.9×	-7.6×	Dec 31, 2021
2020	$99.3B	$6.02B	16.5×	-18.5×	Dec 31, 2020
2019	$110B	$3.13B	35.0×	-18.1×	Dec 31, 2019
2018	$74.1B	$1.39B	53.2×	—	Dec 31, 2018
2017	$91.8B	-$683M	—	—	Dec 31, 2017
2016	$72.9B	$1.51B	48.3×	+26.8×	Dec 31, 2016
2015	$66.4B	$3.1B	21.4×	+3.6×	Dec 31, 2015
2014	$60.7B	$3.4B	17.8×	+8.2×	Dec 31, 2014
2013	$47.6B	$4.92B	9.7×	-754.0×	Dec 31, 2013
2012	$29.8B	$39M	763.6×	+737.6×	Dec 31, 2012
2011	$26.1B	$1B	26.1×	+19.4×	Dec 31, 2011
2010	$24.7B	$3.71B	6.7×	-0.2×	Dec 31, 2010
2009	$28.5B	$4.13B	6.9×	-4.7×	Dec 31, 2009
2008	$33.3B	$2.87B	11.6×	+7.2×	Dec 31, 2008
2007	$43.4B	$9.81B	4.4×	-1.2×	Dec 31, 2007
2006	$38.7B	$6.88B	5.6×	+2.1×	Dec 31, 2006
2005	$27.6B	$7.87B	3.5×	+0.0×	Dec 31, 2005
2004	$24.4B	$7.02B	3.5×	+0.1×	Dec 31, 2004
2003	$22.7B	$6.76B	3.4×	-1.0×	Dec 31, 2003
2002	$25.8B	$5.87B	4.4×	—	Dec 31, 2002


Thomson Reuters (TRI)	3.3×
Snap-on (SNA)	3.2×
Ingersoll Rand (IR)	3.1×
PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Delta Air Lines (DAL)	2.8×
United Airlines Holdings (UAL)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.6×
Upwork (UPWK)	2.5×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Serve Robotics (SERV)	2.0×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Andersons (ANDE)	1.9×
Archer Aviation (ACHR)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
Redwire (RDW)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×

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

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

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

About P/B Ratio at Lockheed Martin (LMT)

Lockheed Martin P/B Ratio by Year

Lockheed Martin P/B Ratio 2025: 16.6×

Lockheed Martin P/B Ratio 2024: 18.1×

Lockheed Martin P/B Ratio 2023: 16.3×

Lockheed Martin P/B Ratio 2022: 13.5×

Lockheed Martin P/B Ratio 2021: 8.9×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Lockheed Martin (LMT) Key Financials