ℹ️ How are these calculated?
🎯 Investment Thesis
$194B backlog, largest in defense history. All 5 analysts just raised PTs (Feb 2-5): Citi $673, TD Cowen $670, UBS $663, Jefferies $630. Up 26%+ in 2026 already — one of the hottest "dividend stocks" this year. Goldman Sachs is the lone Sell ($517) but even they raised their PT. Defense premium is earned, not speculative.
⚠️ Key Risk
Goldman Sell at $517 implies 18% downside — they see the defense premium as overdone. Analyst consensus is unanimously Hold/Neutral (except Goldman Sell) — nobody is bullish enough to rate Buy. At $628, only 3% below ATH. White House restricting defense CEO pay/buybacks. Diplomatic breakthrough = sharp pullback.
By The Numbers
Event Impact
AI-integrated weapons systems growing but small revenue contributor.
$194B backlog. F-35, THAAD, Golden Dome. Primary defense spending beneficiary.
Minor quantum defense research contracts.
Taiwan contingency drives Pacific military buildup.
Defense spending largely insulated from rates. $19.2B debt but stable cash flows cover it. Weaker dollar mild negative for foreign procurement costs.
No energy grid relevance.
Largest defense contractor. $194B backlog directly tied to $961.6B defense budget. Golden Dome missile shield is next major program. DOGE targeting contractor pay but LMT is hardware, not consulting.
Price Targets
Upcoming Catalysts
Competitive Landscape
Broader with commercial aerospace; LMT more pure defense
Company Background
World's largest defense contractor. F-35, THAAD, Aegis, Trident. Formed 1995 from Lockheed + Martin Marietta merger.