Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Lockheed Martin Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	11,067)	10,799)	10,780)	10,813)	10,806)
Customer programs	3,186)	3,186)	3,186)	3,184)	3,184)
Customer relationships	94)	94)	94)	120)	366)
Other	156)	72)	72)	76)	85)
Finite-lived intangibles, gross carrying amount	3,436)	3,352)	3,352)	3,380)	3,635)
Accumulated amortization	(2,258)	(2,027)	(1,780)	(1,561)	(1,510)
Finite-lived intangibles, net carrying amount	1,178)	1,325)	1,572)	1,819)	2,125)
Trademark	837)	887)	887)	887)	887)
Indefinite-lived intangibles	837)	887)	887)	887)	887)
Acquired intangibles	2,015)	2,212)	2,459)	2,706)	3,012)
Goodwill and acquired intangibles	13,082)	13,011)	13,239)	13,519)	13,818)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Lockheed Martin Corp. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Acquired intangibles	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Lockheed Martin Corp. acquired intangibles decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and acquired intangibles	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Lockheed Martin Corp. goodwill and acquired intangibles decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Lockheed Martin Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	55,617)	52,456)	52,880)	50,873)	50,710)
Less: Goodwill	11,067)	10,799)	10,780)	10,813)	10,806)
Total assets (adjusted)	44,550)	41,657)	42,100)	40,060)	39,904)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	6,333)	6,835)	9,266)	10,959)	6,015)
Less: Goodwill	11,067)	10,799)	10,780)	10,813)	10,806)
Stockholders’ equity (adjusted)	(4,734)	(3,964)	(1,514)	146)	(4,791)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Lockheed Martin Corp., Financial Data: Reported vs. Adjusted

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Lockheed Martin Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	1.28	1.29	1.25	1.32	1.29
Adjusted total asset turnover	1.59	1.62	1.57	1.67	1.64
Financial Leverage
Reported financial leverage	8.78	7.67	5.71	4.64	8.43
Adjusted financial leverage	—	—	—	274.38	—
Return on Equity (ROE)
Reported ROE	84.26%	101.24%	61.86%	57.62%	113.60%
Adjusted ROE	—	—	—	4,325.34%	—
Return on Assets (ROA)
Reported ROA	9.59%	13.19%	10.84%	12.41%	13.47%
Adjusted ROA	11.98%	16.61%	13.62%	15.76%	17.12%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Lockheed Martin Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Lockheed Martin Corp. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Lockheed Martin Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales	71,043)	67,571)	65,984)	67,044)	65,398)
Total assets	55,617)	52,456)	52,880)	50,873)	50,710)
Activity Ratio
Total asset turnover¹	1.28	1.29	1.25	1.32	1.29
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales	71,043)	67,571)	65,984)	67,044)	65,398)
Adjusted total assets	44,550)	41,657)	42,100)	40,060)	39,904)
Activity Ratio
Adjusted total asset turnover²	1.59	1.62	1.57	1.67	1.64

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 71,043 ÷ 55,617 = 1.28

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 71,043 ÷ 44,550 = 1.59

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Lockheed Martin Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	55,617)	52,456)	52,880)	50,873)	50,710)
Stockholders’ equity	6,333)	6,835)	9,266)	10,959)	6,015)
Solvency Ratio
Financial leverage¹	8.78	7.67	5.71	4.64	8.43
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	44,550)	41,657)	42,100)	40,060)	39,904)
Adjusted stockholders’ equity	(4,734)	(3,964)	(1,514)	146)	(4,791)
Solvency Ratio
Adjusted financial leverage²	—	—	—	274.38	—

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 55,617 ÷ 6,333 = 8.78

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 44,550 ÷ -4,734 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	5,336)	6,920)	5,732)	6,315)	6,833)
Stockholders’ equity	6,333)	6,835)	9,266)	10,959)	6,015)
Profitability Ratio
ROE¹	84.26%	101.24%	61.86%	57.62%	113.60%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings	5,336)	6,920)	5,732)	6,315)	6,833)
Adjusted stockholders’ equity	(4,734)	(3,964)	(1,514)	146)	(4,791)
Profitability Ratio
Adjusted ROE²	—	—	—	4,325.34%	—

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net earnings ÷ Stockholders’ equity
= 100 × 5,336 ÷ 6,333 = 84.26%

² Adjusted ROE = 100 × Net earnings ÷ Adjusted stockholders’ equity
= 100 × 5,336 ÷ -4,734 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	5,336)	6,920)	5,732)	6,315)	6,833)
Total assets	55,617)	52,456)	52,880)	50,873)	50,710)
Profitability Ratio
ROA¹	9.59%	13.19%	10.84%	12.41%	13.47%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings	5,336)	6,920)	5,732)	6,315)	6,833)
Adjusted total assets	44,550)	41,657)	42,100)	40,060)	39,904)
Profitability Ratio
Adjusted ROA²	11.98%	16.61%	13.62%	15.76%	17.12%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net earnings ÷ Total assets
= 100 × 5,336 ÷ 55,617 = 9.59%

² Adjusted ROA = 100 × Net earnings ÷ Adjusted total assets
= 100 × 5,336 ÷ 44,550 = 11.98%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Lockheed Martin Corp. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Lockheed Martin Corp. (NYSE:LMT)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Lockheed Martin Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Lockheed Martin Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)