Stock Analysis on Net
Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Lockheed Martin Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 29, 2024 92.71% = 12.02% × 7.71
Jun 30, 2024 109.09% = 12.23% × 8.92
Mar 31, 2024 101.89% = 12.33% × 8.27
Dec 31, 2023 101.24% = 13.19% × 7.67
Sep 24, 2023 75.11% = 12.29% × 6.11
Jun 25, 2023 76.41% = 12.39% × 6.17
Mar 26, 2023 58.97% = 10.41% × 5.66
Dec 31, 2022 61.86% = 10.84% × 5.71
Sep 25, 2022 49.05% = 11.28% × 4.35
Jun 26, 2022 41.16% = 9.09% × 4.53
Mar 27, 2022 62.10% = 12.06% × 5.15
Dec 31, 2021 57.62% = 12.41% × 4.64
Sep 26, 2021 62.90% = 11.69% × 5.38
Jun 27, 2021 109.51% = 13.71% × 7.99
Mar 28, 2021 110.16% = 13.52% × 8.15
Dec 31, 2020 113.60% = 13.47% × 8.43
Sep 27, 2020 132.02% = 12.88% × 10.25
Jun 28, 2020 171.93% = 13.00% × 13.22
Mar 29, 2020 181.17% = 12.68% × 14.29
Dec 31, 2019 199.23% = 13.11% × 15.20
Sep 29, 2019 — = — × 12.66
Jun 30, 2019 — = — × 16.79
Mar 31, 2019 — = — × 19.34

Based on: 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Lockheed Martin Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 29, 2024 92.71% = 9.36% × 1.28 × 7.71
Jun 30, 2024 109.09% = 9.48% × 1.29 × 8.92
Mar 31, 2024 101.89% = 9.73% × 1.27 × 8.27
Dec 31, 2023 101.24% = 10.24% × 1.29 × 7.67
Sep 24, 2023 75.11% = 10.29% × 1.19 × 6.11
Jun 25, 2023 76.41% = 10.48% × 1.18 × 6.17
Mar 26, 2023 58.97% = 8.60% × 1.21 × 5.66
Dec 31, 2022 61.86% = 8.69% × 1.25 × 5.71
Sep 25, 2022 49.05% = 9.07% × 1.24 × 4.35
Jun 26, 2022 41.16% = 7.33% × 1.24 × 4.53
Mar 27, 2022 62.10% = 9.45% × 1.28 × 5.15
Dec 31, 2021 57.62% = 9.42% × 1.32 × 4.64
Sep 26, 2021 62.90% = 9.13% × 1.28 × 5.38
Jun 27, 2021 109.51% = 10.69% × 1.28 × 7.99
Mar 28, 2021 110.16% = 10.53% × 1.28 × 8.15
Dec 31, 2020 113.60% = 10.45% × 1.29 × 8.43
Sep 27, 2020 132.02% = 10.18% × 1.27 × 10.25
Jun 28, 2020 171.93% = 10.25% × 1.27 × 13.22
Mar 29, 2020 181.17% = 10.21% × 1.24 × 14.29
Dec 31, 2019 199.23% = 10.42% × 1.26 × 15.20
Sep 29, 2019 — = — × — × 12.66
Jun 30, 2019 — = — × — × 16.79
Mar 31, 2019 — = — × — × 19.34

Based on: 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Lockheed Martin Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 29, 2024 92.71% = 0.85 × 0.88 × 12.44% × 1.28 × 7.71
Jun 30, 2024 109.09% = 0.85 × 0.89 × 12.51% × 1.29 × 8.92
Mar 31, 2024 101.89% = 0.85 × 0.89 × 12.79% × 1.27 × 8.27
Dec 31, 2023 101.24% = 0.85 × 0.90 × 13.34% × 1.29 × 7.67
Sep 24, 2023 75.11% = 0.86 × 0.90 × 13.31% × 1.19 × 6.11
Jun 25, 2023 76.41% = 0.85 × 0.91 × 13.45% × 1.18 × 6.17
Mar 26, 2023 58.97% = 0.86 × 0.91 × 11.04% × 1.21 × 5.66
Dec 31, 2022 61.86% = 0.86 × 0.91 × 11.07% × 1.25 × 5.71
Sep 25, 2022 49.05% = 0.84 × 0.92 × 11.66% × 1.24 × 4.35
Jun 26, 2022 41.16% = 0.85 × 0.91 × 9.54% × 1.24 × 4.53
Mar 27, 2022 62.10% = 0.84 × 0.93 × 12.11% × 1.28 × 5.15
Dec 31, 2021 57.62% = 0.84 × 0.93 × 12.11% × 1.32 × 4.64
Sep 26, 2021 62.90% = 0.84 × 0.93 × 11.79% × 1.28 × 5.38
Jun 27, 2021 109.51% = 0.83 × 0.94 × 13.69% × 1.28 × 7.99
Mar 28, 2021 110.16% = 0.83 × 0.93 × 13.55% × 1.28 × 8.15
Dec 31, 2020 113.60% = 0.84 × 0.93 × 13.41% × 1.29 × 8.43
Sep 27, 2020 132.02% = 0.84 × 0.93 × 13.11% × 1.27 × 10.25
Jun 28, 2020 171.93% = 0.85 × 0.93 × 13.07% × 1.27 × 13.22
Mar 29, 2020 181.17% = 0.85 × 0.92 × 13.02% × 1.24 × 14.29
Dec 31, 2019 199.23% = 0.86 × 0.92 × 13.20% × 1.26 × 15.20
Sep 29, 2019 — = — × — × — × — × 12.66
Jun 30, 2019 — = — × — × — × — × 16.79
Mar 31, 2019 — = — × — × — × — × 19.34

Based on: 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Lockheed Martin Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 29, 2024 12.02% = 9.36% × 1.28
Jun 30, 2024 12.23% = 9.48% × 1.29
Mar 31, 2024 12.33% = 9.73% × 1.27
Dec 31, 2023 13.19% = 10.24% × 1.29
Sep 24, 2023 12.29% = 10.29% × 1.19
Jun 25, 2023 12.39% = 10.48% × 1.18
Mar 26, 2023 10.41% = 8.60% × 1.21
Dec 31, 2022 10.84% = 8.69% × 1.25
Sep 25, 2022 11.28% = 9.07% × 1.24
Jun 26, 2022 9.09% = 7.33% × 1.24
Mar 27, 2022 12.06% = 9.45% × 1.28
Dec 31, 2021 12.41% = 9.42% × 1.32
Sep 26, 2021 11.69% = 9.13% × 1.28
Jun 27, 2021 13.71% = 10.69% × 1.28
Mar 28, 2021 13.52% = 10.53% × 1.28
Dec 31, 2020 13.47% = 10.45% × 1.29
Sep 27, 2020 12.88% = 10.18% × 1.27
Jun 28, 2020 13.00% = 10.25% × 1.27
Mar 29, 2020 12.68% = 10.21% × 1.24
Dec 31, 2019 13.11% = 10.42% × 1.26
Sep 29, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Lockheed Martin Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 29, 2024 12.02% = 0.85 × 0.88 × 12.44% × 1.28
Jun 30, 2024 12.23% = 0.85 × 0.89 × 12.51% × 1.29
Mar 31, 2024 12.33% = 0.85 × 0.89 × 12.79% × 1.27
Dec 31, 2023 13.19% = 0.85 × 0.90 × 13.34% × 1.29
Sep 24, 2023 12.29% = 0.86 × 0.90 × 13.31% × 1.19
Jun 25, 2023 12.39% = 0.85 × 0.91 × 13.45% × 1.18
Mar 26, 2023 10.41% = 0.86 × 0.91 × 11.04% × 1.21
Dec 31, 2022 10.84% = 0.86 × 0.91 × 11.07% × 1.25
Sep 25, 2022 11.28% = 0.84 × 0.92 × 11.66% × 1.24
Jun 26, 2022 9.09% = 0.85 × 0.91 × 9.54% × 1.24
Mar 27, 2022 12.06% = 0.84 × 0.93 × 12.11% × 1.28
Dec 31, 2021 12.41% = 0.84 × 0.93 × 12.11% × 1.32
Sep 26, 2021 11.69% = 0.84 × 0.93 × 11.79% × 1.28
Jun 27, 2021 13.71% = 0.83 × 0.94 × 13.69% × 1.28
Mar 28, 2021 13.52% = 0.83 × 0.93 × 13.55% × 1.28
Dec 31, 2020 13.47% = 0.84 × 0.93 × 13.41% × 1.29
Sep 27, 2020 12.88% = 0.84 × 0.93 × 13.11% × 1.27
Jun 28, 2020 13.00% = 0.85 × 0.93 × 13.07% × 1.27
Mar 29, 2020 12.68% = 0.85 × 0.92 × 13.02% × 1.24
Dec 31, 2019 13.11% = 0.86 × 0.92 × 13.20% × 1.26
Sep 29, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Lockheed Martin Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 29, 2024 9.36% = 0.85 × 0.88 × 12.44%
Jun 30, 2024 9.48% = 0.85 × 0.89 × 12.51%
Mar 31, 2024 9.73% = 0.85 × 0.89 × 12.79%
Dec 31, 2023 10.24% = 0.85 × 0.90 × 13.34%
Sep 24, 2023 10.29% = 0.86 × 0.90 × 13.31%
Jun 25, 2023 10.48% = 0.85 × 0.91 × 13.45%
Mar 26, 2023 8.60% = 0.86 × 0.91 × 11.04%
Dec 31, 2022 8.69% = 0.86 × 0.91 × 11.07%
Sep 25, 2022 9.07% = 0.84 × 0.92 × 11.66%
Jun 26, 2022 7.33% = 0.85 × 0.91 × 9.54%
Mar 27, 2022 9.45% = 0.84 × 0.93 × 12.11%
Dec 31, 2021 9.42% = 0.84 × 0.93 × 12.11%
Sep 26, 2021 9.13% = 0.84 × 0.93 × 11.79%
Jun 27, 2021 10.69% = 0.83 × 0.94 × 13.69%
Mar 28, 2021 10.53% = 0.83 × 0.93 × 13.55%
Dec 31, 2020 10.45% = 0.84 × 0.93 × 13.41%
Sep 27, 2020 10.18% = 0.84 × 0.93 × 13.11%
Jun 28, 2020 10.25% = 0.85 × 0.93 × 13.07%
Mar 29, 2020 10.21% = 0.85 × 0.92 × 13.02%
Dec 31, 2019 10.42% = 0.86 × 0.92 × 13.20%
Sep 29, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in net profit margin ratio over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.