Stock Analysis on Net

Lockheed Martin Corp. (NYSE:LMT)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Lockheed Martin Corp., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 8.07 8.27 8.83 9.07 9.07
Net fixed asset turnover (including operating lease, right-of-use asset) 7.14 7.27 7.54 7.96 7.88
Total asset turnover 1.29 1.25 1.32 1.29 1.26
Equity turnover 9.89 7.12 6.12 10.87 19.13

Based on: 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), 10-K (reporting date: 2019-12-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Lockheed Martin Corp. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Lockheed Martin Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Lockheed Martin Corp. total asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Lockheed Martin Corp. equity turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover

Lockheed Martin Corp., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 67,571 65,984 67,044 65,398 59,812
Property, plant and equipment, net 8,370 7,975 7,597 7,213 6,591
Long-term Activity Ratio
Net fixed asset turnover1 8.07 8.27 8.83 9.07 9.07
Benchmarks
Net Fixed Asset Turnover, Competitors2
Boeing Co. 7.30 6.31 5.70 4.92 6.12
Caterpillar Inc. 5.04 4.70 3.99 3.15 3.93
Eaton Corp. plc 6.57 6.59 6.41 6.02 6.12
GE Aerospace 6.06 5.96 5.47 1.75 2.02
Honeywell International Inc. 6.48 6.48 6.18 5.86 6.89
RTX Corp. 4.38 4.42 4.30 3.78 6.04
Net Fixed Asset Turnover, Sector
Capital Goods 5.98 5.79 5.46 3.55 4.23
Net Fixed Asset Turnover, Industry
Industrials 3.16 3.22 3.04 2.41 2.76

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 67,571 ÷ 8,370 = 8.07

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Lockheed Martin Corp. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Lockheed Martin Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 67,571 65,984 67,044 65,398 59,812
 
Property, plant and equipment, net 8,370 7,975 7,597 7,213 6,591
ROU operating lease assets 1,100 1,100 1,300 1,000 1,000
Property, plant and equipment, net (including operating lease, right-of-use asset) 9,470 9,075 8,897 8,213 7,591
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 7.14 7.27 7.54 7.96 7.88
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Boeing Co. 6.30 5.55 5.04 4.45 5.59
Caterpillar Inc. 4.83 4.49 3.79 3.00 3.75
Eaton Corp. plc 5.55 5.58 5.60 5.26 5.44
GE Aerospace 5.17 5.08 4.55 1.63 1.89
Honeywell International Inc. 5.50 5.58 5.28 5.15 6.12
RTX Corp. 3.96 3.95 3.80 3.36 5.02
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Capital Goods 5.31 5.13 4.80 3.25 3.86
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials 2.72 2.77 2.62 2.13 2.57

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 67,571 ÷ 9,470 = 7.14

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Lockheed Martin Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

Lockheed Martin Corp., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 67,571 65,984 67,044 65,398 59,812
Total assets 52,456 52,880 50,873 50,710 47,528
Long-term Activity Ratio
Total asset turnover1 1.29 1.25 1.32 1.29 1.26
Benchmarks
Total Asset Turnover, Competitors2
Boeing Co. 0.57 0.49 0.45 0.38 0.57
Caterpillar Inc. 0.73 0.69 0.58 0.50 0.65
Eaton Corp. plc 0.60 0.59 0.58 0.56 0.65
GE Aerospace 0.40 0.39 0.36 0.29 0.33
Honeywell International Inc. 0.60 0.57 0.53 0.51 0.63
RTX Corp. 0.43 0.42 0.40 0.35 0.55
Total Asset Turnover, Sector
Capital Goods 0.57 0.54 0.50 0.43 0.54
Total Asset Turnover, Industry
Industrials 0.67 0.66 0.60 0.51 0.61

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 67,571 ÷ 52,456 = 1.29

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Lockheed Martin Corp. total asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Equity Turnover

Lockheed Martin Corp., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 67,571 65,984 67,044 65,398 59,812
Stockholders’ equity 6,835 9,266 10,959 6,015 3,127
Long-term Activity Ratio
Equity turnover1 9.89 7.12 6.12 10.87 19.13
Benchmarks
Equity Turnover, Competitors2
Boeing Co.
Caterpillar Inc. 3.28 3.57 2.92 2.55 3.48
Eaton Corp. plc 1.22 1.22 1.20 1.20 1.33
GE Aerospace 2.36 2.02 1.76 2.05 3.09
Honeywell International Inc. 2.31 2.12 1.85 1.86 1.98
RTX Corp. 1.15 0.92 0.88 0.78 1.84
Equity Turnover, Sector
Capital Goods 3.07 2.54 2.28 2.39 3.60
Equity Turnover, Industry
Industrials 3.22 2.94 2.58 2.75 3.53

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Equity turnover = Net sales ÷ Stockholders’ equity
= 67,571 ÷ 6,835 = 9.89

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Lockheed Martin Corp. equity turnover ratio improved from 2021 to 2022 and from 2022 to 2023.