Enterprise Value (EV)
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Lockheed Martin Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Current Enterprise Value (EV)
Lockheed Martin Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current maturities of long-term debt (per books) | |
| Add: Long-term debt, net, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Lockheed Martin Corp., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Lockheed Martin Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The enterprise value exhibited a generally increasing trend over the five-year period, although with some fluctuation. Initial growth was followed by a decline and subsequent recovery. A closer examination of the components reveals insights into these movements.
- Enterprise Value Trend
- Enterprise value increased from US$113.509 billion in 2021 to US$130.388 billion in 2022, representing a substantial gain. However, a decrease was observed in 2023, with enterprise value falling to US$122.260 billion. This downward movement was arrested in 2024, with a modest increase to US$125.464 billion. The most significant increase occurred between 2024 and 2025, with enterprise value reaching US$160.806 billion.
- Equity Value
- Common equity and total equity values were identical across all observed years, indicating that all equity was represented by common stock. These values mirrored the general trend of enterprise value, increasing from US$105.437 billion in 2021 to US$117.388 billion in 2022, decreasing to US$106.243 billion in 2023, slightly increasing to US$107.677 billion in 2024, and then experiencing a significant rise to US$143.227 billion in 2025. The fluctuations in equity value contribute to the overall changes in enterprise value.
- Total Equity and Debt
- Total equity and debt increased from US$117.113 billion in 2021 to US$132.935 billion in 2022, then decreased to US$123.702 billion in 2023. A slight increase to US$127.947 billion was noted in 2024, followed by a more substantial increase to US$164.927 billion in 2025. The changes in total equity and debt levels also influenced the enterprise value, as this metric is a key component in its calculation.
- Relationship between Components and EV
- The enterprise value consistently remained below the sum of total equity and debt, suggesting a potential discrepancy or the presence of other adjustments not reflected in the provided information. The largest increase in enterprise value in 2025 coincided with increases in both common equity and total equity and debt, indicating a strong correlation between these factors and the overall enterprise value.
In summary, the enterprise value demonstrated a period of growth, a subsequent decline, and a strong recovery, largely driven by changes in both equity value and total debt levels. The significant increase in 2025 warrants further investigation to understand the underlying drivers of this growth.