Lockheed Martin Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings	5,336)	6,920)	5,732)	6,315)	6,833)
Net noncash charges	1,799)	816)	2,655)	2,852)	1,268)
Changes in assets and liabilities	(163)	184)	(585)	54)	82)
Net cash provided by operating activities	6,972)	7,920)	7,802)	9,221)	8,183)
Capital expenditures	(1,685)	(1,691)	(1,670)	(1,522)	(1,766)
Issuance of long-term debt, net of related costs	2,970)	1,975)	6,211)	—)	1,131)
Repayments of long-term debt	(168)	(115)	(2,250)	(500)	(1,650)
Free cash flow to equity (FCFE)	8,089)	8,089)	10,093)	7,199)	5,898)

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
FCFE	Free cash flow to equity is the cash flow available to Lockheed Martin Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.

Lockheed Martin Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	235,385,902
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	8,089)
FCFE per share	34.36
Current share price (P)	436.29
Valuation Ratio
P/FCFE	12.70
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Caterpillar Inc.	16.14
Eaton Corp. plc	35.57
GE Aerospace	54.47
Honeywell International Inc.	8.70
RTX Corp.	82.10
P/FCFE, Sector
Capital Goods	23.47
P/FCFE, Industry
Industrials	27.04

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Lockheed Martin Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	235,385,902	241,643,304	255,297,298	272,326,925	280,103,431
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	8,089)	8,089)	10,093)	7,199)	5,898)
FCFE per share³	34.36	33.47	39.53	26.44	21.06
Share price^1, 4	457.45	439.67	459.81	387.17	327.93
Valuation Ratio
P/FCFE⁵	13.31	13.13	11.63	14.65	15.57
Benchmarks
P/FCFE, Competitors⁶
Boeing Co.	—	—	120.43	—	6.78
Caterpillar Inc.	16.33	14.39	24.03	16.36	25.22
Eaton Corp. plc	—	33.65	28.68	24.43	25.59
GE Aerospace	53.26	225.15	44.45	—	—
Honeywell International Inc.	8.35	26.10	27.59	46.23	12.59
RTX Corp.	85.26	7.05	26.71	35.07	—
P/FCFE, Sector
Capital Goods	—	20.26	25.94	—	74.91
P/FCFE, Industry
Industrials	—	24.32	25.12	—	40.73

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,089,000,000 ÷ 235,385,902 = 34.36

⁴ Closing price as at the filing date of Lockheed Martin Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 457.45 ÷ 34.36 = 13.31

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Lockheed Martin Corp. P/FCFE ratio increased from 2022 to 2023 and from 2023 to 2024.

Lockheed Martin Corp. (NYSE:LMT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical