Lockheed Martin (LMT) analysis

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Health is the debt against programs, not against a budget already collected. Quality separates the F-35 margin from the other awards. Growth follows milestones collected, not the award headline. P/E is read against a year of many milestones, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as the only combat program.

The P/E of a year of many milestones is not the earnings if the program stretches. EV/EBITDA is read without adding the award not yet collected. Do not use RTX's multiple, which also sells civil engines, as if the fighter and the commercial engine were the same book. A dash if LMT is missing.

Limits of this report

Not advice on Lockheed Martin. Vaultflake does not describe the aircraft or other weapons, and does not treat the program as exclusive. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report