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- Lockheed Martin Rises 9% as Record Backlog Lifts Outlook; RTX Gains 2%, Northrop Grumman Advances 3%
Lockheed Martin shares rose 9% to $602.75 on Thursday after third-quarter results beat estimates and the company raised its 2026 outlook, supported by a record backlog of $292 billion. Sales reached $20.7 billion, up 11%, with earnings of $7.97 per share and free cash flow of $3.0 billion, while Missiles and Fire Control revenue jumped 24% on higher PAC-3 and THAAD production. The backlog includes roughly $52.5 billion tied to a multi-year PAC-3 interceptor award, and a 10-year framework with the U.S. Department of War covers 850 F-35 aircraft, though it is not yet a finalized contract. RTX rose 2% to $195.54 and Northrop Grumman gained 3% to $553.29, while the aerospace and defense ETF edged up 0.21% as the S&P 500 ETF fell 0.82%. The article notes that the sector's gains reflected broader interest rather than company-specific news from peers, and that defense stocks remain sensitive to budget cycles and contract timing.
- Why Lockheed Martin May Be an Underrated Stock to Buy Right Now
The article argues that Lockheed Martin (LMT) is an underrated stock, having risen about 15% this year while still offering good value. In 2022, when the market fell, its shares rose over 40% including dividends, while the S&P 500 posted a total return of negative 18%, helped by its close ties to the U.S. government and strong defense spending. In the quarter ended June 28, revenue reached $20.1 billion, up 11% year over year. The stock trades at a forward P/E of about 16, below the S&P 500 average of more than 19, and its dividend yields 2.6% versus roughly 1% for the index. Lockheed has raised its dividend for 24 consecutive years.
- Why Lockheed Martin May Be an Underrated Stock to Buy Right Now
The article argues that Lockheed Martin (LMT) can withstand market volatility, with its stock up about 15% this year while still offering good value. In 2022, when the market fell, LMT’s total return including dividends was over 40%, compared with a negative 18% for the S&P 500, helped by its close ties to the U.S. government and strong defense spending. In the quarter ended June 28, revenue reached $20.1 billion, up 11% year over year. The stock trades at a forward P/E of about 16, below the S&P 500’s more than 19, and its dividend yields 2.6% versus the index’s roughly 1%. The company has raised its dividend for 24 consecutive years, which the article cites as a reason to hold the stock long term.
- Lockheed Martin's $230 Billion Backlog, Explained
Lockheed Martin's backlog stands at $230 billion, nearly $37 billion above the end of 2025 and about 2.8 times the midpoint of its 2026 revenue guidance of $80.75 billion. Almost all of the increase came from the missiles and fire control (MFC) segment, which carries the company's highest profit margin, suggesting improving backlog margins. Growth was driven by mature systems, including a $35 billion THAAD interceptor award in June and a $4.7 billion PAC-3 contract, where the main risk is manufacturing at scale rather than development. A $53.86 billion PAC-3 order placed after the second quarter is not included in the $230 billion figure. The author concludes the backlog is lower-risk and potentially higher-margin than in past years, supporting the investment case.
- Why Lockheed Martin Stock Keeps Going Up
UBS analyst Gavin Parsons upgraded Lockheed Martin to “buy” with a $674 price target, implying 26% upside, as sales of missiles, munitions, F-35 fighters, helicopters and Trident missiles drive 9% sales growth over the next few years. The stock rose another 2.5% by 1:10 p.m. ET, its third straight gain. In a new note, Parsons reiterated that the Missiles and Fire Control (MFC) division could grow 150% in size over five years, with sales rising 20% annually through 2030, and PAC-3, THAAD and JASSM/LRASM adding $7bn, $5bn and $3bn respectively. UBS says few investors expect such growth, so Lockheed could keep delivering positive earnings surprises. MFC's 13% operating margin, above the company's 10.7%, suggests profits could grow faster than the 17% Wall Street expects, and the author considers the stock attractive at under 20 times earnings.
- Why Lockheed Martin Stock Popped Today
Lockheed Martin (LMT) shares rose 3.3% by Wednesday afternoon after Vertical Research initiated coverage with a buy rating and a $600 price target. Earlier, Bernstein cut its price target to $564, citing worries about defense funding delays in Congress and an uncertain budget path. Vertical Research analyst Robert Stallard argues that spending on air-defense missiles looks secure, since the Iran war severely depleted Patriot stockpiles and Lockheed builds the Patriot. The stock is down 23% from its earlier-year highs and 14% over the past two months, and it trades below 20 times earnings with a 2.9% dividend yield and expected annual earnings growth above 17% over five years. The author says the price looks right to him.
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