NYSE · Defense prime · F-35, PAC-3, missiles
Lockheed Martin
The world's largest defense prime. FY2025 net sales were $75.05 billion (up 5.6%) with a record $193.6 billion backlog. The US government provides 72% of sales (63% from the Department of War) and the F-35 program alone 27%. It spans PAC-3 interceptors, missile defense and space (satellites, OPIR), and participates in MACH-TB hypersonic test-bed payload integration. It sits at the demand apex of the defense chain, flowing DoD budgets down to Kratos, Mercury, Teledyne, Karman and L3Harris (Aerojet).
LMT Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Lockheed Martin is directly linked to 8 companies (7 supply, 1 revenue relationships) and reaches 14 companies within two hops; the links are backed by 17 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 net sales $75.05B (+5.6%), backlog $193.6B
- Customer concentration · US government 72% (DoW 63%), F-35 27%
- Segments · Aeronautics (F-35) · Missiles (PAC-3) · Space/rotary
Revenue from
- US DoD · allies (F-35 · missiles) High confidence· Revenue share 72% · FY2025 · US government share of sales (63% from DoW), F-35 alone 27%
F-35, PAC-3 and missile defense to the DoD and allies. - Space · missile defense (government) Medium confidence
Space and missile-defense systems. - Korea Aerospace Industries Medium confidence
Co-development partner on the T-50/FA-50 family. Lockheed Martin provided avionics and fly-by-wire technology and jointly markets the aircraft abroad (2022 teaming agreement).Confirms EN Lockheed Martin Published Jun 13, 2022: Lockheed Martin, KAI Sign New Teaming Agreement for T-50 Opportunities
Pays to
- Moog High confidence· Contract value $400M · 3년 생산계약 · F-35 actuation systems supply
Lockheed Martin sources the F-35's primary flight control (EHAS), leading-edge flap and wingfold actuation systems from Moog, a key subcontract worth over $400M for three years of production as disclosed in 2019. - Firefly Aerospace High confidence· launch commitment 25 launches (최대) · 2024~2029 · Alpha multi-launch agreement (value undisclosed)
Lockheed Martin buys multi-launch capacity on Firefly's Alpha rocket: a June 2024 agreement covers up to 25 missions over five years (15 reservations plus 10 options) to routinely launch its spacecraft and new payload technologies to LEO.Confirms EN Spaceflight Now Published May 4, 2026: Lockheed Martin joins collaboration with Firefly Aerospace and Seagate for off-shore launchesConfirms EN U.S. SEC EDGAR Published Mar 20, 2026: Firefly Aerospace Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN Lockheed Martin Published Jun 5, 2024: Lockheed Martin Purchases Up to 25 Rocket Launches from Firefly Aerospace - Kratos Defense Medium confidence
Subcontracts hypersonic testing and target drones to Kratos. - Mercury Systems Medium confidence
Sources mission computing and RF subsystems from Mercury. - Teledyne Technologies Medium confidence
Sources EO/IR and space IR sensors from Teledyne. - Karman Holdings Medium confidence
Sources missile/hypersonic propulsion and payload from Karman. - L3Harris Medium confidence
L3Harris's Aerojet Rocketdyne segment supplies solid rocket motors and propulsion systems to missile programs where Lockheed Martin is prime, including PAC-3 MSE, THAAD and GMLRS. L3Harris is expanding SRM capacity in Huntsville and elsewhere to meet surging demand; individual contract values are not disclosed.Mentions EN L3Harris Published Aug 1, 2025: L3Harris Expanding Huntsville Solid Rocket Motor FacilityConfirms EN Breaking Defense Published Apr 7, 2025: Raytheon awards Northrop, Nammo solid rocket motor development contractsMentions EN Army Technology Published May 20, 2024: Aerojet Rocketdyne to accelerate solid rocket motors in missiles - semiconductors · materials (undisclosed) Low confidence
Defense electronics, semiconductors and materials.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Airbus | lead2 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Boeing | lead2 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| Korea Aerospace Industries | lead1 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -14 |
| Lockheed Martin | node | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +9.5 |
| Moog | benef1 | +3.4 | +9.8 | +66.6 | +36.8 | +24.5 | +67.5 |
| Mercury Systems | benef1 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| Firefly Aerospace | benef1 | · | · | · | · | · | +7.7 |
| L3Harris | benef1 | +15 | -0.5 | +3.7 | +1.9 | +42.3 | -0.2 |
| Kratos Defense | benef1 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Teledyne Technologies | benef2 | +11.5 | -8.5 | +11.6 | +4 | +10 | +24.3 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| SpaceX | benef2 | · | · | · | · | · | +0.7 |
| Northrop Grumman | benef2 | +29.3 | +43 | -12.8 | +1.9 | +23.6 | -4.6 |
| Karman Holdings | benef2 | · | · | · | · | · | -31.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The world's largest defense prime, with record FY2025 net sales of $75.05B (+5.6%) and a $193.6B backlog, where the US government is 72% of sales (63% from the Department of War) and the F-35 alone 27% — the apex of government demand. It flows DoD budgets down to subcontractors and parts makers — Moog (F-35 actuation, $400M+), L3Harris (PAC-3 MSE solid motors), Kratos, Mercury, Teledyne, Karman — so its volume ripples across the whole defense-parts chain. Growth drivers are missile-defense, hypersonic and space (OPIR) demand plus sustained F-35 production; risks are the budget/procurement cycle and upstream bottlenecks like solid rocket motors. On the graph, this node is a defense demand hub that, from the F-35 and PAC-3 apex, pulls in a broad subcontractor layer.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 3 · Sell 0 · Avg. target $600 · Price $523.3 (07-11) · Upside +15%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Jefferies | Hold | $640 | Jul 4, 2026 | Report ↗ |
| Citi · John Godyn | Buy | $582 | Jul 1, 2026 | Report ↗ |
| UBS | Neutral | $663 | Feb 2, 2026 | Report ↗ |
| JPMorgan | Neutral | $515 | Dec 19, 2025 | Report ↗ |
Jefferies raised its target to $640 from $630 but kept Hold, noting the stock trades at ~14x 2027 consensus EBITDA, an 8% premium to its three-year average, while expecting full-year guidance to hold despite Q1 headwinds.
Analyses covering this node
- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026
- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026
- Many clocks: the information a single average erases Jun 23, 2026