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Lockheed Martin: Why I Still See Attractive Upside

Writer: Brigette Mwaura
Brigette Mwaura
Sep 1
8 min read

Summary 

  • I am maintaining my STRONG BUY rating on Lockheed Martin. The company's record backlog, improving execution, and raised 2026 guidance reinforce my  bullish thesis.  


  • I believe future growth will be driven by missile-defense demand, F-35 production and sustainment, and broader military modernization efforts across the U.S. and allied nations.

     

  • Shares trade at roughly 15 to 16x FWD Non-GAAP earnings and around 12 to 13x FWD EV/EBITDA, which I view as reasonable for a company with Lockheed's competitive position and cash-flow profile. But it does not appear to fully reflect the company's backlog strength and earnings visibility.  

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Military helicopter flying toward camera over rocky desert mountains, rotors blurred, with armed pods visible.
Armed BLACK HAWK® Helicopter. Source: Lockheed Martin

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