LOCKHEED MARTIN CORP (LMT-N)

Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
341.44 (USD) 2.0M 396.99 15.8 11.20 83.1% 4.8% -8.0%
2021 November 19 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NEW YORK Exchange
94.2B 319.81 12.8 3.3% 66.3B 74.7% -3.6%

AVERAGE SCORE
NEUTRAL OUTLOOK: LMT's current score is Score Averages
relatively in-line with the market. Aerospace & Defense Group: 5.2 Mega Market Cap: 6.6
Industrial Goods Sector: 5.6 S&P 500 Index: 6.5

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GD 6 9 7 6 6
LMT 8 5 6 5 6
Neutral NOC 9 7 9 7 6
RTX 7 6 10 7 6
Negative
LHX 9 6 6 5 5
2018-11 2019-11 2020-11 2021-11

HIGHLIGHTS I/B/E/S MEAN

- The score for Lockheed Martin Corp improved slightly this week
from 5 to 6. Buy Mean recommendation from all analysts covering
23 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Price Momentum component score.
Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: -9.3% 5-Year Return: 29.8%

BUSINESS SUMMARY
Lockheed Martin Corporation is a security and aerospace company. It operates through four segments. Aeronautics segment is engaged in the
research, design, development, manufacture, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles
and related technologies. Missiles and Fire Control segment provides air and missile defense systems; fire control systems; manned and unmanned
ground vehicles, and energy management solutions. Rotary and Mission Systems segment provides design, manufacture, service and support for
various military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, sea and air-based mission and
combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions. Space segment is engaged in the
research and development, design, engineering and production of satellites, missile systems and space transportation systems.

Page 1 of 12
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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
Historically, companies with an Optimized Score
of 6 have tended to perform in-line with the
market over the following 12-month period.
PEER ANALYSIS
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine an
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large/mid cap stocks, Fundamental and Earnings
historically provided the most explanatory power among the factors and are weighted
heavily in the Optimized Score. Among the small/micro cap universe, Insider Trading
joined Fundamental and Earnings as the most significant factors to explain returns.
Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2021-11-19) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
6 RTX 85.43 -6.4% 2.5% 20.1% 127.9B 38.8 18.6 2.4% 5.2% 23.9% Buy 20
6 LMT 341.44 -8.0% -3.6% -9.3% 94.2B 15.8 12.8 3.3% 9.1% 4.8% Buy 22
6 NOC 353.13 -11.6% -2.2% 14.1% 56.0B 12.4 14.3 1.8% 12.4% 6.0% Buy 18
6 GD 196.31 -5.9% 0.4% 30.9% 54.8B 16.9 16.1 2.4% 8.6% 8.6% Buy 18
5 LHX 220.00 -9.1% -4.4% 12.4% 43.2B 29.1 16.6 1.9% 8.6% 8.9% Buy 21
6 AXON 181.94 -1.8% 0.2% 47.8% 12.5B -- 119.6 -- -2.4% -- Buy 11
6 HII 184.78 -11.8% -7.7% 13.9% 7.4B 11.1 13.8 2.6% 7.0% -- Hold 11
NR RKLB 15.50 25.4% 54.8% -- 7.0B -- -- -- -- -97.1% Buy 4
4 HXL 59.28 1.1% 9.7% 19.3% 5.0B 156.0 56.0 -- -1.8% 97.6% Hold 18
3 BWXT 51.36 -9.5% -4.7% -9.9% 4.7B 19.2 16.2 1.6% 12.2% 3.9% Buy 8
7 AJRD 42.87 -2.6% 2.0% 13.3% 3.5B 25.1 21.3 -- 6.5% -- Hold 3
5.5 Average 157.46 -3.6% 4.3% 15.3% 37.8B 36.0 30.5 2.3% 6.5% 7.1% Buy 14

PEER COMPANIES
RTX Raytheon Technologies Corp HII Huntington Ingalls Industries
NOC Northrop Grumman Corp RKLB Rocket Lab USA Inc
GD General Dynamics Corp HXL Hexcel Corp
LHX L3harris Technologies Inc BWXT BWX Technologies Inc
AXON Axon Enterprise Inc AJRD Aerojet Rocketdyne Holdings

Page 2 of 12
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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

EARNINGS Currency in USD

NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages

expectations and performance. Aerospace & Defense Group: 5.3 Mega Market Cap: 6.6
Industrial Goods Sector: 5.1 S&P 500 Index: 6.4

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive RTX 7 9 10 8 8
LMT 8 3 3 7 7
Neutral NOC 6 5 8 7 7
GD 3 9 6 4 4
Negative
LHX 6 4 4 2 3
2018-11 2019-11 2020-11 2021-11

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

NOC
RTX

RTX
LHX LMT
GD
LMT RTX
NOC
GD NOC
LMT

LHX
LHX
GD

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 2 # Up Revisions 9 # Broker Upgrades 1
# Negative Surprises (<-2%) 0 # Down Revisions 6 # Broker Downgrades 3
# In-Line Surprises (within 2%) 2 Avg Up Revisions 39.1%
Avg Surprise 4.1% Avg Down Revisions -26.1%

HIGHLIGHTS PRICE TARGET

- Lockheed Martin Corp currently has an Earnings Rating of 7, with two The chart indicates where analysts predict the stock price will be within
of three components rated as bullish (7 or greater). The average the next 12 months, as compared to the current price.
Earnings Rating for its Aerospace & Defense industry is 5.3 and the
S&P 500 index average is 6.4. 480 12-Month Price Target
Mean (USD) 387.00
- On 2021-10-26, the company announced quarterly earnings of 2.21 450 HIGH
High 450.00
per share, a positive surprise of 12.0% above the consensus 1.97. 420
Over the past 4 quarters, the company has reported 2 positive, 0 Low 340.00
negative, and 2 in-line surprises. The average surprise for this time 390 MEAN Target vs. Current 13.3%
period has been 4.1%. 360 341.44 # of Analysts 18
LOW
- LMT's current quarter consensus estimate has remained relatively 330
unchanged over the past 90 days at 7.17. Estimates within its industry Current Price Price Target
(USD)
have moved an average of -5.0% during the same time period.

Page 3 of 12
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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

EARNINGS PER SHARE

Actuals Estimates
12.00

Earnings per share (EPS) is calculated 10.00 Quarterly 21-12 22-03

by dividing a company's earnings by the Mean 7.166 6.310
number of shares outstanding. Analysts 8.00 6.46 6.56 6.52
HIGH
tend to interpret a pattern of increasing MEAN
High 7.420 6.600
6.00
earnings as a sign of strength and flat LOW Low 6.750 5.960
or falling earnings as a sign of 4.00 # of Analysts 14 8
weakness. 2.21
2.00
The charts provide a comparison 20-12 21-03 21-06 21-09 21-12 22-03
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 30.00

28.00 Annual 2021 2022

HIGH
MEAN Mean 22.480 26.450
26.00 24.58
LOW High 22.850 27.500
24.00 Low 22.040 25.020
21.95
22.00 # of Analysts 15 17

20.00
2019 2020 2021 2022

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Buy (23 Analysts)
21-12 22-03 2021 2022 Target
Current 7.166 6.310 22.480 26.450 387.00
Strong Buy 4
30 Days Ago 7.107 6.611 22.850 26.780 422.00 Buy 8
90 Days Ago 7.080 6.677 24.260 27.970 429.00 Hold 11
% Change (90 Days) 1.2% -5.5% -7.3% -5.4% -9.8%
Sell 0
Current Fiscal Year End: 21-12
Next Expected Report Date: 2022-01-24 Strong Sell 0

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2021-10-26 2021-09-30 2.210 1.974 12.0%
In-Line 2021-07-26 2021-06-30 6.520 6.534 -0.2%
Surprise Type Amount Percent
Positive 2021-04-20 2021-03-31 6.560 6.305 4.0%
Positive Quarters (> 2%) 8 66.7%
In-Line 2021-01-26 2020-12-31 6.460 6.413 0.7%
Negative Quarters (< -2%) 0 --
Positive 2020-10-20 2020-09-30 6.250 6.091 2.6%
In-Line Quarters (within 2%) 4 33.3%
In-Line 2020-07-21 2020-06-30 5.790 5.721 1.2%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 68B
HIGH 2021 2022
flat or falling sales and faltering 66B
65.4B MEAN
earnings may explain a sell LOW Mean 67.0B 66.3B
recommendation. A rising EPS with flat 64B High 67.5B 66.8B
or falling sales may result from
increased cost efficiency and margins, 62B
Low 66.7B 65.9B
rather than market expansion. This 59.8B Forecasted Growth 2.5% 1.4%
chart shows the sales forecast trend of 60B
# of Analysts 16 15
all analysts and the highest and lowest
projections for the current and next 58B
2019 2020 2021 2022
fiscal year.

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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

FUNDAMENTAL
NEUTRAL OUTLOOK: Fundamentals relatively Fundamental Score Averages
in-line with the market. Aerospace & Defense Group: 5.1 Mega Market Cap: 5.8
Industrial Goods Sector: 5.2 S&P 500 Index: 5.8

Q4 Q1 Q2 Q3
Fundamental Score Trend Peers 2020 2021 2021 2021 Current 3Y Trend
LHX 7 NR NR NR 8
Positive
NOC 8 NR NR NR 7
Neutral LMT 9 9 9 9 5

Negative GD 5 NR NR NR 3

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 RTX 2 NR NR NR 3
2019 2020 2021

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

LHX NOC

NOC
RTX
LMT LHX LHX
GD
RTX LMT LMT
LMT
GD RTX GD
NOC
LHX

GD
RTX
NOC

Revenue Growth 3.3% Current Ratio 1.4 Oper. Cash Yield 11.6% Dividend Growth 8.3%
For year over year For interim period For latest 12 months For year over year
ending 2021-09 ending 2021-09 ending 2021-09 ending 2021-09
Gross Margin 13.4% Debt-to-Capital 65.9% Accruals 4.5% Dividend Payout 48.9%
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2021-09 ending 2020-12 ending 2020-12 ending 2021-09
Return On Equity 83.1% Interest Funding 6.9% Days Sales In Inv. 24.2 Dividend Coverage 2.9
For interim period For interim period For annual period For annual period
ending 2021-09 ending 2021-03 ending 2020-12 ending 2020-12
Net Margin 9.1% Interest Coverage 5.8 Days Sales In Rec. 64.1 Current Div. Yield 3.3%
For latest 12 months For interim period For annual period For latest 12 months
ending 2021-09 ending 2021-09 ending 2020-12 ending 2021-11

HIGHLIGHTS
- Lockheed Martin Corp currently has a relatively neutral Fundamental
Rating of 5. The average Fundamental Rating for its Aerospace &
Defense industry is 4.9 and the S&P 500 index average is 5.8.
- The company's return on equity has been higher than its industry
average for each of the past five years.
- The company's debt-to-capital has been higher than its industry
average for each of the past five years.
- The company's days sales in inventory has been lower than its
industry average for each of the past five years.
- Of the 56 firms within the Aerospace & Defense industry, Lockheed
Martin Corp is among 19 companies that pay a dividend. The stock's
dividend yield is currently 3.3%.

Page 5 of 12
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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

RELATIVE VALUATION
NEUTRAL OUTLOOK: Multiples relatively in-line Relative Valuation Score Averages
with the market. Aerospace & Defense Group: 4.9 Mega Market Cap: 4.3
Industrial Goods Sector: 4.4 S&P 500 Index: 4.7

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive RTX 8 6 6 6 6
GD 4 5 4 5 5
Neutral LMT 5 3 3 5 5
NOC 5 5 4 5 5
Negative
LHX 5 4 4 4 4
2018-11 2019-11 2020-11 2021-11

RELATIVE VALUATION INDICATORS

Forward PEG Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

RTX NOC LMT

NOC
GD
GD GD
LMT
LHX LHX
LHX
RTX

LMT
RTX
NOC

Forward PEG 2.7 Trailing PE 15.8 Forward PE 12.8

5-Yr Average 2.0 5-Yr Average 21.2 5-Yr Average 17.5
Rel. to 5-Yr Avg. 34% Premium Rel. to 5-Yr Avg. 26% Discount Rel. to 5-Yr Avg. 27% Discount
S&P 500 Index 1.2 S&P 500 Index 28.1 S&P 500 Index 22.4
Rel. to S&P 500 >100% Premium Rel. to S&P 500 44% Discount Rel. to S&P 500 43% Discount

HIGHLIGHTS
- Lockheed Martin Corp currently has a Relative Valuation Rating of 5 - Based on Trailing P/E, LMT currently trades at a 75% Discount to its
while the S&P 500 index has an average rating of 4.7. Aerospace & Defense industry peers. On average, the company has
traded at a 14% Discount over the past five years.
- The company's Trailing P/E and Forward P/E are both currently at or
near their 5-year lows. - LMT's current Forward P/E of 12.8 represents a 44% Discount to its
Aerospace & Defense industry average.
- Based on Forward PEG, LMT currently trades at a 20% Premium to its
Aerospace & Defense industry peers. On average, the company has
traded at a 38% Premium over the past five years.

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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 1.4 Trailing PE: 15.8
5-Year Average: 1.7 5-Year Average: 21.2
S&P 500 Index Average: 3.0 S&P 500 Index Average: 28.1
Aerospace & Defense Industry Average: 1.9 Aerospace & Defense Industry Average: 62.1
2.3 >50
2.2 45
2.1 40
2.0 35
1.9 30
1.8 25
1.7 5-Yr Average 20 5-Yr Average

1.6 15
1.5 10
1.4 5
1.3 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 12.8 Forward PEG: 2.7
5-Year Average: 17.5 5-Year Average: 2.0
S&P 500 Index Average: 22.4 S&P 500 Index Average: 1.2
Aerospace & Defense Industry Average: 22.9 Aerospace & Defense Industry Average: 2.2
32 >5.0
30 4.5
28 4.0
26 3.5
24 3.0
22 2.5
20 2.0 5-Yr Average
18 5-Yr Average 1.5
16 1.0
14 0.5
12 0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

RISK
POSITIVE OUTLOOK: Consistent return Risk Score Averages
patterns (low volatility). Aerospace & Defense Group: 5.3 Mega Market Cap: 8.5
Industrial Goods Sector: 5.9 S&P 500 Index: 8.3

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GD 10 10 10 10 10
LHX 10 10 9 9 9
Neutral LMT 10 10 10 9 9
RTX 9 9 9 9 9
Negative
NOC 10 10 10 9 8
2018-11 2019-11 2020-11 2021-11

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

GD GD
LHX LHX
RTX
NOC RTX
GD
LMT LMT
RTX NOC

NOC
LHX LMT
LMT LHX
GD NOC
RTX

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 0.50 Correlation vs. S&P 500
Best 1.7% Last 90 Days 1.68 Positive Days Only 0.78 Last 90 Days 20%
Worst -11.8% Last 60 Months 6.41 Negative Days Only 0.32 Last 60 Months 67%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.24 Correlation vs. Group
Best 14.8% Average 1.5% Positive Days Only 0.20 Last 90 Days 33%
Worst -15.4% Largest 7.6% Negative Days Only 0.26 Last 60 Months 56%

HIGHLIGHTS RISK ANALYSIS

- Lockheed Martin Corp currently has a Risk Rating of 9 while Last 90 Days Last 60 Months
the S&P 500 index has an average rating of 8.3. Best Worst # # Largest Best Worst
- On days when the market is up, LMT shares tend to lag the Daily Daily Days Days Intra-Day Monthly Monthly
S&P 500 index. However, on days when the market is down, Peers Return Return Up Down Swing Return Return
the shares generally decrease less than the index. LMT 1.7% -11.8% 39 26 7.6% 14.8% -15.4%
- In the short term, LMT has shown low correlation (>= -0.1 and
< 0.2) with the S&P 500 index. The stock has, however, shown GD 1.5% -1.8% 35 30 3.6% 16.3% -17.2%
high correlation (>= 0.4) with the market in the long term. LHX 2.0% -4.5% 33 31 4.3% 19.2% -14.9%
- Over the last 90 days, LMT shares have been more volatile
than the overall market, as the stock's daily price fluctuations NOC 2.2% -7.6% 34 31 7.6% 12.5% -17.5%
have exceeded that of 67% of S&P 500 index firms. RTX 3.5% -2.3% 30 34 4.7% 32.0% -27.8%
S&P 500 1.7% -2.0% 37 26 2.2% 12.7% -12.5%

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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

PRICE MOMENTUM Currency in USD

NEGATIVE OUTLOOK: Weak recent price Price Momentum Score Averages

performance or entering historically poor Aerospace & Defense Group: 5.2 Mega Market Cap: 6.9
seasonal period. Industrial Goods Sector: 6.6 S&P 500 Index: 6.3

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GD 10 9 10 6 6
LHX 9 9 10 5 6
Neutral RTX 8 6 10 7 5
NOC 10 9 10 3 4
Negative
LMT 8 4 8 1 3
2018-11 2019-11 2020-11 2021-11

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

LHX

GD
RTX
LHX
GD
RTX
NOC
LMT
LMT
NOC

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
LMT Industry Avg Nov Dec Jan
Last 1 Month 46 47 Company Avg 3.2% -1.5% 0.7%
Last 3 Months 46 49 Industry Avg 5.3% 2.2% 2.5%
Last 6 Months 48 50 Industry Rank 32 of 124 20 of 123 65 of 123

PRICE PERFORMANCE
Daily close prices are used to calculate the LMT LMT S&P 500
performance of the stock as compared to a
S&P 500 Close Price (2021-11-19) 341.44 4,698
relevant index over five time periods.
52-Week High 396.99 4,705
0.7%
1-Week 52-Week Low 319.81 3,578
0.3%

-8% - The Price Momentum Rating for Lockheed Martin Corp is at its
1-Month
4% 3-year low of 1.
- On 2021-11-19, LMT closed at 341.44, 14.0% below its 52-
-3.6%
3-Month week high and 6.8% above its 52-week low.
6.6%
- LMT shares are currently trading 1.6% below their 50-day
-3.8% moving average of 347.04, and 6.3% below their 200-day
YTD moving average of 364.21.
25.1%

-9.3%
1-Year
31.2%

Page 9 of 12
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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

INSIDER TRADING Currency in USD

NEUTRAL OUTLOOK: Mixed transactions by Insider Trading Score Averages

insiders or low volume of trades. Aerospace & Defense Group: 5.2 Mega Market Cap: 3.6
Industrial Goods Sector: 4.8 S&P 500 Index: 3.8

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive GD 5 7 6 7 7
LMT 2 4 4 5 5
Neutral NOC 3 3 4 5 4
RTX 3 3 8 4 4
Negative
LHX 5 1 1 1 1
2018-11 2019-11 2020-11 2021-11

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

RTX

GD GD
NOC LMT
RTX NOC

LHX LHX

LMT

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired 7,689
Total Shares Disposed 6,255
There are no insider transactions during this time period. Net Shares 1,434
Sector Average 361,977

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Lockheed Martin Corp currently has an Insider Trading Rating of 5, BUYS $ Market Value (Thousands)
7320
while the Aerospace & Defense industry average is 5.24.
3660
- Executives at Lockheed Martin Corp have not purchased or sold any Excludes
shares thus far this quarter. Over the past five years, the average 0 derivative
purchase and sell totals for Q4 have been $156,012 and $816,706 and option
respectively. 3660 exercises
7320
SELLS
D J F M A M J J A S O N

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
State Street Global Inv Mgmt 14.4% 39.8M 2021-09-30 Hewson, Marillyn A OD 65,447 23.9M 2021-02-24
The Vanguard Group Inc Inv Mgmt 7.7% 21.3M 2021-09-30 Hill, Stephanie C O 12,396 4.53M 2021-02-24
BlackRock Institutional Inv Mgmt 4.7% 13.0M 2021-09-30 Akerson, Daniel F D 7,500 2.74M 2021-03-01
Capital World Investors Inv Mgmt 4.5% 12.3M 2021-09-30 Ulmer, Gregory M O 6,929 2.53M 2021-02-24
Wellington Management Inv Mgmt 3.1% 8.57M 2021-09-30 Mollard, John W OT 6,903 2.52M 2021-06-16
Updated daily as of 2021-11-20 Updated monthly as of 2021-10-17

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LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense
DETAILED STOCK REPORT TIPS
The Stock Report from Refinitiv is a comprehensive, company-specific
analysis that includes a proprietary Stock Rating along with underlying
component indicators and supportive data elements. The report is updated
daily, although some of the data elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of six
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, Price Momentum, and Insider Trading. First, a simple average of
the six underlying component ratings is calculated. Then, a normal distribution is
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is
negative. These six factors may be evaluated differently using alternative
methodologies, and the importance of individual factors varies across groups,
market capitalization and investment styles. Additional criteria should always be
used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the Average Score, the Stock Report includes an Optimized
Score generated by independent research firm Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large - Top 5.55%
Mid - Next 13.87%
Small - Next 34.68%
Micro - Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an ‘NR’ for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The automated text-generation system from Refinitiv creates highlights
summarizing the most noteworthy data. The bullets will vary by company and will
change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
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© 2021 Refinitiv. All rights reserved.
DETAILED STOCK REPORT
Report Date: 2021-Nov-21
● Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
The recommendations are presented on a five-point standardized scale: strong buy,
buy, hold, reduce, and sell.
Earnings Surprises
● The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or in-
line. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least two of the four fundamental factors present for a given
fiscal quarter in order to receive a score.
● Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
● Earnings Quality is comprised of four data elements.
- Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
- Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Average Net Operating Assets
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales / Receivables)
● Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Payout: Dividends per Share / Earnings per Share
- Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
LOCKHEED MARTIN CORP (LMT-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2021-Nov-21

Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Forward the past six months relative to other stocks within the same business sector. The
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After net shares are presented alongside the business sector average as a means of
the weightings are considered to combine individual factors, equal deciles are used comparison.
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall Monthly Buys and Sells
market, the index, and the company's own historic 5-year averages. A stock needs The total market value of open-market buying and selling is displayed by month in
to have at least one of the three relative valuation factors in order to receive a the chart for easy comparison. Transactions by trusts and corporations are
score. excluded, along with buys greater than $10 million and sales greater than $50
million. Transactions for the exercise of derivatives and option exercises are
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings excluded from the totals.
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
● Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate Institutional Holders
The top five institutional holders of the company are listed in descending order,
Valuation Averages based on their total share holdings. Possible values for the institution type include
Negative values are excluded when calculating the averages. A maximum value of Brokerage, Funds, Inv Mgmt, or Strategic.
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when Executive Holders
calculating the averages. Higher values are rounded down to the maximum for the The top five executive insiders of the company are listed in descending order, based
averages. on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
Valuation Multiples over these shares. This table is updated monthly. Insiders who have not filed any
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and transactions or holdings over the past two years are excluded as this may indicate
Price to Sales for the company and the S&P 500 index average. In addition, a that the individual is no longer associated with the company. Additionally, direct
comparison of the current company’s values to its 5-year average and an industry shares held must be greater than 1,000 to be considered.
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared. Insider Roles
These role codes may appear in the data for recent insider buys and sells or top
Risk executive holders:
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and AF - Affiliate IA - Investment Advisor
short-term (90-day) stock performance measures including volatility, magnitude of AI - Affiliate of Advisor MC - Member of Committee
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles B - Beneficial Owner MD - Managing Director
are used to rank each stock across the market. A stock needs to have at least two C - Controller O - Officer
of the four risk factors in order to receive a score. CB - Chairman OB - Officer / Beneficial Owner
CEO - Chief Executive Officer OD - Officer / Director
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CFO - Chief Financial Officer OE - Other Executive
best / worst monthly returns in the past 60 months. CI - Chief Investment Officer OS - Officer of Subsidiary
● Volatility – The standard deviation of the stock price over the last 90 days and CO - Chief Operating Officer OT - Officer / Treasurer
last 60 months, along with the average and largest intra-day stock swing. CT - Chief Technology Officer OX - Divisional Officer
● Beta – Measures the tendency of a security’s returns to respond to swings in the D - Director P - President
market, based on the beta of the company versus the relevant index. DO - Director / Beneficial Owner R - Retired
● Correlation – Determines how closely the returns of the stock and the relevant DS - Indirect Shareholder S - Secretary
index move together, measured over the last 90 days and last 60 months. EC - Member of Exec Committee SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Risk Analysis FO - Former T - Trustee
Price analysis for the company and the S&P 500 is provided over two time periods. GC - General Counsel UT - Unknown
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GP - General Partner VC - Vice Chairman
for the last 60 months. H - Officer / Director / Owner VP - Vice President

Price Momentum
The Price Momentum Rating is based on a combination of two technical DISCLAIMER
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most © 2021 Refinitiv. Republication or redistribution of Refinitiv content, including by
favorable. A stock needs to have data for the relative strength factor in order to framing or similar means, is prohibited without the prior written consent of Refinitiv.
receive a score. All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
● Relative Strength – The relative strength of the company for the last 1 month, 3 taken in reliance on such content.
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current Any forward-looking statements included in the Refinitiv content are based on
month and next 2 months for the company and industry, over the past 10 years. certain assumptions and are subject to a number of risks and uncertainties that
A lower industry rank indicates a higher return. could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The The content in this Refinitiv report does not constitute investment advice or a
performance of the S&P 500 is also displayed as a means of comparison. recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
Insider Trading factor when making an investment decision.
The Insider Trading Rating is based on short-term (70% weight) and long-term
(30% weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.

● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the quantitative insider trading model from Refinitiv
that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following
trades by the given insider.

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© 2021 Refinitiv. All rights reserved.