Lockheed Martin

Lockheed Martin's Cash & Cash Equivalents remain unchanged yoy at USD mil in 4Q2019

By Helgi Analytics - October 12, 2020

Lockheed Martin's total assets reached USD 47,528 mil at the end of 4Q2019, up 5.91% compared to the previous year. ...

Lockheed Martin's Cash & Cash Equivalents rose 96.1% yoy to USD 1,514 mil in 2019

By Helgi Analytics - April 2, 2020

Lockheed Martin's total assets reached USD 47,528 mil at the end of 2019, up 5.91% compared to the previous year. ...

Profit Statement 2017 2018 2019
Sales USD mil 49,960 53,762 59,812
Gross Profit USD mil 6,371 7,274 8,367
EBITDA USD mil 9,418 10,504 11,800
EBIT USD mil 8,223 9,343 10,611
Financing Cost USD mil 651 668 653
Pre-Tax Profit USD mil 5,246 5,838 7,241
Net Profit USD mil 1,963 5,046 6,230
Dividends USD mil 2,157 2,342 2,550
Balance Sheet 2017 2018 2019
Total Assets USD mil 46,620 44,876 47,528
Non-Current Assets USD mil 29,115 28,773 30,433
Current Assets USD mil 17,505 16,103 17,095
Working Capital USD mil 3,676 3,039 4,675
Shareholders' Equity USD mil -776 1,449 3,171
Liabilities USD mil 47,396 43,427 44,357
Total Debt USD mil 14,263 14,104 13,754
Net Debt USD mil 11,402 13,332 12,240
Ratios 2017 2018 2019
ROE % 473 1,500 270
ROCE % 5.12 15.6 18.6
Gross Margin % 12.8 13.5 14.0
EBITDA Margin % 18.9 19.5 19.7
EBIT Margin % 16.5 17.4 17.7
Net Margin % 3.93 9.39 10.4
Net Debt/EBITDA 1.21 1.27 1.04
Net Debt/Equity % -14.7 9.20 3.86
Cost of Financing % 4.56 4.71 4.69
Valuation 2017 2018 2019
Market Capitalisation USD mil 91,178 73,577 109,026
Enterprise Value (EV) USD mil 102,580 86,909 121,266
Number Of Shares mil 291 287 284
Share Price USD 314 257 384
EV/EBITDA 10.9 8.27 10.3
EV/Sales 2.05 1.62 2.03
Price/Earnings (P/E) 46.4 14.6 17.5
Price/Book Value (P/BV) -117 50.8 34.4
Dividend Yield % 2.37 3.18 2.34

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                      
Sales USD mil                                         45,358 39,946 40,536 47,290 49,960    
Gross Profit USD mil ... ... ... ... ... ...   ... ... ... ... ...                 4,123 4,683 4,775 5,401 6,371    
EBIT USD mil                                         4,837 4,947 4,995 7,138 8,223    
Net Profit USD mil                                         2,981 3,614 3,605 5,173 1,963    
ROE %                                         120 86.9 111 220 473    
EBIT Margin %                                         10.7 12.4 12.3 15.1 16.5    
Net Margin %                                         6.57 9.05 8.89 10.9 3.93    
balance sheet                                                      
Total Assets USD mil                                         36,188 37,046 49,304 47,806 46,620    
Non-Current Assets USD mil                                         22,859 24,724 34,731 32,698 29,115    
Current Assets USD mil                                         13,329 12,322 14,573 15,108 17,505    
Shareholders' Equity USD mil                                         4,918 3,400 3,097 1,606 -776    
Liabilities USD mil                                         31,270 33,646 46,207 46,200 47,396    
Non-Current Liabilities USD mil                                         20,150 22,534 32,289 33,658 34,483    
Current Liabilities USD mil                                         11,120 11,112 13,918 12,542 12,913    
Net Debt/EBITDA                                         0.607 0.790 2.35 1.49 1.21    
Net Debt/Equity %                                         0.719 1.38 4.58 7.75 -14.7    
Cost of Financing % ...                                       5.62 5.53 4.14 4.49 4.56    
cash flow                                                      
Total Cash From Operations USD mil                                         4,546 3,866 5,101 5,189 6,476    
Total Cash From Investing USD mil                                         -1,121 -1,723 -9,734 -985 -1,147    
Total Cash From Financing USD mil                                         -2,706 -3,314 4,277 -3,457 -4,305    
Net Change In Cash USD mil                                         719 -1,171 -356 747 1,024    
valuation                                                      
Market Capitalisation USD mil ... ...                                     47,423 60,467 65,797 72,233 91,178    
Number Of Shares mil                                         327 322 315 303 291    
Share Price USD ... ...                                     145 188 209 238 314    
Earnings Per Share (EPS) USD                                         9.13 11.2 11.5 17.1 6.75    
Book Value Per Share USD                                         15.1 10.5 9.84 5.30 -2.67    
Dividend Per Share USD                                         4.59 5.58 6.11 6.72 7.42    
Price/Earnings (P/E) ... ...                                     15.9 16.7 18.3 14.0 46.4    
Price/Book Value (P/BV) ... ...                                     9.64 17.8 21.2 45.0 -117    
Dividend Yield % ... ...                                     3.16 2.98 2.92 2.82 2.37    
Earnings Per Share Growth % ...                                       9.23 22.8 2.19 49.0 -60.4    
Book Value Per Share Growth % ...                                       12,584 -30.0 -6.68 -46.2 -150    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                      
Sales USD mil                                         45,358 39,946 40,536 47,290 49,960    
Cost of Goods & Services USD mil ... ... ... ... ... ...   ... ... ... ... ...                 41,235 35,263 35,761 41,889 43,589    
Gross Profit USD mil ... ... ... ... ... ...   ... ... ... ... ...                 4,123 4,683 4,775 5,401 6,371    
EBITDA USD mil                                         5,827 5,941 6,021 8,353 9,418    
Depreciation USD mil                                         990 994 1,026 1,215 1,195    
EBIT USD mil                                         4,837 4,947 4,995 7,138 8,223    
Financing Cost USD mil                                         350 340 443 663 651    
Extraordinary Cost USD mil                                         332 -70.0 253 1,721 2,326    
Pre-Tax Profit USD mil                                         4,155 4,677 4,299 4,754 5,246    
Tax USD mil                                         1,205 1,424 1,173 1,093 3,356    
Minorities USD mil                                         0 0 0 0 0    
Net Profit USD mil                                         2,981 3,614 3,605 5,173 1,963    
Dividends USD mil                                         1,500 1,800 1,923 2,036 2,157    
growth rates                                                      
Total Revenue Growth % ...                                       -3.87 -11.9 1.48 16.7 5.65    
EBITDA Growth % ...                                       7.85 1.96 1.35 38.7 12.7    
EBIT Growth % ...                                       9.56 2.27 0.970 42.9 15.2    
Pre-Tax Profit Growth % ...                                       2.04 12.6 -8.08 10.6 10.3    
Net Profit Growth % ...                                       8.60 21.2 -0.249 43.5 -62.1    
ratios                                                      
ROE %                                         120 86.9 111 220 473    
ROCE % ...                                       9.53 11.6 9.38 11.6 5.12    
Gross Margin % ... ... ... ... ... ...   ... ... ... ... ...                 9.09 11.7 11.8 11.4 12.8    
EBITDA Margin %                                         12.8 14.9 14.9 17.7 18.9    
EBIT Margin %                                         10.7 12.4 12.3 15.1 16.5    
Net Margin %                                         6.57 9.05 8.89 10.9 3.93    
Payout Ratio %                                         50.3 49.8 53.3 39.4 110    
Cost of Financing % ...                                       5.62 5.53 4.14 4.49 4.56    
Net Debt/EBITDA                                         0.607 0.790 2.35 1.49 1.21    
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                                      
Non-Current Assets USD mil                                         22,859 24,724 34,731 32,698 29,115    
Property, Plant & Equipment USD mil                                         4,706 4,751 5,389 5,549 5,775    
Intangible Assets USD mil ... ... ... ...                                 10,348 11,186 14,717 14,857 14,604    
Goodwill USD mil ... ... ... ... ... ... ...                           10,348 10,862 10,695 10,764 10,807    
Current Assets USD mil                                         13,329 12,322 14,573 15,108 17,505    
Inventories USD mil                                         2,977 2,804 4,819 4,670 2,878    
Receivables USD mil                                         5,834 5,877 7,254 8,202 2,265    
Cash & Cash Equivalents USD mil                                         2,617 1,446 1,090 1,837 2,861    
Total Assets USD mil                                         36,188 37,046 49,304 47,806 46,620    
Shareholders' Equity USD mil                                         4,918 3,400 3,097 1,606 -776    
Of Which Minority Interest USD mil             ...                           0 0 0 95.0 74.0    
Liabilities USD mil                                         31,270 33,646 46,207 46,200 47,396    
Non-Current Liabilities USD mil                                         20,150 22,534 32,289 33,658 34,483    
Long-Term Debt USD mil                                         6,152 6,142 14,305 14,282 13,513    
Current Liabilities USD mil                                         11,120 11,112 13,918 12,542 12,913    
Short-Term Debt USD mil                                         0 0 956 0 750    
Trade Payables USD mil                                         1,397 1,562 1,745 1,653 1,467    
Equity And Liabilities USD mil                                         36,188 37,046 49,304 47,806 46,620    
growth rates                                                      
Total Asset Growth % ...                                       -6.39 2.37 33.1 -3.04 -2.48    
Shareholders' Equity Growth % ...                                       12,510 -30.9 -8.91 -48.1 -148    
Net Debt Growth % ...                                       -19.8 32.8 202 -12.2 -8.38    
Total Debt Growth % ...                                       -2.47 -0.163 148 -6.42 -0.133    
ratios                                                      
Total Debt USD mil                                         6,152 6,142 15,261 14,282 14,263    
Net Debt USD mil                                         3,535 4,696 14,171 12,445 11,402    
Working Capital USD mil                                         7,414 7,119 10,328 11,219 3,676    
Capital Employed USD mil                                         30,273 31,843 45,059 43,917 32,791    
Net Debt/Equity %                                         0.719 1.38 4.58 7.75 -14.7    
Cost of Financing % ...                                       5.62 5.53 4.14 4.49 4.56    
cash flow Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                                      
Net Profit USD mil                                         2,981 3,614 3,605 5,173 1,963    
Depreciation USD mil                                         990 994 1,026 1,215 1,195    
Non-Cash Items USD mil ...                                       527 -1,037 3,679 -308 -4,225    
Change in Working Capital USD mil ...                                       48.0 295 -3,209 -891 7,543    
Total Cash From Operations USD mil                                         4,546 3,866 5,101 5,189 6,476    
Capital Expenditures USD mil                                         -836 -845 -939 -1,063 -1,177    
Other Investments USD mil                                         -285 -878 -8,795 78.0 30.0    
Total Cash From Investing USD mil                                         -1,121 -1,723 -9,734 -985 -1,147    
Dividends Paid USD mil                                         -1,540 -1,760 -1,932 -2,048 -2,163    
Issuance Of Shares USD mil                                         -935 -1,592 -2,897 -2,096 -2,001    
Issuance Of Debt USD mil                                         -231 38.0 9,106 687 -141    
Total Cash From Financing USD mil                                         -2,706 -3,314 4,277 -3,457 -4,305    
Net Change In Cash USD mil                                         719 -1,171 -356 747 1,024    
ratios                                                      
Days Sales Outstanding days                                         46.9 53.7 65.3 63.3 16.5    
Days Sales Of Inventory days ... ... ... ... ... ...   ... ... ... ... ...                 26.4 29.0 49.2 40.7 24.1    
Days Payable Outstanding days ... ... ... ... ... ...   ... ... ... ... ...                 12.4 16.2 17.8 14.4 12.3    
Cash Conversion Cycle days ... ... ... ... ... ...   ... ... ... ... ...                 60.9 66.6 96.7 89.6 28.4    
Cash Earnings USD mil                                         3,971 4,608 4,631 6,388 3,158    
Cash Earnings Per Share USD                                         12.2 14.3 14.7 21.1 10.9    
Price/Cash Earnings (P/CE) ... ...                                     11.9 13.1 14.2 11.3 28.9    
Free Cash Flow USD mil                                         3,425 2,143 -4,633 4,204 5,329    
Free Cash Flow Yield % ... ...                                     7.22 3.54 -7.04 5.82 5.84    
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                                      
ROA %                                         7.97 9.87 8.35 10.7 4.16    
Gross Margin % ... ... ... ... ... ...   ... ... ... ... ...                 9.09 11.7 11.8 11.4 12.8    
Effective Tax Rate %                                         29.0 30.4 27.3 23.0 64.0    
Enterprise Value (EV) USD mil ... ...                                     50,958 65,163 79,968 84,678 102,580    
EV/EBITDA ... ...                                     8.75 11.0 13.3 10.1 10.9    
EV/Capital Employed ... ...                                     1.68 2.05 1.77 1.93 3.13    
EV/Sales ... ...                                     1.12 1.63 1.97 1.79 2.05    
EV/EBIT ... ...                                     10.5 13.2 16.0 11.9 12.5    
Capital Expenditures (As % of Sales) %                                         1.84 2.12 2.32 2.25 2.36    

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Finance

Lockheed Martin has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 14.7% a year during that time to total of USD 11,800 mil in 2019, or 19.7% of sales. That’s compared to 18.1% average margin seen in last five years.

The company netted USD 6,230 mil in 2019 implying ROE of 270% and ROCE of 18.6%. Again, the average figures were 515% and 12.1%, respectively when looking at the previous 5 years.

Lockheed Martin’s net debt amounted to USD 12,240 mil at the end of 2019, or 3.86% of equity. When compared to EBITDA, net debt was 1.04x, down when compared to average of 1.47x seen in the last 5 years.

Valuation

Lockheed Martin stock traded at USD 384 per share at the end of 2019 resulting in a market capitalization of USD 109,026 mil. Over the previous five years, stock price grew by 105% or 15.4% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 10.3x and price to earnings (PE) of 17.5x as of 2019.

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