BA vs LMT: Boeing and Lockheed Martin compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Boeing is the larger company, worth $137.5B, close to Lockheed Martin's $119.0B.
- Lockheed Martin grew revenue faster over the last year (+10.5% vs +8.0%).
- Lockheed Martin keeps more of each dollar of revenue as operating profit (11.9% vs 4.9%).
- On earnings, Lockheed Martin is the cheaper stock (25.0x vs 68.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BA | LMT |
|---|---|---|
| Market cap | $137.5B | $119.0B |
| Share price | $190.37 | $509.59 |
| Revenue (last fiscal year) | $89.5B | $75.0B |
| Free cash flow (last fiscal year) | -$1.9B | $6.9B |
| Revenue growth, last year | +8.0% | +10.5% |
| Revenue growth per year, last 5 fiscal years | +9.5% | +2.9% |
| Operating margin | 4.9% | 11.9% |
| Net margin | 2.6% | 8.2% |
| Return on equity | 39.9% | 71.7% |
| P/E (trailing) | 68.7x | 25.0x |
| Price / free cash flow | — | 17.2x |
| EV / EBITDA | 23.5x | 16.0x |
| FCF growth the price implies | — | 3.0% |
| Dividend yield | — | 2.6% |
| Debt / equity | 26.2x | 6.12x |
| Fundamental grade | D | C |
| Superinvestors holding it | 9 | 10 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Boeing
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $62.3B | -$4.4B | -4.6% |
| 2022 | $66.6B | $2.3B | -5.3% |
| 2023 | $77.8B | $4.4B | -0.99% |
| 2024 | $66.5B | -$14.3B | -16.1% |
| 2025 | $89.5B | -$1.9B | 4.8% |
Lockheed Martin
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $67.0B | $7.7B | 13.6% |
| 2022 | $66.0B | $6.1B | 12.7% |
| 2023 | $67.6B | $6.2B | 12.6% |
| 2024 | $71.0B | $5.3B | 9.9% |
| 2025 | $75.0B | $6.9B | 10.3% |
Where the revenue comes from
Boeing · by segments, 2025
Commercial Airplanes$41.5B46%
Defense, Space & Security$27.2B30%
Global Services$20.9B23%
Lockheed Martin · by segments, 2025
Aeronautics$30.3B40%
RMS$17.3B23%
MFC$14.4B19%
Space$13.0B17%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BA in InvestinglyQuestions
Which is bigger, Boeing or Lockheed Martin?
Boeing (BA), at $137.5B against $119.0B.
Is BA or LMT cheaper?
By trailing P/E, Lockheed Martin (25.0x) is cheaper than Boeing (68.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BA or LMT?
Lockheed Martin: revenue grew +10.5% over the last year, against +8.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.