GD vs LMT: General Dynamics 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.
- Lockheed Martin is the larger company, worth $119.0B, about 1.3 times General Dynamics.
- Lockheed Martin grew revenue faster over the last year (+10.5% vs +10.3%).
- Lockheed Martin keeps more of each dollar of revenue as operating profit (11.9% vs 10.2%).
- On earnings, General Dynamics is the cheaper stock (20.8x vs 25.0x).
- General Dynamics's price assumes faster free cash flow growth: about 7% a year, against 3% for Lockheed Martin (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GD | LMT |
|---|---|---|
| Market cap | $89.3B | $119.0B |
| Share price | $331.27 | $509.59 |
| Revenue (last fiscal year) | $52.5B | $75.0B |
| Free cash flow (last fiscal year) | $4.0B | $6.9B |
| Revenue growth, last year | +10.3% | +10.5% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +2.9% |
| Operating margin | 10.2% | 11.9% |
| Net margin | 8.1% | 8.2% |
| Return on equity | 16.6% | 71.7% |
| P/E (trailing) | 20.8x | 25.0x |
| Price / free cash flow | 22.5x | 17.2x |
| EV / EBITDA | 15.7x | 16.0x |
| FCF growth the price implies | 6.6% | 3.0% |
| Dividend yield | 1.8% | 2.6% |
| Debt / equity | 1.26x | 6.12x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 10 |
| Insider purchases, last 12 months | 2 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
General Dynamics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $38.5B | $3.4B | 10.8% |
| 2022 | $39.4B | $3.5B | 10.7% |
| 2023 | $42.3B | $3.8B | 10.0% |
| 2024 | $47.7B | $3.2B | 10.1% |
| 2025 | $52.5B | $4.0B | 10.2% |
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
General Dynamics · by segments, 2025
Marine Systems$16.7B32%
Technologies$13.5B26%
Aerospace$13.1B25%
Combat Systems$9.2B18%
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 GD in InvestinglyQuestions
Which is bigger, General Dynamics or Lockheed Martin?
Lockheed Martin (LMT), at $119.0B against $89.3B.
Is GD or LMT cheaper?
By trailing P/E, General Dynamics (20.8x) is cheaper than Lockheed Martin (25.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, GD or LMT?
Lockheed Martin: revenue grew +10.5% over the last year, against +10.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.