LMT vs RTX: Lockheed Martin and Raytheon Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Raytheon Technologies is the larger company, worth $245.4B, about 2.1 times Lockheed Martin.
- Raytheon Technologies grew revenue faster over the last year (+14.5% vs +10.5%).
- Lockheed Martin keeps more of each dollar of revenue as operating profit (11.9% vs 11.2%).
- On earnings, Lockheed Martin is the cheaper stock (25.0x vs 34.2x).
- Raytheon Technologies's price assumes faster free cash flow growth: about 11% 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 | LMT | RTX |
|---|---|---|
| Market cap | $119.0B | $245.4B |
| Share price | $509.59 | $185.97 |
| Revenue (last fiscal year) | $75.0B | $88.6B |
| Free cash flow (last fiscal year) | $6.9B | $7.9B |
| Revenue growth, last year | +10.5% | +14.5% |
| Revenue growth per year, last 5 fiscal years | +2.9% | +8.3% |
| Operating margin | 11.9% | 11.2% |
| Net margin | 8.2% | 8.3% |
| Return on equity | 71.7% | 11.7% |
| P/E (trailing) | 25.0x | 34.2x |
| Price / free cash flow | 17.2x | 30.9x |
| EV / EBITDA | 16.0x | 19.4x |
| FCF growth the price implies | 3.0% | 10.7% |
| Dividend yield | 2.6% | 1.5% |
| Debt / equity | 6.12x | 1.59x |
| Fundamental grade | C | C |
| Superinvestors holding it | 10 | 11 |
| Insider purchases, last 12 months | 2 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Raytheon Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $64.4B | $5.0B | 8.0% |
| 2022 | $67.1B | $4.9B | 8.2% |
| 2023 | $68.9B | $5.5B | 5.2% |
| 2024 | $80.7B | $4.5B | 8.1% |
| 2025 | $88.6B | $7.9B | 10.5% |
Where the revenue comes from
Lockheed Martin · by segments, 2025
Aeronautics$30.3B40%
RMS$17.3B23%
MFC$14.4B19%
Space$13.0B17%
Raytheon Technologies · by segments, 2025
Pratt & Whitney$32.9B36%
Collins Aerospace$30.2B33%
Raytheon$28.0B31%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LMT in InvestinglyQuestions
Which is bigger, Lockheed Martin or Raytheon Technologies?
Raytheon Technologies (RTX), at $245.4B against $119.0B.
Is LMT or RTX cheaper?
By trailing P/E, Lockheed Martin (25.0x) is cheaper than Raytheon Technologies (34.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, LMT or RTX?
Raytheon Technologies: revenue grew +14.5% over the last year, against +10.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.