LMT vs TDG: Lockheed Martin and Transdigm Group 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 1.9 times Transdigm Group.
- Transdigm Group grew revenue faster over the last year (+22.5% vs +10.5%).
- Transdigm Group keeps more of each dollar of revenue as operating profit (46.0% vs 11.9%).
- On earnings, Lockheed Martin is the cheaper stock (25.0x vs 34.8x).
- Transdigm Group's price assumes faster free cash flow growth: about 12% 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 | TDG |
|---|---|---|
| Market cap | $119.0B | $62.4B |
| Share price | $509.59 | $1,107.99 |
| Revenue (last fiscal year) | $75.0B | $8.8B |
| Free cash flow (last fiscal year) | $6.9B | $1.8B |
| Revenue growth, last year | +10.5% | +22.5% |
| Revenue growth per year, last 5 fiscal years | +2.9% | +16.5% |
| Operating margin | 11.9% | 46.0% |
| Net margin | 8.2% | 21.3% |
| Return on equity | 71.7% | — |
| P/E (trailing) | 25.0x | 34.8x |
| Price / free cash flow | 17.2x | 34.4x |
| EV / EBITDA | 16.0x | 19.5x |
| FCF growth the price implies | 3.0% | 12.1% |
| Dividend yield | 2.6% | — |
| Debt / equity | 6.12x | — |
| Fundamental grade | C | B |
| Superinvestors holding it | 10 | 9 |
| Insider purchases, last 12 months | 2 | 8 |
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% |
Transdigm Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | $808M | 35.2% |
| 2022 | $5.4B | $829M | 40.8% |
| 2023 | $6.6B | $1.2B | 44.4% |
| 2024 | $7.9B | $1.9B | 44.5% |
| 2025 | $8.8B | $1.8B | 47.2% |
Where the revenue comes from
Lockheed Martin · by segments, 2025
Aeronautics$30.3B40%
RMS$17.3B23%
MFC$14.4B19%
Space$13.0B17%
Transdigm Group · by segments, 2025
Power & Control$4.6B52%
Airframe$4.1B47%
Non-aviation$160M2%
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 Transdigm Group?
Lockheed Martin (LMT), at $119.0B against $62.4B.
Is LMT or TDG cheaper?
By trailing P/E, Lockheed Martin (25.0x) is cheaper than Transdigm Group (34.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, LMT or TDG?
Transdigm Group: revenue grew +22.5% 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.