Intrinsic value of Lockheed Martin - LMT

Previous Close

$329.00

  Intrinsic Value

$91.97

stock screener

  Rating & Target

str. sell

-72%

Previous close

$329.00

 
Intrinsic value

$91.97

 
Up/down potential

-72%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LMT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.56
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  47,248
  49,799
  52,469
  55,262
  58,186
  61,248
  64,455
  67,815
  71,336
  75,025
  78,893
  82,948
  87,199
  91,657
  96,334
  101,238
  106,384
  111,782
  117,445
  123,388
  129,624
  136,168
  143,037
  150,245
  157,810
  165,751
  174,086
  182,835
  192,020
  201,661
  211,782
Variable operating expenses, $m
 
  43,516
  45,791
  48,172
  50,664
  53,273
  56,006
  58,870
  61,870
  65,014
  68,310
  70,689
  74,313
  78,112
  82,097
  86,277
  90,662
  95,262
  100,089
  105,154
  110,468
  116,045
  121,898
  128,041
  134,489
  141,256
  148,359
  155,816
  163,643
  171,859
  180,484
Fixed operating expenses, $m
 
  361
  370
  379
  389
  398
  408
  418
  429
  440
  451
  462
  473
  485
  497
  510
  523
  536
  549
  563
  577
  591
  606
  621
  637
  653
  669
  686
  703
  720
  738
Total operating expenses, $m
  41,699
  43,877
  46,161
  48,551
  51,053
  53,671
  56,414
  59,288
  62,299
  65,454
  68,761
  71,151
  74,786
  78,597
  82,594
  86,787
  91,185
  95,798
  100,638
  105,717
  111,045
  116,636
  122,504
  128,662
  135,126
  141,909
  149,028
  156,502
  164,346
  172,579
  181,222
Operating income, $m
  5,549
  5,922
  6,308
  6,711
  7,134
  7,577
  8,041
  8,527
  9,037
  9,571
  10,132
  11,796
  12,413
  13,060
  13,739
  14,451
  15,199
  15,984
  16,807
  17,672
  18,579
  19,532
  20,532
  21,582
  22,685
  23,842
  25,058
  26,334
  27,674
  29,082
  30,559
EBITDA, $m
  6,764
  7,497
  7,909
  8,340
  8,792
  9,266
  9,762
  10,282
  10,827
  11,398
  11,997
  12,626
  13,285
  13,977
  14,702
  15,464
  16,263
  17,102
  17,982
  18,906
  19,876
  20,894
  21,963
  23,085
  24,263
  25,500
  26,799
  28,163
  29,594
  31,098
  32,677
Interest expense (income), $m
  0
  500
  405
  487
  573
  662
  756
  855
  958
  1,065
  1,178
  1,297
  1,421
  1,551
  1,688
  1,831
  1,982
  2,139
  2,305
  2,478
  2,660
  2,851
  3,052
  3,262
  3,483
  3,715
  3,958
  4,214
  4,482
  4,763
  5,059
Earnings before tax, $m
  4,886
  5,422
  5,902
  6,224
  6,561
  6,914
  7,284
  7,672
  8,079
  8,506
  8,953
  10,499
  10,992
  11,509
  12,051
  12,620
  13,217
  13,844
  14,503
  15,194
  15,919
  16,681
  17,480
  18,320
  19,201
  20,127
  21,099
  22,120
  23,192
  24,318
  25,500
Tax expense, $m
  1,133
  1,464
  1,594
  1,680
  1,771
  1,867
  1,967
  2,072
  2,181
  2,297
  2,417
  2,835
  2,968
  3,107
  3,254
  3,407
  3,569
  3,738
  3,916
  4,102
  4,298
  4,504
  4,720
  4,946
  5,184
  5,434
  5,697
  5,972
  6,262
  6,566
  6,885
Net income, $m
  5,302
  3,958
  4,309
  4,544
  4,790
  5,047
  5,318
  5,601
  5,898
  6,209
  6,536
  7,664
  8,024
  8,401
  8,797
  9,213
  9,649
  10,106
  10,587
  11,091
  11,621
  12,177
  12,761
  13,373
  14,017
  14,693
  15,403
  16,148
  16,930
  17,752
  18,615

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,837
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  47,806
  48,443
  51,040
  53,757
  56,601
  59,580
  62,700
  65,968
  69,393
  72,982
  76,744
  80,688
  84,824
  89,161
  93,710
  98,481
  103,486
  108,737
  114,246
  120,027
  126,094
  132,460
  139,141
  146,152
  153,512
  161,236
  169,345
  177,856
  186,790
  196,168
  206,014
Adjusted assets (=assets-cash), $m
  45,969
  48,443
  51,040
  53,757
  56,601
  59,580
  62,700
  65,968
  69,393
  72,982
  76,744
  80,688
  84,824
  89,161
  93,710
  98,481
  103,486
  108,737
  114,246
  120,027
  126,094
  132,460
  139,141
  146,152
  153,512
  161,236
  169,345
  177,856
  186,790
  196,168
  206,014
Revenue / Adjusted assets
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
Average production assets, $m
  6,832
  7,221
  7,608
  8,013
  8,437
  8,881
  9,346
  9,833
  10,344
  10,879
  11,439
  12,027
  12,644
  13,290
  13,968
  14,680
  15,426
  16,208
  17,030
  17,891
  18,796
  19,744
  20,740
  21,785
  22,882
  24,034
  25,242
  26,511
  27,843
  29,241
  30,708
Working capital, $m
  2,566
  747
  787
  829
  873
  919
  967
  1,017
  1,070
  1,125
  1,183
  1,244
  1,308
  1,375
  1,445
  1,519
  1,596
  1,677
  1,762
  1,851
  1,944
  2,043
  2,146
  2,254
  2,367
  2,486
  2,611
  2,743
  2,880
  3,025
  3,177
Total debt, $m
  14,282
  11,586
  13,923
  16,368
  18,928
  21,609
  24,417
  27,358
  30,440
  33,671
  37,057
  40,606
  44,329
  48,232
  52,326
  56,620
  61,124
  65,850
  70,809
  76,012
  81,471
  87,201
  93,214
  99,524
  106,148
  113,100
  120,397
  128,057
  136,098
  144,538
  153,399
Total liabilities, $m
  46,295
  43,599
  45,936
  48,381
  50,941
  53,622
  56,430
  59,371
  62,453
  65,684
  69,070
  72,619
  76,342
  80,245
  84,339
  88,633
  93,137
  97,863
  102,822
  108,025
  113,484
  119,214
  125,227
  131,537
  138,161
  145,113
  152,410
  160,070
  168,111
  176,551
  185,412
Total equity, $m
  1,511
  4,844
  5,104
  5,376
  5,660
  5,958
  6,270
  6,597
  6,939
  7,298
  7,674
  8,069
  8,482
  8,916
  9,371
  9,848
  10,349
  10,874
  11,425
  12,003
  12,609
  13,246
  13,914
  14,615
  15,351
  16,124
  16,934
  17,786
  18,679
  19,617
  20,601
Total liabilities and equity, $m
  47,806
  48,443
  51,040
  53,757
  56,601
  59,580
  62,700
  65,968
  69,392
  72,982
  76,744
  80,688
  84,824
  89,161
  93,710
  98,481
  103,486
  108,737
  114,247
  120,028
  126,093
  132,460
  139,141
  146,152
  153,512
  161,237
  169,344
  177,856
  186,790
  196,168
  206,013
Debt-to-equity ratio
  9.452
  2.390
  2.730
  3.040
  3.340
  3.630
  3.890
  4.150
  4.390
  4.610
  4.830
  5.030
  5.230
  5.410
  5.580
  5.750
  5.910
  6.060
  6.200
  6.330
  6.460
  6.580
  6.700
  6.810
  6.910
  7.010
  7.110
  7.200
  7.290
  7.370
  7.450
Adjusted equity ratio
  -0.007
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5,302
  3,958
  4,309
  4,544
  4,790
  5,047
  5,318
  5,601
  5,898
  6,209
  6,536
  7,664
  8,024
  8,401
  8,797
  9,213
  9,649
  10,106
  10,587
  11,091
  11,621
  12,177
  12,761
  13,373
  14,017
  14,693
  15,403
  16,148
  16,930
  17,752
  18,615
Depreciation, amort., depletion, $m
  1,215
  1,574
  1,601
  1,629
  1,658
  1,689
  1,721
  1,755
  1,790
  1,827
  1,865
  829
  872
  917
  963
  1,012
  1,064
  1,118
  1,174
  1,234
  1,296
  1,362
  1,430
  1,502
  1,578
  1,658
  1,741
  1,828
  1,920
  2,017
  2,118
Funds from operations, $m
  5,111
  5,533
  5,910
  6,173
  6,448
  6,736
  7,039
  7,355
  7,688
  8,036
  8,401
  8,494
  8,896
  9,318
  9,760
  10,225
  10,712
  11,224
  11,761
  12,325
  12,917
  13,538
  14,191
  14,876
  15,595
  16,350
  17,143
  17,976
  18,851
  19,769
  20,733
Change in working capital, $m
  -78
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  138
  145
  152
Cash from operations, $m
  5,189
  5,494
  5,870
  6,131
  6,404
  6,690
  6,990
  7,305
  7,635
  7,981
  8,343
  8,433
  8,832
  9,251
  9,690
  10,151
  10,635
  11,143
  11,676
  12,236
  12,824
  13,440
  14,088
  14,768
  15,482
  16,231
  17,018
  17,845
  18,713
  19,624
  20,581
Maintenance CAPEX, $m
  0
  -471
  -498
  -525
  -553
  -582
  -612
  -645
  -678
  -713
  -750
  -789
  -829
  -872
  -917
  -963
  -1,012
  -1,064
  -1,118
  -1,174
  -1,234
  -1,296
  -1,362
  -1,430
  -1,502
  -1,578
  -1,658
  -1,741
  -1,828
  -1,920
  -2,017
New CAPEX, $m
  -1,063
  -389
  -387
  -405
  -424
  -444
  -465
  -487
  -510
  -535
  -561
  -588
  -616
  -646
  -678
  -711
  -746
  -783
  -821
  -862
  -904
  -949
  -996
  -1,045
  -1,097
  -1,151
  -1,209
  -1,269
  -1,332
  -1,398
  -1,468
Cash from investing activities, $m
  -985
  -860
  -885
  -930
  -977
  -1,026
  -1,077
  -1,132
  -1,188
  -1,248
  -1,311
  -1,377
  -1,445
  -1,518
  -1,595
  -1,674
  -1,758
  -1,847
  -1,939
  -2,036
  -2,138
  -2,245
  -2,358
  -2,475
  -2,599
  -2,729
  -2,867
  -3,010
  -3,160
  -3,318
  -3,485
Free cash flow, $m
  4,204
  4,634
  4,985
  5,201
  5,427
  5,664
  5,913
  6,173
  6,446
  6,732
  7,032
  7,056
  7,386
  7,732
  8,096
  8,477
  8,877
  9,297
  9,737
  10,200
  10,685
  11,195
  11,730
  12,292
  12,882
  13,502
  14,152
  14,835
  15,553
  16,306
  17,097
Issuance/(repayment) of debt, $m
  -952
  -2,696
  2,337
  2,446
  2,560
  2,681
  2,808
  2,941
  3,082
  3,230
  3,386
  3,550
  3,722
  3,903
  4,094
  4,294
  4,505
  4,726
  4,958
  5,203
  5,460
  5,729
  6,013
  6,311
  6,623
  6,952
  7,297
  7,660
  8,041
  8,441
  8,861
Issuance/(repurchase) of shares, $m
  -1,990
  1,212
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1,409
  -1,484
  2,337
  2,446
  2,560
  2,681
  2,808
  2,941
  3,082
  3,230
  3,386
  3,550
  3,722
  3,903
  4,094
  4,294
  4,505
  4,726
  4,958
  5,203
  5,460
  5,729
  6,013
  6,311
  6,623
  6,952
  7,297
  7,660
  8,041
  8,441
  8,861
Total cash flow (excl. dividends), $m
  2,795
  3,150
  7,322
  7,647
  7,987
  8,345
  8,721
  9,115
  9,528
  9,963
  10,418
  10,606
  11,108
  11,636
  12,190
  12,771
  13,382
  14,023
  14,696
  15,403
  16,145
  16,925
  17,743
  18,603
  19,506
  20,454
  21,450
  22,495
  23,593
  24,747
  25,958
Retained Cash Flow (-), $m
  1,586
  -5,170
  -260
  -272
  -284
  -298
  -312
  -327
  -342
  -359
  -376
  -394
  -414
  -434
  -455
  -477
  -501
  -525
  -551
  -578
  -607
  -637
  -668
  -701
  -736
  -772
  -811
  -851
  -893
  -938
  -985
Prev. year cash balance distribution, $m
 
  1,837
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -183
  7,062
  7,375
  7,703
  8,047
  8,409
  8,788
  9,186
  9,604
  10,042
  10,212
  10,695
  11,202
  11,735
  12,294
  12,881
  13,497
  14,145
  14,825
  15,538
  16,288
  17,075
  17,902
  18,770
  19,681
  20,639
  21,644
  22,700
  23,809
  24,973
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  -169
  5,952
  5,637
  5,292
  4,922
  4,533
  4,130
  3,721
  3,312
  2,910
  2,453
  2,098
  1,767
  1,464
  1,192
  953
  748
  574
  432
  317
  228
  159
  108
  72
  46
  29
  17
  10
  6
  3
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Lockheed Martin Corporation is a security and aerospace company. The Company operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies. Missiles and Fire Control segment provides air and missile defense systems; fire control systems; manned and unmanned ground vehicles, and energy management solutions. Rotary and Mission Systems segment provides design, manufacture, service and support for a range of military and civil helicopters; mission systems and sensors for rotary and fixed-wing aircraft; simulation and training services, and unmanned systems and technologies, among others. Space Systems segment is engaged in the research and development, design, engineering and production of satellites, strategic and defensive missile systems and space transportation systems.

FINANCIAL RATIOS  of  Lockheed Martin (LMT)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 2
Price to Book 62.9
Price to Tangible Book
Price to Cash Flow 18.3
Price to Free Cash Flow 23
Growth Rates
Sales Growth Rate 16.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.2%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 945.2%
Total Debt to Equity 945.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 31.1%
Ret/ On T. Cap. - 3 Yr. Avg. 30.7%
Return On Equity 230.1%
Return On Equity - 3 Yr. Avg. 142.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 10.7%
Gross Margin - 3 Yr. Avg. 11.2%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 10.3%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 11.2%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 23.2%
Eff/ Tax Rate - 3 Yr. Avg. 27%
Payout Ratio 38.6%

LMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LMT stock intrinsic value calculation we used $47248 million for the last fiscal year's total revenue generated by Lockheed Martin. The default revenue input number comes from 2016 income statement of Lockheed Martin. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LMT stock valuation model: a) initial revenue growth rate of 5.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.5%, whose default value for LMT is calculated based on our internal credit rating of Lockheed Martin, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Lockheed Martin.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LMT stock the variable cost ratio is equal to 87.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $352 million in the base year in the intrinsic value calculation for LMT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Lockheed Martin.

Corporate tax rate of 27% is the nominal tax rate for Lockheed Martin. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LMT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LMT are equal to 14.5%.

Life of production assets of 14.5 years is the average useful life of capital assets used in Lockheed Martin operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LMT is equal to 1.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1511 million for Lockheed Martin - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 287.681 million for Lockheed Martin is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Lockheed Martin at the current share price and the inputted number of shares is $94.6 billion.

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COMPANY NEWS

▶ ULA starts marketing Atlas V rocket launches for commercial satellites   [Jan-22-18 05:15PM  American City Business Journals]
▶ 3 Stocks to Hold for the Next 50 Years   [01:55PM  Motley Fool]
▶ Potential $6.5B deal for Lockheed Martin F-35s gets U.S. approval   [12:35PM  American City Business Journals]
▶ Defense Contractors Play Waiting Game   [11:41AM  GuruFocus.com]
▶ [$$] Lockheed Warns on Shutdown's Effects   [Jan-20-18 07:29PM  The Wall Street Journal]
▶ Abuse in house of torture was 'severe, pervasive, prolonged'   [Jan-18-18 09:24PM  Associated Press]
▶ Lockheed-built missile-warning satellite set for launch   [01:55PM  American City Business Journals]
▶ Lockheed Martin Sees Relative Strength Rating Climb To 73   [03:00AM  Investor's Business Daily]
▶ Lockheed Martin Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Take a look at the missile-warning satellite that ULA will launch this week (Photos)   [Jan-15-18 01:16PM  American City Business Journals]
▶ Boeing Unveils Its MQ-25 Stingray Prototype   [Jan-14-18 08:13AM  Motley Fool]
▶ Key Test On SpaceX's Falcon Heavy Rocket Postponed Again   [Jan-12-18 08:49AM  Investor's Business Daily]
▶ Tax Cuts May Lift Boeing's, Defense Giants' Earnings By This Much   [Jan-11-18 04:52PM  Investor's Business Daily]
▶ Grand Prairie-based division of Lockheed Martin has a new leader   [Jan-10-18 02:00PM  American City Business Journals]
▶ Lockheed Martin appoints two senior leaders   [Jan-09-18 02:00PM  American City Business Journals]
▶ Elon Musk's SpaceX, ULA line up rocket launches for January   [03:05PM  American City Business Journals]
▶ Lockheed Martin, National Air Cargo win $253M in local defense deals   [03:45PM  American City Business Journals]
▶ How Investors Could Play Donald Trump's Big Nuclear Button   [Jan-03-18 02:54PM  TheStreet.com]
▶ Trump trains crosshairs on favorite target, again - Amazon   [Dec-29-17 04:20PM  Associated Press]
▶ Japan, South Korea Could Extend Force Projection With Lockheed F-35B   [Dec-28-17 04:02PM  Investor's Business Daily]
▶ Boeing, Lockheed, Defense Giants Eye 2018 Deals That Could Reshape Sector   [Dec-27-17 03:41PM  Investor's Business Daily]
▶ Lockheed wins $110M 'Gray Wolf' cruise missile contract   [03:00PM  American City Business Journals]
▶ Year in Review 2017: Northrop makes bid to buy Orbital ATK   [05:35AM  American City Business Journals]
▶ Boeing and Lockheed Have a New Rival in Space   [Dec-24-17 12:13PM  Motley Fool]
▶ Here's What Boeing's Refueling Drone For The Navy Would Look Like   [Dec-19-17 04:10PM  Investor's Business Daily]
▶ Lockheed's F-35 Hits This Mark Despite Pentagon Doubters   [04:07PM  Investor's Business Daily]
▶ Apple Just Hit A Buy Point, Joining These 3 Dow Stocks   [10:14AM  Investor's Business Daily]
▶ Canada's Fighter Jet Saga Just Got Weirder   [Dec-17-17 07:03AM  Motley Fool]
Financial statements of LMT
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