Lockheed Martin
LMT · NYSE · Industrials · Defense Prime · Aerospace & Missiles
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Red Cardinal Snapshot
WHAT IT DOES
Lockheed Martin is the largest defense contractor in the world. It builds the F-35 fighter flown by the US and dozens of allied air forces, the Patriot PAC-3 interceptors and HIMARS rocket launchers made famous in Ukraine, military helicopters, satellites, and the classified aircraft that come out of its legendary Skunk Works.
HOW IT MAKES MONEY
Almost entirely from governments — the US Department of Defense above all, allied ministries of defense second. The quiet engine is sustainment: once an air force buys the F-35, it pays Lockheed to keep it flying for forty years. Selling the jet is the beginning of the revenue, not the end.
WHY WE TRACK IT
Every question in our defense thesis runs through Lockheed: whether European rearmament money reaches American factories, whether munitions production can actually scale, and whether the software-first challengers attacking cost-plus procurement can dent the incumbent it was built around.
THE SIMPLE THESIS
Lockheed owns the two best franchises of the rearmament decade — the F-35 installed base and the missiles everyone is restocking — but it is also the system the reformers want to break. The thesis is whether the order book outruns the disruption.
PREMIUM RESEARCH
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