Lockheed Martin
Lockheed Martin returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 28, 2026 | 30.29% | 25.02% | — | 89.16% | 10.36% | 22.6 pp |
| FY 2026 Q1 | Mar 29, 2026 | 24.42% | 20.44% | -1.74% | 67.64% | 8.27% | 16.7 pp |
| FY 2025 Q4 | Dec 31, 2025 | 27.05% | 21.27% | 296.25% | 76.87% | 8.69% | 19.4 pp |
| FY 2025 Q3 | Sep 28, 2025 | 21.61% | 16.25% | -137.94% | 62.78% | 7.25% | 13.9 pp |
| FY 2025 Q2 | Jun 29, 2025 | 21.08% | 16.75% | -77.79% | 73.06% | 7.38% | 13.4 pp |
| FY 2025 Q1 | Mar 30, 2025 | 26.02% | 20.22% | -49.82% | 82.55% | 9.86% | 18.3 pp |
| FY 2024 Q4 | Dec 31, 2024 | 25.62% | 19.56% | -98.83% | 81.04% | 9.87% | 17.9 pp |
| FY 2024 Q3 | Sep 29, 2024 | 31.52% | 22.31% | 18.44% | 81.04% | 11.9% | 23.8 pp |
| FY 2024 Q2 | Jun 30, 2024 | 31.62% | 22.44% | — | 87.4% | 12.02% | 23.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 31.48% | 22.69% | -3.35% | 83.16% | 12.37% | 23.8 pp |
| FY 2023 Q4 | Dec 31, 2023 | 32.22% | 23.46% | 18.13% | 85.96% | 13.14% | 24.5 pp |
| FY 2023 Q3 | Sep 24, 2023 | — | 22.64% | — | 65.59% | 12.82% | — |
| FY 2023 Q2 | Jun 25, 2023 | — | 23.14% | — | 68.3% | 12.99% | — |
| FY 2023 Q1 | Mar 26, 2023 | 34.15% | 23.12% | -5.86% | 57.9% | 10.72% | 26.5 pp |
| FY 2022 Q4 | Dec 31, 2022 | 34.69% | 22.6% | -14.45% | 56.68% | 11.05% | 27 pp |
| FY 2022 Q3 | Sep 25, 2022 | — | 23.48% | — | 54.35% | 11.3% | — |
| FY 2022 Q2 | Jun 26, 2022 | — | 23.97% | — | 52.41% | 9.06% | — |
| FY 2022 Q1 | Mar 27, 2022 | 42.17% | 24.59% | 4.77% | 76.14% | 12.07% | 34.5 pp |
| FY 2021 Q4 | Dec 31, 2021 | 44.78% | 24.77% | 10.06% | 74.41% | 12.43% | 37.1 pp |
| FY 2021 Q3 | Sep 26, 2021 | 45.86% | 24.75% | 8.25% | 83.08% | 11.81% | 38.2 pp |
| FY 2021 Q2 | Jun 27, 2021 | 49.74% | 24.62% | 7.51% | 139.04% | 14.04% | 42 pp |
| FY 2021 Q1 | Mar 28, 2021 | 48.72% | 24.76% | 7.51% | 142.51% | 13.81% | 41 pp |
| FY 2020 Q4 | Dec 31, 2020 | 49.25% | 24.58% | -16.55% | 149.49% | 13.91% | 41.6 pp |
| FY 2020 Q3 | Sep 27, 2020 | 49.03% | 24.53% | — | 147.84% | 13.07% | 41.3 pp |
| FY 2020 Q2 | Jun 28, 2020 | 49.71% | 25.1% | — | 195.39% | 13.24% | 42 pp |
| FY 2020 Q1 | Mar 29, 2020 | 48.21% | 25.45% | — | 211.23% | 12.88% | 40.5 pp |
| FY 2019 Q4 | Dec 31, 2019 | 50.54% | 26.69% | — | 275.6% | 13.48% | 42.8 pp |
| FY 2019 Q3 | Sep 29, 2019 | 48.1% | 25.75% | 2,877.74% | 247.52% | 12.63% | 40.4 pp |
| FY 2019 Q2 | Jun 30, 2019 | 49.26% | 25.35% | 234.04% | 358.24% | 12.59% | 41.6 pp |
| FY 2019 Q1 | Mar 31, 2019 | 50.58% | 24.31% | 112.33% | 489.97% | 11.86% | 42.9 pp |
| FY 2018 Q4 | Dec 31, 2018 | 49.57% | 22.79% | 104.6% | 1,419.41% | 11.04% | 41.9 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 22.2% | — | 207.23% | 6.67% | — |
| FY 2018 Q2 | Jun 24, 2018 | — | 20.53% | — | 311.36% | 5.58% | — |
| FY 2018 Q1 | Mar 25, 2018 | — | 19.14% | — | 368.33% | 5.02% | — |
| FY 2017 Q4 | Dec 31, 2017 | 17.45% | 17.13% | — | 483.57% | 4.24% | 9.8 pp |
| FY 2017 Q3 | Sep 24, 2017 | — | 15.65% | — | 164.31% | 7.44% | — |
| FY 2017 Q2 | Jun 25, 2017 | — | 16.17% | — | 238.76% | 10.27% | — |
| FY 2017 Q1 | Mar 26, 2017 | — | 16.26% | — | 221.76% | 10.44% | — |
| FY 2016 Q4 | Dec 31, 2016 | 27.22% | 15.78% | — | 230.12% | 10.94% | 19.5 pp |
| FY 2016 Q3 | Sep 25, 2016 | — | 18.81% | — | 200.27% | 11.64% | — |
| FY 2016 Q2 | Jun 26, 2016 | 32.48% | 17.72% | 2% | 120.86% | 8.01% | 24.8 pp |
| FY 2016 Q1 | Mar 27, 2016 | — | 16.95% | — | 105.15% | 7.83% | — |
| FY 2015 Q4 | Dec 31, 2015 | 30.76% | 17.81% | 0.63% | 110.97% | 8.36% | 23.1 pp |
| FY 2015 Q3 | Sep 27, 2015 | — | 21.37% | — | 96.82% | 9.34% | — |
| FY 2015 Q2 | Jun 28, 2015 | — | 21.16% | — | 98.59% | 9.34% | — |
| FY 2015 Q1 | Mar 29, 2015 | — | 20.77% | — | 85.55% | 9.28% | — |
| FY 2014 Q4 | Dec 31, 2014 | 46.45% | 21.92% | — | 86.9% | 9.87% | 38.8 pp |
| FY 2014 Q3 | Sep 28, 2014 | — | 19.78% | — | 109.31% | 8.43% | — |
| FY 2014 Q2 | Jun 29, 2014 | — | 19.1% | — | 126.99% | 8.35% | — |
| FY 2014 Q1 | Mar 30, 2014 | — | 18.57% | — | 123.55% | 8.24% | — |
| FY 2013 Q4 | Dec 31, 2013 | 49.58% | 17.47% | 5.23% | 120.27% | 7.97% | 41.9 pp |
| FY 2013 Q3 | Sep 29, 2013 | — | 17.77% | — | 164.67% | 7.83% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 17.33% | — | 201.24% | 7.54% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 16.87% | — | 302.4% | 7.28% | — |
| FY 2012 Q4 | Dec 31, 2012 | 71.44% | 16.96% | 12.39% | 527.88% | 7.17% | 63.7 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 17.31% | — | 106.18% | 7.57% | — |
| FY 2012 Q2 | Jun 24, 2012 | — | 17.4% | — | 103.13% | 7.64% | — |
| FY 2012 Q1 | Mar 25, 2012 | — | 16.34% | — | 104.14% | 7.45% | — |
| FY 2011 Q4 | Dec 31, 2011 | 56.3% | 16.02% | — | 112.76% | 7.28% | 48.6 pp |
| FY 2011 Q3 | Sep 25, 2011 | — | 16.65% | — | 85.5% | 8.18% | — |
| FY 2011 Q2 | Jun 26, 2011 | — | 15.99% | — | 79.86% | 7.79% | — |
| FY 2011 Q1 | Mar 27, 2011 | — | 16.3% | — | 73.85% | 7.91% | — |
| FY 2010 Q4 | Dec 31, 2010 | 42.49% | 16.96% | — | 74.67% | 8.34% | 34.8 pp |
| FY 2010 Q3 | Sep 26, 2010 | — | 17.67% | — | 78.49% | 7.77% | — |
| FY 2010 Q2 | Jun 27, 2010 | — | 18.56% | — | 91.43% | 8.44% | — |
| FY 2010 Q1 | Mar 28, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 27, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 28, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · LMT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.