Lockheed Martin

Revenue and cash visibility are high: backlog of $179.1 billion, ~36% scheduled to convert within 12 months and ~61% within 24 months. Recurring sustainment, munitions re‑stocking and multi‑year production contracts underpin steady mid‑single‑digit growth potential.

Q3 2025 demonstrated strong cash generation; however, execution hiccups (TR‑3) and fixed‑price charges (Q2 2025) create episodic volatility.

US and allied demand remains structurally supported by geopolitical tensions and missile defense priorities (e.g., Golden Dome concepts and expanding interceptor budgets), but appropriations timing and program reprioritizations can shift quarterly phasing. Net: high predictability with bounded episodic risk.