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Lockheed Martin Corporation

LMTleader

Lockheed Martin is the world's largest defense contractor, anchored by the F-35 program. It dominates advanced air platforms, missile defense, and classified space programs. With over 70% of revenue from the U.S. government, it is the most important single supplier to the Department of Defense.

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Products & Revenue

Product Revenue Share

Revenue Breakdown ($73.6B)

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Aeronautics (38%)
Missiles & Fire Control (18%)
Rotary & Mission Systems (22%)
Space (22%)

Segment Breakdown & Key Customers

Product Details

F-35 Lightning II28%

5th-generation stealth multirole fighter jet — largest defense program in history

Integrated Air & Missile Defense18%

PAC-3 MSE, THAAD, and Aegis combat systems

Sikorsky Helicopters15%

Black Hawk, CH-53K, and future vertical lift aircraft

Space Systems20%

GPS III satellites, Orion capsule, and classified space missions

Hypersonic & Advanced Weapons19%

Hypersonic strike weapons and directed-energy systems

Supply Chain Relationships

Partners

RTX Corporation (Raytheon)

F-35 engine (Pratt & Whitney), missile systems

Impact: Critical — P&W supplies F135 engines

Northrop Grumman Corporation

F-35 center fuselage, B-21 collaboration

Impact: High — key subcontractor

BAE Systems

F-35 international production

Impact: High — UK F-35 partner

Key Suppliers

L3Harris Technologies

ISR sensors, electronic warfare systems

Impact: Medium — avionics and sensors

Competitors

RTX Corporation (Raytheon)

Missile defense, air platforms

Impact: Major competitor for DoD primes

Northrop Grumman Corporation

Bomber, space, C4ISR

Impact: Competitor for classified programs

Macro & Market Context

방산Sector News

NATO 지출 의무화 + 우크라이나 재건 → 다년간 수주 잔고 사상 최대

미 국방예산 (FY2026)

$921B

NATO 방위비 GDP 목표

2% → 2.5%

KTOS 수주 잔고

$1.1B (+34%)

드론 시장 규모 (2030E)

$58B

Upcoming Catalysts

◆NOC/LMT/LHX/RTX Q1 실적 (2026.04)◆KTOS 국방부 드론 계약 발표◆NATO 정상회의 방위비 최종 합의 (2026.06)

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AI Analysis

Click "Get AI Analysis" for an AI-powered supply chain analysis of Lockheed Martin Corporation.

Related Macro Themes

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Regulatory Capture

How powerful entities design legislation to entrench their advantage — turning regulators into protectors of incumbents.

Revolving doorRegulatory moatLobbying spend

The Revolving Door

Former regulators become industry lobbyists. Former executives become policy makers. This structural relationship creates regulatory environments that systematically favor incumbents.

Regulatory captureSEC revolving doorToo big to fail

Military-Industrial Complex

Eisenhower warned of it in 1961. Defense contractors, weapons manufacturers, and geopolitical crisis cycles create structural demand floors regardless of who governs.

Defense budgetSole-source contractsGeopolitical crisis cycle

Company Info

Headquarters

Bethesda, Maryland, USA

Founded

1995

Employees

122,000+

Cascade Position

Role in Cascade

leader

Typical Delay

0 (trigger)

Lockheed's backlog and margin guidance signal overall DoD budget health and program execution across F-35, missiles, and space.

View Full Cascade

Sector Overview — 방산

Sector News

NATO 지출 의무화 + 우크라이나 재건 → 다년간 수주 잔고 사상 최대

미 국방예산 (FY2026)

$921B

NATO 방위비 GDP 목표

2% → 2.5%

KTOS 수주 잔고

$1.1B (+34%)

드론 시장 규모 (2030E)

$58B

Key Themes

  • •NATO 32개국 방위비 GDP 2.5% 의무화 → 10년 수요 가시성 확보
  • •Loyal Wingman 드론 경쟁 — KTOS Valkyrie 핵심 수혜
  • •우크라이나 재건 + 방공망 현대화 수요

Upcoming Catalysts

  • ◆NOC/LMT/LHX/RTX Q1 실적 (2026.04)
  • ◆KTOS 국방부 드론 계약 발표