General Dynamics vs Lockheed Martin
Lockheed Martin reported revenue of $75.0 billion in fiscal 2025, 1.4 times General Dynamics' $52.5 billion in fiscal 2025. General Dynamics' revenue grew 10.1% in its latest year, and Lockheed Martin's grew 5.6%. General Dynamics had an operating margin of 10.2%, against 10.3% at Lockheed Martin. Free cash flow was $4.0 billion at General Dynamics and $6.9 billion at Lockheed Martin.
Side by side
| General Dynamics | Lockheed Martin | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $52.5B | $75.0B |
| Revenue growth | 10.1% | 5.6% |
| Revenue growth a year, last 5 years | 6.7% | 2.8% |
| Gross margin | — | 10.2% |
| Operating margin | 10.2% | 10.3% |
| Net margin | 8.0% | 6.7% |
| Free cash flow | $4.0B | $6.9B |
| Free cash flow margin | 7.5% | 9.2% |
| Return on capital | 14.4% | 27.1% |
| Net debt to EBITDA | 1.0x | 1.9x |
| Dividends and buybacks | $2.2B | $6.1B |
| Change in diluted share count | −1.8% | −2.4% |
| Last close | $357.04 | $635.20 |
| P/E at the last close | 23.1× | 22.6× |
| Insider trades, last 12 months | sold $95.2 million | sold $124,284 |
| Piotroski F-score | 8 of 8 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
General DynamicsLockheed Martin
Operating margin
Percent of revenue
General DynamicsLockheed Martin
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
General DynamicsLockheed Martin
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the General Dynamics and Lockheed Martin pages.