Lockheed Martin: 2Q26 Wrap: Organic Growth Acceleration to HSD + Answering the Call

研报英文原文证据摘录

Lockheed Martin: 2Q26 Wrap: Organic Growth Acceleration to HSD + Answering the Call

Deutsche Bank

Research

Rating Company Date

Hold Lockheed Martin 23 July 2026

North America Reuters Bloomberg Rating Hold

United States LMT.N LMT US Price target (USD) 581.00 Price at 22 Jul 26 514.36

52-week range 676.70 – 60.16

Industrials

Aerospace & Defense Valuation & Risks

Electronics

2Q26 Wrap: Organic Growth Acceleration to

HSD + Answering the Call ScottResearchDeuschleAnalyst

+1-212-250-2014

Bottom Line

Sam Desai, CFA LMT reported 2Q26 results with sales 3.8% above Street, segment EBIT 4% Research Associate

above, EPS 11% above, FCF 108% above. Book:bill was 3.19x, with MFC at 11.1x, +1-212-250-9761

RMS 1.6x, Space 1.2x, and Aeronautics 0.9x. LMT raised the sales guide 2.5%,

segment EBIT by 1%, EPS by 2%, FCF by 7%. The sales raise was driven by all

four segments; margin guidance was cut at Aeronautics and Space. The updated

sales guide calls for organic growth of 9% at the high-end, the highest since 2020. Key changes

Price target (USD) 550 581 6%

It was a strong set of results from Lockheed Martin, particularly on organic growth

Source: Deutsche Bank

and bookings. Trading multiples are obviously sensitive to these metrics, and the

improvement in the full year growth outlook from MSD growth to HSD organic,

combined with backlog support, helped drive shares to rerate yesterday.

Positioning likely also played a role. Also important, we think, was the momentum

that Lockheed is now demonstrating in its ability to reorient the business to

evolving customer needs. This has become increasingly clear over the last several

weeks, with announcements of new projects like PAC-3 ACE, the MORFIUS X-

Rotor (UAS w/ a high power microwave for C-UAS). If part of the baggage on the