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Company Research9 Dec 2024
Rocket Lab: Breaking Ground in Space
Rocket Lab has been one of the pioneers in the commercial aerospace industry, with numerous satellite launches and space system applications.
Lockheed Martin (LMT) investor relations material
Lockheed Martin Morgan Stanley’s 13th Annual Laguna Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley’s 13th Annual Laguna Conference summary11 Sep, 2025
Operational and Financial Performance
Leadership is prioritizing financial and operational performance, with frequent site visits and direct engagement with customers and management.
Projected 2025 revenue growth is 4%-5%, with a backlog of $167 billion and free cash flow expected to reach $7 billion, excluding pension contributions.
Plans to return $6 billion to shareholders in 2025, split between dividends and share repurchases.
No further charges are expected on classified aeronautics and MFC programs.
Major products and systems are performing well in real-world battlefield conditions, driving increased demand.
Industry and Government Environment
Current administration is focused on speed, effectiveness, and openness to change in defense acquisition and technology adoption.
Industry input is being actively sought, with leadership open to modernizing legacy systems and processes.
Strong, open relationships with government officials are fostering optimism for future collaboration.
Budget, Growth Outlook, and Risk Factors
DOD modernization budget is expected to rise over 20% in FY2026, with strong support for key programs and new opportunities like PAC-3 munitions for the Navy.
Hypersonics and munitions are areas of significant opportunity, with potential for additional Air Force contracts.
Golden Dome initiative aligns closely with company capabilities, leveraging leadership in space sensors, command and control, radars, and missile defense.
Risks discussed included reliance on government contracts, budget uncertainties, supply chain challenges, regulatory changes, and international trade actions.
Emphasis placed on the impact of economic, political, and industry conditions on future results.
F-35 5th-gen-plus customer receptiveness?
Basis for no more classified program charges?
LMT's moat against emerging tech companies?
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Next Lockheed Martin earnings date
Q3 202521 Oct, 2025
Next Lockheed Martin earnings date
Q3 202521 Oct, 2025
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Frequently asked questions
One of the main actors in the defense industry
Lockheed Martin is undoubtedly one of the main actors in the defense industry. As one of the world’s largest and most well-diversified defense contractors they produce fighter jets, warfare electronics, hypersonics, space and satellite systems, and more. Some of Lockheed Martin’s competitors include Saab, Boeing, and BAE Systems.
The main business areas
With over 114,000 employees spread over more than 370 global facilities, the company operates in four main business areas: Aeronautics, Including tactical aircraft and aeronautical R&D. Missiles and Fire Control, including PAC-3 missiles and the terminal high altitude area defense system. Rotary and Mission Systems, with Sikorsky helicopters, maritime and radar systems, and cyber capabilities. And then Space, including development of commercial and government satellites, as well as deep space exploration.
Long-stretching contracts
With a majority of its customer base consisting of the U.S. Department of Defense and U.S. federal government agencies, their programs are blessed with long-stretching contracts. As a reference of their contractual backlog and recurring revenue, the company's iconic F-35 fighter jet first flew in 2006, and is scheduled to stay in service until year 2070.
Fun fact: if you’ve seen the latest Top Gun: Maverick movie, the hypersonic jet in the opening scene codenamed “Darkstar,” is actually based on the Lockheed Martin SR-52.
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