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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 Goldman Sachs Industrials and Materials Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs Industrials and Materials Conference 2025 summary3 Dec, 2025
Strategic outlook and financial guidance
Backlog reached a record $179 billion in Q3, with expectations to set a new record in Q4; book-to-bill ratio at or above 1 for four consecutive years.
Multi-year awards in PAC-3, CH-53K, JASSM, and LRASM provide strong visibility for future growth; sales guidance implies 5% growth.
Free cash flow growth remains a target, with $6 billion expected to be returned to shareholders this year through dividends and buybacks.
2025 guidance for sales, segment operating profit, and free cash flow remains unchanged; a $500 million non-cash pension charge and a $100 million tax reserve reversal are expected.
U.S. government shutdown resolution is restoring normal cash flow operations, but significant catch-up is required.
Segment performance and growth drivers
MFC is the fastest-growing segment, with high single to low double-digit growth expected over the next three years, driven by scaling munitions and strong PAC-3 demand.
Space is the second fastest-growing segment, benefiting from investments in satellite platforms and strong demand in missile defense and hypersonics.
Aeronautics and RMS are expected to grow at low single-digit rates, with F-35 sustainment and CH-53K as key contributors.
F-35 production rate is expected to be sustained at 156 units per year for at least five years, with sustainment as a major growth area.
Golden Dome mission presents a significant long-term opportunity, with the company well positioned in air missile defense, radar, and C2 systems.
Business model evolution and industry dynamics
Acquisition models are shifting, with customers seeking faster innovation and potential for contractors to invest upfront in exchange for long-term demand guarantees.
The company is open to new business models that balance risk and shareholder value, emphasizing the importance of contractual protections.
Margin headwinds from fixed-price contracts are expected to persist for three years, with $700 million annual cash headwinds, but improvement is anticipated thereafter.
CapEx remains under $2 billion annually, with flexibility to invest more if significant organic growth opportunities arise.
New entrants in defense tech are seen as both partners and competitors, with talent retention highlighted as a key risk.
MFC capacity funding: LMT's investment strategy
Aeronautics growth beyond F-35 production
ULA's strategic value and monetization outlook
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Next Lockheed Martin earnings date
Q4 202521 Jan, 2026
Next Lockheed Martin earnings date
Q4 202521 Jan, 2026
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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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