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Financial valuation OF LMT

by | May 31, 2022 | Uncategorized | 0 comments

  

Raw data

Lockheed Martin
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
INCOME STATEMENTS
Products 27,290 30,202 31,518 33,863 35,267 34,091 35,763 36,380 36,925 37,817 35,691 36,093 35,882 40,365 43,875 45,005 50,053 54,928
Services 4,534 5,324 5,695 5,757 6,595 7,281 8,232 9,291 9,574 9,365 9,667 9,507 10,250 6,883 7,173 8,757 9,759 10,470
Net sales 24,999 24,541 23,990 26,578 31,824 35,526 37,213 39,620 41,862 41,372 43,995 45,671 46,499 47,182 45,358 45,600 46,132 47,248 51,048 53,762 59,812 65,398
Products (23,158) (23,111) (22,181) (24,542) (25,306) (27,879) (28,800) (30,572) (31,479) (30,220) (31,756) (32,539) (32,968) (33,495) (31,346) (31,965) (32,006) (36,616) (39,750) (40,293) (44,589) (48,996)
Services (4,099) (4,765) (5,073) (5,118) (5,874) (6,517) (7,376) (8,382) (8,514) (8,383) (8,588) (8,393) (9,011) (6,040) (6,405) (7,738) (8,731) (9,371)
Goodwill impairment (195) (119)
Severance and other charges (220) (136) (48) (201) (102) (80) (96) (27)
Other unallocated corporate costs (188) 230 (266) (87) (443) (914) (803) (496) (275) (61) (671) (742) (1,177) (1,060) (841) 132 187 550 655 1,639 1,875 1,650
Cost of sales (23,346) (22,881) (22,447) (24,629) (29,848) (33,558) (34,676) (36,186) (37,628) (36,798) (39,803) (41,883) (42,795) (42,986) (41,171) (40,345) (40,932) (42,186) (45,500) (46,488) (51,445) (56,744)
Gross profit 1,653 1,660 1,543 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654
Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10)
Operating profit 1,997 1,251 833 1,158 2,019 2,089 2,853 3,770 4,527 5,049 4,415 4,049 3,980 4,434 4,505 5,592 5,436 5,549 5,921 7,334 8,545 8,644
Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591)
Other non-operating income (expense), net 133 183 193 (91) 123 74 5 21 6 30 (1) (828) (651) 182
Earnings from continuing operations before income taxes 1,188 332 133 577 1,532 1,664 2,616 3,592 4,368 4,626 4,230 3,778 3,631 4,072 4,155 5,258 5,023 4,886 5,269 5,838 7,241 8,235
Income tax expense (459) (714) (90) (44) (479) (398) (791) (1,063) (1,335) (1,459) (1,231) (1,164) (964) (1,327) (1,205) (1,644) (1,418) (1,133) (3,340) (792) (1,011) (1,347)
Net earnings from continuing operations 729 (382) 43 533 1,053 1,266 1,825 2,529 3,033 3,167 2,999 2,614 2,667 2,745 2,950 3,614 3,605 3,753 1,929 5,046 6,230 6,888
Net earnings(loss) from discontinued operations 8 (42) (1,089) (33) 50 25 264 (12) 31 1,549 73 (55)
Extraordinary loss on early extinguishments of debt (95)
Cumulative effect of change in accounting (355)
Net earnings 382 (519) (1,046) 500 1,053 1,266 1,825 2,529 3,033 3,217 3,024 2,878 2,655 2,745 2,981 3,614 3,605 5,302 2,002 5,046 6,230 6,833
Dividends (from cash flow statement) (183) (192) (199) (261) (405) (462) (538) (615) (737) (908) (969) (1,098) (1,363) (1,558) (1,762) (1,923) (2,036) (2,157) (2,342) (2,550) (2,757)
Share repurchases (from shareholder equity) (471) (2,106) (1,386) (2,099) (1,781) (108) (434) (1,096) (2,400) (1,692) (1,596) (1,083) (713) (841)
Adoption of FIN 48 (from shareholder equity) 31
Shares exchanged and retired in connection (2,488)
Reclassification of income tax effects from tax reform 2,240
Diluted earnings (loss) per common share
Continuing operations 0.1 1.18 2.34 7.74 7.63 7.10 7.85 8.36 9.04 11.21 11.46 12.38 6.64 17.59 21.95 24.5
Discontinued operations -2.52 -0.07 0.12 0.01 0.71 (0.04) 0.09 5.11 0.25 (0.2)
Total diluted earnings per common share 0.99 -1.29 -2.42 1.11 2.34 2.83 4.1 5.8 7.1 7.86 7.64 7.81 7.81 8.36 9.13 11.21 11.46 17.49 6.89 17.59 21.95 24.3
BALANCE SHEETS
Assets
Current assets
Cash and cash equivalents 455 1505 912 2738 1010 1060 2244 1912 2648 2168 2391 2261 3582 1898 2617 1446 1090 1837 2861 772 1514 3160
Short-term investments 240 396 429 381 333 61 346 516 3
Receivables, net 4348 3986 4049 3655 4039 4094 4579 4595 4925 5296 6061 5692 6064 6563 5834 5877 8061 8202 8603 2444 2337 1978
Contract assets 9472 9094 9545
Inventories 4051 3805 3140 2250 2348 1864 1921 1657 1718 1902 2183 2363 2481 2937 2977 2804 4962 4670 4487 2997 3619 3545
Deferred income taxes 1237 1213 1566 1277 921 982 861 900 756 755 815 1147 1339 1269 1088 1451 1463
Assets of businesses held for sale 2332 638
Assets of discountinued operations 396
Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1188 813 744 622 399 1510 418 531 1150
Total current assets 10696 13339 10778 10626 9401 8953 10529 10164 10940 10683 12477 12893 14094 13855 13329 12322 16198 15108 17461 16103 17095 19378
Property, plant and equipment, net 3634 2941 2991 3258 3489 3599 3924 4056 4320 4488 4520 4554 4611 4675 4706 4751 5490 5549 5775 6124 6591 7213
Investments in equity securities 2210 2433 1884 1009 1060 812 196
Goodwill 9162 7479 7371 7380 7879 7892 8447 9250 9387 9526 9948 9605 10148 10370 10348 10862 13576 10764 10807 10769 10604 10806
Intangible assets, net 1259 1073 939 814 807 672 560 605 463 355 324 4147 4093 3797 3494 3213 3012
Deferred income taxes 235 760 4651 3779 3485 4388 4809 2850 4013 4470 6625 3111 3208 3319 3475
Prepaid pension cost 1397 1794 2081 1221 1213 1030 1360 1487 313 122
Other noncurrent assets 1903 1367 1610 2671 2326 2596 2728 2434 2743 3614 4387 4576 4667 4948 4955 4774 5247 5667 5570 5178 6706 6826
Total assets 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710
Liabilities and equity
Current liabilities
Accounts payable 1228 1106 1419 1102 1434 1726 1998 2221 2163 2030 2030 1627 2269 2038 1397 1562 1974 1653 1467 2402 1281 880
Contract liabilities 4655 4697 5002 4542 4256 4028 4331 3856 4254 4535 5049 5890 6399 6503 6349 5775 6988 6776 6752 6491 7054 7545
Salaries, benefits and payroll taxes 941 978 1100 1272 1418 1346 1475 1584 1544 1684 1648 1870 1664 1649 1809 1824 1916 1764 1785 2122 2466 3163
Income taxes 51 519 63 107 91
Short-term borrowing 475
Current maturities of long-term debt 52 882 89 1365 136 15 202 34 104 242 150 956 750 1500 1250 500
Liabilities of businesses/discont. ops held for sale 467 387 204
Other current liabilities 1410 1653 1629 1433 1558 1451 1422 1858 1806 2051 1976 1810 1798 1815 1565 1951 2223 2349 1883 1883 1921 1845
Total current liabilities 8812 10302 9689 9821 8893 8566 9428 9553 9871 10542 10703 11401 12130 12155 11120 11112 14057 12542 12637 14398 13972 13933
Long-term debt, net 11427 9065 7422 6217 6072 5104 4784 4405 4303 3563 5052 5019 6460 6158 6152 6142 14305 14282 13513 12604 11404 11669
Post-retirement benefit liabilities 1805 1480 1440 1236 1277 1496 928 1386 1308 1213 1274 1220 902 1102 1070 862 719 704
Accrued pension liabilities 1647 1565 1872 1100 1660 2097 3025 1192 12004 10823 10607 13502 15278 9361 11413 11807 13855 15703 11410 13234 12874
Deferred taxes 517 790 992
Other noncurrent liabilities 1339 1462 1543 1724 1914 1967 2291 2868 2827 3079 3096 3376 3541 3807 3735 3877 4792 4659 4558 4311 5747 6196
Total liabilities 23900 23266 21211 21114 19419 18533 19877 21347 19121 30574 30982 31616 36907 38618 31270 33646 46031 46200 47130 43427 44357 44672
Stockholders’ equity
Common stock, $1 par value per share 398 431 441 455 446 438 432 421 409 393 373 346 321 321 319 314 303 289 284 281 280 279
Additional paid-in capital 222 1789 2142 2796 2477 2223 1724 755 221
Retained earnings 5901 5199 3961 4262 5054 5915 7278 9269 11247 11621 12351 12161 11937 13211 14200 14956 14238 13324 11573 15434 18401 21636
Unearned ESOP shares -150 -115 -84 -50 -17 -1532 -1553
Accumulated other comprehensive loss -10 -144 -17 -1598 -1204 -23 -14 -3561 -1851 -9149 -8595 -9010 -11257 -13493 -9601 -11870 -11444 -12102 -12540 -14321 -15554 -16121
Total stockholders’ equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1511 -683 1394 3127 6015
Noncontrolling interests in subsidiary 95 74 55 44 23
Total equity 6361 7160 6443 5865 6756 7021 7867 6884 9805 2865 4129 3497 1001 39 4918 3400 3097 1606 -609 1449 3171 6038
Total liabilities and equity 30261 30426 27654 26979 26175 25554 27744 28231 28926 33439 35111 35113 37908 38657 36188 37046 49128 47806 46521 44876 47528 50710
RE 5,199 3,961 4,262 5,054 5,915 7,278 9,269 11,247 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636
– 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0
SEGMENT INFORMATION
NET SALES
Aeronautics 5499 4885 5355 6471 10202 11781 12349 12188 12303 11473 12201 13109 14362 14953 14123 14920 15570 17769 20148 21242 23693 26266
Electronic systems 8685 8991 9724 9811 10519 11143 12803 13532 14399 14622
Information Systems & Global Solutions 8233 8990 10213 9069 9608 9921 9381 8846 6115 5654 5596
Missiles and Fire Control 7457 6795 7092 6770 6608 7212 8462 10131 11257
Rotary and Mission Systems 7579 9037 8732 9091 13462 14215 14250 15128 15995
Space 7285 7339 6836 5287 6021 6357 6820 7923 8203 8027 8654 8242 8134 8347 9288 9202 9105 9409 9473 9808 10860 11880
Integrated Systems & Solutions 9570 9647 9014 3015 3420 3850
Information & Technology Services 2574 2649 2763 3104 3174 3801
Other 71 21 22 16 16 13
TOTAL 24999 24541 23990 26578 31824 35526 37213 39620 41862 41372 43995 45671 46499 47182 45358 45600 46132 47248 51048 53762 59812 65398
Check – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0
OPERATING PROFIT
Aeronautics 247 343 416 448 690 899 1018 1221 1476 1433 1577 1498 1630 1699 1612 1649 1681 1887 2164 2272 2521 2843
Electronic systems 875 858 969 1078 1264 1410 1583 1660 1748 1788
Information Systems & Global Solutions 720 804 949 919 895 814 874 808 498 472 508
Missiles and Fire Control 1256 1379 1344 1282 1018 1053 1248 1441 1545
Rotary and Mission Systems 737 1065 936 844 906 905 1302 1421 1615
Space 506 401 405 279 403 489 605 742 856 953 972 968 989 1083 1198 1187 1171 1289 993 1055 1191 1149
Integrated Systems & Solutions 880 583 836 241 291 334
Information & Technology Services 137 82 130 177 226 285
Segment Op profit 1770 1409 1787 2020 2468 2976 3421 4031 4691 4888 5104 5028 5281 5583 5752 5588 5486 5100 5115 5877 6574 7152
Unallocated 227 -158 -954 -862 -449 -887 -568 -261 -164 161 -689 -979 -1301 -1149 -1247 4 -50 449 806 1457 1971 1492
TOTAL 1997 1251 833 1158 2019 2089 2853 3770 4527 5049 4415 4049 3980 4434 4505 5592 5436 5549 5921 7334 8545 8644
Other (expense) income, net 344 (409) (710) (791) 43 121 316 336 293 475 223 261 276 238 318 337 236 487 373 60 178 (10)
GROSS PROFIT 1,653 1,660 1,543 1,949 1,976 1,968 2,537 3,434 4,234 4,574 4,192 3,788 3,704 4,196 4,187 5,255 5,200 5,062 5,548 7,274 8,367 8,654
Aeronautics 5252 4542 4939 6023 9512 10882 11331 10967 10827 10040 10624 11611 12732 13254 12511 13271 13889 15882 17984 18970 21172 23423
Electronic systems 0 0 0 7810 8133 8755 8733 9255 9733 11220 11872 12651 12834
Information Systems & Global Solutions 0 0 0 0 0 0 7513 8186 9264 8150 8713 9107 8507 8038 5617 5182 5088
Missiles and Fire Control 0 0 0 0 0 0 0 0 0 0 0 0 0 6201 5416 5748 5488 5590 6159 7214 8690 9712
Rotary and Mission Systems 0 0 0 0 0 0 0 0 0 0 0 0 0 6842 7972 7796 8247 12556 13310 12948 13707 14380
Space 6779 6938 6431 5008 5618 5868 6215 7181 7347 7074 7682 7274 7145 7264 8090 8015 7934 8120 8480 8753 9669 10731
Integrated Systems & Solutions 8690 9064 8178 2774 3129 3516
Information & Technology Services 2437 2567 2633 2927 2948 3516
Unallocated -227 158 954 862 449 887 568 261 164 -161 689 979 1301 1149 1247 -4 50 -449 -806 -1457 -1971 -1492
COST OF SALES 23,275 22,860 22,425 24,613 29,832 33,545 34,676 36,186 37,628 36,798 39,803 41,883 42,795 42,986 41,171 40,345 40,932 42,186 45,500 46,488 51,445 56,744
Check (71) (21) (22) (16) (16) (13) – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0 – 0
COS/SALES
Aeronautics 95.5% 93.0% 92.2% 93.1% 93.2% 92.4% 91.8% 90.0% 88.0% 87.5% 87.1% 88.6% 88.7% 88.6% 88.6% 88.9% 89.2% 89.4% 89.3% 89.3% 89.4% 89.2%
Electronic systems 89.9% 90.5% 90.0% 89.0% 88.0% 87.3% 87.6% 87.7% 87.9% 87.8%
Information Systems & Global Solutions 91.3% 91.1% 90.7% 89.9% 90.7% 91.8% 90.7% 90.9% 91.9% 91.7% 90.9%
Missiles and Fire Control 83.2% 79.7% 81.0% 81.1% 84.6% 85.4% 85.3% 85.8% 86.3%
Rotary and Mission Systems 90.3% 88.2% 89.3% 90.7% 93.3% 93.6% 90.9% 90.6% 89.9%
Space 93.1% 94.5% 94.1% 94.7% 93.3% 92.3% 91.1% 90.6% 89.6% 88.1% 88.8% 88.3% 87.8% 87.0% 87.1% 87.1% 87.1% 86.3% 89.5% 89.2% 89.0% 90.3%
Integrated Systems & Solutions 90.8% 94.0% 90.7% 92.0% 91.5% 91.3%
Information & Technology Services 94.7% 96.9% 95.3% 94.3% 92.9% 92.5%

FinStatements

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
INCOME STATEMENTS
Net sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596
Cost of sales (22,931) (23,269) (23,135) (25,404) (29,789) (33,424) (34,360) (35,850) (37,335) (36,323) (39,580) (41,622) (42,519) (42,748) (40,853) (40,008) (40,696) (41,699) (45,127) (46,428) (51,267) (56,754) (62,987) (66,075) (68,151) (70,558) (73,299) (75,704) (78,434) (81,245) (84,079) (86,935)
Gross profit $ 2,068 $ 1,272 $ 855 $ 1,174 $ 2,035 $ 2,102 $ 2,853 $ 3,770 $ 4,527 $ 5,049 $ 4,415 $ 4,049 $ 3,980 $ 4,434 $ 4,505 $ 5,592 $ 5,436 $ 5,549 $ 5,921 $ 7,334 $ 8,545 $ 8,644 $ 7,730 $ 8,112 $ 8,366 $ 8,661 $ 8,997 $ 9,291 $ 9,625 $ 9,967 $ 10,313 $ 10,660
Other (expense) income, net (71) (21) (22) (16) (16) (13) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 46 99 154 216 283 353 431 514 602 696
Operating profit $ 1,997 $ 1,251 $ 833 $ 1,158 $ 2,019 $ 2,089 $ 2,853 $ 3,770 $ 4,527 $ 5,049 $ 4,415 $ 4,049 $ 3,980 $ 4,434 $ 4,505 $ 5,592 $ 5,436 $ 5,549 $ 5,921 $ 7,334 $ 8,545 $ 8,644 $ 7,777 $ 8,210 $ 8,521 $ 8,877 $ 9,280 $ 9,644 $ 10,055 $ 10,481 $ 10,915 $ 11,356
Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591) (612) (632) (653) (674) (694) (715) (735) (756) (777) (797)
Other non-operating income (expense), net -0 -0 -0 -0 -0 -0 133 183 193 (91) 123 74 5 21 -0 6 30 -0 (1) (828) (651) 182 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Earnings before Taxes $ 1,188 $ 332 $ 133 $ 577 $ 1,532 $ 1,664 $ 2,616 $ 3,592 $ 4,368 $ 4,626 $ 4,230 $ 3,778 $ 3,631 $ 4,072 $ 4,155 $ 5,258 $ 5,023 $ 4,886 $ 5,269 $ 5,838 $ 7,241 $ 8,235 $ 7,165 $ 7,578 $ 7,868 $ 8,203 $ 8,586 $ 8,930 $ 9,320 $ 9,725 $ 10,138 $ 10,559
Income tax expense (459) (714) (90) (44) (479) (398) (791) (1,063) (1,335) (1,459) (1,231) (1,164) (964) (1,327) (1,205) (1,644) (1,418) (1,133) (3,340) (792) (1,011) (1,347) (1,993) (2,107) (2,188) (2,281) (2,388) (2,483) (2,592) (2,705) (2,819) (2,936)
Net earnings from continuing operations $ 729 $ (382) $ 43 $ 533 $ 1,053 $ 1,266 $ 1,825 $ 2,529 $ 3,033 $ 3,167 $ 2,999 $ 2,614 $ 2,667 $ 2,745 $ 2,950 $ 3,614 $ 3,605 $ 3,753 $ 1,929 $ 5,046 $ 6,230 $ 6,888 $ 5,172 $ 5,471 $ 5,680 $ 5,922 $ 6,198 $ 6,446 $ 6,728 $ 7,021 $ 7,319 $ 7,623
Net earnings(loss) from discontinued operations 8 (42) (1,089) (33) -0 -0 -0 -0 -0 50 25 264 (12) -0 31 -0 -0 1,549 73 -0 -0 (55) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Extraordinary loss on early extinguishments of debt -0 (95) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Cumulative effect of change in accounting (355) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Net earnings $ 382 $ (519) $ (1,046) $ 500 $ 1,053 $ 1,266 $ 1,825 $ 2,529 $ 3,033 $ 3,217 $ 3,024 $ 2,878 $ 2,655 $ 2,745 $ 2,981 $ 3,614 $ 3,605 $ 5,302 $ 2,002 $ 5,046 $ 6,230 $ 6,833 $ 5,172 $ 5,471 $ 5,680 $ 5,922 $ 6,198 $ 6,446 $ 6,728 $ 7,021 $ 7,319 $ 7,623
check 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
BALANCE SHEET
Working cash $ 500 $ 491 $ 480 $ 532 $ 636 $ 711 $ 744 $ 792 $ 837 $ 827 $ 880 $ 913 $ 930 $ 944 $ 907 $ 912 $ 923 $ 945 $ 1,021 $ 1,075 $ 1,196 $ 1,308 $ 1,414 $ 1,484 $ 1,530 $ 1,584 $ 1,646 $ 1,700 $ 1,761 $ 1,824 $ 1,888 $ 1,952
Excess cash (45) 1,014 432 2,206 374 349 1,500 1,120 1,811 1,341 1,511 1,348 2,652 954 1,710 534 167 892 1,840 (303) 318 1,852 2,346 4,159 6,797 9,399 11,796 14,654 17,425 20,386 23,346 26,551
Receivables, net 4,348 3,986 4,049 3,655 4,039 4,094 4,579 4,595 4,925 5,296 6,061 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 2,750 3,521 4,286 5,102 6,019 6,945 7,949 8,990 10,137 11,317
Contract assets -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 9,472 9,094 9,545 10,433 11,033 11,470 11,936 12,532 13,043 13,618 14,174 14,820 15,439
Inventories 4,051 3,805 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 3,960 4,277 4,537 4,814 5,150 5,459 5,801 6,142 6,528 6,911
Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1,188 813 744 622 399 1,510 418 531 1,150 1,231 1,279 1,306 1,338 1,376 1,407 1,442 1,478 1,513 1,548
Short-term investments -0 -0 -0 -0 240 396 429 381 333 61 346 516 3 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Deferred income taxes 1,237 1,213 1,566 1,277 921 982 861 900 756 755 815 1,147 1,339 1,269 1,088 1,451 1,463 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Assets of businesses held for sale -0 2,332 638 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Assets of discountinued operations -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 396 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Total current assets $ 10,696 $ 13,339 $ 10,778 $ 10,626 $ 9,401 $ 8,953 $ 10,529 $ 10,164 $ 10,940 $ 10,683 $ 12,477 $ 12,893 $ 14,094 $ 13,855 $ 13,329 $ 12,322 $ 16,198 $ 15,108 $ 17,461 $ 16,103 $ 17,095 $ 19,378 $ 22,136 $ 25,752 $ 29,927 $ 34,175 $ 38,519 $ 43,207 $ 47,996 $ 52,994 $ 58,233 $ 63,717
check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Property, plant and equipment, net $ 3,634 $ 2,941 $ 2,991 $ 3,258 $ 3,489 $ 3,599 $ 3,924 $ 4,056 $ 4,320 $ 4,488 $ 4,520 $ 4,554 $ 4,611 $ 4,675 $ 4,706 $ 4,751 $ 5,490 $ 5,549 $ 5,775 $ 6,124 $ 6,591 $ 7,213 $ 7,791 $ 8,163 $ 8,410 $ 8,697 $ 9,024 $ 9,309 $ 9,634 $ 9,967 $ 10,302 $ 10,640
Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 12,059 13,043 13,857 14,765 15,774 16,740 17,809 18,929 20,088 21,286
Intangible assets, net 1,259 1,073 939 814 807 672 560 605 463 355 -0 -0 -0 -0 -0 324 4,147 4,093 3,797 3,494 3,213 3,012 3,358 3,630 3,853 4,103 4,380 4,646 4,940 5,247 5,566 5,894
Investments in equity securities 2,210 2,433 1,884 1,009 1,060 812 196 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Deferred income taxes -0 -0 -0 -0 -0 -0 -0 235 760 4,651 3,779 3,485 4,388 4,809 2,850 4,013 4,470 6,625 3,111 3,208 3,319 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475 3,475
Prepaid pension cost 1,397 1,794 2,081 1,221 1,213 1,030 1,360 1,487 313 122 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Other noncurrent assets 1,903 1,367 1,610 2,671 2,326 2,596 2,728 2,434 2,743 3,614 4,387 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,411 7,806 8,084 8,403 8,764 9,088 9,452 9,830 10,212 10,600
TOTAL ASSETS $ 30,261 $ 30,426 $ 27,654 $ 26,979 $ 26,175 $ 25,554 $ 27,744 $ 28,231 $ 28,926 $ 33,439 $ 35,111 $ 35,113 $ 37,908 $ 38,657 $ 36,188 $ 37,046 $ 49,128 $ 47,806 $ 46,521 $ 44,876 $ 47,528 $ 50,710 $ 56,230 $ 61,868 $ 67,606 $ 73,618 $ 79,937 $ 86,465 $ 93,305 $ 100,442 $ 107,876 $ 115,612
Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Accounts payable $ 1,228 $ 1,106 $ 1,419 $ 1,102 $ 1,434 $ 1,726 $ 1,998 $ 2,221 $ 2,163 $ 2,030 $ 2,030 $ 1,627 $ 2,269 $ 2,038 $ 1,397 $ 1,562 $ 1,974 $ 1,653 $ 1,467 $ 2,402 $ 1,281 $ 880 $ 961 $ 1,042 $ 1,124 $ 1,205 $ 1,286 $ 1,367 $ 1,449 $ 1,530 $ 1,611 $ 1,692
Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,457 7,369 7,280 7,192 7,104 7,016 6,928 6,840 6,751 6,663
Salaries, benefits and payroll taxes 941 978 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785 2,122 2,466 3,163 3,048 2,934 2,819 2,704 2,590 2,475 2,360 2,246 2,131 2,016
Other current liabilities 1,410 1,653 1,629 1,433 1,558 1,451 1,422 1,858 1,806 2,051 1,976 1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883 1,883 1,921 1,845 1,853 1,861 1,868 1,876 1,884 1,892 1,900 1,908 1,915 1,923
Income taxes 51 519 63 107 91 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Short-term borrowing 475 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Current maturities of long-term debt 52 882 89 1,365 136 15 202 34 104 242 -0 -0 -0 150 -0 -0 956 -0 750 1,500 1,250 500 500 500 500 500 500 500 500 500 500 500
Liabilities of businesses/discont. ops held for sale -0 467 387 -0 -0 -0 -0 -0 -0 -0 -0 204 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Current liabilities $ 8,812 $ 10,302 $ 9,689 $ 9,821 $ 8,893 $ 8,566 $ 9,428 $ 9,553 $ 9,871 $ 10,542 $ 10,703 $ 11,401 $ 12,130 $ 12,155 $ 11,120 $ 11,112 $ 14,057 $ 12,542 $ 12,637 $ 14,398 $ 13,972 $ 13,933 $ 13,819 $ 13,705 $ 13,592 $ 13,478 $ 13,364 $ 13,250 $ 13,136 $ 13,023 $ 12,909 $ 12,795
Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Long-term debt, net $ 11,427 $ 9,065 $ 7,422 $ 6,217 $ 6,072 $ 5,104 $ 4,784 $ 4,405 $ 4,303 $ 3,563 $ 5,052 $ 5,019 $ 6,460 $ 6,158 $ 6,152 $ 6,142 $ 14,305 $ 14,282 $ 13,513 $ 12,604 $ 11,404 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669 $ 11,669
Post-retirement benefit liabilities 1,805 -0 -0 1,480 1,440 1,236 1,277 1,496 928 1,386 1,308 1,213 1,274 1,220 902 1,102 1,070 862 719 704 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Accrued pension liabilities -0 1,647 1,565 1,872 1,100 1,660 2,097 3,025 1,192 12,004 10,823 10,607 13,502 15,278 9,361 11,413 11,807 13,855 15,703 11,410 13,234 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874 12,874
Deferred taxes 517 790 992 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Other noncurrent liabilities 1,339 1,462 1,543 1,724 1,914 1,967 2,291 2,868 2,827 3,079 3,096 3,376 3,541 3,807 3,735 3,877 4,792 4,659 4,558 4,311 5,747 6,196 6,657 6,939 7,111 7,314 7,548 7,744 7,970 8,201 8,429 8,657
TOTAL LIABILITIES $ 23,900 $ 23,266 $ 21,211 $ 21,114 $ 19,419 $ 18,533 $ 19,877 $ 21,347 $ 19,121 $ 30,574 $ 30,982 $ 31,616 $ 36,907 $ 38,618 $ 31,270 $ 33,646 $ 46,031 $ 46,200 $ 47,130 $ 43,427 $ 44,357 $ 44,672 $ 45,019 $ 45,187 $ 45,245 $ 45,335 $ 45,455 $ 45,538 $ 45,650 $ 45,766 $ 45,881 $ 45,995
Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Common stock, $1 par value per share $ 398 $ 431 $ 441 $ 455 $ 446 $ 438 $ 432 $ 421 $ 409 $ 393 $ 373 $ 346 $ 321 $ 321 $ 319 $ 314 $ 303 $ 289 $ 284 $ 281 $ 280 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279 $ 279
Additional paid-in capital 222 1,789 2,142 2,796 2,477 2,223 1,724 755 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 221 221 221 221 221 221 221 221 221 221 221
Retained earnings 5,901 5,199 3,961 4,262 5,054 5,915 7,278 9,269 11,247 11,621 12,351 12,161 11,937 13,211 14,200 14,956 14,238 13,324 11,573 15,434 18,401 21,636 26,808 32,279 37,959 43,881 50,079 56,526 63,254 70,274 77,593 85,215
Unearned ESOP shares (150) (115) (84) (50) (17) (1,532) (1,553) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Accumulated other comprehensive loss (10) (144) (17) (1,598) (1,204) (23) (14) (3,561) (1,851) (9,149) (8,595) (9,010) (11,257) (13,493) (9,601) (11,870) (11,444) (12,102) (12,540) (14,321) (15,554) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121) (16,121)
Noncontrolling interests in subsidiary -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 95 74 55 44 23 23 23 23 23 23 23 23 23 23 23
TOTAL EQUITY $ 6,361 $ 7,160 $ 6,443 $ 5,865 $ 6,756 $ 7,021 $ 7,867 $ 6,884 $ 9,805 $ 2,865 $ 4,129 $ 3,497 $ 1,001 $ 39 $ 4,918 $ 3,400 $ 3,097 $ 1,606 $ (609) $ 1,449 $ 3,171 $ 6,038 $ 11,210 $ 16,681 $ 22,361 $ 28,283 $ 34,481 $ 40,928 $ 47,656 $ 54,676 $ 61,995 $ 69,617
Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Balance Check -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0

Segment Build

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Aeronautics
Net sales $ 5,499 $ 4,885 $ 5,355 $ 6,471 $ 10,202 $ 11,781 $ 12,349 $ 12,188 $ 12,303 $ 11,473 $ 12,201 $ 13,109 $ 14,362 $ 14,953 $ 14,123 $ 14,920 $ 15,570 $ 17,769 $ 20,148 $ 21,242 $ 23,693 $ 26,266 $ 27,611 $ 28,416 $ 28,713 $ 29,176 $ 29,797 $ 30,247 $ 30,844 $ 31,483 $ 32,121 $ 32,760
Cost of sales 5,252 4,542 4,939 6,023 9,512 10,882 11,331 10,967 10,827 10,040 10,624 11,611 12,732 13,254 12,511 13,271 13,889 15,882 17,984 18,970 21,172 23,423 24,626 25,347 25,616 26,032 26,590 26,995 27,532 28,105 28,679 29,253
Operating profit 247 343 416 448 690 899 1,018 1,221 1,476 1,433 1,577 1,498 1,630 1,699 1,612 1,649 1,681 1,887 2,164 2,272 2,521 2,843 2,985 3,069 3,098 3,144 3,207 3,252 3,313 3,377 3,442 3,507
Segment Growth NA (11.2)% 9.6% 20.8% 57.7% 15.5% 4.8% (1.3)% 0.9% (6.7)% 6.3% 7.4% 9.6% 4.1% (5.6)% 5.6% 4.4% 14.1% 13.4% 5.4% 11.5% 10.9% 5.1% 2.9% 1.0% 1.6% 2.1% 1.5% 2.0% 2.1% 2.0% 2.0%
Sales as % of Total Revenue 22.0% 19.9% 22.3% 24.3% 32.1% 33.2% 33.2% 30.8% 29.4% 27.7% 27.7% 28.7% 30.9% 31.7% 31.1% 32.7% 33.8% 37.6% 39.5% 39.5% 39.6% 40.2% 39.0% 38.3% 37.5% 36.8% 36.2% 35.6% 35.0% 34.5% 34.0% 33.6%
Cost of Sales Margin 95.5% 93.0% 92.2% 93.1% 93.2% 92.4% 91.8% 90.0% 88.0% 87.5% 87.1% 88.6% 88.7% 88.6% 88.6% 88.9% 89.2% 89.4% 89.3% 89.3% 89.4% 89.2% 89.2% 89.2% 89.2% 89.2% 89.2% 89.2% 89.3% 89.3% 89.3% 89.3%
Operating Margin 4.5% 7.0% 7.8% 6.9% 6.8% 7.6% 8.2% 10.0% 12.0% 12.5% 12.9% 11.4% 11.3% 11.4% 11.4% 11.1% 10.8% 10.6% 10.7% 10.7% 10.6% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.7% 10.7% 10.7% 10.7%
Missiles and Fire Control
Net sales $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ 7,457 $ 6,795 $ 7,092 $ 6,770 $ 6,608 $ 7,212 $ 8,462 $ 10,131 $ 11,257 $ 12,407 $ 13,332 $ 14,016 $ 14,770 $ 15,600 $ 16,337 $ 17,150 $ 17,986 $ 18,821 $ 19,656
Cost of sales -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 6,201 5,416 5,748 5,488 5,590 6,159 7,214 8,690 9,712 10,694 11,481 12,058 12,694 13,396 14,015 14,698 15,400 16,099 16,798
Operating profit -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 1,256 1,379 1,344 1,282 1,018 1,053 1,248 1,441 1,545 1,713 1,852 1,958 2,075 2,205 2,322 2,452 2,586 2,721 2,858
Segment Growth NA NA NA NA NA NA NA NA NA NA NA NA NA NA (8.9)% 4.4% (4.5)% (2.4)% 9.1% 17.3% 19.7% 11.1% 10.2% 7.5% 5.1% 5.4% 5.6% 4.7% 5.0% 4.9% 4.6% 4.4%
Sales as % of Total Revenue -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 15.8% 15.0% 15.6% 14.7% 14.0% 14.1% 15.7% 16.9% 17.2% 17.5% 18.0% 18.3% 18.6% 19.0% 19.2% 19.5% 19.7% 19.9% 20.1%
Cost of Sales Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 83.2% 79.7% 81.0% 81.1% 84.6% 85.4% 85.3% 85.8% 86.3% 86.2% 86.1% 86.0% 85.9% 85.9% 85.8% 85.7% 85.6% 85.5% 85.5%
Operating Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 16.8% 20.3% 19.0% 18.9% 15.4% 14.6% 14.7% 14.2% 13.7% 13.8% 13.9% 14.0% 14.1% 14.1% 14.2% 14.3% 14.4% 14.5% 14.5%
Rotary and Mission Systems
Net sales $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ 7,579 $ 9,037 $ 8,732 $ 9,091 $ 13,462 $ 14,215 $ 14,250 $ 15,128 $ 15,995 $ 17,454 $ 18,590 $ 19,391 $ 20,292 $ 21,299 $ 22,180 $ 23,164 $ 24,179 $ 25,193 $ 26,208
Cost of sales -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 6,842 7,972 7,796 8,247 12,556 13,310 12,948 13,707 14,380 15,722 16,778 17,535 18,385 19,335 20,173 21,109 22,076 23,047 24,021
Operating profit -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 737 1,065 936 844 906 905 1,302 1,421 1,615 1,778 1,911 2,010 2,122 2,247 2,360 2,485 2,616 2,749 2,883
Segment Growth NA NA NA NA NA NA NA NA NA NA NA NA NA NA 19.2% (3.4)% 4.1% 48.1% 5.6% 0.2% 6.2% 5.7% 9.1% 6.5% 4.3% 4.6% 5.0% 4.1% 4.4% 4.4% 4.2% 4.0%
Sales as % of Total Revenue -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 16.1% 19.9% 19.1% 19.7% 28.5% 27.8% 26.5% 25.3% 24.5% 24.7% 25.1% 25.3% 25.6% 25.9% 26.1% 26.3% 26.5% 26.7% 26.9%
Cost of Sales Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 90.3% 88.2% 89.3% 90.7% 93.3% 93.6% 90.9% 90.6% 89.9% 90.1% 90.3% 90.4% 90.6% 90.8% 91.0% 91.1% 91.3% 91.5% 91.7%
Operating Margin NA NA NA NA NA NA NA NA NA NA NA NA NA 9.7% 11.8% 10.7% 9.3% 6.7% 6.4% 9.1% 9.4% 10.1% 10.2% 10.3% 10.4% 10.5% 10.5% 10.6% 10.7% 10.8% 10.9% 11.0%
Space
Net sales $ 7,285 $ 7,339 $ 6,836 $ 5,287 $ 6,021 $ 6,357 $ 6,820 $ 7,923 $ 8,203 $ 8,027 $ 8,654 $ 8,242 $ 8,134 $ 8,347 $ 9,288 $ 9,202 $ 9,105 $ 9,409 $ 9,473 $ 9,808 $ 10,860 $ 11,880 $ 13,245 $ 13,849 $ 14,397 $ 14,982 $ 15,600 $ 16,231 $ 16,900 $ 17,566 $ 18,256 $ 18,972
Cost of sales 6,779 6,938 6,431 5,008 5,618 5,868 6,215 7,181 7,347 7,074 7,682 7,274 7,145 7,264 8,090 8,015 7,934 8,120 8,480 8,753 9,669 10,731 11,945 12,469 12,942 13,446 13,978 14,520 15,095 15,664 16,253 16,863
Operating profit 506 401 405 279 403 489 605 742 856 953 972 968 989 1,083 1,198 1,187 1,171 1,289 993 1,055 1,191 1,149 1,300 1,379 1,455 1,536 1,621 1,710 1,805 1,902 2,003 2,109
Segment Growth NA 0.7% (6.9)% (22.7)% 13.9% 5.6% 7.3% 16.2% 3.5% (2.1)% 7.8% (4.8)% (1.3)% 2.6% 11.3% (0.9)% (1.1)% 3.3% 0.7% 3.5% 10.7% 9.4% 11.5% 4.6% 4.0% 4.1% 4.1% 4.0% 4.1% 3.9% 3.9% 3.9%
Sales as % of Total Revenue 29.1% 29.9% 28.5% 19.9% 18.9% 17.9% 18.3% 20.0% 19.6% 19.4% 19.7% 18.0% 17.5% 17.7% 20.5% 20.2% 19.7% 19.9% 18.6% 18.2% 18.2% 18.2% 18.7% 18.7% 18.8% 18.9% 19.0% 19.1% 19.2% 19.3% 19.3% 19.4%
Cost of Sales Margin 93.1% 94.5% 94.1% 94.7% 93.3% 92.3% 91.1% 90.6% 89.6% 88.1% 88.8% 88.3% 87.8% 87.0% 87.1% 87.1% 87.1% 86.3% 89.5% 89.2% 89.0% 90.3% 90.2% 90.0% 89.9% 89.8% 89.6% 89.5% 89.3% 89.2% 89.0% 88.9%
Operating Margin 6.9% 5.5% 5.9% 5.3% 6.7% 7.7% 8.9% 9.4% 10.4% 11.9% 11.2% 11.7% 12.2% 13.0% 12.9% 12.9% 12.9% 13.7% 10.5% 10.8% 11.0% 9.7% 9.8% 10.0% 10.1% 10.2% 10.4% 10.5% 10.7% 10.8% 11.0% 11.1%
Other
Net sales $ 12,215 $ 12,317 $ 11,799 $ 14,820 $ 15,601 $ 17,388 $ 18,044 $ 19,509 $ 21,356 $ 21,872 $ 23,140 $ 24,320 $ 24,003 $ 8,846 $ 6,115 $ 5,654 $ 5,596 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0 $ -0
Cost of sales 10,900 11,789 11,765 14,373 14,659 16,674 16,814 17,702 19,161 19,209 21,274 22,737 22,642 9,187 6,864 5,178 5,138 (449) (806) (1,457) (1,971) (1,492) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Operating profit 1,244 507 12 431 926 701 1,230 1,807 2,195 2,663 1,866 1,583 1,361 (341) (749) 476 458 449 806 1,457 1,971 1,492 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Total
Net sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596
Cost of sales 22,931 23,269 23,135 25,404 29,789 33,424 34,360 35,850 37,335 36,323 39,580 41,622 42,519 42,748 40,853 40,008 40,696 41,699 45,127 46,428 51,267 56,754 62,987 66,075 68,151 70,558 73,299 75,704 78,434 81,245 84,079 86,935
Operating profit 1,997 1,251 833 1,158 2,019 2,089 2,853 3,770 4,527 5,049 4,415 4,049 3,980 4,434 4,505 5,592 5,436 5,549 5,921 7,334 8,545 8,644 7,777 8,210 8,521 8,877 9,280 9,644 10,055 10,481 10,915 11,356
Sales Growth N/A (1.8)% (2.2)% 10.8% 19.7% 11.6% 4.7% 6.5% 5.7% (1.2)% 6.3% 3.8% 1.8% 1.5% (3.9)% 0.5% 1.2% 2.4% 8.0% 5.3% 11.3% 9.3% 8.1% 4.9% 3.1% 3.5% 3.9% 3.3% 3.6% 3.6% 3.5% 3.4%
Cost of Sales Margin 91.7% 94.8% 96.4% 95.6% 93.6% 94.1% 92.3% 90.5% 89.2% 87.8% 90.0% 91.1% 91.4% 90.6% 90.1% 87.7% 88.2% 88.3% 88.4% 86.4% 85.7% 86.8% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1% 89.1%
Operating Margin 8.0% 5.1% 3.5% 4.4% 6.3% 5.9% 7.7% 9.5% 10.8% 12.2% 10.0% 8.9% 8.6% 9.4% 9.9% 12.3% 11.8% 11.7% 11.6% 13.6% 14.3% 13.2% 11.0% 11.1% 11.1% 11.2% 11.3% 11.3% 11.4% 11.5% 11.6% 11.6%
Industry Data
Space Vehicle and Missile Manufacturing Revenue 20,628 30,698 23,113 25,951 27,075 26,898 31,408 30,997 29,164 29,872 30,577 29,290 29,369 28,823 27,909 27,925 36,207 39,979 41,402 42,636 43,952 45,340 46,741 48,227 49,674 51,164 52,699
Federal Funding for Defense 733,000 749,100 743,500 744,900 800,900 846,400 867,700 847,000 783,400 707,100 649,400 622,000 613,100 596,000 600,500 633,500 652,500 669,700 673,300 665,000 660,800 660,300 656,100 655,200 655,200 655,200 655,200
Industry Growth 48.8% (24.7)% 12.3% 4.3% (0.7)% 16.8% (1.3)% (5.9)% 2.4% 2.4% (4.2)% 0.3% (1.9)% (3.2)% 0.1% 29.7% 10.4% 3.6% 3.0% 3.1% 3.2% 3.1% 3.2% 3.0% 3.0% 3.0%
Federal Funding Growth 2.2% (0.7)% 0.2% 7.5% 5.7% 2.5% (2.4)% (7.5)% (9.7)% (8.2)% (4.2)% (1.4)% (2.8)% 0.8% 5.5% 3.0% 2.6% 0.5% (1.2)% (0.6)% (0.1)% (0.6)% (0.1)% -0 -0 -0
LMT Aeronautics Federal Funding Share 1.6% 1.6% 1.6% 1.7% 1.4% 1.4% 1.5% 1.7% 1.9% 2.0% 2.3% 2.5% 2.9% 3.4% 3.5% 3.7% 4.0% 4.1% 4.2% 4.3% 4.4% 4.5% 4.6% 4.7% 4.8% 4.9% 5.0%
LMT Missiles and Fire Control Federal Funding Share -0 -0 -0 -0 -0 -0 -0 -0 1.0% 1.0% 1.1% 1.1% 1.1% 1.2% 1.4% 1.6% 1.7% 1.9% 2.0% 2.1% 2.2% 2.4% 2.5% 2.6% 2.7% 2.9% 3.0%
LMT Rotary and Mission Systems Federal Funding Share -0 -0 -0 -0 -0 -0 -0 -0 1.0% 1.3% 1.3% 1.5% 2.2% 2.4% 2.4% 2.4% 2.5% 2.6% 2.8% 2.9% 3.1% 3.2% 3.4% 3.5% 3.7% 3.8% 4.0%
LMT Space Revenue Market Share 30.8% 22.2% 34.3% 31.6% 29.6% 32.2% 26.2% 26.2% 28.6% 31.1% 30.1% 31.1% 32.0% 32.9% 35.1% 38.9% 32.8% 33.1% 33.4% 33.8% 34.1% 34.4% 34.7% 35.0% 35.4% 35.7% 36.0%

BS Build

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Net Sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596
Assets
Current Assets
Receivables, net $ 4,348 $ 3,986 $ 4,049 $ 3,655 $ 4,039 $ 4,094 $ 4,579 $ 4,595 $ 4,925 $ 5,296 $ 6,061 $ 5,692 $ 6,064 $ 6,563 $ 5,834 $ 5,877 $ 8,061 $ 8,202 $ 8,603 $ 2,444 $ 2,337 $ 1,978 $ 2,750 $ 3,521 $ 4,286 $ 5,102 $ 6,019 $ 6,945 $ 7,949 $ 8,990 $ 10,137 $ 11,317
Contract assets -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 9,472 9,094 9,545 10,433 11,033 11,470 11,936 12,532 13,043 13,618 14,174 14,820 15,439
Inventories 4,051 3,805 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 3,960 4,277 4,537 4,814 5,150 5,459 5,801 6,142 6,528 6,911
Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1,188 813 744 622 399 1,510 418 531 1,150 1,231 1,279 1,306 1,338 1,376 1,407 1,442 1,478 1,513 1,548
Days Receivable Oustanding 63.5 59.4 61.6 50.2 46.3 42.2 44.9 42.3 42.9 46.9 50.3 45.5 47.6 50.9 46.9 47.0 63.8 63.5 61.5 16.6 14.3 11.1 14.2 17.3 20.4 23.6 26.7 29.8 32.9 36.1 39.2 42.3
Days Contracts Oustanding -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 64.3 55.5 53.4 53.9 54.3 54.7 55.1 55.6 56.0 56.4 56.9 57.3 57.7
Days Inventories Outstanding 59.1 56.7 47.8 30.9 26.9 19.2 18.8 15.3 15.0 16.8 18.1 18.9 19.5 22.8 24.0 22.4 39.3 36.2 32.1 20.3 22.1 19.8 20.4 21.0 21.6 22.2 22.8 23.4 24.0 24.6 25.2 25.8
Other as % of Revenue 2.4% 2.0% 2.0% 2.7% 2.6% 1.6% 1.3% 1.8% 1.3% 1.2% 1.5% 1.1% 1.3% 2.5% 1.8% 1.6% 1.3% 0.8% 3.0% 0.8% 0.9% 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.6%
Long-term Assets
Property, plant and equipment, net $ 3,634 $ 2,941 $ 2,991 $ 3,258 $ 3,489 $ 3,599 $ 3,924 $ 4,056 $ 4,320 $ 4,488 $ 4,520 $ 4,554 $ 4,611 $ 4,675 $ 4,706 $ 4,751 $ 5,490 $ 5,549 $ 5,775 $ 6,124 $ 6,591 $ 7,213 $ 7,791 $ 8,163 $ 8,410 $ 8,697 $ 9,024 $ 9,309 $ 9,634 $ 9,967 $ 10,302 $ 10,640
Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 12,059 13,043 13,857 14,765 15,774 16,740 17,809 18,929 20,088 21,286
Intangible assets, net 1,259 1,073 939 814 807 672 560 605 463 355 -0 -0 -0 -0 -0 324 4,147 4,093 3,797 3,494 3,213 3,012 3,358 3,630 3,853 4,103 4,380 4,646 4,940 5,247 5,566 5,894
Other noncurrent assets 1,903 1,367 1,610 2,671 2,326 2,596 2,728 2,434 2,743 3,614 4,387 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,411 7,806 8,084 8,403 8,764 9,088 9,452 9,830 10,212 10,600
PPE / Sales 14.5% 12.0% 12.5% 12.3% 11.0% 10.1% 10.5% 10.2% 10.3% 10.8% 10.3% 10.0% 9.9% 9.9% 10.4% 10.4% 11.9% 11.7% 11.3% 11.4% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 10.9% 10.9% 10.9% 10.9%
Goodwill / Sales 36.6% 30.5% 30.7% 27.8% 24.8% 22.2% 22.7% 23.3% 22.4% 23.0% 22.6% 21.0% 21.8% 22.0% 22.8% 23.8% 29.4% 22.8% 21.2% 20.0% 17.7% 16.5% 17.1% 17.6% 18.1% 18.6% 19.2% 19.7% 20.2% 20.8% 21.3% 21.8%
Intangible assets / Sales 5.0% 4.4% 3.9% 3.1% 2.5% 1.9% 1.5% 1.5% 1.1% 0.9% -0 -0 -0 -0 -0 0.7% 9.0% 8.7% 7.4% 6.5% 5.4% 4.6% 4.7% 4.9% 5.0% 5.2% 5.3% 5.5% 5.6% 5.8% 5.9% 6.0%
Other / Sales 7.6% 5.6% 6.7% 10.0% 7.3% 7.3% 7.3% 6.1% 6.6% 8.7% 10.0% 10.0% 10.0% 10.5% 10.9% 10.5% 11.4% 12.0% 10.9% 9.6% 11.2% 10.4% 10.5% 10.5% 10.6% 10.6% 10.6% 10.7% 10.7% 10.8% 10.8% 10.9%
Liabilities
Current Liabilites
Accounts payable $ 1,228 $ 1,106 $ 1,419 $ 1,102 $ 1,434 $ 1,726 $ 1,998 $ 2,221 $ 2,163 $ 2,030 $ 2,030 $ 1,627 $ 2,269 $ 2,038 $ 1,397 $ 1,562 $ 1,974 $ 1,653 $ 1,467 $ 2,402 $ 1,281 $ 880 $ 961 $ 1,042 $ 1,124 $ 1,205 $ 1,286 $ 1,367 $ 1,449 $ 1,530 $ 1,611 $ 1,692
Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,457 7,369 7,280 7,192 7,104 7,016 6,928 6,840 6,751 6,663
Salaries, benefits and payroll taxes 941 978 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785 2,122 2,466 3,163 3,048 2,934 2,819 2,704 2,590 2,475 2,360 2,246 2,131 2,016
Other current liabilities 1,410 1,653 1,629 1,433 1,558 1,451 1,422 1,858 1,806 2,051 1,976 1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883 1,883 1,921 1,845 1,853 1,861 1,868 1,876 1,884 1,892 1,900 1,908 1,915 1,923
Days Payable Oustanding 17.9 16.5 21.6 15.1 16.4 17.8 19.6 20.5 18.9 18.0 16.8 13.0 17.8 15.8 11.2 12.5 15.6 12.8 10.5 16.3 7.8 4.9 5.7 6.4 7.2 8.0 8.7 9.5 10.3 11.0 11.8 12.5
Days Contracts Oustanding 68.0 70.1 76.1 62.4 48.8 41.5 42.5 35.5 37.1 40.1 41.9 47.1 50.2 50.4 51.1 46.2 55.3 52.5 48.3 44.1 43.0 42.2 42.3 42.4 42.5 42.6 42.7 42.8 42.8 42.9 43.0 43.1
Days Salaries Outstanding 13.7 14.6 16.7 17.5 16.3 13.9 14.5 14.6 13.5 14.9 13.7 14.9 13.1 12.8 14.6 14.6 15.2 13.7 12.8 14.4 15.0 17.7 17.4 17.0 16.7 16.4 16.0 15.7 15.4 15.0 14.7 14.4
Other as % of Revenue 5.6% 6.7% 6.8% 5.4% 4.9% 4.1% 3.8% 4.7% 4.3% 5.0% 4.5% 4.0% 3.9% 3.8% 3.5% 4.3% 4.8% 5.0% 3.7% 3.5% 3.2% 2.8% 2.9% 3.0% 3.1% 3.2% 3.3% 3.4% 3.5% 3.6% 3.7% 3.8%
Long-term Liabilities
Other noncurrent liabilities $ 1,339 $ 1,462 $ 1,543 $ 1,724 $ 1,914 $ 1,967 $ 2,291 $ 2,868 $ 2,827 $ 3,079 $ 3,096 $ 3,376 $ 3,541 $ 3,807 $ 3,735 $ 3,877 $ 4,792 $ 4,659 $ 4,558 $ 4,311 $ 5,747 $ 6,196 $ 6,657 $ 6,939 $ 7,111 $ 7,314 $ 7,548 $ 7,744 $ 7,970 $ 8,201 $ 8,429 $ 8,657
Other / Sales 5.4% 6.0% 6.4% 6.5% 6.0% 5.5% 6.2% 7.2% 6.8% 7.4% 7.0% 7.4% 7.6% 8.1% 8.2% 8.5% 10.4% 9.9% 8.9% 8.0% 9.6% 9.5% 9.4% 9.4% 9.3% 9.2% 9.2% 9.1% 9.1% 9.0% 8.9% 8.9%
Days in Year 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365
Cash Flow
Receivables, net (772) (770) (766) (816) (917) (925) (1,004) (1,041) (1,147) (1,180)
Contract assets (888) (600) (437) (466) (595) (512) (574) (557) (646) (619)
Inventories (415) (316) (260) (277) (336) (309) (342) (341) (387) (382)
Other current assets (81) (48) (27) (32) (38) (30) (36) (36) (35) (35)
Property, plant and equipment, net (578) (373) (247) (287) (327) (285) (324) (333) (335) (337)
Goodwill (1,253) (984) (814) (908) (1,009) (967) (1,069) (1,120) (1,159) (1,198)
Intangible assets, net (346) (271) (224) (250) (277) (266) (294) (308) (318) (329)
Other noncurrent assets (585) (395) (278) (319) (361) (323) (365) (377) (383) (388)
Accounts payable 81 81 81 81 81 81 81 81 81 81
Contract liabilities (88) (88) (88) (88) (88) (88) (88) (88) (88) (88)
Salaries, benefits and payroll taxes (115) (115) (115) (115) (115) (115) (115) (115) (115) (115)
Other current liabilities 8 8 8 8 8 8 8 8 8 8
Other noncurrent liabilities 461 282 172 203 234 196 226 230 229 227
Total $ (4,572) $ (3,589) $ (2,995) $ (3,266) $ (3,740) $ (3,534) $ (3,896) $ (3,997) $ (4,295) $ (4,354)

Ratios

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Long-term debt, net $ 11,427 $ 9,065 $ 7,422 $ 6,217 $ 6,072 $ 5,104 $ 4,784 $ 4,405 $ 4,303 $ 3,563 $ 5,052 $ 5,019 $ 6,460 $ 6,158 $ 6,152 $ 6,142 $ 14,305 $ 14,282 $ 13,513 $ 12,604 $ 11,404 $ 11,669 11669 11669 11669 11669 11669 11669 11669 11669 11669 11669
Interest expense (809) (919) (700) (581) (487) (425) (370) (361) (352) (332) (308) (345) (354) (383) (350) (340) (443) (663) (651) (668) (653) (591) (612) (632) (653) (674) (694) (715) (735) (756) (777) (797)
Interest Rate 7.1% 10.1% 9.4% 9.3% 8.0% 8.3% 7.7% 8.2% 8.2% 9.3% 6.1% 6.9% 5.5% 6.2% 5.7% 5.5% 3.1% 4.6% 4.8% 5.3% 5.7% 5.1% 5.2% 5.4% 5.6% 5.8% 5.9% 6.1% 6.3% 6.5% 6.7% 6.8%
Tax Rate 38.6% 215.1% 67.7% 7.6% 31.3% 23.9% 30.2% 29.6% 30.6% 31.5% 29.1% 30.8% 26.5% 32.6% 29.0% 31.3% 28.2% 23.2% 63.4% 13.6% 14.0% 16.4% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8% 27.8%
Current Ratio 1.2x 1.3x 1.1x 1.1x 1.1x 1.0x 1.1x 1.1x 1.1x 1.0x 1.2x 1.1x 1.2x 1.1x 1.2x 1.1x 1.2x 1.2x 1.4x 1.1x 1.2x 1.4x 1.6x 1.9x 2.2x 2.5x 2.9x 3.3x 3.7x 4.1x 4.5x 5.0x
Days Inventory Outstanding 59.1 56.7 47.8 30.9 26.9 19.2 18.8 15.3 15.0 16.8 18.1 18.9 19.5 22.8 24.0 22.4 39.3 36.2 32.1 20.3 22.1 19.8 20.4 21.0 21.6 22.2 22.8 23.4 24.0 24.6 25.2 25.8
Days Receivable Outstanding 63.5 59.4 61.6 50.2 46.3 42.2 44.9 42.3 42.9 46.9 50.3 45.5 47.6 50.9 46.9 47.0 63.8 63.5 61.5 16.6 14.3 11.1 14.2 17.3 20.4 23.6 26.7 29.8 32.9 36.1 39.2 42.3
Days Payable Outstanding 19.5 17.4 22.4 15.8 17.6 18.9 21.2 22.6 21.1 20.5 18.7 14.3 19.5 17.4 12.5 14.3 17.7 14.5 11.9 18.9 9.1 5.7 5.6 5.8 6.0 6.3 6.4 6.6 6.7 6.9 7.0 7.1
Cash Conversion Cycle 103.1 98.8 87.0 65.3 55.7 42.5 42.5 35.0 36.8 43.2 49.7 50.1 47.6 56.2 58.4 55.2 85.3 85.2 81.7 18.1 27.2 25.2 29.1 32.6 36.1 39.6 43.1 46.7 50.3 53.8 57.4 61.1
Gross Profit Margin 8.3% 5.2% 3.6% 4.4% 6.4% 5.9% 7.7% 9.5% 10.8% 12.2% 10.0% 8.9% 8.6% 9.4% 9.9% 12.3% 11.8% 11.7% 11.6% 13.6% 14.3% 13.2% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9%
EBIT Margin 8.0% 5.1% 3.5% 4.4% 6.3% 5.9% 7.7% 9.5% 10.8% 12.2% 10.0% 8.9% 8.6% 9.4% 9.9% 12.3% 11.8% 11.7% 11.6% 13.6% 14.3% 13.2% 11.0% 11.1% 11.1% 11.2% 11.3% 11.3% 11.4% 11.5% 11.6% 11.6%
Profit Margin 1.5% (2.1)% (4.4)% 1.9% 3.3% 3.6% 4.9% 6.4% 7.2% 7.8% 6.9% 6.3% 5.7% 5.8% 6.6% 7.9% 7.8% 11.2% 3.9% 9.4% 10.4% 10.4% 7.3% 7.4% 7.4% 7.5% 7.5% 7.6% 7.6% 7.7% 7.8% 7.8%
Asset Turnover 0.8x 0.8x 0.9x 1.0x 1.2x 1.4x 1.3x 1.4x 1.4x 1.2x 1.3x 1.3x 1.2x 1.2x 1.3x 1.2x 0.9x 1.0x 1.1x 1.2x 1.3x 1.3x 1.3x 1.2x 1.1x 1.1x 1.0x 1.0x 0.9x 0.9x 0.9x 0.8x
ROE 6.0% (7.2)% (16.2)% 8.5% 15.6% 18.0% 23.2% 36.7% 30.9% 112.3% 73.2% 82.3% 265.2% 7,038.5% 60.6% 106.3% 116.4% 330.1% (328.7)% 348.2% 196.5% 113.2% 46.1% 32.8% 25.4% 20.9% 18.0% 15.8% 14.1% 12.8% 11.8% 10.9%
ROA 1.3% (1.7)% (3.8)% 1.9% 4.0% 5.0% 6.6% 9.0% 10.5% 9.6% 8.6% 8.2% 7.0% 7.1% 8.2% 9.8% 7.3% 11.1% 4.3% 11.2% 13.1% 13.5% 9.2% 8.8% 8.4% 8.0% 7.8% 7.5% 7.2% 7.0% 6.8% 6.6%
ROC 6.7% 2.3% (2.5)% 8.0% 11.9% 13.9% 17.1% 25.5% 23.8% 53.2% 36.3% 37.8% 40.3% 49.3% 30.1% 41.4% 22.1% 37.5% 19.4% 36.7% 43.5% 40.8% 24.7% 21.2% 18.3% 16.3% 14.8% 13.5% 12.5% 11.6% 10.9% 10.3%

NOPLAT & ROIC

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
NOPLAT
Net sales $ 24,999 $ 24,541 $ 23,990 $ 26,578 $ 31,824 $ 35,526 $ 37,213 $ 39,620 $ 41,862 $ 41,372 $ 43,995 $ 45,671 $ 46,499 $ 47,182 $ 45,358 $ 45,600 $ 46,132 $ 47,248 $ 51,048 $ 53,762 $ 59,812 $ 65,398 $ 70,717 $ 74,187 $ 76,517 $ 79,220 $ 82,297 $ 84,995 $ 88,059 $ 91,213 $ 94,391 $ 97,596
Cost of sales (22,931) (23,269) (23,135) (25,404) (29,789) (33,424) (34,360) (35,850) (37,335) (36,323) (39,580) (41,622) (42,519) (42,748) (40,853) (40,008) (40,696) (41,699) (45,127) (46,428) (51,267) (56,754) (62,987) (66,075) (68,151) (70,558) (73,299) (75,704) (78,434) (81,245) (84,079) (86,935)
Other (expense) income, net (71) (21) (22) (16) (16) (13) -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 46 99 154 216 283 353 431 514 602 696
Operating profit $ 1,997 $ 1,251 $ 833 $ 1,158 $ 2,019 $ 2,089 $ 2,853 $ 3,770 $ 4,527 $ 5,049 $ 4,415 $ 4,049 $ 3,980 $ 4,434 $ 4,505 $ 5,592 $ 5,436 $ 5,549 $ 5,921 $ 7,334 $ 8,545 $ 8,644 $ 7,777 $ 8,210 $ 8,521 $ 8,877 $ 9,280 $ 9,644 $ 10,055 $ 10,481 $ 10,915 $ 11,356
Adjusted Taxes (772) (2,690) (564) (88) (631) (500) (863) (1,116) (1,384) (1,592) (1,285) (1,247) (1,057) (1,445) (1,307) (1,748) (1,535) (1,287) (3,753) (995) (1,193) (1,414) (2,163) (2,283) (2,370) (2,469) (2,581) (2,682) (2,796) (2,915) (3,035) (3,158)
NOPLAT $ 1,225 $ (1,439) $ 269 $ 1,070 $ 1,388 $ 1,589 $ 1,990 $ 2,654 $ 3,143 $ 3,457 $ 3,130 $ 2,802 $ 2,923 $ 2,989 $ 3,198 $ 3,844 $ 3,901 $ 4,262 $ 2,168 $ 6,339 $ 7,352 $ 7,230 $ 5,614 $ 5,927 $ 6,151 $ 6,408 $ 6,699 $ 6,962 $ 7,259 $ 7,566 $ 7,879 $ 8,198
INVESTED CAPITAL
Working cash $ 500 $ 491 $ 480 $ 532 $ 636 $ 711 $ 744 $ 792 $ 837 $ 827 $ 880 $ 913 $ 930 $ 944 $ 907 $ 912 $ 923 $ 945 $ 1,021 $ 1,075 $ 1,196 $ 1,308 $ 1,414 $ 1,484 $ 1,530 $ 1,584 $ 1,646 $ 1,700 $ 1,761 $ 1,824 $ 1,888 $ 1,952
Receivables, net 4,348 3,986 4,049 3,655 4,039 4,094 4,579 4,595 4,925 5,296 6,061 5,692 6,064 6,563 5,834 5,877 8,061 8,202 8,603 2,444 2,337 1,978 2,750 3,521 4,286 5,102 6,019 6,945 7,949 8,990 10,137 11,317
Contract assets -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 9,472 9,094 9,545 10,433 11,033 11,470 11,936 12,532 13,043 13,618 14,174 14,820 15,439
Inventories 4,051 3,805 3,140 2,250 2,348 1,864 1,921 1,657 1,718 1,902 2,183 2,363 2,481 2,937 2,977 2,804 4,962 4,670 4,487 2,997 3,619 3,545 3,960 4,277 4,537 4,814 5,150 5,459 5,801 6,142 6,528 6,911
Other current assets 605 498 473 706 843 557 495 719 560 501 681 518 625 1,188 813 744 622 399 1,510 418 531 1,150 1,231 1,279 1,306 1,338 1,376 1,407 1,442 1,478 1,513 1,548
Accounts payable $ 1,228 $ 1,106 $ 1,419 $ 1,102 $ 1,434 $ 1,726 $ 1,998 $ 2,221 $ 2,163 $ 2,030 $ 2,030 $ 1,627 $ 2,269 $ 2,038 $ 1,397 $ 1,562 $ 1,974 $ 1,653 $ 1,467 $ 2,402 $ 1,281 $ 880 $ 961 $ 1,042 $ 1,124 $ 1,205 $ 1,286 $ 1,367 $ 1,449 $ 1,530 $ 1,611 $ 1,692
Contract liabilities 4,655 4,697 5,002 4,542 4,256 4,028 4,331 3,856 4,254 4,535 5,049 5,890 6,399 6,503 6,349 5,775 6,988 6,776 6,752 6,491 7,054 7,545 7,457 7,369 7,280 7,192 7,104 7,016 6,928 6,840 6,751 6,663
Salaries, benefits and payroll taxes 941 978 1,100 1,272 1,418 1,346 1,475 1,584 1,544 1,684 1,648 1,870 1,664 1,649 1,809 1,824 1,916 1,764 1,785 2,122 2,466 3,163 3,048 2,934 2,819 2,704 2,590 2,475 2,360 2,246 2,131 2,016
Other current liabilities 1,410 1,653 1,629 1,433 1,558 1,451 1,422 1,858 1,806 2,051 1,976 1,810 1,798 1,815 1,565 1,951 2,223 2,349 1,883 1,883 1,921 1,845 1,853 1,861 1,868 1,876 1,884 1,892 1,900 1,908 1,915 1,923
OWC $ 1,270 $ 346 $ (1,008) $ (1,206) $ (800) $ (1,325) $ (1,487) $ (1,756) $ (1,727) $ (1,774) $ (898) $ (1,711) $ (2,030) $ (373) $ (589) $ (775) $ 1,467 $ 1,674 $ 3,734 $ 3,508 $ 4,055 $ 4,093 $ 6,470 $ 8,388 $ 10,038 $ 11,798 $ 13,859 $ 15,803 $ 17,934 $ 20,086 $ 22,478 $ 24,871
Property, plant and equipment, net $ 3,634 $ 2,941 $ 2,991 $ 3,258 $ 3,489 $ 3,599 $ 3,924 $ 4,056 $ 4,320 $ 4,488 $ 4,520 $ 4,554 $ 4,611 $ 4,675 $ 4,706 $ 4,751 $ 5,490 $ 5,549 $ 5,775 $ 6,124 $ 6,591 $ 7,213 $ 7,791 $ 8,163 $ 8,410 $ 8,697 $ 9,024 $ 9,309 $ 9,634 $ 9,967 $ 10,302 $ 10,640
Intangible assets, net 1,259 1,073 939 814 807 672 560 605 463 355 -0 -0 -0 -0 -0 324 4,147 4,093 3,797 3,494 3,213 3,012 3,358 3,630 3,853 4,103 4,380 4,646 4,940 5,247 5,566 5,894
Other noncurrent assets 1,903 1,367 1,610 2,671 2,326 2,596 2,728 2,434 2,743 3,614 4,387 4,576 4,667 4,948 4,955 4,774 5,247 5,667 5,570 5,178 6,706 6,826 7,411 7,806 8,084 8,403 8,764 9,088 9,452 9,830 10,212 10,600
Other noncurrent liabilities 1,339 1,462 1,543 1,724 1,914 1,967 2,291 2,868 2,827 3,079 3,096 3,376 3,541 3,807 3,735 3,877 4,792 4,659 4,558 4,311 5,747 6,196 6,657 6,939 7,111 7,314 7,548 7,744 7,970 8,201 8,429 8,657
Invested capital w/o Goowill $ 6,727 $ 4,265 $ 2,989 $ 3,813 $ 3,908 $ 3,575 $ 3,434 $ 2,471 $ 2,972 $ 3,604 $ 4,913 $ 4,043 $ 3,707 $ 5,443 $ 5,337 $ 5,197 $ 11,559 $ 12,324 $ 14,318 $ 13,993 $ 14,818 $ 14,948 $ 18,373 $ 21,048 $ 23,275 $ 25,687 $ 28,480 $ 31,101 $ 33,989 $ 36,929 $ 40,129 $ 43,349
Goodwill 9,162 7,479 7,371 7,380 7,879 7,892 8,447 9,250 9,387 9,526 9,948 9,605 10,148 10,370 10,348 10,862 13,576 10,764 10,807 10,769 10,604 10,806 12,059 13,043 13,857 14,765 15,774 16,740 17,809 18,929 20,088 21,286
Invested capital w/ Goodwill $ 15,889 $ 11,744 $ 10,360 $ 11,193 $ 11,787 $ 11,467 $ 11,881 $ 11,721 $ 12,359 $ 13,130 $ 14,861 $ 13,648 $ 13,855 $ 15,813 $ 15,685 $ 16,059 $ 25,135 $ 23,088 $ 25,125 $ 24,762 $ 25,422 $ 25,754 $ 30,432 $ 34,090 $ 37,132 $ 40,452 $ 44,253 $ 47,842 $ 51,799 $ 55,858 $ 60,217 $ 64,635
ROIC w/o Goodwill 18.2% (33.8)% 9.0% 28.1% 35.5% 44.5% 58.0% 107.4% 105.8% 95.9% 63.7% 69.3% 78.9% 54.9% 59.9% 74.0% 33.8% 34.6% 15.1% 45.3% 49.6% 48.4% 30.6% 28.2% 26.4% 24.9% 23.5% 22.4% 21.4% 20.5% 19.6% 18.9%
ROIC w/ Goodwill 7.7% (12.3)% 2.6% 9.6% 11.8% 13.9% 16.8% 22.6% 25.4% 26.3% 21.1% 20.5% 21.1% 18.9% 20.4% 23.9% 15.5% 18.5% 8.6% 25.6% 28.9% 28.1% 18.4% 17.4% 16.6% 15.8% 15.1% 14.6% 14.0% 13.5% 13.1% 12.7%
LMT’s definition of ROIC -428.2% -505.6% -395.2% -272.6% -177.8% -120.5% -96.2% -74.1% -60.1% -127.4% -107.3% -136.2% -149.5% -229.8% -135.5% -129.0% -172.0% -278.5% -343.6% -40.0% -66.2% -38.4% (48.5)% (48.1)% (48.0)% (48.0)% (48.0)% (48.1)% (48.2)% (48.2)% (48.3)% (48.4)%

DCF

2021 2022 2023 2024 2025 2026 2027 2028 2029
NOPLAT $ 5,614 $ 5,927 $ 6,151 $ 6,408 $ 6,699 $ 6,962 $ 7,259 $ 7,566 $ 7,879
∆ Working Capital (2,871) (3,730) (4,289) (4,362) (4,458) (4,802) (4,902) (5,113) (5,353)
∆ PPE (578) (373) (247) (287) (327) (285) (324) (333) (335)
Free Cash Flow $ 2,165 $ 1,825 $ 1,615 $ 1,760 $ 1,914 $ 1,875 $ 2,032 $ 2,120 $ 2,191
Discounted FCF $ 2,027 $ 1,600 $ 1,326 $ 1,353 $ 1,377 $ 1,264 $ 1,282 $ 1,253 $ 1,212
Continuing Value $ 197,282
PV of FCF $ 12,694
PV of Continuing Value $ 109,131
PV of Operations $ 121,824
Midyear Adjustment $ 125,898
PV of nonoperating assets $ -0
Enterprise Value $ 125,898
Debt $ 12,169
Equity Value $ 113,729
Shares Outstanding 279
Price per Share $ 407.63
Implied EBITDA Multiple 17.4x
WACC 6.8%
Long-term growth rate 3.5%
RONIC 17.0%
Period 1 2 3 4 5 6 7 8 9

ROIC Decomposition

ROIC Decomposition (p 1) Gross Margin ROIC Decomposition (p 2)
2013 2014 2015 2016
Operating Margin
Pretax ROIC 2013 2014 2015 2016 SGA
2013 2014 2015 2016 2013 2014 2015 2016
ROIC
2013 2014 2015 2016 Depreciation Inventory Days
Tax Rate 2013 2014 2015 2016 2013 2014 2015 2016
2013 2014 2015 2016
Average Capital Turn DSO
2013 2014 2015 2016 Op WC / Sales 2013 2014 2015 2016
2013 2014 2015 2016
Fixed Assets / Sales Payable Days
2013 2014 2015 2016 2013 2014 2015 2016
Gross Margin
2017 2018 2019 2020
Operating Margin
Pretax ROIC 2017 2018 2019 2020 SGA
2017 2018 2019 2020 2017 2018 2019 2020
ROIC
2017 2018 2019 2020 Depreciation Inventory Days
Tax Rate 2017 2018 2019 2020 2017 2018 2019 2020
2017 2018 2019 2020
Average Capital Turn DSO
2017 2018 2019 2020 Op WC / Sales 2017 2018 2019 2020
2017 2018 2019 2020
Fixed Assets / Sales Payable Days
2017 2018 2019 2020 2017 2018 2019 2020

Industry Data

All data comes from the IBIS World database within the Space Vehicle & Missile Manufacturing in the US industry.
Year Revenue ($ million) IVA ($ million) Establishments (Units) Enterprises (Units) Employment (Units) Exports ($ million) Imports ($ million) Wages ($ million) Domestic Demand ($ million) Federal Funding for Defense ($ billion)
2004 20628.2 8390.5 117.0 80.0 62479.0 1903.6 575.6 6518.2 19300.2 733.0
2005 30698.0 10371.4 114.0 81.0 69376.0 1984.5 550.1 7549.5 29263.6 749.1
2006 23112.8 8968.9 113.0 81.0 66695.0 2310.2 644.7 6621.1 21447.3 743.5
2007 25950.8 10202.6 107.0 76.0 72985.0 2194.6 640.6 7090.0 24396.8 744.9
2008 27075.3 10547.9 111.0 79.0 74172.0 2181.7 573.6 7433.5 25467.2 800.9
2009 26897.7 10246.7 117.0 80.0 74271.0 2213.5 553.0 7459.0 25237.2 846.4
2010 31407.6 12048.7 117.0 82.0 74567.0 2407.2 776.7 8823.9 29777.1 867.7
2011 30996.9 12073.2 122.0 89.0 72301.0 2169.4 774.0 8475.0 29601.5 847.0
2012 29164.4 11303.4 123.0 86.0 67084.0 2399.4 779.7 8025.0 27544.7 783.4
2013 29871.5 11249.7 124.0 86.0 67513.0 3480.0 661.2 7949.6 27052.7 707.1
2014 30577.3 11927.4 125.0 85.0 67582.0 3013.6 653.2 8136.8 28216.9 649.4
2015 29290.0 11716.8 112.0 76.0 68015.0 3515.1 671.6 8014.5 26446.5 622.0
2016 29369.2 11256.4 117.0 79.0 69013.0 3243.9 632.5 7847.5 26757.8 613.1
2017 28822.5 10631.9 112.0 71.0 63489.0 2841.5 811.6 6780.8 26792.6 596.0
2018 27908.9 10330.3 109.0 69.0 57772.0 3133.3 808.9 6579.6 25584.5 600.5
2019 27924.8 10565.9 109.0 68.0 57425.0 2569.3 643.0 6759.3 25998.5 633.5
2020 36207.1 13867.0 121.0 75.0 68643.0 2323.6 566.9 8216.5 34450.4 652.5
2021 39979.3 15455.2 126.0 77.0 73559.0 2597.9 617.4 8858.5 37998.8 669.7
2022 41402.1 16200.6 128.0 78.0 75584.0 2699.8 636.9 9116.6 39339.2 673.3
2023 42635.7 16806.6 130.0 80.0 77568.0 2781.4 655.6 9362.4 40509.9 665.0
2024 43952.3 17450.5 133.0 82.0 79657.0 2875.8 673.7 9622.0 41750.2 660.8
2025 45340.4 18150.4 137.0 84.0 82173.0 2975.5 692.7 9925.8 43057.6 660.3
2026 46741.4 18909.6 141.0 86.0 85091.0 3076.7 711.8 10269.2 44376.5 656.1
2027 48226.7 19713.1 146.0 89.0 88328.0 3184.2 731.9 10646.9 45774.4 655.2
Year Revenue (%) IVA (%) Establishments (%) Enterprises (%) Employment (%) Exports (%) Imports (%) Wages (%) Domestic Demand (%) Federal Funding for Defense (%)
2005 48.8% 23.6% (2.6)% 1.2% 11.0% 4.2% (4.4)% 15.8% 51.6% 2.2%
2006 (24.7)% (13.5)% (0.9)% -0 (3.9)% 16.4% 17.2% (12.3)% (26.7)% (0.7)%
2007 12.3% 13.8% (5.3)% (6.2)% 9.4% (5.0)% (0.6)% 7.1% 13.8% 0.2%
2008 4.3% 3.4% 3.7% 3.9% 1.6% (0.6)% (10.5)% 4.8% 4.4% 7.5%
2009 (0.7)% (2.9)% 5.4% 1.3% 0.1% 1.5% (3.6)% 0.3% (0.9)% 5.7%
2010 16.8% 17.6% -0 2.5% 0.4% 8.8% 40.5% 18.3% 18.0% 2.5%
2011 (1.3)% 0.2% 4.3% 8.5% (3.0)% (9.9)% (0.3)% (4.0)% (0.6)% (2.4)%
2012 (5.9)% (6.4)% 0.8% (3.4)% (7.2)% 10.6% 0.7% (5.3)% (6.9)% (7.5)%
2013 2.4% (0.5)% 0.8% -0 0.6% 45.0% (15.2)% (0.9)% (1.8)% (9.7)%
2014 2.4% 6.0% 0.8% (1.2)% 0.1% (13.4)% (1.2)% 2.4% 4.3% (8.2)%
2015 (4.2)% (1.8)% (10.4)% (10.6)% 0.6% 16.6% 2.8% (1.5)% (6.3)% (4.2)%
2016 0.3% (3.9)% 4.5% 3.9% 1.5% (7.7)% (5.8)% (2.1)% 1.2% (1.4)%
2017 (1.9)% (5.5)% (4.3)% (10.1)% (8.0)% (12.4)% 28.3% (13.6)% 0.1% (2.8)%
2018 (3.2)% (2.8)% (2.7)% (2.8)% (9.0)% 10.3% (0.3)% (3.0)% (4.5)% 0.8%
2019 0.1% 2.3% -0 (1.4)% (0.6)% (18.0)% (20.5)% 2.7% 1.6% 5.5%
2020 29.7% 31.2% 11.0% 10.3% 19.5% (9.6)% (11.8)% 21.6% 32.5% 3.0%
2021 10.4% 11.5% 4.1% 2.7% 7.2% 11.8% 8.9% 7.8% 10.3% 2.6%
2022 3.6% 4.8% 1.6% 1.3% 2.8% 3.9% 3.2% 2.9% 3.5% 0.5%
2023 3.0% 3.7% 1.6% 2.6% 2.6% 3.0% 2.9% 2.7% 3.0% (1.2)%
2024 3.1% 3.8% 2.3% 2.5% 2.7% 3.4% 2.8% 2.8% 3.1% (0.6)%
2025 3.2% 4.0% 3.0% 2.4% 3.2% 3.5% 2.8% 3.2% 3.1% (0.1)%
2026 3.1% 4.2% 2.9% 2.4% 3.6% 3.4% 2.8% 3.5% 3.1% (0.6)%
2027 3.2% 4.2% 3.5% 3.5% 3.8% 3.5% 2.8% 3.7% 3.2% (0.1)%
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