Lockheed Martin Corporation (LMT)
Lockheed Martin is the world's largest defense contractor, best known for the F-35 fighter program along with missiles, satellites, and space systems. Its revenue is dominated by long-term US government contracts.
LMT vs PH: how the two businesses compare
- Bigger business: LMT, with $75.0B of yearly revenue, about 3.8× PH's $19.9B.
- More profitable: PH keeps 18 cents of each sales dollar as profit, against 7 cents at LMT.
- More cash from each sale: PH turns 19 cents of each sales dollar into operating cash flow, against 11 cents at LMT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Lockheed Martin (LMT) is the larger business by reported revenue: $75.0B in its fiscal year ended Dec 2025, about 3.8× PH's $19.9B (fiscal year ended Jun 2025). LMT's net margin was 6.7% and PH's 17.8%. The SEC classifies them differently (Guided Missiles & Space Vehicles & Parts; Miscellaneous Fabricated Metal Products); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- Different
- LMT December 31 · PH June 30
- Aug 21, 2026
LMT vs PH: quick comparison
| Company fact | LMT | PH |
|---|---|---|
| Company | Lockheed Martin Corporation | Parker-Hannifin Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | Bethesda, Maryland | — |
| Founded | 1995 | — |
| SEC industry | Guided Missiles & Space Vehicles & Parts | Miscellaneous Fabricated Metal Products |
| Fiscal year-end | December 31 | June 30 |
| Latest annual filing | 10-K · 2026-01-29 | 10-K · 2026-08-21 |
LMT vs PH: audited financials
- Scale: LMT's $75.0B of revenue is about 3.8× PH's $19.9B.
- Net margin: PH kept 17.8% of revenue as net income versus 6.7% at LMT.
- Cash conversion: operating cash flow equalled LMT 11.4% of revenue, or 1.71× net income; PH 19.0% of revenue, or 1.07× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 6 months apart (2025-12-31 for LMT, 2025-06-30 for PH), so each figure reflects somewhat different demand and cost conditions.
| Metric | LMT | PH |
|---|---|---|
| Revenue | $75.0B2025-01-01 to 2025-12-31 · SEC filing | $19.9B2024-07-01 to 2025-06-30 · SEC filing |
| Net income | $5.0B2025-01-01 to 2025-12-31 · SEC filing | $3.5B2024-07-01 to 2025-06-30 · SEC filing |
| Operating cash flow | $8.6B2025-01-01 to 2025-12-31 · SEC filing | $3.8B2024-07-01 to 2025-06-30 · SEC filing |
| Diluted EPS | $21.492025-01-01 to 2025-12-31 · SEC filing | $27.122024-07-01 to 2025-06-30 · SEC filing |
| Net margin | 6.7%2025-01-01 to 2025-12-31 · SEC filing | 17.8%2024-07-01 to 2025-06-30 · SEC filing |
LMT: FY ending 2025-12-31 · PH: FY ending 2025-06-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LMT and PH overlap, and where they don't
Overlap
- Shared research theme: Wars & geopolitics.
Differences
- Different SEC industries: LMT files as Guided Missiles & Space Vehicles & Parts; PH as Miscellaneous Fabricated Metal Products.
- Offset fiscal calendars: LMT's year ends December 31 and PH's June 30, about 6 months apart.
- Scale: LMT reported about 3.8× the annual revenue of PH.
- Profitability: net margin of 6.7% for LMT versus 17.8% for PH.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Parker-Hannifin Corporation (PH)
Parker-Hannifin makes motion-control and fluid-power components for industrial and aerospace machinery.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves LMT
- F-35 production, sustainment and international orders; the program was 27% of 2025 sales
- U.S. defense appropriations and the timing of continuing resolutions
- Charges on classified and other fixed-price development programs
- Missile and munitions demand at Missiles and Fire Control
What moves PH
We have not yet published a company-specific driver list for PH. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-21.
The investment question
You now know LMT reports about 3.8× PH's revenue, and PH keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to wars & geopolitics, including “F-35 production, sustainment and international orders; the program was 27% of 2025 sales” at LMT, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. LMT's fiscal year ends December 31, while PH's ends June 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 30 matched transaction rows for LMT and 24 matched transaction rows for PH. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
LMT primary filings
PH primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving LMT or PH
LMT vs PH FAQs
Are LMT and PH direct competitors?
Not necessarily. Lockheed Martin files as Guided Missiles & Space Vehicles & Parts and Parker-Hannifin as Miscellaneous Fabricated Metal Products. The pair is compared because both map to the Wars & geopolitics research theme, not because the filings show head-to-head competition.
Is LMT or PH the bigger company by revenue?
Lockheed Martin (LMT) is the larger business by reported revenue: $75.0B in its fiscal year ended Dec 2025, about 3.8× PH's $19.9B (fiscal year ended Jun 2025). LMT's net margin was 6.7% and PH's 17.8%. The SEC classifies them differently (Guided Missiles & Space Vehicles & Parts; Miscellaneous Fabricated Metal Products); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, LMT or PH?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this LMT vs PH comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Lockheed Martin Corporation and Parker-Hannifin Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LMT vs PH compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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