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 RTX: how the two businesses compare
- Bigger business: RTX, with $88.6B of yearly revenue, about 1.2× LMT's $75.0B.
- More profitable: RTX keeps 8 cents of each sales dollar as profit, against 7 cents at LMT.
- More cash from each sale: RTX turns 12 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.
RTX is the larger business by reported revenue: $88.6B in its fiscal year ended Dec 2025, about 1.2× LMT's $75.0B (fiscal year ended Dec 2025). LMT's net margin was 6.7% and RTX's 7.6%. The SEC places them in related industries (Guided Missiles & Space Vehicles & Parts; Aircraft Engines & Engine Parts), and both map to the Wars & geopolitics research theme.
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
- December 31
- Same calendar
- Feb 6, 2026
LMT vs RTX: quick comparison
| Company fact | LMT | RTX |
|---|---|---|
| Company | Lockheed Martin Corporation | RTX Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | Bethesda, Maryland | Arlington, Virginia |
| Founded | 1995 | 2020 |
| SEC industry | Guided Missiles & Space Vehicles & Parts | Aircraft Engines & Engine Parts |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-01-29 | 10-K · 2026-02-06 |
LMT vs RTX: audited financials
- Scale: RTX's $88.6B of revenue is about 1.2× LMT's $75.0B.
- Net margin: nearly identical at 6.7% (LMT) and 7.6% (RTX).
- Cash conversion: operating cash flow equalled LMT 11.4% of revenue, or 1.71× net income; RTX 11.9% of revenue, or 1.57× 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: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | LMT | RTX |
|---|---|---|
| Revenue | $75.0B2025-01-01 to 2025-12-31 · SEC filing | $88.6B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $5.0B2025-01-01 to 2025-12-31 · SEC filing | $6.7B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $8.6B2025-01-01 to 2025-12-31 · SEC filing | $10.6B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $21.492025-01-01 to 2025-12-31 · SEC filing | $4.962025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 6.7%2025-01-01 to 2025-12-31 · SEC filing | 7.6%2025-01-01 to 2025-12-31 · SEC filing |
LMT: FY ending 2025-12-31 · RTX: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LMT and RTX overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 37.
- Shared research theme: Wars & geopolitics.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: LMT is 3760 (Guided Missiles & Space Vehicles & Parts); RTX is 3724 (Aircraft Engines & Engine Parts).
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.
RTX Corporation (RTX)
RTX is an aerospace and defense company that reports three segments: Collins Aerospace systems, Pratt & Whitney aircraft engines, and Raytheon missiles and radars. It was formed in 2020 from the merger of Raytheon and United Technologies.
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 RTX
- U.S. and allied defense budgets and air- and missile-defense procurement at Raytheon
- Commercial aircraft deliveries and aftermarket flight hours at Collins Aerospace and Pratt & Whitney
- Pratt & Whitney geared turbofan (GTF) fleet support after the 2023 powder metal matter
- Conversion of a $268 billion year-end 2025 backlog into sales and cash
The investment question
You now know RTX reports about 1.2× LMT's revenue, and RTX keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about “F-35 production, sustainment and international orders; the program was 27% of 2025 sales” at LMT and “U.S. and allied defense budgets and air- and missile-defense procurement at Raytheon” at RTX, 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. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 26 matched transaction rows for LMT and 18 matched transaction rows for RTX. 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
RTX 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 RTX
LMT vs RTX FAQs
Are LMT and RTX direct competitors?
Not necessarily. Lockheed Martin files as Guided Missiles & Space Vehicles & Parts and RTX as Aircraft Engines & Engine Parts. 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 RTX the bigger company by revenue?
RTX is the larger business by reported revenue: $88.6B in its fiscal year ended Dec 2025, about 1.2× LMT's $75.0B (fiscal year ended Dec 2025). LMT's net margin was 6.7% and RTX's 7.6%. The SEC places them in related industries (Guided Missiles & Space Vehicles & Parts; Aircraft Engines & Engine Parts), and both map to the Wars & geopolitics research theme. 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 RTX?
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 RTX 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 RTX 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 2026-10-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LMT vs RTX 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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