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 TDG: how the two businesses compare
- Bigger business: LMT, with $75.0B of yearly revenue, about 8.5× TDG's $8.8B.
- More profitable: TDG keeps 23 cents of each sales dollar as profit, against 7 cents at LMT.
- More cash from each sale: TDG turns 23 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 8.5× TDG's $8.8B (fiscal year ended Sep 2025). LMT's net margin was 6.7% and TDG's 23.5%. The SEC places them in related industries (Guided Missiles & Space Vehicles & Parts; Aircraft Parts & Auxiliary Equipment, NEC), 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
- Different
- LMT December 31 · TDG September 30
- Jan 29, 2026
LMT vs TDG: quick comparison
| Company fact | LMT | TDG |
|---|---|---|
| Company | Lockheed Martin Corporation | TransDigm Group Incorporated |
| Exchange | NYSE | NYSE |
| Headquarters | Bethesda, Maryland | — |
| Founded | 1995 | — |
| SEC industry | Guided Missiles & Space Vehicles & Parts | Aircraft Parts & Auxiliary Equipment, NEC |
| Fiscal year-end | December 31 | September 30 |
| Latest annual filing | 10-K · 2026-01-29 | 10-K · 2025-11-12 |
LMT vs TDG: audited financials
- Scale: LMT's $75.0B of revenue is about 8.5× TDG's $8.8B.
- Net margin: TDG kept 23.5% 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; TDG 23.1% of revenue, or 0.98× 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 3 months apart (2025-12-31 for LMT, 2025-09-30 for TDG), so each figure reflects somewhat different demand and cost conditions.
| Metric | LMT | TDG |
|---|---|---|
| Revenue | $75.0B2025-01-01 to 2025-12-31 · SEC filing | $8.8B2024-10-01 to 2025-09-30 · SEC filing |
| Net income | $5.0B2025-01-01 to 2025-12-31 · SEC filing | $2.1B2024-10-01 to 2025-09-30 · SEC filing |
| Operating cash flow | $8.6B2025-01-01 to 2025-12-31 · SEC filing | $2.0B2024-10-01 to 2025-09-30 · SEC filing |
| Diluted EPS | $21.492025-01-01 to 2025-12-31 · SEC filing | $32.082024-10-01 to 2025-09-30 · SEC filing |
| Net margin | 6.7%2025-01-01 to 2025-12-31 · SEC filing | 23.5%2024-10-01 to 2025-09-30 · SEC filing |
LMT: FY ending 2025-12-31 · TDG: FY ending 2025-09-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LMT and TDG overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 37.
- Shared research theme: Wars & geopolitics.
Differences
- Different four-digit SIC codes: LMT is 3760 (Guided Missiles & Space Vehicles & Parts); TDG is 3728 (Aircraft Parts & Auxiliary Equipment, NEC).
- Offset fiscal calendars: LMT's year ends December 31 and TDG's September 30, about 3 months apart.
- Scale: LMT reported about 8.5× the annual revenue of TDG.
- Profitability: net margin of 6.7% for LMT versus 23.5% for TDG.
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.
TransDigm Group Incorporated (TDG)
TransDigm makes proprietary aerospace components used on commercial and military aircraft.
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 TDG
We have not yet published a company-specific driver list for TDG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-12.
The investment question
You now know LMT reports about 8.5× TDG's revenue, and TDG 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.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
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 TDG's ends September 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 28 matched transaction rows for TDG. 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
TDG 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 TDG
LMT vs TDG FAQs
Are LMT and TDG direct competitors?
Not necessarily. Lockheed Martin files as Guided Missiles & Space Vehicles & Parts and TransDigm as Aircraft Parts & Auxiliary Equipment, NEC. 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 TDG 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 8.5× TDG's $8.8B (fiscal year ended Sep 2025). LMT's net margin was 6.7% and TDG's 23.5%. The SEC places them in related industries (Guided Missiles & Space Vehicles & Parts; Aircraft Parts & Auxiliary Equipment, NEC), 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 TDG?
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 TDG 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 TransDigm Group Incorporated 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 TDG 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.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included