Lockheed Martin Corp (NYSE: LMT)

$611.19 ▼ -0.39 (-0.06%)

As of Apr 15, 2026 03:59 PM

Sector: Industrials Industry: Aerospace & Defense CIK: 0000936468

Market Cap 140.45 Bn

P/E 28.32

P/S 1.87

Div. Yield 0.02

ROIC (Qtr) 0.36

Total Debt (Qtr) 21.70 Bn

Revenue Growth (1y) (Qtr) 9.12

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About

Lockheed Martin Corporation, widely recognized by its stock symbol LMT, is a prominent player in the global security and aerospace industry. The company's operations span across research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services. Lockheed Martin's primary focus lies in defense, space, intelligence, homeland security, and information technology, serving primarily as a supplier to agencies of the U.S. Government. The company is structured around four business segments: Aeronautics,...

Lockheed Martin Corporation, widely recognized by its stock symbol LMT, is a prominent player in the global security and aerospace industry. The company's operations span across research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services. Lockheed Martin's primary focus lies in defense, space, intelligence, homeland security, and information technology, serving primarily as a supplier to agencies of the U.S. Government.

The company is structured around four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space. The Aeronautics segment is responsible for the research, design, development, manufacture, integration, sustainment, support, and upgrade of advanced military aircraft. These include combat and air mobility aircraft, unmanned air vehicles, and related technologies. The MFC segment offers air and missile defense systems, tactical missiles, and air-to-ground precision strike weapon systems. It also provides logistics, fire control systems, mission operations support, readiness, engineering support, and integration services.

The RMS segment is tasked with designing, manufacturing, servicing, and supporting various military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, laser systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions. The Space segment is engaged in the research and design, development, engineering, and production of satellites, space transportation systems, and strategic, advanced strike, and defensive systems.

Lockheed Martin's major programs encompass the F-35 Lightning II, C-130 Hercules, F-16 Fighting Falcon, and F-22 Raptor. The company also manages the Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs. Additionally, Lockheed Martin is actively involved in hypersonics programs, working in collaboration with the U.S. Army and U.S. Navy to design, develop, and build hypersonic strike weapons.

The company's global presence extends to international customers such as the U.K., Canada, Australia, and Japan. Lockheed Martin boasts a diverse workforce of approximately 122,000 employees, with a strong emphasis on diversity and inclusion, talent acquisition, retention, and development.

In the highly competitive defense and aerospace industry, Lockheed Martin's competitors include The Boeing Company, General Dynamics, L3Harris Technologies, Northrop Grumman, and RTX Corporation. The company's success hinges on its ability to innovate and develop new products and technologies that enhance mission performance and adapt to dynamic threats.

Lockheed Martin's customers primarily consist of agencies of the U.S. Government, as well as international entities including the U.K., Canada, Australia, and Japan. The company's products and services find application across various military branches, such as the U.S. Air Force, U.S. Navy, U.S. Army, and U.S. Marine Corps, as well as by international military forces.

Investment thesis

Bull case

Lockheed Martin’s record backlog of $194 billion, representing roughly two and a half times annual sales, is a clear indicator of sustained demand that far outstrips the broader defense sector’s current capacity. The company’s ability to translate this backlog into over $20 billion in Q4 revenue and $75 billion in full‑year sales, combined with a 6% YoY growth, demonstrates an operational execution pipeline that is resilient even amid the current geopolitical volatility. The backlog’s growth, driven by high‑profile programs such as the F‑35, PAC‑3, and THAAD, signals continued funding certainty from the U.S. Department of Defense, which in turn protects future cash flows. {bullet} The 2026 financial guidance – $77.5 billion to $80 billion in revenue and an EPS range of $29.35 to $30.25 – is substantially above consensus estimates, underscoring the company’s conviction that demand will not only sustain but accelerate. This forward guidance aligns with the company’s record 6% sales growth and the momentum generated by new multi‑year missile production agreements. The guidance also reflects an internal investment of $5 billion in 2026, a step‑function increase that will fuel further capacity expansion, enabling Lockheed Martin to capture a larger share of the emerging high‑tech defense market, including AI‑enhanced weapon systems and autonomous platforms. {bullet} Lockheed Martin’s strategic multi‑year contracts for PAC‑3 (to 2,000 units) and THAAD (to 400 units) introduce a stable revenue stream that mitigates the traditional fiscal‑year volatility associated with defense contracting. The contracts’ built‑in make‑whole provisions provide a safety net if appropriation timing fluctuates, thereby reducing execution risk. Importantly, the agreements’ profit‑sharing clauses, whereby Lockheed Martin returns a share of excess profits to the government, effectively embed an incentive mechanism that aligns company performance with national defense priorities, increasing the likelihood of repeat orders and reinforcing the company’s long‑term business model. {bullet} The company’s continued investment in autonomous and AI‑driven platforms – such as the autonomous Black Hawk helicopter, drone wingmen, and the X‑59 quiet supersonic aircraft – positions Lockheed Martin at the forefront of next‑generation military technology. These initiatives are not only highly desirable to the U.S. services but also open commercial pathways in commercial aviation and space. By leveraging its vast R&D pipeline and the established Skunk Works culture, Lockheed Martin can maintain a technology moat that is difficult for new entrants to replicate, thereby securing premium pricing and margin resilience in the face of competitive pressure. {bullet} Lockheed Martin’s cash generation strength – $6.9 billion in free cash flow for 2025 and a 2026 guidance of $6.5 billion to $6.8 billion – provides a robust buffer to weather any short‑term fiscal or geopolitical disruptions. The company’s disciplined capital allocation strategy, combined with a projected increase in capex to support production ramps, ensures that cash flow will remain high while the company scales. This liquidity also underpins the firm’s ability to meet pension obligations and potentially adjust dividend policy if regulatory pressure subsides, delivering upside to shareholders without compromising operational investments. {bullet} The defense contractor’s record production of 191 F‑35 jets in 2025, coupled with a sustained backlog that includes the first block‑4 upgrades, indicates a strong sustainment pipeline. The F‑35’s global adoption – evidenced by deliveries to Belgium and Finland – expands Lockheed Martin’s reach into allied markets, offering a steady revenue base that is less susceptible to U.S. budget swings. Moreover, the company’s commitment to a $1 billion internal investment in F‑35 sustainment demonstrates a focus on maintaining mission‑capable rates, thereby preserving the platform’s operational relevance and reinforcing customer loyalty. {bullet} Lockheed Martin’s integrated approach to space and missile defense, evidenced by the acquisition of Space Development Agency contracts for tracking layer constellations and the development of a space‑based interceptor, places the firm in a unique strategic niche. This convergence of satellite technology, missile defense, and cyber‑sensing creates a cross‑domain capability that is highly valuable to national security and offers potential commercial spin‑offs. The company's proven track record in satellite manufacturing further strengthens its position to win future space defense contracts, ensuring diversified revenue streams across aeronautics, missiles, and space. {bullet} The company’s leadership in the defense procurement transformation movement – highlighted by the adoption of long‑term multi‑year contracts – reflects its strong relationship with the Department of Defense. This relationship translates into higher execution certainty, as the government’s acquisition strategy now emphasizes fixed‑price, production‑rate contracts, thereby reducing the risk of cost overruns and schedule slippages. Lockheed Martin’s proven ability to meet these stringent requirements underscores its operational discipline and enhances its appeal to future defense programs that prioritize rapid, cost‑effective delivery. {bullet} Lockheed Martin’s commitment to supply‑chain resilience, shown by the construction of new munitions acceleration centers across five states, mitigates risk from geopolitical disruptions and component shortages. This domestic production expansion also aligns with the current defense policy focus on reducing foreign dependencies. By reinforcing its manufacturing footprint, the company can better manage lead times, control quality, and maintain pricing power, all of which support higher margins and stable revenue growth. {bullet} Investor sentiment is already reflecting the upside potential, as evidenced by the 4.2% rise in LMT shares following the earnings call and the 28.7% monthly gain in January, the largest in 15 months. The market’s willingness to price in the company’s aggressive growth strategy, high backlog, and strong cash flow suggests that the consensus valuation may still be undervaluing Lockheed Martin’s intrinsic upside. The company’s solid earnings per share growth, despite higher tax rates and pension contributions, further illustrates its capacity to generate shareholder value. {bullet} The ongoing U.S. defense spending trajectory, buoyed by the Trump administration’s push to increase the defense budget by 50% to $1.5 trillion, provides a macro backdrop that supports Lockheed Martin’s sales and production pipeline. The administration’s executive orders linking dividend and buyback policy to weapons delivery schedules indirectly reinforce the company’s reinvestment strategy, ensuring that capital is directed toward production and innovation rather than short‑term shareholder payouts. This policy environment further solidifies Lockheed Martin’s ability to sustain growth and protect its margins over the long term.

Lockheed Martin’s record backlog of $194 billion, representing roughly two and a half times annual sales, is a clear indicator of sustained demand that far outstrips the broader defense sector’s current capacity. The company’s ability to translate this backlog into over $20 billion in Q4 revenue and $75 billion in full‑year sales, combined with a 6% YoY growth, demonstrates an operational execution pipeline that is resilient even amid the current geopolitical volatility. The backlog’s growth, driven by high‑profile programs such as the F‑35, PAC‑3, and THAAD, signals continued funding certainty from the U.S. Department of Defense, which in turn protects future cash flows. {bullet} The 2026 financial guidance – $77.5 billion to $80 billion in revenue and an EPS range of $29.35 to $30.25 – is substantially above consensus estimates, underscoring the company’s conviction that demand will not only sustain but accelerate. This forward guidance aligns with the company’s record 6% sales growth and the momentum generated by new multi‑year missile production agreements. The guidance also reflects an internal investment of $5 billion in 2026, a step‑function increase that will fuel further capacity expansion, enabling Lockheed Martin to capture a larger share of the emerging high‑tech defense market, including AI‑enhanced weapon systems and autonomous platforms. {bullet} Lockheed Martin’s strategic multi‑year contracts for PAC‑3 (to 2,000 units) and THAAD (to 400 units) introduce a stable revenue stream that mitigates the traditional fiscal‑year volatility associated with defense contracting. The contracts’ built‑in make‑whole provisions provide a safety net if appropriation timing fluctuates, thereby reducing execution risk. Importantly, the agreements’ profit‑sharing clauses, whereby Lockheed Martin returns a share of excess profits to the government, effectively embed an incentive mechanism that aligns company performance with national defense priorities, increasing the likelihood of repeat orders and reinforcing the company’s long‑term business model. {bullet} The company’s continued investment in autonomous and AI‑driven platforms – such as the autonomous Black Hawk helicopter, drone wingmen, and the X‑59 quiet supersonic aircraft – positions Lockheed Martin at the forefront of next‑generation military technology. These initiatives are not only highly desirable to the U.S. services but also open commercial pathways in commercial aviation and space. By leveraging its vast R&D pipeline and the established Skunk Works culture, Lockheed Martin can maintain a technology moat that is difficult for new entrants to replicate, thereby securing premium pricing and margin resilience in the face of competitive pressure. {bullet} Lockheed Martin’s cash generation strength – $6.9 billion in free cash flow for 2025 and a 2026 guidance of $6.5 billion to $6.8 billion – provides a robust buffer to weather any short‑term fiscal or geopolitical disruptions. The company’s disciplined capital allocation strategy, combined with a projected increase in capex to support production ramps, ensures that cash flow will remain high while the company scales. This liquidity also underpins the firm’s ability to meet pension obligations and potentially adjust dividend policy if regulatory pressure subsides, delivering upside to shareholders without compromising operational investments. {bullet} The defense contractor’s record production of 191 F‑35 jets in 2025, coupled with a sustained backlog that includes the first block‑4 upgrades, indicates a strong sustainment pipeline. The F‑35’s global adoption – evidenced by deliveries to Belgium and Finland – expands Lockheed Martin’s reach into allied markets, offering a steady revenue base that is less susceptible to U.S. budget swings. Moreover, the company’s commitment to a $1 billion internal investment in F‑35 sustainment demonstrates a focus on maintaining mission‑capable rates, thereby preserving the platform’s operational relevance and reinforcing customer loyalty. {bullet} Lockheed Martin’s integrated approach to space and missile defense, evidenced by the acquisition of Space Development Agency contracts for tracking layer constellations and the development of a space‑based interceptor, places the firm in a unique strategic niche. This convergence of satellite technology, missile defense, and cyber‑sensing creates a cross‑domain capability that is highly valuable to national security and offers potential commercial spin‑offs. The company's proven track record in satellite manufacturing further strengthens its position to win future space defense contracts, ensuring diversified revenue streams across aeronautics, missiles, and space. {bullet} The company’s leadership in the defense procurement transformation movement – highlighted by the adoption of long‑term multi‑year contracts – reflects its strong relationship with the Department of Defense. This relationship translates into higher execution certainty, as the government’s acquisition strategy now emphasizes fixed‑price, production‑rate contracts, thereby reducing the risk of cost overruns and schedule slippages. Lockheed Martin’s proven ability to meet these stringent requirements underscores its operational discipline and enhances its appeal to future defense programs that prioritize rapid, cost‑effective delivery. {bullet} Lockheed Martin’s commitment to supply‑chain resilience, shown by the construction of new munitions acceleration centers across five states, mitigates risk from geopolitical disruptions and component shortages. This domestic production expansion also aligns with the current defense policy focus on reducing foreign dependencies. By reinforcing its manufacturing footprint, the company can better manage lead times, control quality, and maintain pricing power, all of which support higher margins and stable revenue growth. {bullet} Investor sentiment is already reflecting the upside potential, as evidenced by the 4.2% rise in LMT shares following the earnings call and the 28.7% monthly gain in January, the largest in 15 months. The market’s willingness to price in the company’s aggressive growth strategy, high backlog, and strong cash flow suggests that the consensus valuation may still be undervaluing Lockheed Martin’s intrinsic upside. The company’s solid earnings per share growth, despite higher tax rates and pension contributions, further illustrates its capacity to generate shareholder value. {bullet} The ongoing U.S. defense spending trajectory, buoyed by the Trump administration’s push to increase the defense budget by 50% to $1.5 trillion, provides a macro backdrop that supports Lockheed Martin’s sales and production pipeline. The administration’s executive orders linking dividend and buyback policy to weapons delivery schedules indirectly reinforce the company’s reinvestment strategy, ensuring that capital is directed toward production and innovation rather than short‑term shareholder payouts. This policy environment further solidifies Lockheed Martin’s ability to sustain growth and protect its margins over the long term.

Bear case

While Lockheed Martin’s backlog appears robust, the underlying dependency on multi‑year missile contracts exposes the company to political and fiscal volatility. The long‑term frameworks for PAC‑3 and THAAD, although providing revenue certainty, are still contingent on Congress approving appropriations each fiscal year. If legislative priorities shift or if the Department of Defense encounters budgetary constraints, the company could face significant ramp‑down risk, potentially forcing costly adjustments to its production schedules and eroding profitability. {bullet} The company’s heavy capital expenditure commitment – a step‑function increase to $5 billion in 2026 – raises concerns about cash burn and leverage. Even with strong free cash flow, allocating a sizable portion of cash to capacity expansion could compress margins and reduce the firm’s flexibility to navigate unforeseen downturns or to invest in higher‑yield opportunities. Moreover, a large capex push may strain the company’s balance sheet, especially if defense spending moderates or if procurement delays occur, potentially leading to a mismatch between assets and revenue streams. {bullet} Lockheed Martin’s reliance on the F‑35 program, while currently a revenue driver, also introduces a concentration risk. The F‑35’s long production horizon means the company is tied to a single, high‑maintenance program for many years, which could become a drag if future cost overruns or schedule delays arise. Additionally, the program’s high development costs and the possibility of shifting U.S. or allied procurement priorities could lead to reduced orders, thereby compressing the company’s revenue base and eroding its ability to service debt and invest in other segments. {bullet} The company’s ambitious autonomous and AI projects, such as the drone wingman and autonomous Black Hawk, carry significant technological and regulatory uncertainty. While these initiatives could unlock new markets, they also risk costly development overruns, integration challenges, and potential safety or operational failures that could tarnish the company’s reputation. Failure to deliver on these high‑profile programs could divert resources from proven revenue streams and undermine investor confidence. {bullet} Lockheed Martin’s dividend policy and executive pay have been subjects of regulatory scrutiny, especially under the Trump administration’s executive orders limiting dividends and buybacks. This regulatory environment creates uncertainty around shareholder returns and could prompt the company to divert capital away from shareholder payouts toward reinvestment. While reinvestment is positive for growth, it may dampen short‑term investor sentiment, especially for income‑focused investors, potentially pressuring the stock price. {bullet} The company’s R&D and capex trajectory has accelerated in response to the Trump administration’s carrot‑and‑stick policy. While this can be seen as prudent, it also signals that the firm is reacting to external pressure rather than organic growth demand. If the regulatory pressure eases or if defense spending does not scale as projected, the company may find itself over‑leveraged or over‑invested, with excess capacity that cannot be monetized, leading to inefficiencies and potential write‑downs. {bullet} Lockheed Martin’s dependence on a single customer – the U.S. Department of Defense – exposes it to procurement policy risk. Any shifts toward more flexible, modular procurement approaches or a pivot toward private‑sector defense solutions could reduce the company’s contract volume. Additionally, the government’s ability to impose performance penalties or renegotiate contracts could erode the firm’s profit margins, especially if it cannot keep pace with cost and schedule demands. {bullet} The company’s internal investment in long‑term production ramps, such as the 2,000 PAC‑3 units and 400 THAAD units, could face logistical and operational bottlenecks. Scaling production to such high volumes requires significant supply‑chain coordination and workforce training. Any disruption in component supply or labor shortages could delay deliveries, leading to penalties and reputational damage. The long lead times associated with these programs amplify the risk of misaligned demand and supply, potentially impacting cash flows. {bullet} Lockheed Martin’s diversified business portfolio, while seemingly robust, suffers from segment‑specific volatility. The aeronautics division’s profit margin fell by 17% in 2025 due to unfavorable profit booking adjustments, and the RMS segment saw a 31% decline in operating profit. Such swings highlight the company’s exposure to sectoral risks, including labor strikes, supply‑chain disruptions, and geopolitical uncertainties that can disproportionately affect certain product lines, thereby diluting overall profitability. {bullet} The company’s heavy reliance on defense contracts also subjects it to a highly cyclical business environment. A global downturn, reduced geopolitical tensions, or a shift toward alternative defense technologies could result in decreased defense spending. Since Lockheed Martin’s revenues are largely tied to defense budgets, a prolonged period of budgetary restraint could stall growth, reduce backlog, and compress margins, negatively affecting the company’s valuation. {bullet} Finally, while the company’s strong cash position provides a cushion, the regulatory environment that ties dividends and buybacks to weapons delivery schedules introduces an element of uncertainty that may deter long‑term investors. The prospect of capped shareholder returns, combined with the risk of capital being diverted to reinvestment in high‑cost defense programs, could lead to a shift in investor base from income seekers to growth‑oriented participants, potentially increasing volatility and pressure on the share price.

While Lockheed Martin’s backlog appears robust, the underlying dependency on multi‑year missile contracts exposes the company to political and fiscal volatility. The long‑term frameworks for PAC‑3 and THAAD, although providing revenue certainty, are still contingent on Congress approving appropriations each fiscal year. If legislative priorities shift or if the Department of Defense encounters budgetary constraints, the company could face significant ramp‑down risk, potentially forcing costly adjustments to its production schedules and eroding profitability. {bullet} The company’s heavy capital expenditure commitment – a step‑function increase to $5 billion in 2026 – raises concerns about cash burn and leverage. Even with strong free cash flow, allocating a sizable portion of cash to capacity expansion could compress margins and reduce the firm’s flexibility to navigate unforeseen downturns or to invest in higher‑yield opportunities. Moreover, a large capex push may strain the company’s balance sheet, especially if defense spending moderates or if procurement delays occur, potentially leading to a mismatch between assets and revenue streams. {bullet} Lockheed Martin’s reliance on the F‑35 program, while currently a revenue driver, also introduces a concentration risk. The F‑35’s long production horizon means the company is tied to a single, high‑maintenance program for many years, which could become a drag if future cost overruns or schedule delays arise. Additionally, the program’s high development costs and the possibility of shifting U.S. or allied procurement priorities could lead to reduced orders, thereby compressing the company’s revenue base and eroding its ability to service debt and invest in other segments. {bullet} The company’s ambitious autonomous and AI projects, such as the drone wingman and autonomous Black Hawk, carry significant technological and regulatory uncertainty. While these initiatives could unlock new markets, they also risk costly development overruns, integration challenges, and potential safety or operational failures that could tarnish the company’s reputation. Failure to deliver on these high‑profile programs could divert resources from proven revenue streams and undermine investor confidence. {bullet} Lockheed Martin’s dividend policy and executive pay have been subjects of regulatory scrutiny, especially under the Trump administration’s executive orders limiting dividends and buybacks. This regulatory environment creates uncertainty around shareholder returns and could prompt the company to divert capital away from shareholder payouts toward reinvestment. While reinvestment is positive for growth, it may dampen short‑term investor sentiment, especially for income‑focused investors, potentially pressuring the stock price. {bullet} The company’s R&D and capex trajectory has accelerated in response to the Trump administration’s carrot‑and‑stick policy. While this can be seen as prudent, it also signals that the firm is reacting to external pressure rather than organic growth demand. If the regulatory pressure eases or if defense spending does not scale as projected, the company may find itself over‑leveraged or over‑invested, with excess capacity that cannot be monetized, leading to inefficiencies and potential write‑downs. {bullet} Lockheed Martin’s dependence on a single customer – the U.S. Department of Defense – exposes it to procurement policy risk. Any shifts toward more flexible, modular procurement approaches or a pivot toward private‑sector defense solutions could reduce the company’s contract volume. Additionally, the government’s ability to impose performance penalties or renegotiate contracts could erode the firm’s profit margins, especially if it cannot keep pace with cost and schedule demands. {bullet} The company’s internal investment in long‑term production ramps, such as the 2,000 PAC‑3 units and 400 THAAD units, could face logistical and operational bottlenecks. Scaling production to such high volumes requires significant supply‑chain coordination and workforce training. Any disruption in component supply or labor shortages could delay deliveries, leading to penalties and reputational damage. The long lead times associated with these programs amplify the risk of misaligned demand and supply, potentially impacting cash flows. {bullet} Lockheed Martin’s diversified business portfolio, while seemingly robust, suffers from segment‑specific volatility. The aeronautics division’s profit margin fell by 17% in 2025 due to unfavorable profit booking adjustments, and the RMS segment saw a 31% decline in operating profit. Such swings highlight the company’s exposure to sectoral risks, including labor strikes, supply‑chain disruptions, and geopolitical uncertainties that can disproportionately affect certain product lines, thereby diluting overall profitability. {bullet} The company’s heavy reliance on defense contracts also subjects it to a highly cyclical business environment. A global downturn, reduced geopolitical tensions, or a shift toward alternative defense technologies could result in decreased defense spending. Since Lockheed Martin’s revenues are largely tied to defense budgets, a prolonged period of budgetary restraint could stall growth, reduce backlog, and compress margins, negatively affecting the company’s valuation. {bullet} Finally, while the company’s strong cash position provides a cushion, the regulatory environment that ties dividends and buybacks to weapons delivery schedules introduces an element of uncertainty that may deter long‑term investors. The prospect of capped shareholder returns, combined with the risk of capital being diverted to reinvestment in high‑cost defense programs, could lead to a shift in investor base from income seekers to growth‑oriented participants, potentially increasing volatility and pressure on the share price.

Consolidation Items Breakdown of Revenue (2025)

Share Repurchase Program Breakdown of Revenue (2025)

Peer comparison

Companies in the Aerospace & Defense

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	GE	General Electric Co	460.09 Bn	38.38	10.03	20.49 Bn
2	RTX	RTX Corp	342.99 Bn	39.52	3.87	34.49 Bn
3	BA	Boeing Co	227.08 Bn	89.02	2.54	54.10 Bn
4	LMT	Lockheed Martin Corp	140.45 Bn	28.32	1.87	21.70 Bn
5	HWM	Howmet Aerospace Inc.	102.06 Bn	67.88	12.37	3.05 Bn
6	NOC	Northrop Grumman Corp /De/	96.17 Bn	23.22	2.29	15.16 Bn
7	GD	General Dynamics Corp	91.66 Bn	21.68	1.74	8.01 Bn
8	TDG	TransDigm Group INC	79.71 Bn	40.96	8.75	29.32 Bn

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