Boeing (BA) vs Lockheed Martin (LMT): Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
Boeing is cheaper on earnings, at 17.9 times against 20.1; net margin is about the same (8.1% and 8.2%); Boeing grew revenue faster over the last year (17.5% against 7.9%); Lockheed Martin pays the higher dividend yield (2.5% against 0.3%). Boeing clears 3 of this site's 8 value filters and Lockheed Martin 5. Figures are as of November 7, 2026; each is on the page below with its source.
How do Boeing and Lockheed Martin compare on the numbers?
| Measure | Boeing (BA) | Lockheed Martin (LMT) | Clearer lead |
|---|---|---|---|
| Share price | $173.40 | $567.08 | |
| Market value | $137 billion | $131 billion | |
| P/E ratio (trailing) | 17.9 | 20.1 | BA |
| PEG ratio | n/a | 1.14 | n/a |
| Free-cash-flow yield | 1.0% | 6.6% | LMT |
| Net profit margin | 8.1% | 8.2% | About the same |
| Revenue growth, last year | 17.5% | 7.9% | BA |
| Return on equity | 127.1% | 78.8% | BA |
| Debt to equity | 7.01 | 2.04 | LMT |
| Dividend yield | 0.3% | 2.5% | LMT |
| Margin of safety (DCF) | -463.7% | +11.6% | LMT |
| Value filters passed (of 8) | 3 | 5 | LMT |
| Distance from 52-week high | -31.2% | -16.2% |
How have Boeing and Lockheed Martin shares done against each other?
Boeing 78Lockheed Martin 166
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, Boeing shares are down 22% and Lockheed Martin shares up 66%, so Lockheed Martin has pulled ahead of Boeing by 88 points of the starting price. The deepest fall from a prior high in that window was 46% for Boeing and 31% for Lockheed Martin.
| Period | Boeing (BA) | Lockheed Martin (LMT) |
|---|---|---|
| Last 1 year | -11.8% | +20.9% |
| Last 3 years | -10.1% | +25.7% |
| Last 5 years | -22.7% | +66.8% |
Which has grown faster, Boeing or Lockheed Martin?
Over 5 years, Boeing grew revenue 9.0% a year and earnings per share n/a a year; Lockheed Martin grew revenue 2.8% and earnings per share -2.4%. Its net margin averaged -6.5% at Boeing and 8.5% at Lockheed Martin.
| Measure | Boeing (BA) | Lockheed Martin (LMT) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Dec 2025 |
| Revenue, first year to latest | $58.2 billion to $89.5 billion | $65.4 billion to $75 billion |
| Revenue growth per year | 9.0% | 2.8% |
| Earnings per share, first year to latest | $-20.88 to $2.93 | $24.30 to $21.49 |
| Earnings per share growth per year | n/a | -2.4% |
| Net margin, latest year | 2.5% | 6.7% |
| Net margin, average of the years | -6.5% | 8.5% |
| Free cash flow margin, latest year | -2.1% | 9.2% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years.
What growth does each share price assume?
| Measure | Boeing (BA) | Lockheed Martin (LMT) |
|---|---|---|
| Free cash flow growth the price implies | n/a | 4.9% a year |
| Free cash flow per share | $1.80 | $37.58 |
| Margin of safety on this site's DCF | -463.7% | +11.6% |
Boeing's price is above what this site's DCF gives even at 40% a year of free cash flow growth, so the price assumes more than any growth rate tested.
At $567.08, Lockheed Martin's price implies free cash flow growth of 4.9% a year, fading to 2.5% over 10 years. That is less growth than the 8% baseline.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where Boeing leads
- Lower P/E: 17.9 against 20.1
- Faster revenue growth last year: 17.5% against 7.9%
- Higher return on equity: 127.1% against 78.8%
- Faster revenue growth over its filed record: 9.0% against 2.8%
Where Lockheed Martin leads
- Higher free-cash-flow yield: 6.6% against 1.0%
- Less debt for its equity: 2.04 against 7.01
- Higher dividend yield: 2.5% against 0.3%
- Higher margin of safety on this site's DCF: +11.6% against -463.7%
- More of the 8 value filters: 5 against 3
- A higher net margin in its latest filed year: 6.7% against 2.5%
- A higher average net margin: 8.5% against -6.5%
- A higher free-cash-flow margin in its latest filed year: 9.2% against -2.1%
About the same on: net profit margin. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
Boeing. Boeing builds commercial jetliners, military aircraft and spacecraft, and sells aviation services. Its big programs are the 737, 777 and 787 airliners and defense work for the US government.
Lockheed Martin. Lockheed Martin builds military aircraft, missiles, space systems and helicopters, mostly for the US government and its allies. The F-35 fighter jet is its largest program.
Both are in the Aerospace & Defense industry on this site.
What stands out about Boeing
- Misses 1 of the 8 value filters. It fails Price/Book < 8 (20.88); the other 3 pass and 4 were not evaluated.
- Close to its 52-week low. At $173.40, BA is 3.7% above its low of $167.14 and 31.2% below its high of $252.15.
- Strongest against peers: return on equity. At 127% (peer median 22%) it ranks 1st of 12 among aerospace & defense stocks this site tracks.
What stands out about Lockheed Martin
- Misses 1 of the 8 value filters. It fails Price/Book < 8 (13.01); the other 5 pass and 2 were not evaluated.
- The margin of safety is falling. It went from +24% on Oct 7 to +12% on Nov 7 across 8 weekly readings.
- Strongest against peers: return on equity. At 79% (peer median 22%) it ranks 2nd of 12 among aerospace & defense stocks this site tracks.
Frequently asked questions about Boeing and Lockheed Martin
Which is cheaper, Boeing or Lockheed Martin?
On trailing earnings, Boeing is cheaper: Boeing trades at 17.9 times and Lockheed Martin at 20.1 times. On free cash flow, the yields are 1.0% and 6.6%. Cheaper is not the same as better value: read the growth each price assumes below.
Which pays the higher dividend, Boeing or Lockheed Martin?
Lockheed Martin pays the higher yield: Boeing 0.3% and Lockheed Martin 2.5% over the last year.
Which has grown faster, Boeing or Lockheed Martin?
Over their latest filed five years, Boeing grew revenue 9.0% a year and Lockheed Martin 2.8%; earnings per share grew n/a and -2.4% a year.
Which has more debt, Boeing or Lockheed Martin?
Boeing has more debt for its equity: debt to equity is 7.01 for Boeing and 2.04 for Lockheed Martin. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, Boeing or Lockheed Martin?
Their net margins are about the same: 8.1% for Boeing and 8.2% for Lockheed Martin, with a return on equity of 127.1% and 78.8%.
Which passes more of the 8 value filters?
Lockheed Martin clears more: Boeing 3 of 8 and Lockheed Martin 5 of 8. The filters are this site's own value rules, not a prediction.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on Boeing and Lockheed Martin). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.