LOCKHEED MARTIN CORP (LMT)

Lockheed Martin is a global security and aerospace company engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services, primarily serving U.S. Government agencies as well as international and commercial customers in defense, space, intelligence, homeland security and information technology, including cybersecurity. The company operates through four business segments: Aeronautics, which develops and sustains advanced military aircraft including the F-35 Lightning II (its largest program, generating 26% of total 2023 net sales), C-130 Hercules, F-16 Fighting Falcon, and F-22 Raptor, along with advanced development work through its Skunk Works division; Missiles and Fire Control, which provides air and missile defense systems (PAC-3, THAAD), tactical missiles (JASSM, LRASM, Hellfire, Javelin), fire control systems, and logistics support, including hypersonics programs; Rotary and Mission Systems, which designs and supports military helicopters (Sikorsky BLACK HAWK, Seahawk, CH-53K King Stallion), naval combat systems (Aegis, Littoral Combat Ship), C6ISR programs, and training/simulation solutions; and Space, which focuses on satellites, space transportation, and strategic systems including Next Gen OPIR, Trident II D5 missiles, Orion spacecraft, Next Generation Interceptor, and GPS III. The company's strategic vision, termed "21st Century Security," emphasizes advanced networking and open-architecture technologies across current programs of record, classified programs, hypersonics, and new contract awards, supported by a multi-year digital transformation initiative and strategic partnerships.

Lockheed Martin holds numerous U.S. and foreign patents and other intellectual property, though the U.S. Government retains certain usage rights under FAR/DFARS regulations for government-funded developments. The company conducts both company-funded and customer-funded R&D and relies on external suppliers for materials such as rare earth minerals, aluminum, titanium, carbon fiber, and semiconductors, with recent supply chain disruptions from the pandemic, geopolitical events, and inflation affecting costs and program performance; the business is not materially seasonal. As of December 31, 2023, the company employed approximately 122,000 people, including about 65,000 engineers, scientists, and IT professionals, with roughly 93% based in the U.S. and 19% covered by collective bargaining agreements; its human capital strategy emphasizes talent acquisition (including nearly 15,000 hires and 6,000 college hires/interns in 2023), diversity and inclusion initiatives, employee development, competitive compensation, hybrid work arrangements, and workplace safety and health programs.