The financials support the setup. In Q3 2025, Lockheed Martin posted $18.6 billion in sales, $1.6 billion in net earnings, $6.95 in EPS, and $3.3 billion in free cash flow, while backlog climbed to a record $179 billion and full-year revenue guidance moved into the mid $74 billion range.Even after that run, its forward P/E of 19.68x is still below the broader aerospace and defense sector’s roughly 22.5x, which suggests investors are not paying an outsized premium for its growth and backlog visibility. Add i ...