Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. The company operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space segments. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The Missiles and Fire Control segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. The Rotary and Mission Systems segment offers military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions. The Space segment offers satellites; space transportation systems; strategic, advanced strike, and defensive systems; and classified systems and services in support of national security systems. This segment also provides network-enabled situational awareness and integrates space and ground global systems to help its customers gather, analyze, and securely distribute critical intelligence data. It serves primarily serves the U.S. government, as well as foreign military sales contracted through the U.S. government. The company was founded in 1912 and is based in Bethesda, Maryland.

Lockheed Martin демонстрирует сильные финансовые результаты, с высоким уровнем net income и EPS, которые значительно превышают медианные значения по отрасли. Однако, динамика некоторых мультипликаторов, таких как P/S и P/B, указывает на возможную переоцененность компании. Долговая нагрузка высока, что вызывает опасения. Current ratio и quick ratio также ниже медианы, что сигнализирует о недостаточной ликвидности. Несмотря на это, компания демонстрирует устойчивый рост выручки и прибыли, что является положительным фактором. Показатели ROE и ROI превосходят отраслевые стандарты, что свидетельствует о высоком уровне эффективности использования капитала. Однако, низкая дивидендная доходность и снижение gross margin могут повлиять на привлекательность акций для инвесторов, ищущих доходность. В целом, Lockheed Martin показывает смешанную картину, где сильные финансовые показатели смягчаются высокими уровнями долговой нагрузки и некоторыми проблемами с ликвидностью.

Lockheed Martin Corporation

Lockheed Martin демонстрирует сильный рост прибыли и доходов, но высокие долги и проблемы с ликвидностью вызывают опасения для инвесторов.

Intuitive Machines, Inc. LUNR continues to strengthen its long-term revenue outlook through a massive backlog position that reflects sustained demand. The company is using its record $1.1 billion contracted backlog to expand its position as a diversified leader in space infrastructure and aerospace services.
Intuitive Machines reported that its backlog grew $842.4 million as of March 31, 2026, compared with Dec. 31, 2025. The increase was driven by $612.8 million in backlog added through the January 2026 acquisition of Lanteris, along with $428.9 million in new contract awards tied mainly to the IM-5 mission, a government defense contract, and several additional agreements.
Since many contracts in the aerospace and defense sector are multi-year agreements with milestone-based execution, a sizable backlog often provides insight into future growth. The increasing backlog for Intuitive Machines indicates that demand for its defense, communications, navigation, and lunar services is growing. The company expects nearly 60-65% of its backlog to be converted to revenues in 2026 and the remaining 35-40% in 2027 and beyond.
The backlog also supports LUNR’s outlook for 2026. Management reaffirmed full-year revenue guidance of $900 million to $1 billion and expects positive adjusted EBITDA for the year.
The company is gradually positioning itself as a long-term infrastructure provider for the broader space economy, including government exploration, national security, communications and deep-space operations, rather than relying exclusively on lunar landings.
Defense Giants Continue to Benefit From Record Backlogs
Companies are benefiting from rising defense spending globally and increasing demand for advanced aerospace technologies. Alongside LUNR, other defense players benefiting from strong order pipelines are discussed below:
Lockheed Martin LMT reported a backlog of roughly $186.4 billion as of March 31, 2026, supported by fighter aircraft, missile systems and classified defense programs.
Northrop Grumman Corporation NOC reported a backlog of nearly $95.6 billion as of March 31, 2026, backed by demand for missile defense, space systems and strategic deterrence programs.
LUNR Stock’s Earnings Estimates
The Zacks Consensus Estimate for 2026 earnings per share implies an increase of 90.48% year over year.
Image Source: Zacks Investment Research
LUNR Stock Trades at a Premium
In terms of valuation, LUNR’s forward 12-month price-to-sales (P/S) is 7.54X, a premium to the industry’s average of 2.42X.
Image Source: Zacks Investment Research
LUNR Stock’s Price Performance
In the past month, the company’s shares have risen 23.1% against the industry’s 7.9% decline.
Image Source: Zacks Investment Research
LUNR’s Zacks Rank
The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can Intuitive Machines' Record Backlog Drive Its Next Phase of Growth?

Key Points
Kuwait has requested permission to buy a $2.5 billion integrated battle command system from Northrop Grumman, RXT, and Lockheed Martin.
Northrop Grumman is likely to receive the bulk of this defense contract.
The United States spent $25 billion fighting the Iran war -- but other countries suffered far more.
Kuwait, in particular, was targeted by an onslaught of 13 cruise missiles, 336 ballistic missiles, and 740 drones over the course of the war, straining its defense network past the limit. In addition to U.S. military bases in Kuwait -- Ali al-Salem Air Base, Camp Arifjan, and Camp Buehring -- Iran also damaged the country's Mina al-Ahmadi oil refinery, the Shuwaikh oil sector complex, and power generation facilities and water desalination plants.
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Even air defense systems were successfully targeted, including a Patriot missile battery at Ali al-Salem. "The Iranian attacks were precise. There are no random craters indicating misses," Center for Strategic and International Studies advisor and retired USMC Colonel Mark Cancian told The Washington Post.
Next time, Kuwait hopes to be better prepared to defend itself, and for this reason, it's asking Congress for permission to buy an Integrated Battle Command System from three U.S. defense contractors -- for $2.5 billion.
Earlier this month, the U.S. State Department notified Congress of Kuwait's request to purchase six dismounted Integrated Battle Command System (IBCS) engagement operations centers (EOC), two hosted IBCS EOCs, six dismounted IBCS integrated collaborative environments (ICE), two hosted IBCS ICEs, 14 mounted IBCS integrated fire unit modification kits, 35 launcher-integrated network kits, and a host of related equipment.
The State Department has declared "an emergency exists that requires the immediate sale to Kuwait of the above defense articles." As a result, it's almost certain the sale will be approved.
What investors need to know
Northrop Grumman (NYSE: NOC), RTX Corporation (NYSE: RTX), and Lockheed Martin (NYSE: LMT) were named the principal contractors on the $2.5 billion arms deal, but according to its website, Northrop is the prime contractor on ICBS. The bulk of these funds will likely go to Northrop, with RTX and Lockheed serving as subcontractors.
For investors in Northrop, this is very good news indeed.
Northrop's Mission Systems division builds IBCS centers, and according to data from S&P Global Market Intelligence, Mission Systems is by far Northrop's most profitable business unit. Last year, Northrop MS generated a superb 14.6% operating profit margin. In contrast, RTX and Lockheed average operating margins closer to 12% and 9%, respectively -- and so would earn far less profit on this contract. Even better (from an investor's perspective), Northrop's low 17.1 price-to-earnings ratio makes it arguably the cheapest of the three defense contractors to invest in.
Granted, with $42.4 billion in annual sales, even winning the bulk of a $2.5 billion defense contract might not move the needle much on a stock as large as Northrop -- but every little bit helps.
Should you buy stock in Northrop Grumman right now?
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Iran War Fallout: Kuwait Hires 3 Pentagon Contractors to Build It a $2.5 Billion Defense System

Key Points
Golden Dome started off with a bang in January and $151 billion in contracts.
The Congressional Budget Office says Golden Dome may eventually cost $1.2 trillion.
That's only if it doesn't get canceled first.
President Trump's Golden Dome missile defense system was announced by executive order in January 2025, and contracts began rolling out last December. For a starting price of $151 billion, the Pentagon would construct an American version of Israel's Iron Dome missile defense system to protect the United States from attack by "ballistic, hypersonic, and cruise missiles, and other advanced aerial attacks." And this price might eventually rise to $175 billion or even $185 billion.
Even just $151 billion would make Golden Dome one of the most expensive defense projects ever undertaken by the Pentagon. And as it turns out, $151 billion was the lowball price.
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Now we know Golden Dome will cost $1.2 trillion.
"[$1.2 trillion] for defense, not one cent for tribute"?
This new number isn't a rumor, a guess, or even an estimate. It's the official projection from the Congressional Budget Office (CBO) on the cost of building Golden Dome over the next 20 years. It also has serious implications for investors wanting to buy shares of defense companies, both large (Boeing (NYSE: BA), Lockheed Martin (NYSE: LMT), and RTX Corporation (NYSE: RTX), for example) and somewhat smaller (Intuitive Machines (NASDAQ: LUNR), Rocket Lab (NASDAQ: RKLB), and Viasat (NASDAQ: VSAT) among them) that have already won Golden Dome contracts.
Because the more you learn about Golden Dome and its price tag, the less likely it becomes that this thing will ever get built.
Golden Dome by the numbers
Consider just a few of the CBO's findings. CBO breaks down Golden Dome into six major "system components," plus a seventh, $92 billion catch-all covering research and development costs. Starting at the bottom, and moving up, Golden Dome will probably comprise:
Self-defense for existing ground-based missile defense rocket bases: $4 billion over 20 years.
An expanded network of ground-based interceptor missiles covering low-flying missiles: $29 billion.
Even more ground-based interceptor missiles targeting upper-atmosphere threats: $46 billion.
Orbiting satellites carrying space-based interceptor missiles: $90 billion.
Ground-based interceptor missiles covering entire regional theaters of defense: $187 billion.
And finally, 7,800 space-based interceptor (SBI) missiles costing $743 billion.
Add it up, and CBO estimates the 20-year cost of Golden Dome at $1.2 trillion -- $1.191 trillion to be precise. Just buying all the materiel to assemble the system will cost $1 trillion. After that initial investment, operating and maintaining it over time will cost $8.3 billion per year.
And even that number is optimistic.
The trouble with Golden Dome
As defense news site TWZ correctly pointed out earlier this week, it's the last item on the list that's having the greatest impact on Golden Dome's cost. Buying 7,800 SBI missiles will cost $723 billion up front, plus $1 billion per year to maintain.
And here's the real problem: To be placed in close enough proximity to a hostile missile to destroy it within minutes of launch (in its boost phase when it's most vulnerable), the satellites that carry these SBI missiles must orbit close to Earth -- roughly 300 to 500 kilometers. Low-orbiting satellites by definition cannot remain in orbit for long -- perhaps five years before they slow down and burn up in the atmosphere. Thus, 20% of the SBI fleet must be replaced annually.
That's 1,600 more SBI missile satellites that must be replaced per year, every year, forever. Over just the first 20-year time span, this works out to "roughly 30,000 satellites" required -- three times more satellites than even SpaceX has launched since it became a company. (Side note: CBO believes SpaceX's Starship will be essential to providing the launch capacity to build Golden Dome in the first place.)
The other trouble with Golden Dome
So even $1.2 trillion is just the new starting point for Golden Dome's cost. But after spending so much, will Golden Dome at least be "worth it"?
This raises the next big issue with Golden Dome: capability.
Because Golden Dome's SBI interceptors aim to defeat threats at their source, the satellites cannot cluster over the United States alone, forming a "dome." They must instead form a globe, encompassing the whole Earth, covering every country that might pose a threat and every inch of ocean where a nuclear submarine might lurk.
Spread out in this manner, only a few SBIs would be close enough to engage a threat at any one time. CBO estimates that at best, Golden Dome could protect America from no more than 10 missile launches at a time.
Although it's an admirable idea in theory, I fear the Golden Dome will ultimately be deemed too expensive and impractical to justify building. It may take years and billions of dollars before Congress comes to the same conclusion, but my prediction is Golden Dome will end up canceled far short of completion.
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Rich Smith has positions in Intuitive Machines and Rocket Lab. The Motley Fool has positions in and recommends Boeing, Intuitive Machines, RTX, and Rocket Lab. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Think $151 Billion Is Expensive for Golden Dome? Try $1.2 Trillion.

Key Points
Qatar has requested permission to buy 500 Patriot missiles from the U.S. for air defense.
RTX and Lockheed Martin will be principal contractors on the sale.
War in the modern era can be incredibly fast -- and incredibly expensive to participants. The Iran war among the United States, Israel, and Iran lasted just 39 days, start to finish, and cost the U.S. in particular a reported $25 billion.
The toll on other countries, which didn't directly participate in the war but did try to defend themselves from Iranian attacks during the war, is just beginning to become clear.
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Qatar needs Patriots
Take the Gulf nation of Qatar, for example. Home to the Al Udeid Air Base, America's largest military base in the Middle East, Qatar became a prime target for Iranian counterattacks during the war. It was forced to expend an enormous number of air defense missiles to protect itself against those counterattacks.
The bill for this is now coming due.
It's not known exactly how much ordnance Qatar fired to defend itself over the course of the war. Still, according to a recent U.S. State Department notification to Congress, the Qatari government has requested permission to purchase $4 billion worth of Patriot air-defense missiles to replenish its stockpile.
Specifically, Qatar will buy 200 Phased Array Tracking Radar to Intercept On Target (PATRIOT) Advanced Capability-2 (PAC-2) missiles and 300 PATRIOT Advanced Capability-3 (PAC-3) missiles, along with spare parts and contractor services. (PAC-2 missiles explode to destroy their targets in-flight with shrapnel; smaller PAC-3 missiles are hit-to-kill weapons that destroy targets -- usually ballistic missiles -- on impact.)
The State Department supports Qatar's request, advising Congress that "an emergency exists that requires the immediate sale to Qatar of the above defense articles and defense services is in the national security interests of the United States." The sale is therefore almost certain to go through.
What do investors need to know?
Lockheed Martin (NYSE: LMT) and RTX (NYSE: RTX) are both named as principal contractors on this arms deal, which makes sense. RTX builds the PAC-2 missile, as well as the fire-control radars and command-and-control stations for all Patriot missile systems. Lockheed, meanwhile, manufactures the PAC-3 missile. So even though Qatar is buying more PAC-3s than PAC-2s, it's actually possible RTX will win the (slight) majority of the $4 billion purchase price.
Whichever defense company benefits most, however, investors can anticipate that both companies will earn strong profits on this sale. Operating margins at RTX's Raytheon division averaged 11.4% in 2025, rising to 12.1% in Q1 2026. At Lockheed, the corresponding figures are 12.4%, rising to 12.9%, according to data from S&P Global Market Intelligence. So both companies are improving in this regard.
At an average cost of approximately $8 million per missile under this order, furthermore, versus approximately $4 million for pre-war orders, it seems likely both companies can expect profit margins to keep rising as Qatar faces its "emergency" -- and pays a steep price to resolve it.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Iran War Fallout: Qatar Needs $4 Billion Worth of Patriot Missiles

Key Points
D-Wave’s stock has soared from its record low.
Its sales could surge over the next few years as it sells more systems and expands its cloud-based quantum annealing services.
Three years ago, D-Wave Quantum's (NYSE: QBTS) stock closed at its all-time low of $0.41 per share. At the time, investors were disappointed by the company's lackluster sales growth, steep losses, and sky-high valuation. But as of this writing, it trades at about $20.
That 4,550% rally would have turned a $10,000 investment into more than $465,000. Let's see why this quantum stock skyrocketed -- and why it might just be the next big thing.
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What does D-Wave Quantum do?
Quantum computers can complete certain tasks much faster than classical computers, but they're larger, pricier, consume more power, and make more mistakes. To address those challenges, quantum computing companies are developing newer systems and services.
D-Wave designs its own quantum processing units (QPUs) and Advantage quantum systems, and it provides remote access to those systems through its cloud-based Leap platform. Unlike many of its industry peers -- which provide a broader range of general-purpose quantum computing services -- D-Wave mainly provides quantum annealing services.
Quantum annealing services run specific processes -- such as workflows, supply chains, and logistics -- through a quantum system and measure the power they consume. They identify the least-power-consuming devices as the most efficient, making them useful tools for mainstream companies rather than niche research institutions. More than 100 companies -- including Deloitte, Mastercard, Volkswagen, Lockheed Martin, and Accenture -- have already been testing out its services.
But how fast is D-Wave Quantum growing?
However, D-Wave doesn't generate much recurring revenue from those big-name customers, since most are enrolled in its low-revenue pilot and research programs on its Leap platform. They're not deploying D-Wave's services at scale to overhaul their entire businesses. D-Wave generates much more revenue from selling its Advantage systems, which cost more than $20 million, but those sales are infrequent, unpredictable, and subject to lengthy upgrade cycles.
That's why D-Wave's revenue growth from 2022 through 2024 stayed sluggish. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also stayed in the red as its net losses widened. Yet even after its stock sank to its all-time low in 2023, it was still valued at $52.5 million -- or six times the revenue it would generate that year.
Metric
2022
2023
2024
2025
Revenue
$7.2 million
$8.8 million
$8.8 million
$24.6 million
Adjusted EBITDA
($48.0 million)
($54.3 million)
($56.0 million)
($71.8 million)
Net Income
($51.5 million)
($82.7 million)
($143.9 million)
($355.1 million)
Data source: Marketscreener.
But in 2025, D-Wave's revenue surged 179% as it started selling its new Advantage2 quantum systems, which can solve certain problems 25,000 times faster than its first-generation systems while consuming less power.
In its latest conference call, CEO Alan Baratz said D-Wave would deliver "at least" two systems in 2026 and aim to deliver two to three systems annually over the next few years. It also expects to keep expanding its enterprise subscription tier, which costs about $25,000 per quarter.
Assuming all of those catalysts kick in, analysts expect D-Wave's revenue to grow at an 80% CAGR from $24.6 million in 2025 to $142.4 million in 2028. But with a market cap of $8.2 billion, D-Wave's stock isn't cheap at 57 times its 2028 sales. Analysts also expect its adjusted EBITDA to stay negative for the foreseeable future.
Why could D-Wave still be the next big thing?
D-Wave's stock is speculative, but it could have significant upside if more companies adopt its quantum annealing services to streamline operations. It could also expand its business beyond quantum annealing services through additional acquisitions and secure more recurring revenue through stickier government contracts. Therefore, it could eventually expand and evolve into a much larger quantum computing company -- and investors who nibble on it today could reap some big gains over the next decade.
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Before you buy stock in D-Wave Quantum, consider this:
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*Stock Advisor returns as of May 15, 2026.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Accenture Plc and Mastercard. The Motley Fool recommends Lockheed Martin and recommends the following options: long January 2028 $260 calls on Accenture Plc and short January 2028 $280 calls on Accenture Plc. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

D-Wave Quantum Stock Surges 4,550% -- This Quantum Computing Play Could Be the Next Big Thing

RTX Corporation RTX continues to strengthen its long-term revenue outlook through a massive backlog position that reflects sustained demand across its commercial aerospace and defense businesses. As of March 31, 2026, RTX’s backlog stood at approximately $271 billion, highlighting the company’s strong order visibility and long-duration program exposure across multiple end markets.
RTX benefits from a diversified business structure spanning Collins Aerospace, Pratt & Whitney and Raytheon. Its operations cover commercial aerospace, aircraft engines, missile systems, sensors, communications and space technologies, helping the company maintain a balanced revenue mix across multiple end markets. This broad exposure reduces reliance on any single business area while supporting stable long-term growth. RTX also continues to see healthy demand from both domestic and global customers. During first-quarter 2026, the company generated nearly $7.97 billion in U.S. government sales and about $1.78 billion in foreign military sales, reflecting strong demand for its aerospace and defense offerings worldwide.
RTX also benefits from recurring revenues tied to aftermarket services, maintenance and long-term defense contracts. Growing global air traffic, modernization efforts across military fleets and continued investments in advanced defense systems are supporting demand for its products and services.
Another key strength is RTX’s international exposure. The company continues to benefit from rising defense spending globally and increasing demand for advanced aerospace technologies. With a strong installed base, multi-year contracts and a large backlog supporting future deliveries, RTX remains well-positioned to generate stable long-term revenues.
Companies With Strong Aerospace & Defense Backlogs
As aerospace and defense demand remains healthy, companies are focusing on expanding their backlog positions to support future revenue visibility. Companies like Lockheed Martin Corporation LMT and Northrop Grumman Corporation NOC are also benefiting from strong order pipelines.
Lockheed Martin reported a backlog of roughly $186.4 billion as of March 31, 2026, supported by fighter aircraft, missile systems and classified defense programs.
Northrop Grumman reported a backlog of nearly $95.6 billion as of March 31, 2026, backed by demand for missile defense, space systems and strategic deterrence programs.
Earnings Estimates for RTX
The Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 9.86% and 8.98%, respectively.
Image Source: Zacks Investment Research
RTX Stock Trading at a Discount
RTX is trading at a discount relative to the industry, with a forward 12-month price-to-sales of 2.46X compared with the industry average of 2.52X.
Image Source: Zacks Investment Research
RTX Stock Price Performance
In the past year, RTX shares have rallied 29.7% compared with the industry’s 4.3% growth.
Image Source: Zacks Investment Research
RTX’s Zacks Rank
RTX currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can RTX's Massive Backlog Support Long-Term Revenue Growth?

Key Points
Rocket Lab will partner with RTX to build space-based interceptor missiles for the Golden Dome missile shield.
Rocket Lab is already a prime contractor on Golden Dome's predecessor program.
Rocket Lab also has rockets with which to put missile defense satellites in orbit.
By now you've heard the news: Golden Dome, President Trump's $151 billion plan to build a satellite-based missile shield over America, has been expanded with the award of a $3.2 billion umbrella contract to develop a system of "space-based interceptor" missiles, or SBIs, to shoot down hostile missiles.
All the big names in U.S. defense -- General Dynamics (NYSE: GD), Lockheed Martin (NYSE: LMT), Northrop Grumman (NYSE: NOC), RTX Corporation (NYSE: RTX) -- will compete for contracts under the umbrella contract. One of these four has a secret weapon, though:
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What's in it for Rocket Lab?
Concurrent with its earnings report last week, Rocket Lab announced Friday that it's partnering with RTX on the latter's bid for work under the SBI contract. Considering we know already that RTX has won a place under the SBI program, it follows that Rocket Lab has, too -- at least as a subcontractor.
The attractions for Rocket Lab here are obvious. With SBI worth up to $3.2 billion for the winners, this program is worth potentially as much as 4.7 times Rocket Lab's $680 million in trailing-12-month sales, depending on how successful RTX is with its bidding. Plus, RTX has already done the heavy lifting of winning this contract.
All Rocket Lab needs now is to do the work.
Rocket Lab: RTX's hired gun
RTX arguably has even more to gain. To win SBI contracts, it must outcompete Lockheed Martin and Northrop Grumman in particular, two companies that have already won "Golden Dome" contracts under Space Force's preexisting PWSA (Proliferated Warfighter Space Architecture) missile detection-and-tracking program.
(RTX won a small number of similar contracts initially, but later withdrew from the PWSA competition.)
In Rocket Lab, however, RTX has found a partner that has won PWSA "tracking layer" satellite contracts in its own right, as a prime contractor. In a stark reversal of roles, the defense contractor is now riding the coattails of its space contractor partner.
Maybe even "riding," literally. Whereas Lockheed Martin has access to space through its joint venture with Boeing (NYSE: BA), and can launch satellites through United Launch Alliance, and Northrop Grumman can do similarly with its Antares, Pegasus, Minotaur, and soon its Eclipse rockets, RTX doesn't own a dedicated space rocket platform.
But Rocket Lab does. Its Electron rockets now send satellites into orbit several times a month. Once its Neutron rocket is ready, it'll be able to put entire satellite constellations in orbit with every launch.
This is the kind of partnership that can truly work out well for both parties involved.
Should you buy stock in Rocket Lab right now?
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Rich Smith has positions in Rocket Lab. The Motley Fool has positions in and recommends Boeing, RTX, and Rocket Lab. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Rocket Lab Targets Missile Defense and Golden Dome as Its Next Growth Market

Key Points
Northrop Grumman had bigger revenue and EPS gains in the first quarter.
Lockheed Martin's larger backlog points to long-term sales growth.
Northrop Grumman is more competitively priced compared to its five-year average.
Northrop Grumman (NYSE: NOC) and Lockheed Martin (NYSE: LMT) are huge contractors that sit at the center of the aerospace and defense industries. Their shares have fallen by more than 20% during the past three months, despite the war in Iran and rising tensions in the Middle East.
Investors have pivoted away from pure-play aerospace and defense companies toward those with diverse revenue streams that include industrial and information technology exposure, such as Palantir (NASDAQ: PLTR) and General Dynamics (NYSE: GD). The chief reason for the drop for Northrop and Lockheed, though, is that the two are heavily tied to huge, fixed-price development programs. Both companies, though, are profitable, pay solid dividends, and remain good long-term investments. Which of these two is the better defense stock? Let's see.
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Northrop is ramping up production for the B-21 Raider
Northrop Grumman's B-21 Raider, the world's first sixth-generation stealth bomber, has moved past its most precarious financial hurdles. After years of absorbing the fixed-price development contracts, Northrop is now entering the more profitable production phase. The company said it is accelerating its production, with the first aircraft planned for delivery in 2027.
The Air Force plans to procure at least 100 B-21s, while Defense Secretary Pete Hegseth is putting the number much higher, providing Northrop with an enormous, multidecade revenue stream. As production scales, the company's expect improved margins, turning a prestige project into a significant profit driver.
Market dominance in strategic deterrence
Northrop Grumman, meanwhile, is the sole prime contractor for the LGM-35A Sentinel program, the replacement for the aging Minuteman III intercontinental ballistic missiles. This program represents the land leg of the U.S. nuclear triad and is seen as a critical defense priority. Although the program has faced scrutiny over rising costs, its crucial status ensures that Northrop will remain at the center of U.S. strategic defense for the next 50 years.
The program is in early prototypes, and production is expected to begin with the first test flights in 2027, with beginning capability expected early in the next decade. Combined, the two programs contribute to the company's order backlog of $95.6 billion.
Financial discipline and shareholder returns
Despite the capital intensity of its major programs, Northrop has maintained a strong commitment to its shareholders. The stock, at its current price, offers a dividend yield of about 1.7% and the company has a consistent history of raising payouts. As the development drag from the B-21 eases, the company's free cash flow should increase. The company often uses this cash for aggressive share repurchases, which helps bolster earnings per share (EPS) and provides a safety net for the stock price during periods of market volatility.
The company has increased its dividend payouts for 22 consecutive years, including an 11% increase in 2025. It appears well positioned to continue its increases. In the first quarter, it reported revenue of $9.8 billion, up 4% year over year, and EPS of $6.14, up 85% from the first quarter of 2025.
Lockheed has a record $186 billion backlog
The most compelling reason to own Lockheed Martin is the sheer visibility of its future revenue. As of the end of the first quarter of 2026, the company reported a backlog of $186.4 billion. This represents more than two full years of total production capacity.
Key drivers include a surge in orders for the High Mobility Artillery Rocket System (HIMARS), with new partnerships recently signed in Eastern Europe, and high demand for Lockheed's PAC-3 and Terminal High Altitude Area Defense (THAAD) missile interceptors, which remain at historic highs as nations prioritize air sovereignty. The U.S. government, in April, signed a $4.7 billion contract for PAC-3 missile segment enhancement with Lockheed. This follows a January deal to quadruple production of THAAD missile interceptors.
The F-35 moat and sustainment pivot
The F-35 Lightning II remains the central pillar of Lockheed's Aeronautics segment. The U.S. Defense Department budget for 2026 is calling for 85 new F-35s, up from 47 in fiscal 2026.
With roughly 1,300 F-35s now operational worldwide, Lockheed is transitioning from being just a manufacturer to a long-term service provider. As the fleet ages, the high-margin revenue from maintenance, software upgrades, and pilot training will likely provide a more stable and profitable earnings stream than initial hardware sales.
In the first quarter, Lockheed's sales were little changed, up less than 1% at $18 billion, and its EPS of $6.44 fell about 12% from the same period a year ago. Full-year projections for revenue were between $77.5 billion and $80 billion, up 5% at the midpoint, while full-year EPS was estimated to be between $29.35 and $30.25, up 39% at the midpoint.
Reliable shareholder returns and valuation
Lockheed Martin has raised its dividend for 23 consecutive years, including a 4.5% bump in 2025 to $3.45 per share, for a yield of 2.7% at its current share price. The stock is trading at 25 times earnings, higher than Northrop Grumman's 17, but still attractive considering management's projected EPS growth of 18% during the next three to five years.
The better stock depends on the investor
Lockheed Martin offers a higher dividend yield and a significantly larger backlog. However, its P/E ratio is higher than Northrop's, reflecting the market's growth premium for its F-35 dominance and expanding missile defense framework.
Northrop Grumman offers a compelling value alternative, with a lower P/E ratio, suggesting it may be undervalued relative to its historical performance and peers. Although its backlog is smaller than Lockheed's, Northrop boasts a superior net profit margin. Although its 1.67% dividend yield is lower than Lockheed's, Northrop's lower payout ratio of 29% and higher dividend growth rate (10% compound annual growth rate over three years) suggest more room for future aggressive payout increases.
Ultimately, Lockheed Martin appears better positioned for investors seeking stability and income, as its sheer scale and the moat of its missile programs provide a robust cushion against volatility. Northrop Grumman is likely the better choice for value-oriented investors focused on long-term appreciation, especially as it transitions its next-generation stealth and space platforms into more profitable production phases.
Should you buy stock in Northrop Grumman right now?
Before you buy stock in Northrop Grumman, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Northrop Grumman wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $472,205!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,384,459!*
Now, it’s worth noting Stock Advisor’s total average return is 999% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 15, 2026.
James Halley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Palantir Technologies. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Defense Stock Face-Off: Northrop Grumman vs. Lockheed Martin -- Which Is the Better Buy Right Now?

Intuitive Machines, Inc. LUNR shares have risen 124.2% in the past three months, outperforming the Zacks Aerospace-Defense industry’s decline of 11.2%. The company benefits from its key role in NASA’s Artemis missions, with expanding opportunities tied to lunar transportation, communications services and space infrastructure projects.
Image Source: Zacks Investment Research
Shares of other defense companies, such as Lockheed Martin LMT and Northrop Grumman NOC, have declined 20.3% and 21.5%, respectively, over the past three months. Lockheed Martin serves as the prime contractor for NASA’s Orion spacecraft, playing a foundational role in the Artemis program by designing, building and testing the capsule that carries astronauts to the Moon and beyond. Northrop Grumman has a strong presence in Air Force, Space & Cyber Security programs, with its product line being well-positioned in high-priority categories, such as defense electronics, unmanned aircraft and missile defense.
Considering LUNR’s outperformance relative to its industry, investors may be wondering whether now is a good time to add the stock to their portfolios. Let’s examine the factors driving the recent share price gains and assess the company’s investment prospects to make a more informed decision.
Factors Acting in Favor of LUNR Stock
The company reported fourth-quarter 2025 results on March 19, 2026. The company generated $44.8 million in revenues during the quarter, driven primarily by Commercial Lunar Payload Services, Omnibus Multidiscipline Engineering Services III and Near Space Network Services programs. It continues to pursue near-term contract opportunities, including NASA’s Lunar Terrain Vehicle Services and the next Commercial Lunar Payload Services award. LUNR continued progressing toward profitability, reporting a positive gross margin of 19% in the fourth quarter.
In February 2026, Intuitive Machines announced a $175 million strategic equity investment led by global institutional investors. The investment positions the company to evolve from primarily a lunar lander provider into a broader space infrastructure company with recurring, higher-margin revenue streams. This will also help the company expand satellite communications, orbital data processing, and deep-space networking capabilities through its recently acquired Lanteris Space Systems platforms.
It also benefits from major long-term government programs, such as NASA’s Artemis missions, lunar communications networks, missile-defense initiatives like Golden Dome, and future Mars relay systems.
LUNR completed the $800 million acquisition of Lanteris Space Systems to become a vertically integrated next-generation space contractor serving commercial, civil, and national security markets. The company also acquired KinetX to strengthen its deep-space navigation, constellation management, and secure data relay capabilities from the Moon to Mars. Operationally, Intuitive Machines advanced its role in the Space Development Agency’s Proliferated Warfighter Space Architecture program by supporting the Tranche 3 tracking layer, beginning production for Tranche 2, and completing deliveries for Tranche 1.
LUNR also secured a major position on the Missile Defense Agency’s SHIELD IDIQ contract, which carries a ceiling value of $151 billion and is intended to accelerate the deployment of advanced defense technologies for military operations.
Estimates for LUNR Stock
The Zacks Consensus Estimate for Intuitive Machines’ 2026 earnings per share (EPS) has risen 33.3% over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Lockheed Martin’s 2026 EPS has risen 0.03% over the past 60 days. The Zacks Consensus Estimate for Northrop Grumman’s 2026 EPS has declined 0.39% over the past 60 days
LUNR’s Earnings Surprise History
The company’s earnings missed estimates in three of the trailing four quarters and met in the other, delivering an average negative surprise of 58.33%.
Image Source: Zacks Investment Research
LUNR Stock’s Liquidity
The company’s current ratio is 4.96 compared with the industry’s average of 1.13. The ratio of more than one suggests a healthy liquidity position where the business can meet its immediate financial obligations without selling long-term assets.
Image Source: Zacks Investment Research
LUNR Stock Trades at a Premium
In terms of valuation, LUNR’s forward 12-month price-to-sales (P/S) is 8.11X, a premium to the industry’s average of 2.49X. This suggests that investors will be paying a higher price than the company's expected sales growth compared with its peer group.
Image Source: Zacks Investment Research
What Should an Investor Do Now?
Intuitive Machines delivered strong operational progress driven by lunar services, space-networking programs, and expanding government partnerships, while continuing to improve profitability and pursue major upcoming NASA and defense opportunities. The company is also transforming into a broader space infrastructure and defense contractor through strategic investments and acquisitions.
Given its premium valuation, new investors may wait for a better entry point. Investors who already own this Zacks Rank #3 (Hold) stock may consider retaining their position, supported by the company’s strong earnings growth outlook and strong liquidity. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

LUNR Stock Rises 124% in 3 Months: Is There More Upside Ahead?

The 3M Company Board of Directors today declared a dividend on the company's common stock of $0.78 per share for the second quarter of 2026. The dividend is payable June 12, 2026, to shareholders of record at the close of business on May 22, 2026. 3M has paid dividends to its shareholders without interruption for more than 100 years.
The Lockheed Martin board of directors has authorized a second quarter 2026 dividend of $3.45 per share. The dividend is payable on June 26, 2026, to holders of record as of the close of business on June 1, 2026. Consistent with our full-year guidance, Lockheed Martin is significantly increasing our investments while maintaining our historical practice of disciplined and dynamic capital allocation.
Today, the Board of Directors of WaFd, announced a regular cash dividend of 27 cents per share. The dividend will be paid June 5, 2026, to common shareholders of record as of May 22, 2026. This will be the Company's 173rd consecutive quarterly cash dividend.
The Board of Directors of Cummins today declared a quarterly common stock cash dividend of 2.00 dollars per share. The dividend is payable on June 4, 2026, to shareholders of record on May 22, 2026.
Packaging Corporation of America announced today that it intends to increase the quarterly cash dividend on its common stock to an annual payout of $6.00 per share from $5.00 per share, a 20% increase. The first quarterly dividend of $1.50 per share will be paid to shareholders of record as of June 15, 2026 with a payment date of July 15, 2026.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.