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 Corporation демонстрирует смешанную фундаментальную картину. С одной стороны, P/E, P/S и P/B мультипликаторы значительно превышают медианные значения в отрасли, что может указывать на переоцененность компании. Тем не менее, компания показывает сильные результаты по EPS и EPS прогнозам, что свидетельствует о высокой прибыльности. Чистая прибыль и операционная прибыль также на высоком уровне и имеют положительную динамику. Однако высокая долговая нагрузка, выраженная в соотношении долга к капиталу, вызывает опасения. Операционные и чистые маржи ниже медианных показателей отрасли, что может ограничивать возможность дальнейшего роста. Дивидендная доходность на уровне 0% также является минусом, так как это сигнализирует о недостатке возврата для акционеров. В целом, финансовые показатели компании показывают устойчивый рост, однако высокие мультипликаторы и долговая нагрузка могут негативно влиять на оценку. Это создает необходимость в осторожном подходе к оценке ее текущей стоимости.

Lockheed Martin Corporation

Key Points
Over the the past five years, Lockheed Martin is nearly tied with the S&P 500.
More recently, however, the tide is turning in favor of the defense giant.
Lockheed could extend that momentum in the years ahead.
No one has a crystal ball, so pinpointing exactly where any stock will be in a week, a month, a year, or five years is impossible. On the other hand, investors crave clarity, and saying a stock is going to be higher or lower over a given time frame is stating the obvious. It doesn't do much to reduce ambiguity.
With those disclaimers out of the way, market participants aren't going out on a limb when expecting Lockheed Martin (NYSE: LMT) to potentially trade noticeably higher in five years than where it resides as of March 31, which is around $600. That's down from a February flirtation with $700, or $692 to be precise, and that pullback may spell opportunity when it comes to getting involved with Lockheed Martin stock.
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The dip is one reason to consider this defense stock now. Still, for investors looking to the F-16 manufacturer as a long-term portfolio centerpiece, there's a sturdy fundamental outlook supporting that view.
Lockheed will fly higher in five years
Remember that past performance isn't a guarantee of future returns, but Lockheed Martin basically kept pace with the S&P 500 over the past half-decade. That's not exactly a resounding endorsement, given that investors can defray risk by owning an index fund rather than individual stocks. But the ingredients are in place to make this one of the best large-cap industrial stocks over the next five years.
First, there's the global defense spending catalyst. Last year, defense spending worldwide swelled to $2.63 trillion from $2.48 trillion in 2024. Of course, the U.S., China, and Russia are the "big kahunas" in global defense spending, but what's noteworthy for investors considering defense stocks such as Lockheed Martin is that other countries are joining the party. For example, the 2025 increase in defense expenditures was driven by upticks in Europe and the Middle East.
In fact, defense spending in Europe continues breaking records. That's relevant to assessing where Lockheed shares may be in five years, because the company counts an array of European nations, including Germany, Greece, Poland, and Spain, among its clients.
Lockheed has other potential tailwinds that could ensure this stock takes flight over the next five years, including strong free cash flow-generating capabilities. The defense contractor generated $6.9 billion in free cash flow last year and forecast $6.5 billion to $6.8 billion for 2026. Free cash flow paints an accurate picture of companies' financial health, and it's the healthy ones that often deliver superior long-term returns.
Lockheed is a good steward of cash
In investing, there are no free lunches or guarantees, but investors can tilt the odds of success in their favor by embracing free cash flow powerhouses, with one caveat: The company must be a good steward of cash. It's one thing to generate cash flow, but if it's squandered on ill-fated acquisitions or product launches that don't bear fruit, investors don't reap the rewards. Lockheed Martin shareholders need not worry about that issue.
The proof is in the pudding. Not only does this defense behemoth prioritize research and development to keep its competitive spear sharp, but it also returned $6.1 billion to investors last year through buybacks and dividends, confirming it is a shareholder-friendly company.
Should you buy stock in Lockheed Martin right now?
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Todd Shriber has no position in any of the stocks mentioned. 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.
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Where Will Lockheed Martin Stock Be in 5 Years?

Key Points
Industrial giants should benefit or at least be insulated from artificial intelligence (AI) disruption.
The entire AI computer chip supply chain flows through Taiwan Semiconductor Manufacturing.
Lockheed Martin will be a reliable defense contractor stock to own over the next decade.
If you are worried about artificial intelligence (AI) eating everything in the digital world, the best spot to look for stocks in your portfolio is either real-world industrial companies or the suppliers of the AI boom itself.
Along with the reshoring of manufacturing to the United States, there should be a strong tailwind and security for owning high-quality industrial assets over the next decade. Here are two industrial stocks to buy in 2026 so you don't miss out on gains 10 years from now.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Betting on the future of computer chips
AI needs computer chips to grow, which is why leading research lab OpenAI just raised over $100 billion from investors. These funds will go toward purchasing internal computer chips and expanding capacity with cloud providers like Amazon.
All roads lead back to one company in the computer chip supply chain: Taiwan Semiconductor Manufacturing (NYSE: TSM). Whether Amazon is buying computer chips from Nvidia or designing its own, Taiwan Semiconductor (TSMC) is the one actually manufacturing the hardware. It holds a leadership position in advanced semiconductors, which some might call a monopoly, given how far it has gotten ahead of competition like Intel.
Last quarter, revenue grew 20% year over year in U.S. dollar terms, with 37% growth continuing in January and 22.2% growth in February of this year. As the AI spending boom continues, so will demand for TSMC's manufacturing capabilities. The company is investing to expand its footprint in the United States, comitting $165 billion to projects over many years.
Its monopoly position allows TSMC to sell its semiconductor products at a high price point, posting an operating margin of 54% in Q4 2025. That is better than most software companies, and it is performing some of the most advanced manufacturing on the planet.
Right now, TSMC stock trades at a price-to-earnings ratio (P/E) of 32, which is nowhere near a discounted price. However, if you are a believer in the AI revolution, spending on computer chips will be much higher a decade from now. Most of that spending will start at TSMC, giving it a huge runway to keep investing, grow its manufacturing output capacity, and then its revenue and profits. This makes the stock one you'll wish you bought in 2026 a decade from now.
Stable contracts in defense, with growing demand
A company in an industry growing less quickly than AI, but that should still be insulated from any AI disruption, is defense contracting. One leader in this sector is Lockheed Martin (NYSE: LMT), which prioritizes aerospace with its F-35 fighter jet, missile defense systems, and a space division. The space division has military capabilities, as well as for exploratory and science-based missions that partner with agencies like NASA.
Defense contracts can last for decades, making projects like the F-35 predictable cash cows for shareholders. Plus, amid conflicts bubbling around the globe, Lockheed Martin has been asked to increase its manufacturing capacity for items such as missile defense systems. For example, its PAC-3 missile interceptor is growing from an annual capacity of 600 to 2,000.
What's more, Lockheed Martin will participate in the upcoming Golden Dome project, which has a $185 billion budget. That, along with its foothold in the space sector, should give the company many avenues to grow over the next decade. No surprise then that the company now has a record backlog of $194 billion.
Lockheed Martin may not grow as fast as TSMC, but it does have a lower earnings multiple, with a forward P/E ratio of 20 as of this writing. Reliable defense contracts and growing needs across multiple areas where the company has expertise should help Lockheed Martin grow its earnings power over the next decade, making it a great buy for investors focused on the long term.
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Intel, Nvidia, and Taiwan Semiconductor Manufacturing. 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.

2 Industrial Stocks You'll Wish You Bought in 2026 a Decade From Now

Key Points
The hotly anticipated SpaceX IPO was confirmed in late March.
At a valuation of $1.75 trillion, it could be the largest IPO in history.
Last week, many a geeky heart was warmed after it was reported that Elon Musk's space exploration venture SpaceX could file to go public in the near future. And that initial public offering (IPO) has been one of the most hotly anticipated in recent market history.
Many people are interested in buying shares, myself included. Here's why.
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To boldly go where no man has gone before
The potential $1.75 trillion company has basically resuscitated American space exploration after the Space Shuttle program was ended in 2011. From that point through 2022, Americans often had to hitch a ride on Russia's Soyuz spacecraft.
But in 2020, SpaceX's Crew Dragon had its first crewed launch to the International Space Station (ISS), and as of March 2026, the Dragon has completed 55 missions, 50 of them being visits to the ISS, and the spacecraft has been reused 34 of those times.
SpaceX has launched 648 rockets with a 98.15% success rate, with the most used being the Falcon 9 rocket at 621 launches and a 99.8% success rate.
The Falcon 9 is also the only proven reusable rocket so far, cutting down on costs considerably.
Elon Musk has made no secret of his goal to eventually establish a human presence on Mars. And SpaceX has already become NASA's go-to partner for ISS launches and other space missions.
We came in peace for all mankind
SpaceX is one of two companies under consideration to build the lunar lander for NASA's Artemis missions, the other company being Jeff Bezos' Blue Origin.
The goal of the Artemis program is to establish a permanent human presence orbiting the Moon and use that to launch missions to Mars. In all, it aligns pretty well with Musk's own stated goals for space exploration.
Now, to address Blue Origin potentially getting the lander contract for Artemis: I'm doubtful it will happen. Unlike Blue Origin, SpaceX has already launched hundreds of successful missions. Blue Origin's New Glenn has only achieved one successful launch into Earth's orbit, while its New Shepard craft has managed 38 sub-orbital launches.
One small step, one giant leap
And that's my thesis for investing in SpaceX when it goes public: it's the biggest private company solely focused on space travel and easily the most visible.
Several other pure-playspace companies leapt at the news of SpaceX seeking its IPO, which could be the largest in history. Companies like Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA) and their joint venture United Launch Alliance have tons of experience, the Apollo Program wouldn't have happened without them. But both Boeing and Lockheed are more known as aerospace/defense companies. SpaceX, on the other hand, has a singular focus on space and a wealth of real experience in sending people to space and bringing them back alive.
And SpaceX is not just engaged in the exploration and travel side of the space economy. There's also Starlink satellite internet, and the company is a potential partner for President Trump's proposed Golden Dome missile defense system.
So, for an end-to-end space investment, SpaceX is likely to be your best bet. And it's one I fully plan to make myself.
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James Hires has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing. 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.

The SpaceX IPO Is Coming. Should You Invest?

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Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
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Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
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Momentum Score
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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Lockheed Martin (LMT)
Lockheed Martin Corporation is one of the largest defense contractor in the world. Its main areas of focus are in defense, space, intelligence, homeland security and information technology including cyber security. In 2025, 72% of the company’s net sales were from the U.S. Government, including 63% from the Department of War (DoW) and 28% from international customers. Lockheed Martin currently operates through four businesses — Aeronautics, Missiles and Fire Control (MFC), Rotary and Missions Systems (RMS) and Space Systems.
LMT is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 20.64; value investors should take notice.
Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.21 to $29.93 per share. LMT also boasts an average earnings surprise of +14%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, LMT should be on investors' short list.
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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.

Here's Why Lockheed Martin (LMT) is a Strong Value Stock

Lockheed Martin LMT is actively expanding its missile production capacity through increased manufacturing, supply-chain investments and major program wins. With rising global defense demand, the company is scaling its operations to support the United States and its allies.
Lockheed Martin has a strong portfolio of proven missile systems, including the Patriot Advanced Capability-3 (PAC-3), Terminal High Altitude Area Defense (THAAD), Joint Air-to-Surface Standoff Missile (JASSM) and the Javelin anti-tank missile. To meet growing demand, the company is ramping up production. In a press release on March 26, 2026, LMT highlighted efforts to strengthen its supplier network, expand tooling and improve manufacturing readiness to support higher output.
The company is also increasing production of its Precision Strike Missiles (PrSM). On March 25, 2026, LMT announced a framework agreement to boost PrSM output, which is expected to quadruple production capacity, building on an earlier $4.94 billion contract. This highlights a significant expansion in its missile manufacturing capabilities.
Moreover, Lockheed Martin is investing in infrastructure to speed up development and production. On March 31, 2026, LMT announced the opening of its Rapid Fielding Center, a facility designed to streamline development, testing and prototype production. This integrated setup helps reduce costs and enables faster delivery of new systems.
Overall, through higher production rates, expanded supply-chain capabilities, new facilities and strong contract momentum, Lockheed Martin is clearly expanding its missile production capacity to support long-term growth.
Other Stocks to Keep on the Watchlist
Other aerospace companies that are expanding their missile production are discussed below:
RTX Corporation RTX: RTX is expanding its missile production capabilities through investments. In March 2026, the company announced a 26,000 square-foot expansion of its Redstone Missile Integration Facility, supported by a $115 million investment. This expansion is expected to increase the facility’s integration and delivery capacity by more than 50%, highlighting RTX’s efforts to scale up its missile operations.
Northrop Grumman NOC: The company is expanding its missile-related production capabilities through new infrastructure investments. In April 2025, the company opened its Enhanced Production and Integration Center (EPIC) in Alabama, a large-scale facility designed to support high-rate production programs. The center increases production capacity for key missile defense systems like the Integrated Battle Command System (IBCS), highlighting NOC’s efforts to scale its manufacturing and integration capabilities.
The Zacks Rundown for LMT
Shares of LMT have surged 35.8% in the past year compared with the industry’s 27.1% growth.
Image Source: Zacks Investment Research
The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Earnings being 20.24X compared with its industry’s average of 31.39X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for LMT’s 2026 and 2027 earnings has moved north over the past 60 days.
Image Source: Zacks Investment Research
LMT stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
See
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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.

Is Lockheed Martin Expanding Its Missile Production Capacity?

Fintel reports that on April 1, 2026, Wells Fargo initiated coverage of Lockheed Martin (NYSE:LMT) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 12.01% Upside
As of March 27, 2026, the average one-year price target for Lockheed Martin is $676.96/share. The forecasts range from a low of $522.17 to a high of $793.80. The average price target represents an increase of 12.01% from its latest reported closing price of $604.39 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Lockheed Martin is 68,660MM, a decrease of 8.51%. The projected annual non-GAAP EPS is 37.22.
What is the Fund Sentiment?
There are 2,749 funds or institutions reporting positions in Lockheed Martin. This is an decrease of 823 owner(s) or 23.04% in the last quarter. Average portfolio weight of all funds dedicated to LMT is 0.28%, an increase of 23.23%. Total shares owned by institutions decreased in the last three months by 10.71% to 170,473K shares. The put/call ratio of LMT is 0.84, indicating a bullish outlook.
What are Other Shareholders Doing?
Charles Schwab Investment Management holds 8,639K shares representing 3.75% ownership of the company. In its prior filing, the firm reported owning 8,524K shares , representing an increase of 1.33%. The firm decreased its portfolio allocation in LMT by 4.41% over the last quarter.
Geode Capital Management holds 4,895K shares representing 2.12% ownership of the company. In its prior filing, the firm reported owning 4,885K shares , representing an increase of 0.20%. The firm decreased its portfolio allocation in LMT by 49.91% over the last quarter.
Bank Of America holds 2,995K shares representing 1.30% ownership of the company. In its prior filing, the firm reported owning 3,002K shares , representing a decrease of 0.23%. The firm decreased its portfolio allocation in LMT by 1.29% over the last quarter.
Wellington Management Group Llp holds 2,099K shares representing 0.91% ownership of the company. In its prior filing, the firm reported owning 2,385K shares , representing a decrease of 13.63%. The firm decreased its portfolio allocation in LMT by 14.64% over the last quarter.
Northern Trust holds 2,015K shares representing 0.87% ownership of the company. In its prior filing, the firm reported owning 2,090K shares , representing a decrease of 3.71%. The firm decreased its portfolio allocation in LMT by 80.80% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wells Fargo Initiates Coverage of Lockheed Martin (LMT) with Equal-Weight Recommendation

Rocket Lab Corporation RKLB is building a credible multi-year growth setup, helped by durable government demand and a staged backlog that supports near-term visibility.
The tradeoff is straightforward. The company has improving scale and liquidity, but near-term execution risk remains elevated due to development timelines, mix-driven margin variability, and supplier constraints that can shift milestone pacing.
Rocket Lab Stock Setup: The Bull and Bear Ledger
On the bullish side, Rocket Lab is gaining from defense urgency that is expanding addressable opportunities across both launch and space systems. Backlog reached roughly $1.85 billion at the end of the fourth quarter of 2025, with management expecting about 37% to convert within 12 months, which helps anchor a base-level revenue ramp.
On the bearish side, the path is not linear. Neutron’s schedule has moved out, Space Systems mix can compress percentage margins even as revenue grows, and subcontractor deliveries can gate program conversion. Those factors raise the premium the market places on steady execution.
RKLB Defense Demand Adds Durable Volume
Defense demand is showing up as a concrete set of catalysts. In 2025, Rocket Lab flew three HASTE hypersonic missions and signaled additional HASTE missions in 2026, positioning HASTE as a repeatable source of launch volume as government priorities scale.
Space Systems is also benefiting. The company won an SDA Tranche III Tracking Layer prime contract in the fourth quarter of 2025, adding multi-year visibility tied to staged program milestones. Rocket Lab also secured a Missile Defense Agency SHIELD IDIQ, which expands access to future awards and keeps the funnel active beyond a single program cycle.
Rocket Lab Revenue Mix Supports Scale, Not Smoothness
Rocket Lab’s revenue mix supports scale, but it does not guarantee clean quarterly margins. In 2025, Space Systems generated $402.8 million, or 66.9% of total revenue, versus $199 million from Launch Services. That mix reflects the company’s growing manufacturing and components footprint alongside a higher Electron cadence.
Management’s first-quarter 2026 gross margin guidance captured that dynamic, with GAAP gross margin guided to 34-36% and non-GAAP gross margin to 39-41%, modestly lower due to mix. The company’s setup can still produce expanding margin dollars over time, but the journey can be volatile along the way.
RKLB Neutron Delay Extends Cash Burn Risk
Neutron remains the key swing factor, and the timeline has moved out. The first launch is now targeted for the fourth quarter of 2026 following a Stage 1 tank rupture in January 2026, extending development timelines and keeping execution sensitivity high.
The near-term economics are also pressured. Early Neutron flights are expected to carry low or negative gross margins, with profitability improving only as production scales over several years. That profile extends the period where losses remain likely, even as the long-term opportunity expands the company’s addressable launch market.
Rocket Lab Cash Use Peaks Before the Shift
Rocket Lab has strong liquidity with about $1.1 billion in cash, supported by fundraising and reduced debt, but is currently in a heavy investment phase. Near-term cash burn remains high due to Neutron development, with continued negative free cash flow and expected EBITDA losses in early 2026.
Rocket Lab Corporation Price and Consensus
RKLB Decision Framework for Investors
A hold posture is supported by three pillars: strong liquidity, backlog-driven visibility, and a scaling cadence across Electron and HASTE. Electron ran with 100% mission success in 2025, and management expects 2026 Electron and HASTE launches to exceed 2025’s 21, supported by an internal operating rhythm of roughly every 11-13 days.
What would need to improve is equally clear. Investors will likely look for tighter confidence around the Neutron timeline, evidence that supplier gating and optical bottlenecks are easing, and a steadier margin trajectory as Space Systems programs ramp. The Mynaric acquisition remains under European regulatory review without a timeline, which delays full control of a key optical link and keeps milestone pacing exposed to third-party delivery schedules.
For context across the broader aerospace and defense landscape, Lockheed Martin LMT currently carries a Zacks Rank #3 (Hold), while Northrop Grumman NOC holds a Zacks Rank #4 (Sell). RKLB currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. These primes help illustrate how investor focus can shift between demand strength and execution discipline, a balance that is central to Rocket Lab’s current setup.
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Rocket Lab Stock: Neutral View Amid Strong Demand and Execution Risks

Rocket Lab Corporation RKLB enters 2026 with a clearer revenue foundation than it had in prior years. The company is pairing a large contracted backlog with a higher operating tempo in Electron and HASTE.
That combination matters because it links near-term execution to measurable conversion math. It also helps explain why quarterly results can look uneven even when multi-year demand remains intact.
RKLB Backlog Sets a Clear 2026 Baseline
RKLB ended fourth-quarter 2025 with roughly $1.85 billion of backlog, up sharply year over year. Management expects about 37% of that backlog to convert within 12 months, including conservative assumptions tied to Space Development Agency Tranche III work.
For investors, that 12-month conversion expectation is the key anchor. It provides a tangible baseline for 2026 revenue visibility, especially when paired with steady milestone payments embedded in staged programs. In practical terms, it reduces the dependence on “one-off” wins to support the next year’s revenue ramp.
Rocket Lab’s Two Engines of Growth
RKLB’s 2025 results underline how the model is built to balance program execution and launch cadence. Total revenue was $601.8 million in 2025, up 38% from $436.2 million in 2024.
Space Systems was the larger contributor at $402.8 million, or 66.9% of 2025 revenue. Launch Services contributed $199.0 million, or 33.1%. The mix reflects growth in spacecraft manufacturing alongside higher Electron cadence and improved launch pricing, with revenue per launch rising to $8.5 million in 2025 from $7.8 million in 2024.
RKLB Launch Cadence Is Scaling Faster
Launch Services momentum strengthened into year-end. Fourth-quarter 2025 delivered record launch activity with seven missions, up from four in the third quarter, helping Launch Services revenue reach $75.9 million, up 85% sequentially.
The cadence outlook also benefits from mix. HASTE missions are described as carrying broadly similar margin percentages but higher absolute margin dollars, which can support gross profit even when percentage margins move with quarterly mix.
Rocket Lab’s Space Systems Mix Drives Timing
Space Systems is RKLB’s larger revenue engine, but it can create choppy quarterly optics because major programs recognize revenue on a staged basis. In fourth-quarter 2025, Space Systems revenue was $103.8 million, down 9% sequentially due to program timing, even though full-year Space Systems revenue rose 30% year over year.
This is especially relevant with Space Development Agency work. The backlog mix at quarter-end was approximately 74% Space Systems and 26% Launch. With large programs such as SDA Tranche II and Tranche III, milestones can shift across quarters based on delivery timing, changing reported momentum without changing the underlying multi-year demand profile.
RKLB Liquidity Helps Bridge the Buildout
RKLB ended fourth-quarter 2025 with approximately $1.10 billion of liquidity in cash and marketable securities, up from $480 million at 2024-end. That liquidity supports elevated 2026 investment as the company builds toward its next phase.
Management points to funding needs tied to Neutron testing, pad activation, and recovery infrastructure, alongside working capital and acquisition-related spending. The capital plan matters because first-quarter 2026 is expected to mark peak research and development spending, with spending shifting from research and development toward flight inventory through 2026 as the buildout progresses.
Rocket Lab’s Near-Term Setup and Key Watch Items
RKLB’s stance remains Neutral, reflecting a sound multi-year setup with meaningful execution risk. A practical checklist starts with backlog conversion pace versus the roughly 37% expected within 12 months. Next is cadence execution, with Electron running every 11 to 13 days internally and 2026 launches expected to exceed 2025’s 21.
Third is supplier gating, particularly optical terminal availability, which has been cited as a constraint that can push Space Systems milestones across quarters. Finally, investors should track quarterly mix effects on margins, since larger SDA-linked Space Systems programs typically carry lower percentage margins and can drive volatility even as scale improves.
For context, broader aerospace and defense spending often lifts multiple players at once. Lockheed Martin LMT and Northrop Grumman NOC are two large defense primes with significant exposure to U.S. national security priorities, a backdrop that can influence budgeting and procurement momentum across the ecosystem.
Price Performance
In the past six months, shares of the company have risen 22.4% against the industry’s 4.9% decline.
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Zacks Rank
RKLB 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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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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Rocket Lab's Backlog Provides a Clear Path to 2026 Revenue Growth

Rocket Lab Corporation RKLB is seeing defense urgency translate into durable demand signals across launch and space systems. That demand is showing up in hypersonic activity, expanding program awards, and a backlog profile built around staged milestones.
The opportunity is paired with execution sensitivity. Supplier gating and regulatory timing can shift milestone pacing, while the company’s push to bring more capability in house is designed to reduce those frictions over time.
RKLB’s HASTE Adds Defense-Driven Momentum
HASTE is becoming a more visible part of Rocket Lab’s launch mix as hypersonic mission demand increases. The company flew three HASTE hypersonic missions in 2025 and signaled additional HASTE missions in 2026.
That setup matters because management expects 2026 Electron and HASTE launches to exceed 2025’s 21, supported by production being directed to significantly more rockets. As cadence scales, HASTE can add defense-driven volume that complements commercial and civil missions, reinforcing launch demand even when the broader market is uneven.
Rocket Lab’s “Golden Dome” Tailwind Signal
Rocket Lab linked its hypersonic activity to “Golden Dome” priorities, signaling that U.S. national security urgency is a meaningful demand driver rather than a one-off tailwind.
The implication is multi-year. Management described defense demand as building durable volume across both launch and space systems, positioning Rocket Lab to participate as government programs scale. That matters for visibility because the company’s growth framework depends on recurring program activity and milestone conversion, not a single contract win.
For investors watching defense spending more broadly, large primes can provide a reference point for sentiment in the group. Lockheed Martin LMT carries a Zacks Rank #3 (Hold). Even so, Rocket Lab’s opportunity set is tied less to prime-level platform cycles and more to mission cadence and program delivery across a staged backlog.
RKLB SDA Wins Expand Program Scale
Rocket Lab’s $816 million SDA Tranche III Tracking Layer award expands its program scale and strengthens multi-year revenue visibility, with backlog reaching about $1.85 billion by the end of 2025. A portion of this backlog is expected to convert steadily over time through milestone-based contracts, supporting a clearer near-term revenue base.
However, the timing of these milestones can create uneven quarterly performance. Revenue and margins may fluctuate as Space Systems programs ramp, with mix dynamics potentially pressuring percentage margins even as overall growth and program progress remain intact.
Rocket Lab Vertical Integration Targets Bottlenecks
Rocket Lab is using vertical integration to improve schedule control and reduce dependency risk in areas that can gate milestones. Management highlighted that SDA revenue pacing is often constrained by subcontractor deliveries, with optical terminal availability cited as an industry bottleneck.
Acquisitions are central to the strategy. GEOST expanded payload capabilities described as critical to SDA wins, while Optical Support, Inc. and Precision Components deepen optics and machining capacity to scale delivery. Mynaric is positioned to add optical terminals and a European foothold.
The operational goal is practical: bringing optics and payload elements in house should accelerate milestones and improve economics, while reducing the risk that third-party delays push revenue recognition into later quarters. L3Harris Technologies LHX, another defense-exposed name, also carries a Zacks Rank #3 (Hold). Rocket Lab’s differentiator is that execution improvements can directly change milestone conversion tempo, which can influence quarterly outcomes.
Rocket Lab Watch List for 2026 Execution
Several signposts help track execution in 2026. First is HASTE mission cadence and whether the additional missions signaled for 2026 translate into higher launch volume.
Second is Electron’s production tempo. Management stated Electron is running internally every 11–13 days, with 2026 Electron and HASTE launches expected to exceed 2025 levels.
Third is SDA milestone conversion, especially where subcontractor deliveries have historically gated pacing. Progress on bringing optics and payload elements in house is central here.
Fourth is Neutron progress, including testing and infrastructure buildout, as capital spending remains elevated for pad activation and recovery infrastructure. Finally, the market will watch for evidence that supplier constraints ease enough to smooth program delivery and reduce quarter-to-quarter variability in results.
Price Performance
In the past six months, shares of the company have risen 22.4% against the industry’s 4.9% decline.
Image Source: Zacks Investment Research
Zacks Rank
RKLB 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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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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RKLB and Hypersonics: HASTE Missions Point to Defense Upside

Lockheed Martin (LMT) closed the most recent trading day at $598.57, moving -2.8% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.4%. On the other hand, the Dow registered a gain of 0.11%, and the technology-centric Nasdaq decreased by 0.73%.
Shares of the aerospace and defense company have depreciated by 6.42% over the course of the past month, outperforming the Aerospace sector's loss of 12.06%, and the S&P 500's loss of 7.34%.
Analysts and investors alike will be keeping a close eye on the performance of Lockheed Martin in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $6.73, marking a 7.55% fall compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $18.21 billion, up 1.38% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $29.93 per share and a revenue of $79.11 billion, signifying shifts of +29.46% and +5.41%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Lockheed Martin. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.39% increase. Lockheed Martin is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Lockheed Martin has a Forward P/E ratio of 20.58 right now. This represents a discount compared to its industry average Forward P/E of 23.17.
One should further note that LMT currently holds a PEG ratio of 1.11. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Aerospace - Defense industry stood at 2.03 at the close of the market yesterday.
The Aerospace - Defense industry is part of the Aerospace sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Index	Bulls	Bears
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	S/L 5%RUB 648.52	S/L 10%RUB 679.40	S/L 15%RUB 710.29
Day	1.74%	0.00%	0.00%
Week	28.77%	2.23%	0.06%
Month	60.39%	26.49%	9.21%

Lockheed Martin Corporation

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