Companies / LMT
NYSELockheed Martin (LMT) in our theses
Lockheed Martin appears in one of our theses. Below is why it entered the basket and how it has done since publication.
America has fired off its missile stockpile on three fronts, and the bottleneck for rebuilding it is two rocket motor plants
Three simultaneous fronts have drained US interceptor inventories, and the pace of the rebuild is capped by a duopoly in rocket motors: the value accrues to the bottleneck.
Why this company: Builder of the PAC-3 MSE and THAAD interceptors and of the JASSM/LRASM missiles. Replacing what has been fired off means a multi-year, high-margin backlog; the constraint is not demand but production throughput.
What changed in the annual filing
We line the risk section of this year's 10-K up against last year's and keep only what actually changed. Below is the most material change from the latest comparison.
What changed: LMT removed specific disclosures detailing China's 2023 and 2024 export bans on critical minerals used in missile systems and semiconductors.
Read it on SEC EDGAR ↗See the full filings radar →
Open in Invesaro →Where these numbers come from
The reference price is recorded on the thesis publication date and never changed afterwards. The current price is refreshed several times a day. Returns are in the listing currency and exclude dividends, so for dividend payers the real total return was somewhat higher.
This is not a recommendation to buy or sell. A company enters a basket as a beneficiary of the mechanism described in the thesis, and the full argument is on each thesis page.
See all of our theses
Each with a publication date, a causal map and a score assigned before the market ruled.
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