Lockheed Martin Corporation (LMT) Stock Analysis & Winston Score

Lockheed Martin builds military aircraft, missiles, satellites, and defense systems. Its most famous product is the F-35 fighter jet, which it sells to the U.S. military and allied governments around the world. It is the largest defense contractor in the United States by revenue. The company makes money through long-term government contracts, mostly with the U.S. Department of Defense, which accounts for roughly 70% of its sales. It also sells to international governments and operates across four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Its main competitive advantage is its deep integration with U.S. defense programs, making it difficult to replace — but this also means its growth depends heavily on government budget decisions, and any cuts to defense spending or delays in F-35 orders remain the biggest risks to its business.