BA vs LMT
Boeing Co. and Lockheed Martin Corp., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | BA | LMT |
|---|---|---|
| Revenue | $89.5B | $75.0B |
| Net income | $2.2B | $5.0B |
| Gross margin | 4.8% | 10.2% |
| Net margin | 2.5% | 6.7% |
| Return on equity | · | 76.9% |
| Diluted EPS | $2.48 | $21.49 |
| Dividend / share | · | $13.35 |
| Payout ratio | 14.8% | 62.4% |
| Free cash flow | $-1.9B | $6.9B |
| Equity | $5.5B | $6.7B |
| Net debt / equity | 9.42× | 2.62× |
| Current ratio | 1.19× | 1.09× |
| Revenue CAGR 5y | 9.0% | 2.8% |
| Profit CAGR 5y | · | −6.0% |
BA bills 1.2× the revenue of LMT, and LMT keeps more of each dollar of revenue as profit (6.7% against 2.5%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | BA | LMT |
|---|---|---|
| FY2025 | $89.5B | $75.0B |
| FY2024 | $66.5B | $71.0B |
| FY2023 | $77.8B | $67.6B |
| FY2022 | $66.6B | $66.0B |
| FY2021 | $62.3B | $67.0B |
| FY2020 | $58.2B | $65.4B |
| FY2019 | $76.6B | $59.8B |
| FY2018 | $101.1B | $53.8B |
| FY2017 | $94.0B | $50.0B |
| FY2016 | $93.5B | $47.3B |
Bottom line
| Fiscal year | BA | LMT |
|---|---|---|
| FY2025 | $2.2B | $5.0B |
| FY2024 | $-11.8B | $5.3B |
| FY2023 | $-2.2B | $6.9B |
| FY2022 | $-4.9B | $5.7B |
| FY2021 | $-4.2B | $6.3B |
| FY2020 | $-11.9B | $6.8B |
| FY2019 | $-636.0M | $6.2B |
| FY2018 | $10.5B | $5.0B |
| FY2017 | $8.5B | $2.0B |
| FY2016 | $5.0B | $5.2B |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$14,415,000,000 | BA |
| FY2024 | −$4,526,000,000 | LMT |
| FY2023 | +$10,223,000,000 | BA |
| FY2022 | +$624,000,000 | BA |
| FY2021 | −$4,758,000,000 | LMT |
| FY2020 | −$7,240,000,000 | LMT |
| FY2019 | +$16,747,000,000 | BA |
| FY2018 | +$47,365,000,000 | BA |
| FY2017 | +$44,045,000,000 | BA |
| FY2016 | +$46,206,000,000 | BA |
| FY2015 | +$55,578,000,000 | BA |
| FY2014 | +$50,816,000,000 | BA |
| FY2013 | +$41,265,000,000 | BA |
| FY2012 | +$34,516,000,000 | BA |
| FY2011 | +$22,236,000,000 | BA |
| FY2010 | +$18,635,000,000 | BA |
| FY2009 | +$24,414,000,000 | BA |
| FY2008 | +$19,537,000,000 | BA |
| FY2007 | +$24,525,000,000 | BA |
The higher-revenue side has changed between BA and LMT over this period. The gap has narrowed since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −4.2 pp | LMT |
| FY2024 | −25.3 pp | LMT |
| FY2023 | −13.1 pp | LMT |
| FY2022 | −16.3 pp | LMT |
| FY2021 | −16.3 pp | LMT |
| FY2020 | −31.0 pp | LMT |
| FY2019 | −11.2 pp | LMT |
| FY2018 | +1.0 pp | BA |
| FY2017 | +5.1 pp | BA |
| FY2016 | −5.6 pp | LMT |
| FY2015 | −3.5 pp | LMT |
| FY2014 | −3.0 pp | LMT |
| FY2013 | −1.3 pp | LMT |
| FY2012 | −1.0 pp | LMT |
| FY2011 | +0.1 pp | BA |
| FY2010 | −1.2 pp | LMT |
| FY2009 | −4.9 pp | LMT |
| FY2008 | −3.4 pp | LMT |
| FY2007 | −1.1 pp | LMT |
The higher net margin has changed hands between BA and LMT over this period.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BA's net margin has been more volatile than LMT's over the 19 comparable fiscal years — 8.3 percentage points of standard deviation against 1.9.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between BA and LMT over these 19 fiscal years — BA led in 3 and LMT in 16.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LMT's return on equity has been more volatile than BA's over the 7 comparable fiscal years — 148.5 percentage points of standard deviation against 38.8.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between BA and LMT over these 7 fiscal years — BA led in 2 and LMT in 5.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.