Boeing vs Lockheed Martin (BA vs LMT)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Boeing is the larger company by revenue ($89.5B vs $75.0B) and market value ($150.3B vs $127.4B). Boeing has grown revenue faster over the last 4 fiscal years (+43.6% cumulative vs +11.9%). Lockheed Martin runs the higher operating margin (10.3% vs 4.8%). Lockheed Martin trades at the lower trailing P/E (20.3x vs 67.9x).
About Boeing
Boeing Company is a major aerospace firm that operates in three main segments: Commercial Airplanes, Defense, Space & Security, and Global Services. It designs, produces, and markets commercial jet aircraft for airlines worldwide, develops military aircraft and defense systems, and provides services such as maintenance, training, and logistics to commercial and defense customers. Boeing serves airlines, government agencies, and defense organizations globally.
About Lockheed Martin
Lockheed Martin is a global aerospace and defense technology company serving U.S. government agencies and allied international customers. It operates through four main segments: Aeronautics, which develops military aircraft including the F-35 fighter; Missiles and Fire Control, which provides missile defense and precision strike systems; Rotary and Mission Systems, which offers military helicopters, missile defense systems, and command and control solutions; and Space, which designs satellites, space transportation, and strategic defense systems. The company focuses on integrated defense solutions across air, land, sea, and space domains.
Head to head (BA FY2025 vs LMT FY2025)
| Metric | BAFY2025 | LMTFY2025 |
|---|---|---|
| Revenue | $89.46B | $75.05B |
| Revenue growth (YoY) | 34.5% | 5.6% |
| Gross margin | 4.8% | 10.2% |
| Operating margin | 4.8% | 10.3% |
| Net margin | 2.5% | 6.7% |
| Net income | $2.23B | $5.02B |
| Diluted EPS | $2.48 | $21.49 |
| FCF margin | -2.1% | 9.2% |
| ROE | 41.0% | 74.6% |
| Long-term debt / equity | 8.36× | 3.05× |
| Market cap | $150.34B | $127.42B |
| P/E | 67.9× | 20.3× |
Fundamentals are from each company’s SEC filings (BA FY2025, LMT FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| BA | $62.29B | $66.61B | $77.79B | $66.52B | $89.46B |
| LMT | $67.04B | $65.98B | $67.57B | $71.04B | $75.05B |
Peer standing
Where each company ranks among the 668 Industrials companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | BA | LMT |
|---|---|---|
| Gross margin | 4.8%7th percentile of 455 | 10.2%14th percentile of 455 |
| Operating margin | 4.8%48th percentile of 598 | 10.3%67th percentile of 598 |
| Net margin | 2.5%44th percentile of 630 | 6.7%64th percentile of 630 |
| FCF margin | -2.1%22nd percentile of 546 | 9.2%68th percentile of 546 |
| Revenue growth (YoY) | +34.5%91st percentile of 652 | +5.6%53rd percentile of 652 |
| ROE | 41.0%96th percentile of 590 | 74.6%98th percentile of 590 |
| P/E | 67.9×93rd percentile of 406 | 20.3×41st percentile of 406 |
| Long-term debt / equity | 8.36×98th percentile of 403 | 3.05×95th percentile of 403 |
| Short interest (days to cover) | 1.43d22nd percentile of 661 | 2.11d30th percentile of 661 |
Short interest
| FINRA settlement data | BA | LMT |
|---|---|---|
| Shares sold short | 14.8M | 2.7M |
| Change vs prior settlement | +4.1% | +13.7% |
| Days to cover | 1.43 | 2.11 |
| As of settlement | 2026-09-30 | 2026-09-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | BA | LMT |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 0 | 9 ($117,623) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
9 tracked 13F managers hold both Boeing and Lockheed Martin as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Point72 Asset Management, Renaissance Technologies, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.