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 ($175.2B vs $120.0B). 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 (25.2x vs 87.9x).
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% |
| Debt / equity | 8.4× | 3.1× |
| Market cap | $175.22B | $120.05B |
| P/E (TTM) | 87.9× | 25.2× |
Fundamentals are from each company’s SEC filings (BA FY2025, LMT FY2025). P/E and market cap are derived from recent market prices and update daily.
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 684 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%6th percentile of 467 | 10.2%13th percentile of 467 |
| Operating margin | 4.8%48th percentile of 606 | 10.3%68th percentile of 606 |
| Net margin | 2.5%44th percentile of 646 | 6.7%65th percentile of 646 |
| FCF margin | -2.1%22nd percentile of 561 | 9.2%68th percentile of 561 |
| Revenue growth (YoY) | +34.5%91st percentile of 669 | +5.6%55th percentile of 669 |
| ROE | 41.0%96th percentile of 600 | 74.6%98th percentile of 600 |
| P/E (TTM) | 87.9×94th percentile of 435 | 25.2×50th percentile of 435 |
| Debt / equity | 8.36×98th percentile of 407 | 3.05×95th percentile of 407 |
| Short interest (days to cover) | 2.27d43rd percentile of 676 | 2.06d37th percentile of 676 |
Short interest
| FINRA settlement data | BA | LMT |
|---|---|---|
| Shares sold short | 13.6M | 3.5M |
| Change vs prior settlement | -8.7% | +8.2% |
| Days to cover | 2.27 | 2.06 |
| As of settlement | 2026-06-30 | 2026-06-30 |
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 open-market activity | BA | LMT |
|---|---|---|
| Buys | 1 ($299,345) | — |
| Sells | 0 | — |
Open-market purchases and sales reported on SEC Form 4 (grants, exercises and tax withholding excluded). For context, about 16% of covered companies saw any open-market insider buy in a 90-day window.
Held by the same investors
8 tracked 13F managers hold both Boeing and Lockheed Martin as of their latest quarterly filings: AQR Capital Management, 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 (public domain). 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.