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$194B record backlog + $115.5M Navy contract → $77.5-80B 2026 sales guided

Lockheed Martin was awarded a $115.5 million Navy contract on March 12 and signed an incentive agreement with Alabama for its Pike County facility on March 10. The company has a record backlog of $194 billion (17% growth) with 2026 sales projected at $77.5–$80 billion, EPS of $29.35–$30.25, and free cash flow of $6.5–$6.8 billion. The $3 billion annual dividend is well covered by projected free cash flow; however, 14 analysts hold a Hold consensus, with valuation concerns and potential U.S. defense budget pressures as key risks.

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