Lockheed Martin Corporation is a global security and aerospace company specializing in research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services. The company also provides management, engineering, technical, scientific, logistics, system integration, and cybersecurity services. Its primary focus areas include defense, space, intelligence, homeland security, and information technology. Lockheed Martin serves U.S. and international customers, primarily agencies of the U.S. Government.

The company's strategy centers on developing platforms and systems for 21st Century Security, aiming to integrate advanced networking and technologies into national defense. Key growth areas include current programs of record (like F-35 sustainment, Patriot Advanced Capability-3, HIMARS, and Trident II D5 modernization), classified programs, hypersonics, and new awards. Lockheed Martin emphasizes technological differentiation, strategic partnerships (including commercial collaborations), business transformation for digital enhancement, and workforce development.

• Employees: 122,000 (as of December 31, 2023)
• Geographic Footprint: Primarily U.S. based with operations in various international locations
• Headquarters: Bethesda, Maryland
• Founded: 1995 (Formed through merger of Lockheed Corporation and Martin Marietta Corporation)
• Number of locations/facilities: 335 owned or leased locations, plus 9 government-owned facilities
• Revenue: $67.6 billion (FY2023)
• Key Subsidiaries/Brands: Sikorsky, Skunk Works

• CEO & Chairman: James D. Taiclet
• CFO: Jesus Malave
• COO: Frank A. St. John
• General Counsel & Corporate Secretary: Maryanne R. Lavan
• Other Key Executives: Timothy S. Cahill (Executive VP - Missiles and Fire Control), Stephanie C. Hill (Executive VP - Rotary and Mission Systems), Robert M. Lightfoot, Jr. (Executive VP - Space), H. Edward Paul, III (VP and Controller), Maria A. Ricciardone (VP, Treasurer and Investor Relations), Gregory M. Ulmer (Executive VP - Aeronautics)

• Annual Revenue: $67.6 billion (FY2023)
• Net Income: $6.9 billion (FY2023)
• Total Assets: $52.5 billion (FY2023)
• Key Financial Highlights: Net sales increased 2% YoY. Service sales increased 7% YoY, driven by F-35 sustainment. Product sales increased 1% YoY, driven by growth in Space segment programs. Operating profit decreased slightly YoY.

Lockheed Martin offers a wide range of products and services across its four business segments:

• Aeronautics: Advanced military aircraft (F-35 Lightning II, C-130 Hercules, F-16 Fighting Falcon, F-22 Raptor), unmanned aerial systems, and related technologies.
• Missiles and Fire Control: Air and missile defense systems (Patriot Advanced Capability-3, THAAD), tactical missiles and precision strike weapons (MLRS, PrSM, JASSM, LRASM, Hellfire), fire control systems, logistics, manned and unmanned ground vehicles, and energy management solutions.
• Rotary and Mission Systems: Military and commercial helicopters (Black Hawk, Seahawk, CH-53K), surface ships, missile defense systems, radar and laser systems, mission and combat systems, command and control solutions, cyber solutions, and simulation and training solutions.
• Space: Satellites, space transportation systems, strategic and defensive systems (Next Gen OPIR, Trident II D5, Orion), network-enabled situational awareness systems, and classified systems and services.

Lockheed Martin operates through four key business segments:

• Aeronautics: 40% of 2023 net sales
• Missiles and Fire Control: 17% of 2023 net sales
• Rotary and Mission Systems: 24% of 2023 net sales
• Space: 19% of 2023 net sales

Lockheed Martin's strategy is built around "21st Century Security," focusing on integrating advanced technologies into defense systems. The company prioritizes developing platforms and systems to meet current and future customer needs, with a focus on networked solutions and agile, adaptive defense capabilities. Growth is driven by investment in programs of record, classified programs, hypersonic technologies, and pursuit of new awards. The company also emphasizes strategic partnerships, including collaborations with commercial companies, and a multi-year business transformation initiative to enhance digital infrastructure and efficiency.

Lockheed Martin operates in the highly competitive aerospace and defense industry. Key competitors include The Boeing Company, General Dynamics, L3Harris Technologies, Northrop Grumman, and RTX Corporation. The industry is characterized by long operating cycles, intense competition for contracts, and evolving customer requirements. Technological advancements in areas like additive manufacturing, data analytics, and artificial intelligence are shaping the competitive landscape.

• Dependence on U.S. Government Contracts: A significant portion of Lockheed Martin's revenue comes from U.S. Government contracts, making the company vulnerable to changes in government spending priorities and budget cuts.
• F-35 Program Risks: As Lockheed Martin's largest program, the F-35 is subject to performance, schedule, cost, and technical requirement risks, which could impact the company's financial performance.
• Supply Chain Disruptions: The company relies heavily on its supply chain, and disruptions due to geopolitical events, supplier performance, or material shortages could negatively affect operations.
• Competition and Changing Procurement Policies: Intense competition and evolving government procurement policies could impact Lockheed Martin's ability to win new contracts and maintain profitability.
• Cybersecurity Threats: As a major defense contractor, Lockheed Martin faces significant cybersecurity threats, and a successful attack could compromise sensitive information and disrupt operations.