Lockheed Martin Secures $3.37 Billion F-35 Contract And More

Anusuya Lahiri

December 24, 2024

On Monday, Lockheed Martin Corp (NYSE:LMT) secured several major defense contracts, solidifying its role as a key player in U.S. military and allied operations.

The company received a $3.37 billion modification to an existing agreement, expanding logistics support for the F-35 Lightning II Joint Strike Fighter program.

This initiative encompasses ground maintenance, pilot training, supply chain management, and depot activities for the Air Force, Marine Corps, Navy, Foreign Military Sales (FMS) customers, and other partners.

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Work will occur in Texas, Florida, South Carolina, Georgia, and California, with completion anticipated by December 2025.

Lockheed Martin has also won a $335.7 million contract modification for the F-35 Joint Strike Fighter program. This deal supports various 2025 activities, including aircraft induction, field and depot site support, and specialized equipment procurement.

The funds come from multiple sources, including Navy and Air Force procurement budgets and contributions from FMS customers and program partners. Work will primarily occur in Fort Worth, Texas, and will likely conclude by the end of 2025.

The company’s Moorestown, New Jersey division secured a $10.5 million contract to continue engineering and development for the AEGIS Combat System.

The project, focusing on delivering advanced weapon system capabilities for the Navy’s FFG 62 program, will run until March 2025. Separately, Lockheed Martin’s Orlando, Florida unit received a $71.6 million contract to provide depot-level support for Apache attack helicopters, with an estimated completion date of December 2025.

Lockheed Martin stock gained 7% year-to-date. Elon Musk’s recent push for drone warfare over traditional manned aircraft has sparked debate among experts regarding its feasibility.

Musk criticized Lockheed Martin’s F-35 stealth fighter program, advocating for the use of drone swarms, which he showcased in a video, and questioning the continued investment in piloted jets. Musk, a Donald Trump ally, is a co-lead of Trump’s Department of Government Efficiency (DOGE).

Goldman Sachs maintained a Sell rating on Lockheed Martin, citing concerns about the F-35 program, which DOGE leadership has identified as a potential cost-cutting target.

Analyst Noah Poponak highlighted risks to margins and spending, noting that Lockheed’s free cash flow is projected to remain flat over the coming years. Poponak also pointed out the stock’s high valuation, trading at 23 times estimated 2025 earnings, which he considers a steep premium given these challenges.

Investors can gain exposure to Lockheed Martin through Vanguard Total Stock Market ETF (NYSE:VTI) and iShares Core S&P 500 ETF (NYSE:IVV).

Price Action: LMT stock traded higher by 0.52% to $489.01 premarket at the last check on Tuesday.

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Photo via Shutterstock

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