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Lockheed MartinBSP:LMTB34 +2.23%76 Cyclically Adjusted PB Ratio is 25.31 as of Aug. 15, 2026, which is 15% below its 10-year median of 29.72. GuruFocus rates BSP:LMTB34 with a GF Score™ of 76/100 and a GF Value™ of R$2,914.82 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 209 Aerospace & Defense companies, Lockheed Martin ranks worse than 97.61% on this metric.
The historical rank and industry rank for Lockheed Martin's Cyclically Adjusted PB Ratio or its related term are showing as below:
BSP:LMTB34'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 19.1 Med: 29.72 Max: 51.85
Current: 24.86
During the past years, Lockheed Martin's highest Cyclically Adjusted PB Ratio was 51.85. The lowest was 19.10. And the median was 29.72.
BSP:LMTB34's Cyclically Adjusted PB Ratio is ranked worse than 97.61% of 209
companies
in the Aerospace & Defense industry
Industry Median: 3.47
vs BSP:LMTB34: 24.86
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Lockheed Martin's adjusted book value per share data for the three months ended in Jun. 2026 was R$195.340. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is R$125.59 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Lockheed Martin (BSP:LMTB34) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Lockheed Martin Cyclically Adjusted PB Ratio Related Terms
Lockheed Martin Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Lockheed Martin's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lockheed Martin Cyclically Adjusted PB Ratio Chart
BSP:LMTB34 vs HWM, GD, BA: Cyclically Adjusted PB Ratio Comparison
For the Aerospace & Defense subindustry, Lockheed Martin's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lockheed Martin Cyclically Adjusted PB Ratio vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Lockheed Martin's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Lockheed Martin's Cyclically Adjusted PB Ratio falls into.
Lockheed Martin Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Lockheed Martin's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 25.31 mean?
Lockheed Martin (BSP:LMTB34) has a Cyclically Adjusted PB Ratio of 25.31 as of Aug. 15, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Lockheed Martin and its competitors. This is 15% below median its historical median of 29.72. Over the past decade, Lockheed Martin's Cyclically Adjusted PB Ratio has ranged from 19.10 to 51.85. According to the industry distribution chart, Lockheed Martin ranks #204 out of 209 companies in the Aerospace & Defense industry, placing it in the top 97.6%.
Is Lockheed Martin's Cyclically Adjusted PB Ratio too high?
Lockheed Martin's current Cyclically Adjusted PB Ratio of 25.31 is 15% below median its 10-year median of 29.72. Over the past 10 years, this metric has ranged from a low of 19.10 to a high of 51.85. The Aerospace & Defense industry median Cyclically Adjusted PB Ratio is 3.47. Lockheed Martin's value of 25.31 is 629.4% above this industry median. Based on the distribution chart, Lockheed Martin ranks #204 out of 209 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Lockheed Martin has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Lockheed Martin's Cyclically Adjusted PB Ratio compare to HWM and GD?
According to the Aerospace & Defense industry distribution chart, Lockheed Martin ranks #204 out of 209 companies for Cyclically Adjusted PB Ratio. This places Lockheed Martin in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 3.47. Lockheed Martin's value of 25.31 is 629.4% above this benchmark. Historically, Lockheed Martin's own Cyclically Adjusted PB Ratio has ranged from 19.10 to 51.85 over the past decade. While the company's 10-year median is 29.72 vs. the industry median of 3.47, Lockheed Martin has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Aerospace & Defense company?
The median Cyclically Adjusted PB Ratio among Aerospace & Defense companies is 3.47, based on 209 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Lockheed Martin's current Cyclically Adjusted PB Ratio of 25.31 is 629.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Lockheed Martin and its competitors. For the Aerospace & Defense industry, the median Cyclically Adjusted PB Ratio is 3.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Lockheed Martin's current Cyclically Adjusted PB Ratio is 25.31, which is 15% below median its own 10-year median of 29.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lockheed Martin stock overvalued right now?
Based on GuruFocus' analysis, Lockheed Martin (BSP:LMTB34) is currently considered Modestly Overvalued. The stock's GF Value™ is R$2,914.82, compared to a current price of R$3,178.42 — trading 9% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 25.31, which is 15% below median its 10-year median of 29.72 and 629.4% above the Aerospace & Defense industry median of 3.47. Lockheed Martin's overall GF Score™ is 76/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Lockheed Martin (BSP:LMTB34), the current Cyclically Adjusted PB Ratio is 25.31 as of Aug. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Lockheed Martin (BSP:LMTB34) Overvalued in 2026?
Based on GuruFocus' analysis, Lockheed Martin stock appears to be overvalued.
The current stock price of R$3,178.42 is trading 9% above its estimated GF Value™ of R$2,914.82.
GuruFocus considers Lockheed Martin to be Modestly Overvalued.
Key valuation signals for BSP:LMTB34:
Cyclically Adjusted PB Ratio: 25.31 (15% below median its 10-year median of 29.72)
GF Value™: R$2,914.82 vs. price of R$3,178.42 (9% above fair value)
Industry Position: 629.4% above the Aerospace & Defense median (#204 of 209)
No single metric tells the full story. See the BSP:LMTB34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Aeronautics is Lockheed's largest segment, which derives upward of two-thirds of its revenue from the F-35. Lockheed's remaining segments are rotary and mission systems, mainly encompassing the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.
76GF Score
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