Is The Market Underpricing Lockheed Martin Stock?

Shares of Lockheed Martin (LMT) have fallen 19.6% over the past six months, trailing a 15.7% gain for the S&P 500. That decline leaves the stock trading at 18.2 times trailing earnings, a multiple that sits below the 20.7 average it held at quarter-ends over the past three years. Yet management used its fiscal Q2 2026 call to report a record backlog and raise the company's outlook for the year. So is Lockheed worth more than the market is paying for it today.