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Lockheed Martin: defense backlog is not enough if cash conversion slips
Lockheed Martin reported FY2025 revenue of $75.0 billion and 2026 Q1 revenue of $18.0 billion. The thesis depends on defense demand, program execution, working capital, R&D, backlog quality and cash conversion.
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Lockheed Martin: defense backlog is not enough if cash conversion slipsLockheed Martin reported FY2025 revenue of $75.0 billion and 2026 Q1 revenue of $18.0 billion. The thesis depends on defense demand, program execution, working capital, R&D, backlog quality and cash conversion.NYSEMay 19, 2026Research reportReadSlides