Intelligence Feed event · Policy · 2026-09-09

    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and Defense Demand

    Question

    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and Defense Demand

    Direct answer

    UBS upgraded Lockheed Martin to Buy, pointing to durable demand for the F-35 franchise and missile product lines. The brokerage highlighted a 3.2x book-to-bill ratio alongside a current valuation of 19.2x earnings and less than 14x free cash flow.

    Original publisher
    Market Ontology
    Evidence through
    2026-09-09
    Published
    2026-10-20
    Revision
    1 · 2026-10-20

    Cite as: Market Ontology, “Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and Defense Demand”, revision 1, evidence through 2026-09-09. https://marketontology.com/market-events/2026-09-09/lockheed-martin-upgraded-at-ubs-on-3-2x-book-to-bill-and-defense-demand-1b07c7

    POLICY
    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and Defense Demand
    UBS upgraded Lockheed Martin to Buy, pointing to durable demand for the F-35 franchise and missile product lines. The brokerage highlighted a 3.2x book-to-bill ratio alongside a current valuation of 19.2x earnings and less than 14x free cash flow.
    LMT
    Impact
    71
    SEP 9
    SIG
    82%
    LMT
    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and Defense Demand
    UBS upgraded Lockheed Martin to Buy, pointing to durable demand for the F-35 franchise and missile product lines. The brokerage highlighted a 3.2x book-to-bill ratio alongside a current valuation of 19.2x earnings and less than 14x free cash flow.
    → A 3.2x book-to-bill ratio provides multi-year revenue visibility, driving multiple expansion on LMT's sub-14x FCF valuation.
    Impact
    UBS upgraded Lockheed Martin to Buy, pointing to durable demand for the F-35 franchise and missile product lines. The brokerage highlighted a 3.2x book-to-bill ratio alongside a current valuation of 19.2x earnings and less than 14x free cash flow.
    Affected
    LMT
    Transmission
    A 3.2x book-to-bill ratio provides multi-year revenue visibility, driving multiple expansion on LMT's sub-14x FCF valuation.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    LMTfree cash flow multiple rerating on elevated order backlogUp1-4wUBS upgraded LMT citing 3.2x book-to-bill and valuation under 14x FCF.

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    What happened next

    AssetCallBase close+1 day+5 days+20 days
    LMTUpdisagreed524.46 2026-09-09+1.08%+2.44%-4.81%

    Closing prices from stored daily bars; returns measured from the last close on or before the event date. Not a recommendation.

    No verifiable public source recorded for this card.

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