Intelligence Feed event · Policy · 2026-09-09

    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and F-35 Sales Growth

    Question

    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and F-35 Sales Growth

    Direct answer

    UBS upgraded Lockheed Martin to a Buy rating, citing visible backlog execution across the F-35 fighter jet franchise and missile production programs. With a book-to-bill ratio of 3.2x, UBS projects 9% annual top-line growth and double-digit EPS expansion over the next 2 to 3 years at a valuation multiple below 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 F-35 Sales Growth”, 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-f-35-sales-growth-4a4917

    POLICY
    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and F-35 Sales Growth
    UBS upgraded Lockheed Martin to a Buy rating, citing visible backlog execution across the F-35 fighter jet franchise and missile production programs. With a book-to-bill ratio of 3.2x, UBS projects 9% annual top-line growth and double-digit EPS expansion over the next 2 to 3 years at a valuation multiple below 14x free cash flow.
    LMTSPY
    Impact
    71
    SEP 9
    SIG
    85%
    LMTSPY
    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and F-35 Sales Growth
    UBS upgraded Lockheed Martin to a Buy rating, citing visible backlog execution across the F-35 fighter jet franchise and missile production programs. With a book-to-bill ratio of 3.2x, UBS projects 9% annual top-line growth and double-digit EPS expansion over the next 2 to 3 years at a valuation multiple below 14x free cash flow.
    → A 3.2x defense book-to-bill ratio provides multi-year cash flow conversion certainty, supporting valuation multiple expansion for LMT against industrial equity peers.
    Impact
    UBS upgraded Lockheed Martin to a Buy rating, citing visible backlog execution across the F-35 fighter jet franchise and missile production programs. With a book-to-bill ratio of 3.2x, UBS projects 9% annual top-line growth and double-digit EPS expansion over the next 2 to 3 years at a valuation multiple below 14x free cash flow.
    Affected
    LMTSPY
    Transmission
    A 3.2x defense book-to-bill ratio provides multi-year cash flow conversion certainty, supporting valuation multiple expansion for LMT against industrial equity peers.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    LMTdefense procurement order backlog execution lifting free cash flow visibilityUp1-4wUBS upgraded LMT to buy citing 3.2x book-to-bill and 9% forecasted annual sales growth.
    SPYaerospace and defense sector multiple re-rating supporting industrial index weightingUp1-5dLMT is a primary weighting within S&P 500 aerospace and defense constituents.

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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%
    SPYUpagreed762.40 2026-09-09-0.60%-1.10%+1.94%

    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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