Intelligence Feed event · Policy · 2026-09-09

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

    Question

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

    Direct answer

    UBS raised its rating on Lockheed Martin to Buy, pointing to structural defense budget support across F-35 platforms and tactical missile replenishment. With a book-to-bill ratio reaching 3.2x, the firm projects 9% annual revenue growth and double-digit EPS expansion over the next 24 to 36 months.

    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 Outlook”, 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-outlook-c5a86a

    POLICY
    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and F-35 Sales Outlook
    UBS raised its rating on Lockheed Martin to Buy, pointing to structural defense budget support across F-35 platforms and tactical missile replenishment. With a book-to-bill ratio reaching 3.2x, the firm projects 9% annual revenue growth and double-digit EPS expansion over the next 24 to 36 months.
    LMTRTX
    Impact
    65
    SEP 9
    SIG
    85%
    LMTRTX
    Lockheed Martin Upgraded at UBS on 3.2x Book-to-Bill and F-35 Sales Outlook
    UBS raised its rating on Lockheed Martin to Buy, pointing to structural defense budget support across F-35 platforms and tactical missile replenishment. With a book-to-bill ratio reaching 3.2x, the firm projects 9% annual revenue growth and double-digit EPS expansion over the next 24 to 36 months.
    → Sustained order intake yielding a 3.2x book-to-bill ratio accelerates F-35 and missile segment cash conversion for LMT.
    Impact
    UBS raised its rating on Lockheed Martin to Buy, pointing to structural defense budget support across F-35 platforms and tactical missile replenishment. With a book-to-bill ratio reaching 3.2x, the firm projects 9% annual revenue growth and double-digit EPS expansion over the next 24 to 36 months.
    Affected
    LMTRTX
    Transmission
    Sustained order intake yielding a 3.2x book-to-bill ratio accelerates F-35 and missile segment cash conversion for LMT.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    LMTmultiple re-rating on backlog expansion and free cash flow generationUp1-4wUBS upgraded LMT to buy citing 3.2x book-to-bill and 9% sales growth
    RTXdefense procurement budget pass-through across missile and aerospace suppliersUp1-4wDefense prime peer exposed to tactical missile procurement

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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%
    RTXUpdisagreed197.55 2026-09-09+0.29%-0.36%-7.36%

    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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