Intelligence Feed event · Policy · 2026-09-09

    Lockheed Martin upgraded to buy at UBS on 3.2x book-to-bill and F-35 demand

    Question

    Lockheed Martin upgraded to buy at UBS on 3.2x book-to-bill and F-35 demand

    Direct answer

    Lockheed Martin received an upgrade to Buy from UBS, supported by strong demand across its F-35 fighter jet franchise and tactical missile product lines. With a book-to-bill ratio standing at 3.2x, UBS models 9% compound annual sales expansion and double-digit earnings growth over the next 2-3 years at a valuation multiple under 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 to buy at UBS on 3.2x book-to-bill and F-35 demand”, revision 1, evidence through 2026-09-09. https://marketontology.com/market-events/2026-09-09/lockheed-martin-upgraded-to-buy-at-ubs-on-3-2x-book-to-bill-and-f-35-demand-dec5d7

    POLICY
    Lockheed Martin upgraded to buy at UBS on 3.2x book-to-bill and F-35 demand
    Lockheed Martin received an upgrade to Buy from UBS, supported by strong demand across its F-35 fighter jet franchise and tactical missile product lines. With a book-to-bill ratio standing at 3.2x, UBS models 9% compound annual sales expansion and double-digit earnings growth over the next 2-3 years at a valuation multiple under 14x free cash flow.
    LMT
    Impact
    69
    SEP 9
    SIG
    88%
    LMT
    Lockheed Martin upgraded to buy at UBS on 3.2x book-to-bill and F-35 demand
    Lockheed Martin received an upgrade to Buy from UBS, supported by strong demand across its F-35 fighter jet franchise and tactical missile product lines. With a book-to-bill ratio standing at 3.2x, UBS models 9% compound annual sales expansion and double-digit earnings growth over the next 2-3 years at a valuation multiple under 14x free cash flow.
    → A 3.2x defense backlog conversion accelerates high-margin missile and F-35 revenue delivery, driving forward cash flow re-rating for LMT.
    Impact
    Lockheed Martin received an upgrade to Buy from UBS, supported by strong demand across its F-35 fighter jet franchise and tactical missile product lines. With a book-to-bill ratio standing at 3.2x, UBS models 9% compound annual sales expansion and double-digit earnings growth over the next 2-3 years at a valuation multiple under 14x free cash flow.
    Affected
    LMT
    Transmission
    A 3.2x defense backlog conversion accelerates high-margin missile and F-35 revenue delivery, driving forward cash flow re-rating for LMT.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    LMTvaluation multiple expansion from backlog visibility and double-digit EPS expansionUp1-5dUBS upgraded LMT to Buy citing 3.2x book-to-bill and 9% annual sales growth.

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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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