Intelligence Feed event · Policy · 2026-09-09

    UBS Upgrades Lockheed Martin to Buy Citing 3.2x Book-to-Bill Ratio

    Question

    UBS Upgrades Lockheed Martin to Buy Citing 3.2x Book-to-Bill Ratio

    Direct answer

    UBS lifted its rating on Lockheed Martin to Buy, pointing to sustained procurement demand across core platforms. The F-35 joint strike fighter program and tactical missile product lines underpin forward revenue visibility, supported by a 3.2x book-to-bill ratio. The bank estimates Lockheed Martin will generate 9% compound annual top-line growth and double-digit earnings growth over the next 24 to 36 months as international defense appropriations convert to deliveries.

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

    Cite as: Market Ontology, “UBS Upgrades Lockheed Martin to Buy Citing 3.2x Book-to-Bill Ratio”, revision 1, evidence through 2026-09-09. https://marketontology.com/market-events/2026-09-09/ubs-upgrades-lockheed-martin-to-buy-citing-3-2x-book-to-bill-ratio-eb9ead

    POLICY
    UBS Upgrades Lockheed Martin to Buy Citing 3.2x Book-to-Bill Ratio
    UBS lifted its rating on Lockheed Martin to Buy, pointing to sustained procurement demand across core platforms. The F-35 joint strike fighter program and tactical missile product lines underpin forward revenue visibility, supported by a 3.2x book-to-bill ratio. The bank estimates Lockheed Martin will generate 9% compound annual top-line growth and double-digit earnings growth over the next 24 to 36 months as international defense appropriations convert to deliveries.
    LMT
    Impact
    68
    SEP 9
    SIG
    85%
    LMT
    UBS Upgrades Lockheed Martin to Buy Citing 3.2x Book-to-Bill Ratio
    UBS lifted its rating on Lockheed Martin to Buy, pointing to sustained procurement demand across core platforms. The F-35 joint strike fighter program and tactical missile product lines underpin forward revenue visibility, supported by a 3.2x book-to-bill ratio. The bank estimates Lockheed Martin will generate 9% compound annual top-line growth and double-digit earnings growth over the next 24 to 36 months as international defense appropriations convert to deliveries.
    → High defense backlog coverage at 3.2x book-to-bill locks in multi-year revenue visibility, driving multiple expansion for LMT.
    Impact
    UBS lifted its rating on Lockheed Martin to Buy, pointing to sustained procurement demand across core platforms. The F-35 joint strike fighter program and tactical missile product lines underpin forward revenue visibility, supported by a 3.2x book-to-bill ratio. The bank estimates Lockheed Martin will generate 9% compound annual top-line growth and double-digit earnings growth over the next 24 to 36 months as international defense appropriations convert to deliveries.
    Affected
    LMT
    Transmission
    High defense backlog coverage at 3.2x book-to-bill locks in multi-year revenue visibility, driving multiple expansion for LMT.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    LMTsell-side rating upgrade via backlog realizationUp1-4wUBS upgraded LMT to Buy citing a 3.2x book-to-bill ratio and 9% sales growth outlook.

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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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