Lockheed Martin Soars as Massive Backlog Fires Up Bulls

Lockheed Martin ( (LMT) ) has risen by 9.04%. Read on to learn why.

Lockheed Martin shares climbed 9.04% over the past week as investors focused on the defense giant’s strong fundamentals and hefty order book ahead of its upcoming earnings release. The stock, which closed last Friday at $630.70, has already risen more than 20% year‑to‑date and over 30% in the past year, reflecting renewed interest in large U.S. defense names despite generally cautious analyst sentiment. The latest leg higher suggests traders are positioning early for fresh guidance and any upside surprises on contracts and profitability.

A key factor underpinning the rally is Lockheed Martin’s massive program backlog, which reached $179.08 billion in the third quarter of fiscal 2025. That pipeline is being fueled by robust international demand for the F‑35 fighter jet and expected awards in high‑profile missile and defense programs such as JASSM, LARASM, PAC‑3, and other systems across its Missiles and Fire Control and Space segments. While the Rotary and Mission Systems unit faces headwinds from legacy program losses, management expects significant contract awards in the second half of the year, which could push the backlog to new records and support long‑term revenue visibility.

Wall Street currently rates Lockheed Martin as a Hold overall, with a Moderate Buy tilt and average price targets that actually imply slight downside from current levels, underscoring how far the stock has run into earnings. Analysts are looking for fourth‑quarter earnings of $5.81 per share on revenue of $19.86 billion, solid growth over last year’s results. With the stock already up 40.17% in the last six months and rising 9.04% just this week, the next catalyst will be whether the company can beat expectations again and provide guidance that justifies the recent rally, or whether valuation concerns and cautious ratings trigger a bout of profit‑taking.