LMT vs SPCX: How Lockheed Martin and Space Exploration Technologies Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: LMT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LMT and SPCX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LMT and SPCX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Lockheed Martin is the largest defense contractor in the world, generating the vast majority of its revenue from the US government and allied militaries. It is organized into four segments: Aeronautics (home of the F-35 Lightning II, F-22, and C-130, the largest segment), Rotary and Mission Systems (Sikorsky helicopters, combat systems, radar, and sensors), Missiles and Fire Control (precision missiles, HIMARS, PAC-3 interceptors, and hypersonics), and Space (satellites, missile-defense systems, and strategic and hypersonic programs). Lockheed designs, builds, and sustains some of the most advanced and mission-critical weapons systems in the world, including the F-35, its single largest program, which generates long-tail revenue from production, upgrades, and decades of sustainment. The company makes money under long-term government contracts, with a large multi-year backlog that provides revenue visibility. It pursues hypersonics, missile defense, and space as growth areas. As a flagship defense name, Lockheed is a steady cash generator that returns substantial capital to shareholders. Headquartered in Bethesda, Maryland.

Full LMT guide

SpaceX, formally Space Exploration Technologies Corp., is the largest launch provider in the world and the operator of the largest satellite-broadband constellation. It listed on Nasdaq under SPCX in June 2026 in the largest IPO on record by proceeds, after more than twenty years as a private company. It employs roughly 22,000 people and is classified in Aerospace and Defense.

Full SPCX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LMT drivers: The F-35 franchise; Rising defense budgets and munitions demand.
• SPCX drivers: Satellite broadband is the revenue engine; Direct-to-device and carrier partnerships.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Lockheed depends overwhelmingly on US and allied defense budgets, so spending cuts, continuing resolutions, shutdowns, or shifting priorities directly threaten revenue. For SPCX, spaceX is not profitable: net margin ran around negative 45 percent on roughly $19.3 billion of trailing revenue, and the company reported a multi-billion-dollar net loss for 2025 even though EBITDA is positive.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick LMT if you believe its drivers more; SPCX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LMT and SPCX guides.

LMT. Lockheed trades at a defense-sector multiple supported by an enormous backlog, predictable government revenue, and reliable free cash flow that funds a growing dividend and large buybacks. The valuation reflects the durability of defense spending and the F-35 annuity, offset by program-concentration risk and occasional charges on fixed-price contracts. As a defensive cash compounder, Lockheed is often valued on free cash flow and backlog visibility as much as headline earnings.

SPCX. SpaceX is valued as a growth company rather than an aerospace contractor, and the gap is stark: the defense primes trade on single-digit to low-double-digit multiples of earnings, while SPCX trades at roughly 77 times sales and about 124 times forward earnings. Gross margin near 49 percent is software-like and reflects the subscription mix in Connectivity, but operating and net results are still negative because the constellation and next-generation vehicles absorb enormous capital. EBITDA is positive, which is the bull case in one number; the net loss and the debt load are the bear case in two. The shares have roughly halved from their post-listing high, so the market has already repriced some of the initial enthusiasm.

Headline figures (approximate, early 2026): LMT shows revenue (ttm) ~$72 billion, operating margin ~11-12%, net income (ttm) ~$5-6 billion, p/e (ttm) ~17x; SPCX shows revenue (ttm) ~$19.3 billion, revenue growth ~15% year over year, gross margin ~49%, net margin Negative (~-45%).

LMT and SPCX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LMT and SPCX exposure against your real portfolio. It is not an investment adviser.