How do Howmet Aerospace and Lockheed Martin compare by revenue?

Howmet Aerospace reported revenue of $2.2B in Q4 2025, while Lockheed Martin reported $20.3B in Q4 2025. Lockheed Martin is 9.4× larger by last-quarter revenue.

Which is growing revenue faster, Howmet Aerospace or Lockheed Martin?

Howmet Aerospace's latest revenue grew 14.6% year-over-year, versus 9.1% for Lockheed Martin. Howmet Aerospace is growing faster on a YoY basis.

Which has a higher net margin, Howmet Aerospace or Lockheed Martin?

Howmet Aerospace's net margin is 17.2% vs Lockheed Martin's 6.6%. Howmet Aerospace has the higher bottom-line margin.

Which generates more free cash flow, Howmet Aerospace or Lockheed Martin?

Howmet Aerospace generated $530.0M of free cash flow last quarter, versus $2.8B for Lockheed Martin. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for Howmet Aerospace vs Lockheed Martin?

Over the trailing 8 quarters, Howmet Aerospace compounded revenue at roughly 9.0% per year, versus 8.7% for Lockheed Martin. Howmet Aerospace has the faster medium-term growth trajectory.

Where does this HWM vs LMT data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of Howmet Aerospace (HWM) and Lockheed Martin (LMT), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

Lockheed Martin is the larger business by last-quarter revenue ($20.3B vs $2.2B, roughly 9.4× Howmet Aerospace). Howmet Aerospace runs the higher net margin — 17.2% vs 6.6%, a 10.5% gap on every dollar of revenue. On growth, Howmet Aerospace posted the faster year-over-year revenue change (14.6% vs 9.1%). Lockheed Martin produced more free cash flow last quarter ($2.8B vs $530.0M). Over the past eight quarters, Howmet Aerospace's revenue compounded faster (9.0% CAGR vs 8.7%).

Howmet AerospaceHWMEarnings & Financial Report

NYSE · Industrials · Aerospace & Defense

Howmet Aerospace Inc. is an American aerospace company based in Pittsburgh, Pennsylvania. The company manufactures components for jet engines, fasteners, titanium structures for aerospace applications, and forged aluminum wheels for heavy trucks.

Lockheed MartinLMTEarnings & Financial Report

NYSE · Industrials · Aerospace & Defense

The Lockheed Martin Corporation is an American defense and aerospace manufacturer. It is headquartered in North Bethesda, Maryland, United States. The company was formed by the merger of Lockheed Corporation with Martin Marietta on March 15, 1995.

HWM vs LMT — Head-to-Head

Bigger by revenue

LMT

9.4× larger

$20.3B

$2.2B

Growing faster (revenue YoY)

HWM

+5.5% gap

14.6%

9.1%

Higher net margin

HWM

10.5% more per $

17.2%

6.6%

More free cash flow

LMT

$2.2B more FCF

$2.8B

$530.0M

Faster 2-yr revenue CAGR

HWM

Annualised

9.0%

8.7%

Income Statement — Q4 2025 vs Q4 2025

Metric	HWM	LMT
Revenue	$2.2B	$20.3B
Net Profit	$372.0M	$1.3B
Gross Margin	—	11.4%
Operating Margin	22.6%	11.5%
Net Margin	17.2%	6.6%
Revenue YoY	14.6%	9.1%
Net Profit YoY	18.5%	155.0%
EPS (diluted)	$0.92	$5.80

Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.

Revenue

HWM

LMT

Q4 25	$2.2B	$20.3B
Q3 25	$2.1B	$18.6B
Q2 25	$2.1B	$18.2B
Q1 25	$1.9B	$18.0B
Q4 24	$1.9B	$18.6B
Q3 24	$1.8B	$17.1B
Q2 24	$1.9B	$18.1B
Q1 24	$1.8B	$17.2B

Net Profit

HWM

LMT

Q4 25	$372.0M	$1.3B
Q3 25	$385.0M	$1.6B
Q2 25	$407.0M	$342.0M
Q1 25	$344.0M	$1.7B
Q4 24	$314.0M	$527.0M
Q3 24	$332.0M	$1.6B
Q2 24	$266.0M	$1.6B
Q1 24	$243.0M	$1.5B

Gross Margin

HWM

LMT

Q4 25	—	11.4%
Q3 25	—	12.0%
Q2 25	—	4.0%
Q1 25	—	12.9%
Q4 24	—	3.7%
Q3 24	—	12.4%
Q2 24	—	11.8%
Q1 24	—	11.6%

Operating Margin

HWM

LMT

Q4 25	22.6%	11.5%
Q3 25	25.9%	12.3%
Q2 25	25.4%	4.1%
Q1 25	25.4%	13.2%
Q4 24	23.5%	3.7%
Q3 24	22.9%	12.5%
Q2 24	21.2%	11.9%
Q1 24	20.2%	11.8%

Net Margin

HWM

LMT

Q4 25	17.2%	6.6%
Q3 25	18.4%	8.7%
Q2 25	19.8%	1.9%
Q1 25	17.7%	9.5%
Q4 24	16.6%	2.8%
Q3 24	18.1%	9.5%
Q2 24	14.1%	9.1%
Q1 24	13.3%	9.0%

EPS (diluted)

HWM

LMT

Q4 25	$0.92	$5.80
Q3 25	$0.95	$6.95
Q2 25	$1.00	$1.46
Q1 25	$0.84	$7.28
Q4 24	$0.76	$2.27
Q3 24	$0.81	$6.80
Q2 24	$0.65	$6.85
Q1 24	$0.59	$6.39

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.

Metric	HWM	LMT
Cash + ST InvestmentsLiquidity on hand	$742.0M	$4.1B
Total DebtLower is stronger	$3.0B	$21.7B
Stockholders' EquityBook value	$5.4B	$6.7B
Total Assets	$11.2B	$59.8B
Debt / EquityLower = less leverage	0.57×	3.23×

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

HWM

LMT

Q4 25	$742.0M	$4.1B
Q3 25	$659.0M	$3.5B
Q2 25	$545.0M	$1.3B
Q1 25	$536.0M	$1.8B
Q4 24	$564.0M	$2.5B
Q3 24	$475.0M	$3.2B
Q2 24	$752.0M	$2.5B
Q1 24	$533.0M	$2.8B

Total Debt

HWM

LMT

Q4 25	$3.0B	$21.7B
Q3 25	$3.2B	—
Q2 25	$3.3B	—
Q1 25	$3.3B	—
Q4 24	$3.3B	$20.3B
Q3 24	$3.4B	—
Q2 24	$3.7B	—
Q1 24	$3.7B	—

Stockholders' Equity

HWM

LMT

Q4 25	$5.4B	$6.7B
Q3 25	$5.1B	$6.2B
Q2 25	$5.0B	$5.3B
Q1 25	$4.8B	$6.7B
Q4 24	$4.6B	$6.3B
Q3 24	$4.5B	$7.2B
Q2 24	$4.3B	$6.2B
Q1 24	$4.1B	$6.7B

Total Assets

HWM

LMT

Q4 25	$11.2B	$59.8B
Q3 25	$11.2B	$60.3B
Q2 25	$11.0B	$58.9B
Q1 25	$10.8B	$56.7B
Q4 24	$10.5B	$55.6B
Q3 24	$10.6B	$55.5B
Q2 24	$10.7B	$55.1B
Q1 24	$10.4B	$55.0B

Debt / Equity

HWM

LMT

Q4 25	0.57×	3.23×
Q3 25	0.62×	—
Q2 25	0.65×	—
Q1 25	0.69×	—
Q4 24	0.73×	3.20×
Q3 24	0.75×	—
Q2 24	0.86×	—
Q1 24	0.90×	—

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.

Metric	HWM	LMT
Operating Cash FlowLast quarter	$654.0M	$3.2B
Free Cash FlowOCF − Capex	$530.0M	$2.8B
FCF MarginFCF / Revenue	24.4%	13.6%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	5.7%	2.3%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	1.76×	2.40×
TTM Free Cash FlowTrailing 4 quarters	$1.4B	$6.9B

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

HWM

LMT

Q4 25	$654.0M	$3.2B
Q3 25	$531.0M	$3.7B
Q2 25	$446.0M	$201.0M
Q1 25	$253.0M	$1.4B
Q4 24	$480.0M	$1.0B
Q3 24	$244.0M	$2.4B
Q2 24	$397.0M	$1.9B
Q1 24	$177.0M	$1.6B

Free Cash Flow

HWM

LMT

Q4 25	$530.0M	$2.8B
Q3 25	$423.0M	$3.3B
Q2 25	$344.0M	$-150.0M
Q1 25	$134.0M	$955.0M
Q4 24	$378.0M	$441.0M
Q3 24	$162.0M	$2.1B
Q2 24	$342.0M	$1.5B
Q1 24	$95.0M	$1.3B

FCF Margin

HWM

LMT

Q4 25	24.4%	13.6%
Q3 25	20.2%	18.0%
Q2 25	16.8%	-0.8%
Q1 25	6.9%	5.3%
Q4 24	20.0%	2.4%
Q3 24	8.8%	12.2%
Q2 24	18.2%	8.3%
Q1 24	5.2%	7.3%

Capex Intensity

HWM

LMT

Q4 25	5.7%	2.3%
Q3 25	5.2%	2.0%
Q2 25	5.0%	1.9%
Q1 25	6.1%	2.5%
Q4 24	5.4%	3.1%
Q3 24	4.5%	2.1%
Q2 24	2.9%	2.0%
Q1 24	4.5%	2.2%

Cash Conversion

HWM

LMT

Q4 25	1.76×	2.40×
Q3 25	1.38×	2.30×
Q2 25	1.10×	0.59×
Q1 25	0.74×	0.82×
Q4 24	1.53×	1.94×
Q3 24	0.73×	1.50×
Q2 24	1.49×	1.14×
Q1 24	0.73×	1.06×

Financial Flow Comparison

Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.