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Lockheed Martin's backlog reached an all-time high of $230 billion in fiscal Q2 2026, expanding by roughly $64 billion from a year earlier.
Despite this record order book, the company's stock has fallen 19.6% over the past six months, trailing the S&P 500's 15.7% gain over the same period.
The decline has pushed the stock's valuation to 18.2 times trailing earnings, a multiple below the 20.7 average recorded at quarter-ends over the previous three years.
Management used the fiscal Q2 2026 earnings call to report the record backlog and raise the company's annual outlook. The guidance targets 7.6% sales growth for fiscal 2026.
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