Lockheed Martin (LMT): Defense Giant With a Drone Option, Layer 8 | Oct 29, 2026
Lockheed Martin (NYSE: LMT) is a defense prime contractor, and in the robotics value chain it sits on Layer 8: defense, drone and aerospace robotics. In this deep dive, Elena and Theo walk through its record $292.0 billion backlog, Q3 2026 sales of $20.7 billion (up 11%), and a raised 2026 outlook, including free cash flow of about $7.8 to $8.0 billion. We explain the robotics piece, Vectis, a self-funded collaborative combat aircraft (a robotic fighter wingman) targeting first flight by the end of 2027, and why it is an option rather than the core of the stock: the earnings release never…
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