<p><strong>洛克希德·马丁</strong>(LMT 0.29%) 的股价在上周二暴跌了 10.8%，原因是这家防务承包商发布了 2025 年第二季度的财报和更新的指引。由于一系列（主要是）一次性费用，洛克希德严重低于分析师对该季度的盈利预期。</p>
<p>尽管股价下跌，但这就是为什么洛克希德现在是一个不容错过的高股息股票的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYyNDcvYS1wZXJzb24tc21pbGVzLXdoaWxlLWhvbGRpbmctdGhlaXItZ2xhc3Nlcy1hbmQtc2l0dGluZy1hdC1hLXRhYmxlLWFuZC10eXBpbmctb24tYS1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYyNDcvYS1wZXJzb24tc21pbGVzLXdoaWxlLWhvbGRpbmctdGhlaXItZ2xhc3Nlcy1hbmQtc2l0dGluZy1hdC1hLXRhYmxlLWFuZC10eXBpbmctb24tYS1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>洛克希德·马丁的更多损失</h2>
<p>洛克希德报告称，项目的税前损失为 16 亿美元，其他费用为 1.69 亿美元，这使其每股收益（EPS）下降了 5.83 美元，导致净 EPS 仅为 1.46 美元。如果项目损失听起来很熟悉，那是因为洛克希德在 1 月份报告了类似的季度，当时股价在单日内下跌了 9.2%，因为洛克希德发生了 17.2 亿美元的减记。</p>
<p>该公司大部分业务与美国政府进行，较小程度上与批准的盟友进行。因此，投资者可能对机密的国家安全项目一无所知。一些一次性费用通常不会影响长期投资的论点，除非它们预示着长期的挑战。洛克希德正在考验投资者的耐心，因为在最近的三个季度中，有两个季度由于一次性费用严重低于预期。</p>
<p>在其第二季度的新闻稿中，洛克希德将项目损失归因于其新的审查流程，该流程导致公司重新评估遗留项目并解决相关风险。然而，洛克希德认为审查流程是改善执行的必要步骤。</p>
<h2>尽管面临持续挑战，结果仍然不错</h2>
<p>洛克希德·马丁是一家传统公司，长期合同涵盖战斗机和其他飞机、导弹、武器、作战系统、直升机、太空系统（主要是卫星）等。并非每个项目都是高利润的摇钱树。考虑到其缓慢的增长，这在洛克希德的业绩中已经显现出来。因此，尽管其项目损失在每股收益的头条数字中显得突出，但它们实际上只是更大问题的症状。</p>
<p>长期投资者更希望公司解决问题，而不是让问题恶化。但目前，洛克希德的股票正在下跌，而许多同行的股票年初至今大幅上涨并创下历史新高。更糟糕的是，工业板块在 2025 年迄今为止表现最佳。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ae8d8a749dd3cdfc1568e35a2ac67da8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ae8d8a749dd3cdfc1568e35a2ac67da8.png"/></p>
<p>BA 数据来源于 YCharts</p>
<p>洛克希德在一个热门行业中的表现不佳，就像一家软件公司错失了人工智能的机会。今年早些时候，<strong>波音</strong> 赢得了洛克希德·马丁的一项重大战斗机合同，该合同在长期内可能价值数百亿美元。</p>
<p>洛克希德的增长停滞不前，过去五年收入仅增长 12%，运营利润率也在下降。与此同时，其同行 <strong>RTX</strong> 继续实现稳健的有机增长。<strong>诺斯罗普·格鲁曼</strong> 在超出盈利预期并提高全年指引后刚刚创下历史新高。</p>
<p>如果其他主要防务承包商也面临与洛克希德类似的挑战，那就另当别论，但事实并非如此。洛克希德并没有处于全面的转型中。相反，它正在解决业务中较弱的领域，以恢复增长。</p>
<p>好消息是，洛克希德维持了 2025 年的销售、运营现金流、资本支出、自由现金流（FCF）和股票回购的全年指引，表明这些变化并未影响其长期投资或向股东返还资本的计划。</p>
<p>当然，洛克希德的低个位数收入指引和高个位数自由现金流指引远非卓越。但它仍然有一个健康的订单积压可以依赖，以支持其目标。</p>
<h2>一只高收益的价值股</h2>
<p>洛克希德并未处于最佳状态，但它正在解决各个部门的项目损失，以改善未来的流程和运营。与此同时，该股票的股息收益率已跃升至行业最高。事实上，洛克希德是唯一一家股息收益率超过 2% 的主要防务承包商。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/83292d7991663f08e5efe5ab21fe2e5c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/83292d7991663f08e5efe5ab21fe2e5c.png"/></p>
<p>LMT 股息收益率数据来源于 YCharts</p>
<p>由于项目损失拖累每股收益，洛克希德的估值在短期内看起来会更昂贵。但如果内部审查导致利润率随着时间的推移而提高，该股票将显得极其便宜。</p>
<p>管理层预计 2025 年的销售额为 737.5 亿美元至 747.5 亿美元，自由现金流为 66 亿美元至 68 亿美元。根据这些预测的中位数，以及在撰写本文时洛克希德的市值为 962 亿美元，该公司的市销率仅为 1.3，自由现金流市盈率为 14.4。</p>
<p>作为参考，洛克希德的 10 年中位数市销率为 1.7，自由现金流市盈率为 19.2，这表明该股票目前被严重低估。考虑到公司未能满足股东的预期，洛克希德无疑应该以折扣价交易于其历史平均水平。然而，对于愿意给公司时间恢复的价值投资者来说，该股票可能是一个很好的选择。</p>
<h2>洛克希德是耐心投资者的买入选择</h2>
<p>与一些一次性减值费用不同，洛克希德的项目费用表明公司存在更大的问题。因此，股价下跌是合理的。然而，投资更多的是关于公司未来的发展，而不是过去的表现。随着洛克希德现在被严重低估，投资者正获得以多年来最低估值购买股票的机会。</p>
<p>洛克希德的折扣估值和 3.2% 的股息收益率使其成为寻求提高被动收入的价值投资者在国防行业中的最佳选择之一。不断增加的项目损失量化了公司面临的问题，但至少洛克希德正在迅速处理这些问题，而不是让它们持续存在。</p>
<p>考虑到洛克希德多元化的商业模式和强劲的现金流，该股票似乎是寻求为其被动收入流增加稳定性的收入投资者的安全选择。</p>

洛克希德马丁

<p>洛克希德马丁的股价在 2025 年第二季度盈利预期未达标后下跌了 10.8%，主要由于重大一次性费用，导致净每股收益为 1.46 美元。尽管面临这些挑战，公司仍维持全年业绩指引，并提供超过 2% 的股息收益率，成为主要防务承包商中最高的。洛克希德正在解决项目亏损，并重新评估遗留项目以改善运营。虽然其增长停滞，但该股票似乎被低估，市销率为 1.3，暗示如果内部审查带来更好的利润率，可能会有复苏的潜力</p>

<p><strong>Lockheed Martin</strong>(LMT 0.29%) shares fell a whopping 10.8% this past Tuesday in response to the defense contractor's second-quarter 2025 earnings and updated guidance. Lockheed badly missed analyst earnings estimates for the quarter due to a flurry of (mostly) one-time charges.</p>
<div class="lb-trans"><p><strong>洛克希德·马丁</strong>(LMT 0.29%) 的股价在上周二暴跌了 10.8%，原因是这家防务承包商发布了 2025 年第二季度的财报和更新的指引。由于一系列（主要是）一次性费用，洛克希德严重低于分析师对该季度的盈利预期。</p>
</div><p>Despite the sell-off, here's why Lockheed is a no-brainer dividend stock to buy now.</p>
<div class="lb-trans"><p>尽管股价下跌，但这就是为什么洛克希德现在是一个不容错过的高股息股票的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYyNDcvYS1wZXJzb24tc21pbGVzLXdoaWxlLWhvbGRpbmctdGhlaXItZ2xhc3Nlcy1hbmQtc2l0dGluZy1hdC1hLXRhYmxlLWFuZC10eXBpbmctb24tYS1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826247%2Fa-person-smiles-while-holding-their-glasses-and-sitting-at-a-table-and-typing-on-a-laptop-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>More losses for Lockheed Martin</h2>
<div class="lb-trans"><h2>洛克希德·马丁的更多损失</h2>
</div><p>Lockheed reported pre-tax losses on programs of $1.6 billion and other charges of $169 million, which dragged down its earnings per share (EPS) by $5.83 -- leading to net EPS of just $1.46. If program losses sound familiar, that's because Lockheed reported a similar quarter in January, when the stock fell 9.2% in a single session after Lockheed incurred $1.72 billion in write-offs.</p>
<div class="lb-trans"><p>洛克希德报告称，项目的税前损失为 16 亿美元，其他费用为 1.69 亿美元，这使其每股收益（EPS）下降了 5.83 美元，导致净 EPS 仅为 1.46 美元。如果项目损失听起来很熟悉，那是因为洛克希德在 1 月份报告了类似的季度，当时股价在单日内下跌了 9.2%，因为洛克希德发生了 17.2 亿美元的减记。</p>
</div><p>The company does the vast majority of its business with the U.S. government, and to a lesser extent, approved allies. As such, investors can be left in the dark regarding classified national security programs. One-off charges usually don't impact a long-term investment thesis unless they signal prolonged challenges. Lockheed is testing investor patience because two out of its last three quarters drastically underperformed expectations due to one-off charges.</p>
<div class="lb-trans"><p>该公司大部分业务与美国政府进行，较小程度上与批准的盟友进行。因此，投资者可能对机密的国家安全项目一无所知。一些一次性费用通常不会影响长期投资的论点，除非它们预示着长期的挑战。洛克希德正在考验投资者的耐心，因为在最近的三个季度中，有两个季度由于一次性费用严重低于预期。</p>
</div><p>In its second-quarter press release, Lockheed attributed the program losses to its new review process, which is causing the company to reevaluate legacy programs and address associated risks. However, Lockheed believes that the review process is a necessary step to improve execution.</p>
<div class="lb-trans"><p>在其第二季度的新闻稿中，洛克希德将项目损失归因于其新的审查流程，该流程导致公司重新评估遗留项目并解决相关风险。然而，洛克希德认为审查流程是改善执行的必要步骤。</p>
</div><h2>Results are still decent despite ongoing challenges</h2>
<div class="lb-trans"><h2>尽管面临持续挑战，结果仍然不错</h2>
</div><p>Lockheed Martin is a stodgy company with long-term contracts spanning fighter jets and other aircraft, missiles, weapons, combat systems, helicopters, space systems (primarily satellites), and more. Not every program is a high-margin cash cow. And that's been known in Lockheed's results for a while, given its slow growth. So while its program losses jump out in headline EPS figures, they are really just symptoms of a bigger problem.</p>
<div class="lb-trans"><p>洛克希德·马丁是一家传统公司，长期合同涵盖战斗机和其他飞机、导弹、武器、作战系统、直升机、太空系统（主要是卫星）等。并非每个项目都是高利润的摇钱树。考虑到其缓慢的增长，这在洛克希德的业绩中已经显现出来。因此，尽管其项目损失在每股收益的头条数字中显得突出，但它们实际上只是更大问题的症状。</p>
</div><p>Long-term investors would prefer a company address issues instead of letting them fester. But for now, Lockheed's stock is selling off while many of its peers are up big year to date and making all-time highs. To make matters worse, industrials have been the best-performing sector so far in 2025.</p>
<div class="lb-trans"><p>长期投资者更希望公司解决问题，而不是让问题恶化。但目前，洛克希德的股票正在下跌，而许多同行的股票年初至今大幅上涨并创下历史新高。更糟糕的是，工业板块在 2025 年迄今为止表现最佳。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ae8d8a749dd3cdfc1568e35a2ac67da8.png" alt="" original-src="https://media.ycharts.com/charts/ae8d8a749dd3cdfc1568e35a2ac67da8.png"/></p>
<p>BA data by YCharts</p>
<div class="lb-trans"><p>BA 数据来源于 YCharts</p>
</div><p>Lockheed's underperformance in a hot sector is akin to a software company missing the boat on artificial intelligence. Earlier this year, <strong>Boeing</strong> beat Lockheed Martin for a major fighter jet contract that could be worth tens of billions of dollars over an extended period of time.</p>
<div class="lb-trans"><p>洛克希德在一个热门行业中的表现不佳，就像一家软件公司错失了人工智能的机会。今年早些时候，<strong>波音</strong> 赢得了洛克希德·马丁的一项重大战斗机合同，该合同在长期内可能价值数百亿美元。</p>
</div><p>Growth at Lockheed has stagnated, as evidenced by a paltry 12% increase in revenue in the last five years and lower operating margins. Meanwhile, its peer, <strong>RTX</strong>, continues to generate solid organic growth. <strong>Northrop Grumman</strong> just hit an all-time high after beating earnings expectations and raising its full-year guidance.</p>
<div class="lb-trans"><p>洛克希德的增长停滞不前，过去五年收入仅增长 12%，运营利润率也在下降。与此同时，其同行 <strong>RTX</strong> 继续实现稳健的有机增长。<strong>诺斯罗普·格鲁曼</strong> 在超出盈利预期并提高全年指引后刚刚创下历史新高。</p>
</div><p>It would be one thing if other major defense contractors were experiencing similar challenges as Lockheed, but this is far from the case. Lockheed isn't in a full-blown turnaround. Rather, it is addressing weaker areas of its business to return to growth.</p>
<div class="lb-trans"><p>如果其他主要防务承包商也面临与洛克希德类似的挑战，那就另当别论，但事实并非如此。洛克希德并没有处于全面的转型中。相反，它正在解决业务中较弱的领域，以恢复增长。</p>
</div><p>The good news is that Lockheed is maintaining its full-year 2025 guidance for sales, cash from operations, capital expenses, free cash flow (FCF), and share repurchases -- illustrating that these changes aren't impacting its long-term investments or plans to return capital to shareholders.</p>
<div class="lb-trans"><p>好消息是，洛克希德维持了 2025 年的销售、运营现金流、资本支出、自由现金流（FCF）和股票回购的全年指引，表明这些变化并未影响其长期投资或向股东返还资本的计划。</p>
</div><p>Granted, Lockheed's low-single-digit revenue guidance and high-single-digit FCF guidance is far from exceptional. But it still has a healthy backlog to rely on to support its targets.</p>
<div class="lb-trans"><p>当然，洛克希德的低个位数收入指引和高个位数自由现金流指引远非卓越。但它仍然有一个健康的订单积压可以依赖，以支持其目标。</p>
</div><h2>A value stock with a high yield</h2>
<div class="lb-trans"><h2>一只高收益的价值股</h2>
</div><p>Lockheed isn't at the top of its game, but it is addressing program losses across its segments to improve its processes and operations going forward. In the meantime, the stock's dividend yield has pole-vaulted to the top of the industry. In fact, Lockheed is the only major defense contractor with a dividend yield above 2%.</p>
<div class="lb-trans"><p>洛克希德并未处于最佳状态，但它正在解决各个部门的项目损失，以改善未来的流程和运营。与此同时，该股票的股息收益率已跃升至行业最高。事实上，洛克希德是唯一一家股息收益率超过 2% 的主要防务承包商。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/83292d7991663f08e5efe5ab21fe2e5c.png" alt="" original-src="https://media.ycharts.com/charts/83292d7991663f08e5efe5ab21fe2e5c.png"/></p>
<p>LMT Dividend Yield data by YCharts</p>
<div class="lb-trans"><p>LMT 股息收益率数据来源于 YCharts</p>
</div><p>Lockheed's valuation will appear more expensive in the near term due to program losses dragging down EPS. But if the internal review leads to higher margins over time, the stock will look dirt cheap.</p>
<div class="lb-trans"><p>由于项目损失拖累每股收益，洛克希德的估值在短期内看起来会更昂贵。但如果内部审查导致利润率随着时间的推移而提高，该股票将显得极其便宜。</p>
</div><p>Management is guiding for 2025 sales of $73.75 billion to $74.75 billion and free cash flow of $6.6 billion to $6.8 billion. Based on the midpoint of those forecasts, and Lockheed's market capitalization of $96.2 billion at the time of this writing, the company would have a price-to-sales ratio of just 1.3 and a price-to-FCF ratio of 14.4.</p>
<div class="lb-trans"><p>管理层预计 2025 年的销售额为 737.5 亿美元至 747.5 亿美元，自由现金流为 66 亿美元至 68 亿美元。根据这些预测的中位数，以及在撰写本文时洛克希德的市值为 962 亿美元，该公司的市销率仅为 1.3，自由现金流市盈率为 14.4。</p>
</div><p>For context, Lockheed's 10-year median is 1.7 for the P/S ratio and 19.2 for price-to-FCF ratio -- illustrating just how beaten-down the stock is right now. Lockheed arguably deserves to trade at a discount to its historical averages, given the company isn't delivering on shareholder expectations. However, the stock could be a great option for value investors who are willing to give the company time to recover.</p>
<div class="lb-trans"><p>作为参考，洛克希德的 10 年中位数市销率为 1.7，自由现金流市盈率为 19.2，这表明该股票目前被严重低估。考虑到公司未能满足股东的预期，洛克希德无疑应该以折扣价交易于其历史平均水平。然而，对于愿意给公司时间恢复的价值投资者来说，该股票可能是一个很好的选择。</p>
</div><h2>Lockheed is a buy for patient investors</h2>
<div class="lb-trans"><h2>洛克希德是耐心投资者的买入选择</h2>
</div><p>Unlike some one-off impairment charges, Lockheed's program charges are indicative of a larger issue at the company. Therefore, a sell-off was warranted. However, investing is more about where a company is going, rather than where it has been. And with Lockheed now beaten down, investors are getting an opportunity to scoop up shares at their lowest valuation in years.</p>
<div class="lb-trans"><p>与一些一次性减值费用不同，洛克希德的项目费用表明公司存在更大的问题。因此，股价下跌是合理的。然而，投资更多的是关于公司未来的发展，而不是过去的表现。随着洛克希德现在被严重低估，投资者正获得以多年来最低估值购买股票的机会。</p>
</div><p>Lockheed's discounted valuation and 3.2% dividend yield make it one of the best choices in the defense industry for value investors looking to boost their passive income. The mounting program losses quantify the extent of issues at the company, but at least Lockheed is ripping off the proverbial bandage and reviewing these issues rather than letting them persist.</p>
<div class="lb-trans"><p>洛克希德的折扣估值和 3.2% 的股息收益率使其成为寻求提高被动收入的价值投资者在国防行业中的最佳选择之一。不断增加的项目损失量化了公司面临的问题，但至少洛克希德正在迅速处理这些问题，而不是让它们持续存在。</p>
</div><p>Given Lockheed's diversified business model and strong cash flow, the stock appears to be a safe bet for income investors seeking to add stability to their passive income stream.</p>
<div class="lb-trans"><p>考虑到洛克希德多元化的商业模式和强劲的现金流，该股票似乎是寻求为其被动收入流增加稳定性的收入投资者的安全选择。</p>
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7 月值得购买的一只无需深思熟虑的股息股票，以获取被动收入