<p><strong>洛克希德·馬丁</strong>(LMT 0.29%) 的股價在上週二暴跌了 10.8%，原因是這家防務承包商發佈了 2025 年第二季度的財報和更新的指引。由於一系列（主要是）一次性費用，洛克希德嚴重低於分析師對該季度的盈利預期。</p>
<p>儘管股價下跌，但這就是為什麼洛克希德現在是一個不容錯過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>圖片來源：Getty Images。</p>
<h2>洛克希德·馬丁的更多損失</h2>
<p>洛克希德報告稱，項目的税前損失為 16 億美元，其他費用為 1.69 億美元，這使其每股收益（EPS）下降了 5.83 美元，導致淨 EPS 僅為 1.46 美元。如果項目損失聽起來很熟悉，那是因為洛克希德在 1 月份報告了類似的季度，當時股價在單日內下跌了 9.2%，因為洛克希德發生了 17.2 億美元的減記。</p>
<p>該公司大部分業務與美國政府進行，較小程度上與批准的盟友進行。因此，投資者可能對機密的國家安全項目一無所知。一些一次性費用通常不會影響長期投資的論點，除非它們預示着長期的挑戰。洛克希德正在考驗投資者的耐心，因為在最近的三個季度中，有兩個季度由於一次性費用嚴重低於預期。</p>
<p>在其第二季度的新聞稿中，洛克希德將項目損失歸因於其新的審查流程，該流程導致公司重新評估遺留項目並解決相關風險。然而，洛克希德認為審查流程是改善執行的必要步驟。</p>
<h2>儘管面臨持續挑戰，結果仍然不錯</h2>
<p>洛克希德·馬丁是一家傳統公司，長期合同涵蓋戰鬥機和其他飛機、導彈、武器、作戰系統、直升機、太空系統（主要是衞星）等。並非每個項目都是高利潤的搖錢樹。考慮到其緩慢的增長，這在洛克希德的業績中已經顯現出來。因此，儘管其項目損失在每股收益的頭條數字中顯得突出，但它們實際上只是更大問題的症狀。</p>
<p>長期投資者更希望公司解決問題，而不是讓問題惡化。但目前，洛克希德的股票正在下跌，而許多同行的股票年初至今大幅上漲並創下歷史新高。更糟糕的是，工業板塊在 2025 年迄今為止表現最佳。</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 數據來源於 YCharts</p>
<p>洛克希德在一個熱門行業中的表現不佳，就像一家軟件公司錯失了人工智能的機會。今年早些時候，<strong>波音</strong> 贏得了洛克希德·馬丁的一項重大戰鬥機合同，該合同在長期內可能價值數百億美元。</p>
<p>洛克希德的增長停滯不前，過去五年收入僅增長 12%，運營利潤率也在下降。與此同時，其同行 <strong>RTX</strong> 繼續實現穩健的有機增長。<strong>諾斯羅普·格魯曼</strong> 在超出盈利預期並提高全年指引後剛剛創下歷史新高。</p>
<p>如果其他主要防務承包商也面臨與洛克希德類似的挑戰，那就另當別論，但事實並非如此。洛克希德並沒有處於全面的轉型中。相反，它正在解決業務中較弱的領域，以恢復增長。</p>
<p>好消息是，洛克希德維持了 2025 年的銷售、運營現金流、資本支出、自由現金流（FCF）和股票回購的全年指引，表明這些變化並未影響其長期投資或向股東返還資本的計劃。</p>
<p>當然，洛克希德的低個位數收入指引和高個位數自由現金流指引遠非卓越。但它仍然有一個健康的訂單積壓可以依賴，以支持其目標。</p>
<h2>一隻高收益的價值股</h2>
<p>洛克希德並未處於最佳狀態，但它正在解決各個部門的項目損失，以改善未來的流程和運營。與此同時，該股票的股息收益率已躍升至行業最高。事實上，洛克希德是唯一一家股息收益率超過 2% 的主要防務承包商。</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 股息收益率數據來源於 YCharts</p>
<p>由於項目損失拖累每股收益，洛克希德的估值在短期內看起來會更昂貴。但如果內部審查導致利潤率隨着時間的推移而提高，該股票將顯得極其便宜。</p>
<p>管理層預計 2025 年的銷售額為 737.5 億美元至 747.5 億美元，自由現金流為 66 億美元至 68 億美元。根據這些預測的中位數，以及在撰寫本文時洛克希德的市值為 962 億美元，該公司的市銷率僅為 1.3，自由現金流市盈率為 14.4。</p>
<p>作為參考，洛克希德的 10 年中位數市銷率為 1.7，自由現金流市盈率為 19.2，這表明該股票目前被嚴重低估。考慮到公司未能滿足股東的預期，洛克希德無疑應該以折扣價交易於其歷史平均水平。然而，對於願意給公司時間恢復的價值投資者來説，該股票可能是一個很好的選擇。</p>
<h2>洛克希德是耐心投資者的買入選擇</h2>
<p>與一些一次性減值費用不同，洛克希德的項目費用表明公司存在更大的問題。因此，股價下跌是合理的。然而，投資更多的是關於公司未來的發展，而不是過去的表現。隨着洛克希德現在被嚴重低估，投資者正獲得以多年來最低估值購買股票的機會。</p>
<p>洛克希德的折扣估值和 3.2% 的股息收益率使其成為尋求提高被動收入的價值投資者在國防行業中的最佳選擇之一。不斷增加的項目損失量化了公司面臨的問題，但至少洛克希德正在迅速處理這些問題，而不是讓它們持續存在。</p>
<p>考慮到洛克希德多元化的商業模式和強勁的現金流，該股票似乎是尋求為其被動收入流增加穩定性的收入投資者的安全選擇。</p>

洛克希德馬丁

<p>洛克希德馬丁的股價在 2025 年第二季度盈利預期未達標後下跌了 10.8%，主要由於重大一次性費用，導致淨每股收益為 1.46 美元。儘管面臨這些挑戰，公司仍維持全年業績指引，並提供超過 2% 的股息收益率，成為主要防務承包商中最高的。洛克希德正在解決項目虧損，並重新評估遺留項目以改善運營。雖然其增長停滯，但該股票似乎被低估，市銷率為 1.3，暗示如果內部審查帶來更好的利潤率，可能會有復甦的潛力</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·馬丁</strong>(LMT 0.29%) 的股價在上週二暴跌了 10.8%，原因是這家防務承包商發佈了 2025 年第二季度的財報和更新的指引。由於一系列（主要是）一次性費用，洛克希德嚴重低於分析師對該季度的盈利預期。</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>儘管股價下跌，但這就是為什麼洛克希德現在是一個不容錯過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>圖片來源：Getty Images。</p>
</div><h2>More losses for Lockheed Martin</h2>
<div class="lb-trans"><h2>洛克希德·馬丁的更多損失</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>洛克希德報告稱，項目的税前損失為 16 億美元，其他費用為 1.69 億美元，這使其每股收益（EPS）下降了 5.83 美元，導致淨 EPS 僅為 1.46 美元。如果項目損失聽起來很熟悉，那是因為洛克希德在 1 月份報告了類似的季度，當時股價在單日內下跌了 9.2%，因為洛克希德發生了 17.2 億美元的減記。</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>該公司大部分業務與美國政府進行，較小程度上與批准的盟友進行。因此，投資者可能對機密的國家安全項目一無所知。一些一次性費用通常不會影響長期投資的論點，除非它們預示着長期的挑戰。洛克希德正在考驗投資者的耐心，因為在最近的三個季度中，有兩個季度由於一次性費用嚴重低於預期。</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>在其第二季度的新聞稿中，洛克希德將項目損失歸因於其新的審查流程，該流程導致公司重新評估遺留項目並解決相關風險。然而，洛克希德認為審查流程是改善執行的必要步驟。</p>
</div><h2>Results are still decent despite ongoing challenges</h2>
<div class="lb-trans"><h2>儘管面臨持續挑戰，結果仍然不錯</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·馬丁是一家傳統公司，長期合同涵蓋戰鬥機和其他飛機、導彈、武器、作戰系統、直升機、太空系統（主要是衞星）等。並非每個項目都是高利潤的搖錢樹。考慮到其緩慢的增長，這在洛克希德的業績中已經顯現出來。因此，儘管其項目損失在每股收益的頭條數字中顯得突出，但它們實際上只是更大問題的症狀。</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>長期投資者更希望公司解決問題，而不是讓問題惡化。但目前，洛克希德的股票正在下跌，而許多同行的股票年初至今大幅上漲並創下歷史新高。更糟糕的是，工業板塊在 2025 年迄今為止表現最佳。</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 數據來源於 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>洛克希德在一個熱門行業中的表現不佳，就像一家軟件公司錯失了人工智能的機會。今年早些時候，<strong>波音</strong> 贏得了洛克希德·馬丁的一項重大戰鬥機合同，該合同在長期內可能價值數百億美元。</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>洛克希德的增長停滯不前，過去五年收入僅增長 12%，運營利潤率也在下降。與此同時，其同行 <strong>RTX</strong> 繼續實現穩健的有機增長。<strong>諾斯羅普·格魯曼</strong> 在超出盈利預期並提高全年指引後剛剛創下歷史新高。</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>如果其他主要防務承包商也面臨與洛克希德類似的挑戰，那就另當別論，但事實並非如此。洛克希德並沒有處於全面的轉型中。相反，它正在解決業務中較弱的領域，以恢復增長。</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，洛克希德維持了 2025 年的銷售、運營現金流、資本支出、自由現金流（FCF）和股票回購的全年指引，表明這些變化並未影響其長期投資或向股東返還資本的計劃。</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>當然，洛克希德的低個位數收入指引和高個位數自由現金流指引遠非卓越。但它仍然有一個健康的訂單積壓可以依賴，以支持其目標。</p>
</div><h2>A value stock with a high yield</h2>
<div class="lb-trans"><h2>一隻高收益的價值股</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>洛克希德並未處於最佳狀態，但它正在解決各個部門的項目損失，以改善未來的流程和運營。與此同時，該股票的股息收益率已躍升至行業最高。事實上，洛克希德是唯一一家股息收益率超過 2% 的主要防務承包商。</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 股息收益率數據來源於 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>由於項目損失拖累每股收益，洛克希德的估值在短期內看起來會更昂貴。但如果內部審查導致利潤率隨着時間的推移而提高，該股票將顯得極其便宜。</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>管理層預計 2025 年的銷售額為 737.5 億美元至 747.5 億美元，自由現金流為 66 億美元至 68 億美元。根據這些預測的中位數，以及在撰寫本文時洛克希德的市值為 962 億美元，該公司的市銷率僅為 1.3，自由現金流市盈率為 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>作為參考，洛克希德的 10 年中位數市銷率為 1.7，自由現金流市盈率為 19.2，這表明該股票目前被嚴重低估。考慮到公司未能滿足股東的預期，洛克希德無疑應該以折扣價交易於其歷史平均水平。然而，對於願意給公司時間恢復的價值投資者來説，該股票可能是一個很好的選擇。</p>
</div><h2>Lockheed is a buy for patient investors</h2>
<div class="lb-trans"><h2>洛克希德是耐心投資者的買入選擇</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>與一些一次性減值費用不同，洛克希德的項目費用表明公司存在更大的問題。因此，股價下跌是合理的。然而，投資更多的是關於公司未來的發展，而不是過去的表現。隨着洛克希德現在被嚴重低估，投資者正獲得以多年來最低估值購買股票的機會。</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為尋求提高被動收入的價值投資者在國防行業中的最佳選擇之一。不斷增加的項目損失量化了公司面臨的問題，但至少洛克希德正在迅速處理這些問題，而不是讓它們持續存在。</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>考慮到洛克希德多元化的商業模式和強勁的現金流，該股票似乎是尋求為其被動收入流增加穩定性的收入投資者的安全選擇。</p>
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