Lockheed Martin
Overview
Lockheed Martin Corporation (록히드 마틴) is the world's largest defense and aerospace company, headquartered in Bethesda, Maryland, USA. It was launched in 1995 through the merger of Lockheed and Martin Marietta, and covers all military fields ranging from fighter aircraft, transport aircraft, helicopters, missiles, satellites, and command and control systems. Through representative weapons systems such as the F-35 fighter, THAAD interceptor system, and HIMARS multiple launch rocket system, it forms a supply chain directly linked to the defense capabilities of the United States and allied countries, and generates most of its revenue from government contracts, including those with the U.S. Department of Defense.
Key Content
Corporate Origins and Merger
Lockheed's roots trace back to an airline founded in 1912 by brothers Allan and Malcolm Loughead, and in 1926 the company name was finalized as "Lockheed Aircraft Company." Martin Marietta's parent was an aircraft company founded by Glenn L. Martin in 1912, and during World War II it produced the B-26 bomber and others. The two companies each grew in the missile and space fields during the Cold War and completed their merger in March 1995, creating today's Lockheed Martin. The following year, it acquired Loral's defense electronics division, expanding its electronic warfare and command and control capabilities.
Major Business Segments
The company operates largely through four business segments. First, Aeronautics is the largest revenue segment, responsible for the F-35 Lightning II, F-16, C-130 Hercules, and F-22-related support programs. Second, the Missiles and Fire Control segment produces PAC-3, THAAD, Javelin (jointly with Raytheon), HIMARS, ATACMS, and others. Third, Rotary and Mission Systems handles Black Hawk and CH-53K helicopters under the Sikorsky line acquired in 2015, the Aegis combat system, and cyber and training solutions. Fourth, the Space segment develops GPS III satellites, missile early warning satellites, next-generation interceptor systems, and others.
Skunk Works and Technological Legacy
Lockheed Martin's advanced development organization "Skunk Works" (스컹크 웍스), led by Kelly Johnson, created the history of stealth and high-altitude aircraft such as the U-2 reconnaissance aircraft, SR-71 Blackbird, and F-117 Nighthawk. The design philosophy of this organization continued into the stealth shape design of the F-22 and F-35, and it is evaluated as a technological symbol of the U.S. aerospace industry.
Management Structure and Performance
As of the 2020s, annual revenue is approximately $65 billion to $71 billion, competing for first place among global defense companies. It has about 120,000 employees, and under Chairman and CEO James Taiclet, it is investing in manned-unmanned teaming systems, satellite-based communications, and missile defense under the "21st Century Security" strategy. In 2022, it acquired rocket engine company Aerojet Rocketdyne for approximately $4.4 billion, completing the internalization of propulsion systems.
The Two Sides of the F-35 Program
The F-35 is a program with a total project cost of approximately $1.7 trillion (life-cycle basis), the largest ever for a single weapons program, and is a multinational project involving about 10 countries including South Korea, Japan, and the United Kingdom. On the other hand, it has received repeated criticism from the U.S. Congress and the Government Accountability Office (GAO) due to delays in software upgrades (TR-3 and Block 4), maintenance costs, and availability issues, and recently, as the U.S. Department of Defense reviews adjustments to delivery volumes, it has become a major cause of performance volatility.
Latest Trends
In March 2025, as the U.S. Air Force's next-generation fighter (NGAD) program was decided in favor of Boeing's F-47, Lockheed Martin was pushed out of the follow-on large manned fighter program, which served as a burden on its mid- to long-term growth narrative. In the first quarter of the same year, it recognized approximately $1.7 billion in costs on a classified aerospace program, and its stock price plunged, highlighting quality and schedule risks. In response, the company is presenting stabilization of F-35 performance improvements (TR-3), expansion of collaborative combat aircraft (CCA) and satellite and missile defense programs, and orders related to the next-generation missile defense concept (Golden Dome) pursued by the United States as new growth axes. The trend of increased defense spending and rearmament demand from European and Indo-Pacific allies is favorable for expanding its order backlog, but supply chain bottlenecks, shortages of skilled personnel, and U.S. congressional budget adjustments remain major variables.
Related Topics
- [[Defense industry]]
- [[F-35 Lightning II]]
- [[United States Department of Defense]]
- [[Boeing]]
- [[Stealth technology]]