LMT vs. TMO

Last updated Jun 9, 2026

LMT (Lockheed Martin Corporation) and TMO (Thermo Fisher Scientific Inc.) are both stocks. LMT operates in Aerospace & Defense (Industrials), while TMO operates in Diagnostics & Research (Healthcare). Over the past 10 years, LMT returned 10.91%/yr vs 12.28%/yr for TMO. At a 0.24 correlation, their price movements are largely independent.

Performance

LMT vs. TMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lockheed Martin Corporation (LMT) and Thermo Fisher Scientific Inc. (TMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMT achieves a 8.80% return, which is significantly higher than TMO's -18.87% return. Over the past 10 years, LMT has underperformed TMO with an annualized return of 10.91%, while TMO has yielded a comparatively higher 12.28% annualized return.

LMT

• 1D: -0.70%
• 1M: 3.35%
• YTD: 8.80%
• 6M: 13.08%
• 1Y: 10.88%
• 3Y*: 6.80%
• 5Y*: 9.00%
• 10Y*: 10.91%

TMO

• 1D: -0.67%
• 1M: 1.00%
• YTD: -18.87%
• 6M: -17.21%
• 1Y: 17.28%
• 3Y*: -2.93%
• 5Y*: 1.21%
• 10Y*: 12.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LMT vs. TMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMT Lockheed Martin Corporation	8.80%	2.47%	10.02%	-4.31%	40.48%	3.15%	-6.49%	52.55%	-16.35%	31.77%
TMO Thermo Fisher Scientific Inc.	-18.87%	11.78%	-1.72%	-3.36%	-17.29%	43.54%	43.72%	45.55%	18.21%	35.03%

Correlation

The correlation between LMT and TMO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 2, 1987	0.24

Over the past year, the correlation between LMT and TMO has dropped to 0.01 - well below their long-term average of 0.24, suggesting their price drivers have been diverging.

Fundamentals

Market Cap LMT : $120.19B TMO : $175.17B
EPS LMT : $20.61 TMO : $18.22
PE Ratio LMT : 25.23 TMO : 25.78
PS Ratio LMT : 1.61 TMO : 3.91
PB Ratio LMT : 16.05 TMO : 3.37
Total Revenue (TTM) LMT : $75.12B TMO : $45.20B
Gross Profit (TTM) LMT : $7.37B TMO : $17.81B
EBITDA (TTM) LMT : $8.09B TMO : $11.16B

Return for Risk

LMT vs. TMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LMT

LMT Risk / Return Rank: 52
LMT Sharpe Ratio Rank: 57
LMT Sortino Ratio Rank: 49
LMT Omega Ratio Rank: 49
LMT Calmar Ratio Rank: 53
LMT Martin Ratio Rank: 54

TMO

TMO Risk / Return Rank: 57
TMO Sharpe Ratio Rank: 61
TMO Sortino Ratio Rank: 57
TMO Omega Ratio Rank: 54
TMO Calmar Ratio Rank: 55
TMO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LMT vs. TMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lockheed Martin Corporation (LMT) and Thermo Fisher Scientific Inc. (TMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	LMT	TMO	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.56	-0.15
Sortino ratio: Return per unit of downside risk	0.71	1.04	-0.34
Omega ratio: Gain probability vs. loss probability	1.10	1.13	-0.03
Calmar ratio: Return relative to maximum drawdown	0.43	0.55	-0.12
Martin ratio: Return relative to average drawdown	1.04	1.23	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMT vs. TMO - Sharpe Ratio Comparison

The current LMT Sharpe Ratio is 0.41, which is comparable to the TMO Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of LMT and TMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LMT	TMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	0.56	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.04	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.47	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.40	-0.02

Drawdowns

LMT vs. TMO - Drawdown Comparison

The maximum LMT drawdown since its inception was -79.29%, which is greater than TMO's maximum drawdown of -71.16%. Use the drawdown chart below to compare losses from any high point for LMT and TMO.

Drawdown Indicators

	LMT	TMO	Difference
Max Drawdown Largest peak-to-trough decline	-79.29%	-71.16%	-8.13%
Max Drawdown (1Y) Largest decline over 1 year	-25.15%	-31.38%	+6.23%
Max Drawdown (3Y) Largest decline over 3 years	-31.79%	-37.28%	+5.49%
Max Drawdown (5Y) Largest decline over 5 years	-31.79%	-40.95%	+9.16%
Max Drawdown (10Y) Largest decline over 10 years	-36.67%	-40.95%	+4.28%
Current Drawdown Current decline from peak	-22.64%	-28.76%	+6.12%
Average Drawdown Average peak-to-trough decline	-26.84%	-18.02%	-8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.51%	14.09%	-3.58%

Volatility

LMT vs. TMO - Volatility Comparison

The current volatility for Lockheed Martin Corporation (LMT) is 5.31%, while Thermo Fisher Scientific Inc. (TMO) has a volatility of 9.96%. This indicates that LMT experiences smaller price fluctuations and is considered to be less risky than TMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMT	TMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	9.96%	-4.65%
Volatility (6M) Calculated over the trailing 6-month period	19.60%	21.57%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	26.62%	31.02%	-4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	27.13%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.72%	26.33%	-2.61%

Dividends

LMT vs. TMO - Dividend Comparison

LMT's dividend yield for the trailing twelve months is around 2.62%, more than TMO's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMT Lockheed Martin Corporation	2.62%	2.76%	2.62%	2.68%	2.34%	2.98%	2.76%	2.31%	3.13%	2.32%	2.71%	2.83%
TMO Thermo Fisher Scientific Inc.	0.37%	0.30%	0.30%	0.26%	0.22%	0.16%	0.19%	0.23%	0.30%	0.32%	0.43%	0.42%

Financials

LMT vs. TMO - Profitability Comparison

The chart below illustrates the profitability comparison between Lockheed Martin Corporation and Thermo Fisher Scientific Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

LMT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lockheed Martin Corporation reported a gross profit of 2.08B and revenue of 18.02B. Therefore, the gross margin over that period was 11.5%.

TMO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Thermo Fisher Scientific Inc. reported a gross profit of 4.48B and revenue of 11.01B. Therefore, the gross margin over that period was 40.7%.

LMT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lockheed Martin Corporation reported an operating income of 2.06B and revenue of 18.02B, resulting in an operating margin of 11.5%.

TMO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Thermo Fisher Scientific Inc. reported an operating income of 1.86B and revenue of 11.01B, resulting in an operating margin of 16.9%.

LMT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lockheed Martin Corporation reported a net income of 1.49B and revenue of 18.02B, resulting in a net margin of 8.3%.

TMO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Thermo Fisher Scientific Inc. reported a net income of 1.65B and revenue of 11.01B, resulting in a net margin of 15.0%.

Frequently Asked Questions

Can I hold both LMT and TMO in my portfolio?

LMT and TMO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMT or TMO?

TMO has higher volatility (9.96%) compared to LMT (5.31%). In terms of maximum drawdown, LMT dropped -79.29% vs TMO's -71.16%.

Which has better risk-adjusted returns?

TMO currently has the higher Sharpe Ratio (0.56 vs 0.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.