Shares of Lockheed Martin (NYSE: LMT) fell 14.3% in April while the broad market was soaring, according to data from S&P Global Market Intelligence. Defense stocks are coming back to earth amid falling tensions in the Iran conflict in April, while Lockheed Martin itself posted disappointing first-quarter 2026 earnings due to program delays. As of this writing on May 4th, 2026, Lockheed Martin stock is down 23% from all-time highs. It has a current price-to-earnings ratio (P/E) of 25, although its earnings o ...