Lockheed Martin Corporation
LMT
Industrials
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Lockheed Martin Corporation is a principal contractor for the U.S. Department of Defense and a leading global arms manufacturer. Its core business is the development and sale of advanced weapons systems, including fighter jets, missile defense systems, hypersonic weapons, and combat ships. In 2022, approximately 97% of its $66 billion in net sales were to the U.S. government and foreign military customers. The company states its products are designed to “enhance deterrence to armed conflict” and provide “decisive” capabilities should conflict occur.
These weapon systems are directly deployed in active conflict zones. For example, Lockheed Martin’s F-35 Lightning II fighter jets are flown by multiple nations in combat operations, and its Javelin anti-tank missiles and HIMARS rocket systems have been extensively used in the war in Ukraine. The company materially sustains armed conflicts by being a primary supplier of the core technology used in modern warfare. There is no affirmative argument that the civilian population in these zones would be materially worse off without the provision of these offensive and defensive weapon systems; the company’s role is that of a war-industrial supplier, not a provider of essential civilian services.
Lockheed Martin Corporation is a primary supplier of major weapons systems to the Israeli military, which operates in the occupied Palestinian territories. The company supplies F-35I stealth fighter jets, which according to a 2025 shareholder resolution, have been used repeatedly by Israeli forces to target Palestinian civilians in Gaza. Lockheed Martin also provides Hellfire missiles and THAAD air defense systems to Israel.
In 2024, the government of Iran imposed sanctions on Lockheed Martin specifically due to its involvement in supplying weaponry used in the Gaza war. A 2025 report from a UN Special Rapporteur on the question of Palestine cited the transfer of F-35 aircraft from Lockheed Martin to Israel as likely enabling attacks in Gaza. The company's weapons sales materially support military activities in occupied territories in violation of international law.
Lockheed Martin Corporation is the world’s largest arms producer, with an estimated $64.7 billion in arms revenue. Approximately 96% of its $68 billion in total 2023 revenue came from U.S. government and international defense contracts. The company’s core business is the development and manufacture of purpose-built weapons systems, including the F-35 fighter jet, HIMARS rocket artillery, and the AEGIS combat system. Between 2008 and August 2024, Lockheed Martin held contracts worth $459.2 billion with the U.S. Department of Defense alone.
The company’s products are integral to modern warfare. Its missiles and aircraft have been documented by human rights assessments as playing a critical role in active conflicts, including the May 2021 attacks on Gaza. Lockheed Martin’s business model is defined by specialized products marketed explicitly to military customers, with defense revenue constituting virtually its entire income. This places the company squarely within the definition of a primary defense contractor supporting the war-industrial complex.
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