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Lockheed Martin (LMT) ended 2025 with $194 billion backlog, representing 2.5+ years of sales anchored by sole-source defense franchises.
Lockheed has raised its dividend for 23 consecutive years, climbing from $0.22 in 1999 to $3.45 in 2026 with zero cuts through crises.
Defense spending is tied to geopolitics, not GDP; Lockheed's 0.106 beta reflect…