Lockheed Martin Corporation (NYSE: LMT)

Lockheed Martin is the world's largest defense contractor, with about $68 billion in annual revenue. The F-35 Lightning II program alone accounts for roughly 25-30% of total sales — it's the most expensive weapons program in human history at over $1.7 trillion lifetime cost. The company also builds missile defense systems (THAAD, PAC-3), military helicopters (Black Hawk via Sikorsky), and space systems. It's the primary contractor for NASA's Orion spacecraft.

Four segments: Aeronautics (F-35, F-16, C-130 — the biggest), Missiles and Fire Control, Rotary and Mission Systems (Sikorsky, radar), and Space (satellites, Orion). Revenue is almost entirely from government contracts, with the U.S. Department of Defense as the dominant customer. Long-term contracts provide exceptional revenue visibility but come with political and budget risk.

Lockheed Corporation and Martin Marietta merged in 1995, creating the modern company. Lockheed's Skunk Works division produced legendary aircraft: the U-2, SR-71 Blackbird, and F-117 Stealth Fighter. The F-35 program began in 2001 and has been both the company's greatest asset and its most controversial program due to massive cost overruns and delays. The company acquired Sikorsky from United Technologies in 2015 for $9 billion.