Lockheed Martin Corporation (LMT) 10-Year Financial Performance & Capital Metrics

LMT • • Industrial / General

IndustrialsAerospace & DefenseAircraft ManufacturingMilitary Aircraft & Defense Platforms

AboutLockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. It operates through four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The Aeronautics segment offers combat and air mobility aircraft, unmanned air vehicles, and related technologies. The Missiles and Fire Control segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support, and integration services; manned and unmanned ground vehicles; and energy management solutions. The Rotary and Mission Systems segment offers military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions. The Space segment offers satellites; space transportation systems; strategic, advanced strike, and defensive missile systems; and classified systems and services in support of national security systems. This segment also provides network-enabled situational awareness and integrates space and ground-based systems to help its customers gather, analyze, and securely distribute critical intelligence data. It serves primarily serves the U.S. government, as well as foreign military sales contracted through the U.S. government. Lockheed Martin Corporation was founded in 1912 and is headquartered in Bethesda, Maryland.Show more

Revenue $71.04B +5.1%
EBITDA $8.57B -13.7%
Net Income $5.34B -22.9%
EPS (Diluted) 22.31 -19.0%
Gross Margin 9.75% -22.3%
EBITDA Margin 12.07% -17.9%
Operating Margin 9.87% -21.6%
Net Margin 7.51% -26.7%
ROE 81.05% -5.7%
ROIC 21.86% -22.7%
Debt/Equity 3.38 +32.4%
Interest Coverage 6.77 -27.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 74.6%
✓22 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.2%
✓Share count reduced 4.8% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 3.4x
✗Expensive at 21.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.93%

5Y3.5%

3Y1.95%

TTM2.88%

Profit (Net Income) CAGR

10Y3.97%

5Y-3.05%

3Y-5.46%

TTM-37.08%

EPS CAGR

10Y7.12%

5Y0.33%

3Y-0.68%

TTM-35.16%

ROCE

10Y Avg21.61%

5Y Avg23%

3Y Avg21.87%

Latest19.56%

Peer Comparison

Military Aircraft & Defense Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HIIHuntington Ingalls Industries, Inc.	16.44B	418.86	30.00	0.71%	4.74%	11.42%	0.16%	0.73
GDGeneral Dynamics Corporation	99.59B	368.69	27.05	12.88%	8.18%	17.25%	3.21%	0.48
LMTLockheed Martin Corporation	133.72B	577.89	25.90	5.14%	5.73%	67.95%	3.95%	3.38
NOCNorthrop Grumman Corporation	93.43B	654.61	23.10	4.44%	9.82%	25.14%	2.81%	1.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	40.54B	47.29B	49.96B	53.76B	59.81B	65.4B	67.04B	65.98B	67.57B	71.04B
Revenue Growth %	0.01%	0.17%	0.06%	0.08%	0.11%	0.09%	0.03%	-0.02%	0.02%	0.05%
Cost of Goods Sold+	36.04B	41.89B	43.59B	46.39B	51.45B	56.74B	57.98B	57.7B	59.09B	64.11B
COGS % of Revenue	0.89%	0.89%	0.87%	0.86%	0.86%	0.87%	0.86%	0.87%	0.87%	0.9%
Gross Profit+	4.49B	5.4B	6.37B	7.37B	8.37B	8.65B	9.06B	8.29B	8.48B	6.93B
Gross Margin %	0.11%	0.11%	0.13%	0.14%	0.14%	0.13%	0.14%	0.13%	0.13%	0.1%
Gross Profit Growth %	-0.04%	0.2%	0.18%	0.16%	0.14%	0.03%	0.05%	-0.09%	0.02%	-0.18%
Operating Expenses+	-220M	-487M	-373M	-60M	-178M	10M	-62M	-61M	-28M	-83M
OpEx % of Revenue	-0.01%	-0.01%	-0.01%	-0%	-0%	0%	-0%	-0%	-0%	-0%
Selling, General & Admin	0	0	0	0	0	0	0	0	0	0
SG&A % of Revenue	-	-	-	-	-	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-220M	-487M	372M	-60M	-178M	10M	-62M	-61M	-28M	-83M
Operating Income+	4.71B	5.89B	6.74B	7.33B	8.54B	8.64B	9.12B	8.35B	8.51B	7.01B
Operating Margin %	0.12%	0.12%	0.13%	0.14%	0.14%	0.13%	0.14%	0.13%	0.13%	0.1%
Operating Income Growth %	-0.16%	0.25%	0.15%	0.09%	0.17%	0.01%	0.06%	-0.08%	0.02%	-0.18%
EBITDA+	5.74B	7.1B	7.94B	8.49B	9.73B	9.93B	10.49B	9.75B	9.94B	8.57B
EBITDA Margin %	0.14%	0.15%	0.16%	0.16%	0.16%	0.15%	0.16%	0.15%	0.15%	0.12%
EBITDA Growth %	-0.13%	0.24%	0.12%	0.07%	0.15%	0.02%	0.06%	-0.07%	0.02%	-0.14%
D&A (Non-Cash Add-back)	1.03B	1.22B	1.2B	1.16B	1.19B	1.29B	1.36B	1.4B	1.43B	1.56B
EBIT	4.74B	5.42B	5.9B	6.51B	7.89B	8.83B	8.12B	7.3B	9.01B	7.26B
Net Interest Income+	-443M	-663M	-651M	-668M	-653M	-591M	-569M	-623M	-916M	-1.04B
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	443M	663M	651M	668M	653M	591M	569M	623M	916M	1.04B
Other Income/Expense	-413M	-1.13B	-1.5B	-1.5B	-1.3B	-409M	-1.57B	-1.67B	-409M	-793M
Pretax Income+	5.02B	4.89B	5.27B	5.84B	7.24B	8.23B	7.55B	6.68B	8.1B	6.22B
Pretax Margin %	0.12%	0.1%	0.11%	0.11%	0.12%	0.13%	0.11%	0.1%	0.12%	0.09%
Income Tax+	1.42B	1.13B	3.34B	792M	1.01B	1.35B	1.24B	948M	1.18B	884M
Effective Tax Rate %	0.72%	1.09%	0.38%	0.86%	0.86%	0.83%	0.84%	0.86%	0.85%	0.86%
Net Income+	3.6B	5.3B	2B	5.05B	6.23B	6.83B	6.32B	5.73B	6.92B	5.34B
Net Margin %	0.09%	0.11%	0.04%	0.09%	0.1%	0.1%	0.09%	0.09%	0.1%	0.08%
Net Income Growth %	-0%	0.47%	-0.62%	1.52%	0.23%	0.1%	-0.08%	-0.09%	0.21%	-0.23%
Net Income (Continuing)	3.13B	3.75B	1.89B	5.05B	6.23B	6.89B	6.32B	5.73B	6.92B	5.34B
Discontinued Operations	479M	0	73M	0	0	-55M	0	0	0	0
Minority Interest	0	95M	74M	55M	44M	23M	0	0	0	0
EPS (Diluted)+	11.46	17.49	6.89	17.59	21.95	24.30	22.77	21.66	27.55	22.31
EPS Growth %	0.02%	0.53%	-0.61%	1.55%	0.25%	0.11%	-0.06%	-0.05%	0.27%	-0.19%
EPS (Basic)	11.62	17.71	6.96	17.74	22.09	24.40	22.85	21.74	27.65	22.39
Diluted Shares Outstanding	314.7M	303.1M	290.6M	286.8M	283.8M	281.2M	277.4M	264.6M	251.2M	239.2M
Basic Shares Outstanding	310.3M	299.3M	287.8M	284.5M	282M	280M	276.4M	263.7M	250.3M	238.3M
Dividend Payout Ratio	0.54%	0.39%	1.08%	0.47%	0.41%	0.4%	0.47%	0.53%	0.44%	0.57%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	14.57B	15.11B	17.46B	16.1B	17.09B	19.38B	19.82B	20.99B	20.52B	21.85B
Cash & Short-Term Investments	1.09B	1.84B	2.86B	772M	1.51B	3.16B	3.6B	2.55B	1.44B	2.48B
Cash Only	1.09B	1.84B	2.86B	772M	1.51B	3.16B	3.6B	2.55B	1.44B	2.48B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	7.25B	8.2B	10.26B	11.92B	11.43B	11.52B	12.54B	14.82B	15.31B	15.31B
Days Sales Outstanding	65.32	63.31	74.94	80.9	69.76	64.31	68.28	82	82.73	78.65
Inventory	4.96B	4.67B	4.49B	3B	3.62B	3.54B	2.98B	3.09B	3.13B	3.47B
Days Inventory Outstanding	50.25	40.69	37.57	23.58	25.68	22.8	18.77	19.54	19.35	19.78
Other Current Assets	1.27B	399M	-144M	418M	531M	1.15B	688M	533M	632M	584M
Total Non-Current Assets+	32.93B	32.7B	29.06B	28.77B	30.43B	31.33B	31.06B	31.89B	31.93B	33.77B
Property, Plant & Equipment	5.44B	5.55B	5.78B	6.12B	6.59B	7.21B	7.6B	7.97B	8.37B	8.73B
Fixed Asset Turnover	7.45x	8.52x	8.65x	8.78x	9.07x	9.07x	8.83x	8.27x	8.07x	8.14x
Goodwill	13.63B	10.76B	10.81B	10.77B	10.6B	10.81B	10.81B	10.78B	10.8B	11.07B
Intangible Assets	4.15B	4.09B	3.8B	3.49B	3.21B	3.01B	2.71B	2.46B	2.21B	2.02B
Long-Term Investments	1.3B	3.47B	1.4B	3.25B	3.7B	3.47B	3.43B	2.9B	3.11B	3.07B
Other Non-Current Assets	3.95B	2.2B	4.04B	1.93B	3B	3.36B	4.22B	4.03B	4.49B	5.33B
Total Assets+	49.13B	47.81B	46.52B	44.88B	47.53B	50.71B	50.87B	52.88B	52.46B	55.62B
Asset Turnover	0.83x	0.99x	1.07x	1.20x	1.26x	1.29x	1.32x	1.25x	1.29x	1.28x
Asset Growth %	0.33%	-0.03%	-0.03%	-0.04%	0.06%	0.07%	0%	0.04%	-0.01%	0.06%
Total Current Liabilities+	14.06B	12.54B	12.64B	14.4B	13.97B	13.93B	14B	15.89B	16.94B	19.42B
Accounts Payable	1.75B	1.65B	1.47B	2.4B	1.28B	880M	780M	2.12B	2.31B	2.22B
Days Payables Outstanding	17.67	14.4	12.28	18.9	9.09	5.66	4.91	13.39	14.28	12.65
Short-Term Debt	956M	0	750M	1.5B	1.25B	500M	6M	118M	168M	958M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.81B	2.35B	1.88B	1.88B	1.92B	1.84B	2B	2.09B	2.13B	3.32B
Current Ratio	1.04x	1.20x	1.38x	1.12x	1.22x	1.39x	1.42x	1.32x	1.21x	1.13x
Quick Ratio	0.68x	0.83x	1.03x	0.91x	0.96x	1.14x	1.20x	1.13x	1.03x	0.95x
Cash Conversion Cycle	97.89	89.59	100.22	85.58	86.35	81.45	82.14	88.14	87.79	85.78
Total Non-Current Liabilities+	31.97B	33.66B	34.49B	29.03B	30.39B	30.74B	25.92B	27.73B	28.68B	29.86B
Long-Term Debt	14.3B	14.28B	13.51B	12.6B	11.4B	11.67B	11.67B	15.43B	17.29B	19.63B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	833M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	17.98B	19.38B	20.98B	16.43B	18.98B	19.07B	14.25B	12.3B	11.39B	9.4B
Total Liabilities	46.03B	46.2B	47.13B	43.43B	44.36B	44.67B	39.91B	43.61B	45.62B	49.28B
Total Debt+	15.26B	14.28B	14.26B	14.1B	12.65B	12.17B	11.68B	15.55B	17.46B	21.42B
Net Debt	14.17B	12.45B	11.4B	13.33B	11.14B	9.01B	8.07B	13B	16.02B	18.93B
Debt / Equity	4.93x	8.89x	-	9.73x	3.99x	2.02x	1.07x	1.68x	2.55x	3.38x
Debt / EBITDA	2.66x	2.01x	1.80x	1.66x	1.30x	1.22x	1.11x	1.59x	1.76x	2.50x
Net Debt / EBITDA	2.47x	1.75x	1.44x	1.57x	1.14x	0.91x	0.77x	1.33x	1.61x	2.21x
Interest Coverage	10.64x	8.88x	10.36x	10.98x	13.09x	14.63x	16.03x	13.40x	9.29x	6.77x
Total Equity+	3.1B	1.61B	-609M	1.45B	3.17B	6.04B	10.96B	9.27B	6.83B	6.33B
Equity Growth %	-0.09%	-0.48%	-1.38%	3.38%	1.19%	0.9%	0.82%	-0.15%	-0.26%	-0.07%
Book Value per Share	9.84	5.30	-2.10	5.05	11.17	21.47	39.51	35.02	27.21	26.48
Total Shareholders' Equity	3.1B	1.51B	-683M	1.39B	3.13B	6.01B	10.96B	9.27B	6.83B	6.33B
Common Stock	303M	289M	284M	281M	280M	279M	271M	254M	240M	234M
Retained Earnings	14.24B	13.32B	11.57B	15.43B	18.4B	21.64B	21.6B	16.94B	15.4B	14.55B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-11.44B	-12.1B	-12.54B	-14.32B	-15.55B	-16.12B	-11.01B	-8.02B	-8.8B	-8.45B
Minority Interest	0	95M	74M	55M	44M	23M	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.1B	5.19B	6.48B	3.14B	7.31B	8.18B	9.22B	7.8B	7.92B	6.97B
Operating CF Margin %	0.13%	0.11%	0.13%	0.06%	0.12%	0.13%	0.14%	0.12%	0.12%	0.1%
Operating CF Growth %	0.32%	0.02%	0.25%	-0.52%	1.33%	0.12%	0.13%	-0.15%	0.02%	-0.12%
Net Income	3.6B	5.3B	2B	5.05B	6.23B	6.83B	6.32B	5.73B	6.92B	5.34B
Depreciation & Amortization	1.03B	1.22B	1.2B	1.16B	1.19B	1.29B	1.36B	1.4B	1.43B	1.56B
Stock-Based Compensation	138M	149M	158M	173M	189M	221M	227M	238M	265M	277M
Deferred Taxes	-445M	-152M	3.3B	-244M	222M	60M	-183M	-757M	-498M	-588M
Other Non-Cash Items	603M	-1.46B	14M	900M	223M	894M	1.44B	1.77B	-3M	2.05B
Working Capital Changes	174M	132M	-197M	-3.9B	-742M	-1.11B	54M	-585M	-194M	-1.66B
Change in Receivables	-256M	-811M	-401M	-179M	107M	359M	15M	-542M	373M	-328M
Change in Inventory	-398M	-46M	183M	-119M	-622M	74M	564M	-107M	-44M	-478M
Change in Payables	-160M	-188M	-189M	914M	-1.1B	-372M	-98M	1.27B	151M	-93M
Cash from Investing+	-9.73B	-985M	-1.15B	-1.07B	-1.24B	-2.01B	-1.16B	-1.79B	-1.69B	-1.79B
Capital Expenditures	-939M	-1.06B	-1.18B	-1.28B	-1.48B	-1.77B	-1.52B	-1.67B	-1.69B	-1.69B
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	208M	78M	30M	203M	243M	38M	361M	-119M	-3M	-107M
Cash from Financing+	4.28B	-3.46B	-4.3B	-4.15B	-5.33B	-4.53B	-7.62B	-7.07B	-7.33B	-4.14B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.93B	-2.05B	-2.16B	-2.35B	-2.56B	-2.76B	-2.94B	-3.02B	-3.06B	-3.06B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	179M	1.64B	-141M	-163M	-72M	-144M	-89M	-115M	-135M	-182M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	4.16B	4.13B	5.3B	1.86B	5.83B	6.42B	7.7B	6.13B	6.23B	5.29B
FCF Margin %	0.1%	0.09%	0.11%	0.03%	0.1%	0.1%	0.11%	0.09%	0.09%	0.07%
FCF Growth %	0.38%	-0.01%	0.28%	-0.65%	2.13%	0.1%	0.2%	-0.2%	0.02%	-0.15%
FCF per Share	13.23	13.61	18.23	6.49	20.53	22.82	27.75	23.17	24.80	22.10
FCF Conversion (FCF/Net Income)	1.41x	0.98x	3.23x	0.62x	1.17x	1.20x	1.46x	1.36x	1.14x	1.31x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	110.97%	225.47%	401.6%	1201.43%	269.7%	148.4%	74.31%	56.68%	85.96%	81.05%
Return on Invested Capital (ROIC)	27.84%	28.2%	40.72%	43.02%	44.06%	44.17%	40.16%	30.32%	28.28%	21.86%
Gross Margin	11.08%	11.42%	12.75%	13.71%	13.99%	13.23%	13.51%	12.56%	12.55%	9.75%
Net Margin	8.89%	11.21%	4.01%	9.39%	10.42%	10.45%	9.42%	8.69%	10.24%	7.51%
Debt / Equity	4.93x	8.89x	-	9.73x	3.99x	2.02x	1.07x	1.68x	2.55x	3.38x
Interest Coverage	10.64x	8.88x	10.36x	10.98x	13.09x	14.63x	16.03x	13.40x	9.29x	6.77x
FCF Conversion	1.41x	0.98x	3.23x	0.62x	1.17x	1.20x	1.46x	1.36x	1.14x	1.31x
Revenue Growth	1.48%	16.66%	5.65%	7.61%	11.25%	9.34%	2.52%	-1.58%	2.41%	5.14%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Aeronautics	15.57B	17.77B	20.15B	21.24B	23.69B	26.27B	26.75B	26.99B	27.47B	28.62B
Aeronautics Growth	-	14.12%	13.39%	5.43%	11.54%	10.86%	1.84%	0.89%	1.80%	4.16%
Rotary and Mission Systems	-	13.46B	14.21B	14.25B	15.13B	15.99B	16.79B	16.15B	16.24B	17.26B
Rotary and Mission Systems Growth	-	-	5.59%	0.25%	6.16%	5.73%	4.96%	-3.82%	0.56%	6.31%
Missiles And Fire Control	6.77B	6.61B	7.21B	8.46B	10.13B	11.26B	11.69B	11.32B	11.25B	12.68B
Missiles And Fire Control Growth	-	-2.39%	9.14%	17.33%	19.72%	11.11%	3.87%	-3.22%	-0.57%	12.70%
Space	9.11B	9.41B	9.47B	9.81B	10.86B	11.88B	11.81B	11.53B	12.61B	12.48B
Space Growth	-	3.34%	0.68%	3.54%	10.73%	9.39%	-0.56%	-2.39%	9.30%	-1.00%
Mission Systems And Training	9.09B	-	-	-	-	-	-	-	-	-
Mission Systems And Training Growth	-	-	-	-	-	-	-	-	-	-
Information Systems And Global Solutions	5.6B	-	-	-	-	-	-	-	-	-
Information Systems And Global Solutions Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	-	48.6B	49.05B	49.93B	52.53B
United States Growth	-	-	-	-	-	-	-	0.92%	1.78%	5.21%
Europe	-	-	-	5.4B	5.93B	6.33B	6.76B	6.27B	7.01B	7.72B
Europe Growth	-	-	-	-	9.72%	6.85%	6.73%	-7.29%	11.87%	10.06%
Asia Pacific	-	-	-	5.28B	5.83B	5.18B	6.11B	5.48B	5.85B	6.24B
Asia Pacific Growth	-	-	-	-	10.34%	-11.16%	18.01%	-10.30%	6.79%	6.67%
Middle East	-	-	-	3.6B	3.94B	3.94B	4.25B	3.8B	3.55B	3.08B
Middle East Growth	-	-	-	-	9.49%	-0.10%	7.94%	-10.75%	-6.38%	-13.48%
Other	-	-	-	-	-	-	1.32B	1.39B	1.23B	1.48B
Other Growth	-	-	-	-	-	-	-	5.39%	-11.59%	20.77%
Other Region	-	-	-	871M	833M	936M	-	-	-	-
Other Region Growth	-	-	-	-	-4.36%	12.36%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Lockheed Martin Corporation (LMT) has a price-to-earnings (P/E) ratio of 25.9x. This suggests investors expect higher future growth.

Growth & Financials

Lockheed Martin Corporation (LMT) reported $73.35B in revenue for fiscal year 2024. This represents a 58% increase from $46.50B in 2011.

Lockheed Martin Corporation (LMT) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Lockheed Martin Corporation (LMT) is profitable, generating $4.20B in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Yes, Lockheed Martin Corporation (LMT) pays a dividend with a yield of 2.21%. This makes it attractive for income-focused investors.

Lockheed Martin Corporation (LMT) has a return on equity (ROE) of 81.0%. This is excellent, indicating efficient use of shareholder capital.

Lockheed Martin Corporation (LMT) generated $4.59B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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