Lockheed Martin and the Compounding Machine
LMT trades at 19.1x forward earnings with a 28.9% ROIC, outperforming the Nasdaq’s 3.4% weekly slide as dealer gamma balances against a $130B backlog.
Industrials
Morning Blast: Boeing and the Cost of Instability
The Boeing Company (BA) faces a -1.21% FCF spread against a 4.99% Treasury yield as production instability and 777X delays weigh on institutional sentiment.
Honeywell and the Mirage of the Industrial Beat
Honeywell beats Q3 revenue at $4.99B, yet a 3.83% FCF yield sits 117 bps below Treasuries while $25.8B in net debt tests industrial patience.
Boeing and the $30 Billion Parking Lot
FAA certification for the 737 MAX 10 unblocks billions in working capital and halts delay penalties. We analyze the FCF spread and the $190 Max Pain pin.
RTX and the Record Backlog Mirage
RTX lifts 2026 forecasts behind a record backlog, but a -1.26% FCF-to-Treasury spread and heavy debt suggest the defense giant is priced for perfection.
Morning Blast: GE Aerospace and the 2% Yield Problem
GE Aerospace reports earnings today as its 2.04% FCF yield faces a 5.14% Treasury hurdle, while options dealers brace for a volatility vacuum.