Lockheed Martin Stock Lags in 2023 on Persistent Headwinds Like Supply Chain Issues and F-35 Delivery Shortfall
• Lockheed Martin stock underperformed the market in 2023, declining 6.8% vs S&P 500's 24.2% gain
• Supply chain and raw material issues persisted, impacting margins
• F-35 deliveries significantly missed target (98 vs 156 target) due to upgrade issues
• Defense spending outlook more uncertain despite record 2023 budget
• Stock seems fairly valued given low-growth industry and margin/F-35 delivery uncertainties