Lockheed's F-35 fighter jet is more popular than ever, but falling prices may be taking a toll on profits.

Valued at almost $120 billion, with nearly $72 billion in annual revenue yielding $4.2 billion in annual profit, Lockheed Martin ( LMT -0.53% ) remains the most valuable pure-play defense stock in the world. (Although if you look at market capitalization exclusively, one could argue Palantir ( PLTR -5.39% ) is even bigger, despite boasting much smaller revenues .)

Best known for its military aircraft, in 2024 Lockheed delivered 90 helicopters to its several customers, 21 C-130J transport aircraft, 16 F-16s, and 110 F-35 Lightning II stealth fighter jets. With every passing year, and F-35 production continuing to ramp, Lockheed Martin is transforming itself into a

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