What's more, Lockheed's reliance on share buybacks to slow the decline in both revenues and profits suggests management's guidance "upgrade" -- earnings now expected to be a nickel-a-share more profitable than previously expected, and ranging from $10.85-$11.15 for the year -- isn't really worth cheering about, either. The upshot for investors So where does all this leave Lockheed Martin shareholders? Briefly, the situation looks like this: Taking Lockheed at its word, and assuming mid-range earnings of $11 per diluted share in 2015, Lockheed Martin stock now sells for about 17.9 times earnings.