UBS just upgraded Lockheed Martin on (https://www.cnbc.com/2026/09/08/earnings-upside-for-this-defense-giant-isnt-being-appreciated-by-investors-says-ubs.html), and the market's yawning. That's because investors aren't asking the right question: defense net margins sit at 4.8%—modest relative to historical industrial averages—while free cash flow of $2.6B lags operating cash flow of $3.5B, signaling capital intensity headwinds.

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