Lockheed Martin Ranks No. 57 on 2020 Fortune 500 List
For the 26th year in a row, Lockheed Martin is being recognized as a Fortune 500 company. This year, the corporation is no. 57, up from last year’s position at no. 60. Fortune Magazine’s Fortune 500 list ranks companies by total revenue and is regarded as a list of the 500 most powerful companies in the world. In total, Fortune 500 companies represent two-thirds of the U.S. economy.
Earlier this year, Lockheed Martin also secured the number two spot in the aerospace and defense industry on Fortune’s list of the world’s most admired companies. Based on a survey of 1,500 companies, the 2020 list of most admired companies contains 331 companies across 52 industries. Among the nine key attributes of reputation, Lockheed Martin ranks number one in quality of products and services, long-term investment value and quality of management.
As a leading global company, Lockheed Martin serves a unique role in supporting critical industrial base suppliers, front-line medical workers and local communities during the COVID-19 pandemic. The corporation remains focused on providing vital national security solutions for customers while maintaining a safe and healthy environment for its employees. It’s an honor to be on the 2020 Fortune 500 list as we keep our record backlog and business strong, through achievements like the recent highlights below:
This year’s Fortune 500 ranking comes during a unique time. As a leader in the aerospace and defense industry, Lockheed Martin is proactively identifying opportunities to support its employees, the supply chain and communities where we live, work and serve.
National security never stops, and the vital missions of our customers continue no matter what new challenges emerge. From the beginning of the crisis Lockheed Martin has worked closely with the U.S. Department of Defense (DOD) to provide critical financial and operational support to the most vulnerable elements of the defense industrial base. Ahead of schedule, the corporation has met its pledged goal of delivering $450 million in accelerated progress payments from the DOD to our supply chain, including small and distressed businesses. That’s not all – more than $600 million in accelerated payments is estimated to flow to our supply chain partners. In addition, Lockheed Martin began a webinar series in partnership with the U.S. Small Business Administration to help small business and veteran-own business suppliers identify resources to maintain financial and operational strength.