Most investors never look at backlog. It's one of the best early reads on a defense company's future revenue. Alex King breaks down the methodology: Backlog = orders booked but not yet invoiced. Not revenue, not cash yet — just the order book. And backlog growth tends to lead recognized revenue by 2-3 quarters. $NOC and $LMT both just posted a sharp acceleration in backlog growth. Historically, that points to accelerating revenue over the next few quarters. The catch: an order isn't guaranteed. Government contracts face budget sign-offs and revisions — so backlog is a guide, not a promise. And the bigger point: price still leads the fundamentals. Watch price first. Recorded Mon, 27 July 2026 after market close. See how we read fundamentals inside Cestrian Inner Circle, paid trials now available, 30 days for $199