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Northrop Grumman Corporation

NOC Industrials Aerospace & Defense

Northrop Grumman Corporation’s revenue for fiscal 2025 (year ended December 2025) was $42.0 billion, up 2.24% from fiscal 2024.

Revenue
+6.71%
EPS
+2.86%
Free cash flow
+44.1%
Total debt
−4.81%

Quarter to September 2026, against a year earlier

524.83 0.52 −0.10%
Market cap
$74.6B
P/E
16.5×
Fwd P/E
18.7×
Dividend yield
1.82%
F-score
6/9
Altman Z
3.01
Beneish M
−2.42
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Aeronautics Systems
  • Mission Systems
  • Space Systems
  • Defense Systems

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 26.43
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 11 1 — 1 — — 1 — — 1
Insider Ownership 0.26%

Capital & Financial Ratios $m

Size
Market Cap 74,620.00
Revenue ttm 43,591.00
Net income ttm 4,520.00
Free cash flow ttm 4,200.00
Net debt Q 10,689.00
Valuation
P/E 16.52
Forward P/E 18.70
Price / sales 1.71
Forward P/S Powerpack
Price / FCF 17.76
Price / book 3.99
Financial health
Current ratio Q 1.23
Debt / equity Q 0.77
Interest coverage Q 8.03
Growth
Revenue growth Q +6.71% (above 0%: growing)
Operating income growth Q +2.17% (above 0%: growing)
EPS, this year +12.68%
EPS, next year A +0.68%
Revenue, next year A +5.03%
EPS, past 5 yrs +8.85%
EPS, next 5 yrs A +7.34%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.0×; over the ten years it ranged from 1.6× in 2021 to 2.7× in 2026.
P/E against its own 10 years 34.10%
10-year low 10-year high
P/S against its own 10 years 38.98%
10-year low 10-year high
P/B against its own 10 years 0.59%
10-year low 10-year high
EV/Sales against its own 10 years 32.60%
10-year low 10-year high
EV/FCF against its own 10 years 11.18%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.82%
Annual rate
9.56
Payout ratio
30.2%
Growth, 2017–25
+11.0%/yr
  1. 3.90 ’17
  2. 4.70 ’18 +21
  3. 5.16 ’19 +10
  4. 5.67 ’20 +10
  5. 6.16 ’21 +9
  6. 6.76 ’22 +10
  7. 7.34 ’23 +9
  8. 8.05 ’24 +10
  9. 8.99 ’25 +12
  10. 9.71 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,109 4,353 4,403 3,744
Receivables 7,147 7,180 7,919 9,979
Inventory 1,109 1,455 1,309 1,361
Other — — — —
13,706 14,274 15,287 16,977
2023 2024 2025 Q'26
Payables 2,110 2,599 3,240 3,281
ST’ Debt — — — —
Other 7,581 9,258 8,333 8,433
11,942 14,128 13,882 13,753

Compound Annual Growth %

10y 5y 3y
Sales 5.96% 2.66% 4.65%
Cash Flow 8.21% 2.02% 17.92%
Earnings 7.71% 5.57% (5.12%)
Book Value 11.68% 9.53% 2.88%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 7.22 Actual 7.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 7.00 7.23 Beat by 0.23
Q1 FY26 6.08 6.14 Beat by 0.06
Q2 FY26 6.84 7.68 Beat by 0.84
Q3 FY26 7.22 7.89 Beat by 0.67
Q4 FY26 7.53 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 6.14 7.68 7.89 — —
’25 3.32 8.15 7.67 9.99 29.08
’24 6.32 6.36 7.00 8.66 28.34
’23 5.50 5.34 6.18 (3.54) 13.53
’22 6.10 6.06 5.89 13.46 31.47
’21 13.43 6.42 6.63 17.14 43.54
’20 5.15 6.01 5.89 1.97 19.03
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 9,881 10,876 11,122 — —
’25 9,468 10,351 10,423 11,712 41,954
’24 10,133 10,218 9,996 10,686 41,033
’23 9,301 9,576 9,775 10,638 39,290
’22 8,797 8,801 8,971 10,033 36,602
’21 9,157 9,151 8,720 8,639 35,667
’20 8,620 8,884 9,083 10,212 36,799
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,656) 1,280 1,745 — —
’25 (1,565) 868 1,557 3,897 4,757
’24 (706) 1,425 1,091 2,578 4,388
’23 (702) 919 1,228 2,430 3,875
’22 (488) (197) 1,335 2,251 2,901
’21 (66) 1,028 1,163 1,442 3,567
’20 (993) 2,337 1,359 1,602 4,305
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,823) 978 1,810 — —
’25 (1,821) 637 1,256 3,235 3,307
’24 (976) 1,105 730 1,762 2,621
’23 (1,011) 615 869 1,627 2,100
’22 (732) (460) 1,139 1,674 1,621
’21 (271) 854 944 709 2,236
’20 (1,265) 2,068 1,072 1,215 3,090
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.3% a year for ten years. It grew 6.0% a year over the last ten.

Implied
6.3%
10 years, reported
6.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 24,706 26,004 30,095 33,841 36,799 35,667 36,602 39,290 41,033 41,954 43,591 +6.1% 44,063 46,914 50,067 +6.1%
Gross margin, % 23.92 22.80 22.57 21.45 20.32 20.38 20.42 16.67 20.38 19.81 20.02 (4.1) pt
EBT 2,681 4,229 3,742 2,548 3,728 8,938 5,836 2,346 5,016 5,068 5,236 +7.3%
EBT margin, % 10.85 16.26 12.43 7.53 10.13 25.06 15.94 5.97 12.22 12.08 12.01 +1.2 pt
Net income 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182 4,520 +8.3%
Per share, $
Per share, $ Revenue 138.10 149.11 173.26 199.89 220.22 222.50 236.29 259.34 279.14 292.36 306.76 +8.7%
Earnings 12.30 16.45 18.59 13.22 19.03 43.54 31.47 13.53 28.34 29.14 31.76 +10.1%
Cash flow 15.72 14.98 22.03 25.38 25.76 22.25 18.73 25.58 29.85 33.15 37.06 +8.6%
Capex (5.14) (5.32) (7.19) (7.47) (7.27) (8.30) (8.26) (11.72) (12.02) (10.10) (7.50) +7.8%
Free cash flow 10.58 9.66 14.84 17.91 18.49 13.95 10.46 13.86 17.83 23.05 29.56 +9.0%
Book value 29.40 40.89 47.13 52.09 63.31 80.64 98.85 97.66 104.01 116.20 131.48 +16.5%
Shares, m 179 174 174 169 167 160 155 152 147 144 142 (2.4%)
Valuation, ×
Valuation, × P/E 20.56 18.63 14.55 25.98 16.02 8.87 17.13 34.80 16.53 19.54 16.52 19.3
P/S 1.70 2.05 1.41 1.72 1.38 1.74 2.29 1.81 1.68 1.95 1.71 1.8
P/B 7.99 7.46 5.20 6.60 4.81 4.80 5.47 4.81 4.51 4.91 3.99 5.7
EV/Sales 1.88 2.17 1.82 2.03 1.64 2.00 2.54 2.08 1.93 2.21 1.96 2.0
EV/FCF 24.58 33.48 21.27 22.67 19.51 31.88 57.33 39.00 30.27 28.00 20.30 30.8
Cash, $m
Cash, $m Operating cash flow 2,813 2,613 3,827 4,297 4,305 3,567 2,901 3,875 4,388 4,757 5,266 +6.0%
Capex (920) (928) (1,249) (1,264) (1,215) (1,331) (1,280) (1,775) (1,767) (1,450) (1,066) +5.2%
Free cash flow 1,893 1,685 2,578 3,033 3,090 2,236 1,621 2,100 2,621 3,307 4,200 +6.4%
Balance, $m
Balance, $m Working capital 1,226 9,495 1,406 1,251 5,764 2,896 901 1,764 146 1,405 3,224 +1.5%
Net debt 4,517 3,174 12,304 10,525 9,354 9,247 9,228 10,677 10,339 10,759 10,689 +10.1%
Shareholders’ equity 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290 16,674 18,683 +13.7%
Returns, %
Returns, % ROA 8.17 9.45 8.87 5.71 7.45 16.09 11.34 4.55 8.70 8.30 8.88 +0.1 pt
ROIC 20.95 19.52 11.53 12.82 12.75 15.93 9.17 6.22 10.66 10.28 9.84 (10.7) pt
ROE 37.90 46.31 42.16 26.44 32.88 59.60 34.68 13.66 27.75 26.17 26.07 (11.7) pt
People
People Employees 67,000 70,000 85,000 90,000 97,000 88,000 95,000 101,000 97,000 95,000 — +4.0%
Revenue/emp, $m 0.37 0.37 0.35 0.38 0.38 0.41 0.39 0.39 0.42 0.44 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Northrop Grumman Corporation is an aerospace and defense technology company founded in 1994 and headquartered in Falls Church. Kathy J. Warden is Chair, Chief Executive Officer and President. It designs, develops, builds, integrates, sustains and modernizes systems for the U.S. government, the intelligence community, international customers and some civil and commercial space customers.

Its four operating sectors cover different parts of national-security missions. Aeronautics Systems makes military aircraft and related sustainment, including long-range strike, fighter-aircraft structures, airborne command-and-control systems, and uncrewed surveillance aircraft. Defense Systems provides strategic missiles, missile defense, tactical weapons, ammunition, solid rocket motors, propulsion, command-and-control systems and weapons sustainment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Aeronautics Systems 12,992 30.97%
Mission Systems 12,506 29.81%
Space Systems 10,771 25.67%
Defense Systems 8,002 19.07%
Gross margin 19.81%
Operating margin 10.75%
Pre-tax margin 12.08%

Revenue by segment since 2008

Northrop Grumman Corporation vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LMT Lockheed Martin Corporation $133.1B 20.4× 20.8× +11.30% (above 0%: growing) +14.61% (above 0%: growing) −10.40% (below 0%: shrinking) 11.76% 11.80% Compare
GD General Dynamics Corporation $96.3B 20.7× 21.9× +12.85% (above 0%: growing) +15.78% (above 0%: growing) −35.21% (below 0%: shrinking) 15.44% 10.48% Compare
HWM Howmet Aerospace Inc. $79.9B 39.3× 35.4× +29.39% (above 0%: growing) +48.40% (above 0%: growing) +32.78% (above 0%: growing) 37.11% 28.75% Compare
NOC Northrop Grumman Corporation $74.6B 16.5× 18.7× +6.71% (above 0%: growing) +2.86% (above 0%: growing) +44.11% (above 0%: growing) 21.15% 11.41%
TDG Transdigm Group Incorporated $65.7B 36.1× 31.8× +22.53% (above 0%: growing) +10.86% (above 0%: growing) +13.44% (above 0%: growing) 59.39% 44.76% Compare
LHX L3Harris Technologies Inc $48.1B 23.8× 22.5× +7.09% (above 0%: growing) +37.49% (above 0%: growing) +198.13% (above 0%: growing) 26.60% 12.97% Compare
HONA Honeywell Aerospace inc. $47.4B — — — — — 36.93% 22.14% Compare
HEI.A Heico Corporation $38.9B 40.0× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
HEI Heico Corporation $38.5B 53.7× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
Median of peers $56.9B 36.1× 31.8× +22.53% +33.07% +32.78% 37.02% 23.64%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO Kathy Warden said Sentinel had completed its first full vertical assembly of an inert missile and received approval to proceed toward a 2027 first flight.
  • Warden said Northrop is reviewing alternatives for its microelectronics capabilities, including continued investment, a broader investment base or a potential separation.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Baird Oct 21, 2026 Upgrade Hold → Outperform 550.00 → 675.00
Rothschild & Co Redburn Oct 21, 2026 Initiated Buy 680.00
Bank of America Oct 1, 2026 Reiterated Buy —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 82.36%
Held by the ten largest 50.21%
Holder Shares Stake Change
Vanguard 13.95m 9.82% +161.85k
State Street 13.17m 9.27% +168.27k
BlackRock 11.78m 8.29% +901.30k
Capital Group 11.72m 8.25% −3.86m
Wellington Management 4.93m 3.47% −37.88k
Morgan Stanley 3.56m 2.51% −46.46k
Franklin Templeton 3.44m 2.42% +103.29k
Geode Capital Management 3.26m 2.30% +48.07k
T. Rowe Price 2.97m 2.09% +1.23m
Bank of America 2.55m 1.79% −96.04k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.36m 46.13m 203.19
2024 24.36m 26.35m 148.07
2023 24.74m 13.44m 145.27
2022 20.67m 54.75m 166.57
2021 19.88m 38.89m 116.47
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Northrop Grumman Corporation (NOC) Latest News

29 Oct

Impact 3 · · Simply Wall St.

28 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · Trefis
Impact 3 · · Trefis

27 Oct

Impact 3 · · Trefis

26 Oct

Impact 4 · · NYSE

24 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · MarketBeat

22 Oct

Impact 3 · · Trefis

21 Oct

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20 Oct

Impact 4 · · The Motley Fool
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Impact 4 · · The Motley Fool
Impact 4 · · StockStory
Impact 4 · · The Motley Fool transcript
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Impact 4 · · MT Newswires
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Impact 3 · · Zacks
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NOC metrics, ten years each

stockrow.com/NOC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com