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. In the quarter to June 2026, revenue grew 5.07%, EPS fell 5.75%, free cash flow grew 53.5% and total debt fell 4.83%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for three, operating cash flow growth for three.

519.86 20.23 +4.05%
Market cap
$71.0B
P/E
16.5×
Fwd P/E
19.5×
Dividend yield
1.84%
F-score
6/9
Altman Z
3.01
Beneish M
−2.42
Dividend safety
82/100

Insider Decisions trades per month

Total sells 26.43
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 1 1 11 1 — 1 — — 1 — —
Insider Ownership 0.26%

Capital & Financial Ratios $m

Market Cap 70,980.00
Revenue 42,892.00
Net Income 4,496.00
Free Cash Flow 3,646.00
Net Debt 12,121.00
Current Ratio 1.17
Debt/Equity 0.81
P/E ratio 16.48
Fwd P/E 19.50
P/S ratio 1.72
P/B ratio 4.13
Past 5Y EPS Growth 8.85%
This Y EPS Growth 9.82%
Next Y EPS Growth 4.96%
Next Y revenue growth 4.99%
Next 5Y EPS Growth 7.62%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 33.98%
10-year low 10-year high
P/S against its own 10 years 40.73%
10-year low 10-year high
P/B against its own 10 years 1.18%
10-year low 10-year high
EV/Sales against its own 10 years 40.62%
10-year low 10-year high
EV/FCF against its own 10 years 25.14%
10-year low 10-year high

Dividends

Payout Ratio 0.30
Annual Dividend Rate 9.56
Annual Dividend Yield 1.84%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 9.72
2.31
2.47
2.47
2025 8.99
2.06
2.31
2.31
2.31
2024 8.05
1.87
2.06
2.06
2.06
2023 7.34
1.73
1.87
1.87
1.87
2022 6.76
1.57
1.73
1.73
1.73
2021 6.16
1.45
1.57
1.57
1.57
2020 5.67
1.32
1.45
1.45
1.45
2019 5.16
1.20
1.32
1.32
1.32
2018 4.70
1.10
1.20
1.20
1.20
2017 3.90
0.90
1.00
1.00
1.00
2016 3.50
0.80
0.90
0.90
0.90
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,109 4,353 4,403 2,307
Receivables 7,147 7,180 7,919 10,264
Inventory 1,109 1,455 1,309 1,415
Other — — — —
13,706 14,274 15,287 15,590
2023 2024 2025 Q'26
Payables 2,110 2,599 3,240 2,895
ST’ Debt — — — —
Other 7,581 9,258 8,333 8,459
11,942 14,128 13,882 13,345

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%

Revenue $m

Mar Jun Sep Dec Year
’26 9,881 10,876 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 6.14 7.68 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 175.00 223.88 223.63 237.08 263.31 282.88 364.62 414.56 418.60 426.24

Analyst estimates 2026–2028

Powerpack
High 253.80 311.15 360.88 383.89 385.01 408.03 556.27 547.80 555.57 640.90
People
People Employees 67,000 70,000 85,000 90,000 97,000 88,000 95,000 101,000 97,000 95,000
Revenue/emp, $m 0.37 0.37 0.35 0.38 0.38 0.41 0.39 0.39 0.42 0.44
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
Gross margin, % 23.92 22.80 22.57 21.45 20.32 20.38 20.42 16.67 20.38 19.81
EBT 2,681 4,229 3,742 2,548 3,728 8,938 5,836 2,346 5,016 5,068
EBT margin, % 10.85 16.26 12.43 7.53 10.13 25.06 15.94 5.97 12.22 12.08
Net income 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174 4,182
Depreciation 456 475 800 1,265 1,267 1,239 1,342 1,338 1,370 1,472
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
Earnings 12.30 16.45 18.59 13.22 19.03 43.54 31.47 13.53 28.34 29.14
Cash flow 15.72 14.98 22.03 25.38 25.76 22.25 18.73 25.58 29.85 33.15
Capex (5.14) (5.32) (7.19) (7.47) (7.27) (8.30) (8.26) (11.72) (12.02) (10.10)
Free cash flow 10.58 9.66 14.84 17.91 18.49 13.95 10.46 13.86 17.83 23.05
Book value 29.40 40.89 47.13 52.09 63.31 80.64 98.85 97.66 104.01 116.20
Shares, m 179 174 174 169 167 160 155 152 147 144
Valuation, ×
Valuation, × P/E 20.56 18.63 14.55 25.98 16.02 8.87 17.13 34.80 16.53 19.54
P/S 1.70 2.05 1.41 1.72 1.38 1.74 2.29 1.81 1.68 1.95
P/B 7.99 7.46 5.20 6.60 4.81 4.80 5.47 4.81 4.51 4.91
EV/Sales 1.88 2.17 1.82 2.03 1.64 2.00 2.54 2.08 1.93 2.21
EV/FCF 24.58 33.48 21.27 22.67 19.51 31.88 57.33 39.00 30.27 28.00
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
Capex (920) (928) (1,249) (1,264) (1,215) (1,331) (1,280) (1,775) (1,767) (1,450)
Free cash flow 1,893 1,685 2,578 3,033 3,090 2,236 1,621 2,100 2,621 3,307
Balance, $m
Balance, $m Working capital 1,226 9,495 1,406 1,251 5,764 2,896 901 1,764 146 1,405
Total debt 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692 15,162
Net debt 4,517 3,174 12,304 10,525 9,354 9,247 9,228 10,677 10,339 10,759
Shareholders’ equity 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290 16,674
Returns, %
Returns, % ROA 8.17 9.45 8.87 5.71 7.45 16.09 11.34 4.55 8.70 8.30
ROIC 20.95 19.52 11.53 12.82 12.75 15.93 9.17 6.22 10.66 10.28
ROE 37.90 46.31 42.16 26.44 32.88 59.60 34.68 13.66 27.75 26.17
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $122.9B 20.3× 17.5× +10.51% (above 0%: growing) +446.58% (above 0%: growing) +2,044.67% (above 0%: growing) 12.19% 12.36% Compare
GD General Dynamics Corporation $91.2B 20.7× 20.8× +8.07% (above 0%: growing) +13.49% (above 0%: growing) +17.57% (above 0%: growing) 15.49% 10.36% Compare
HWM Howmet Aerospace Inc. $87.6B 47.4× 48.4× +24.06% (above 0%: growing) +31.68% (above 0%: growing) +38.04% (above 0%: growing) 37.34% 27.92% Compare
NOC Northrop Grumman Corporation $71.0B 16.5× 19.5× +5.07% (above 0%: growing) −5.75% (below 0%: shrinking) +53.53% (above 0%: growing) 19.50% 10.08%
TDG Transdigm Group Incorporated $62.7B 34.6× 35.3× +22.53% (above 0%: growing) +10.86% (above 0%: growing) +13.44% (above 0%: growing) 59.39% 44.76% Compare
LHX L3Harris Technologies Inc $44.8B 25.0× 26.5× +8.39% (above 0%: growing) +28.57% (above 0%: growing) +37.43% (above 0%: growing) 25.54% 11.12% Compare
HEI Heico Corporation $36.7B 51.0× 55.0× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
HEI.A Heico Corporation $36.6B 38.3× 55.0× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
ESLT Elbit Systems Ltd. $34.8B 55.2× 53.2× +15.94% (above 0%: growing) +34.42% (above 0%: growing) +113.91% (above 0%: growing) 25.32% 9.57% Compare
Median of peers $53.7B 36.4× 41.8× +19.24% +32.38% +42.89% 31.44% 18.75%

All 82 Aerospace & Defense stocks →

NOC metrics, ten years each

Northrop Grumman Corporation (NOC) key facts

  • Strength: Northrop Grumman Corporation’s revenue for fiscal 2025 (year ended December 2025) was $42.0 billion, up 2.24% from fiscal 2024.
  • Northrop Grumman Corporation (NOC) is an Aerospace & Defense company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NOC traded at $519.86, a market capitalization of $71.0 billion.
  • Northrop Grumman Corporation pays an annual dividend of $9.56 per share, a yield of 1.84%, with a payout ratio of 30.4%.
  • Return on equity was 26.2% and debt-to-equity 0.81.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.01 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Northrop Grumman Corporation (NOC) Latest News

stockrow.com/NOC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com