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Not Investment Advice

NOC

NYSE · USD
Northrop Grumman Corporation
Industrials · Aerospace & Defense
CEO Kathy J. Warden Employees 95,000 R&D / revenue 2.6%
Last price
$519.86+4.05%last session
Market cap
$73.9B
P/E (TTM)
16.5x
From 52w high
−32.8%
From 52w low
+10.6%
1-year return
−12.8%
RSI 14 · vs SMA200
59.1 · −12.4%
IS score
62.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NOC   SPY   XLI (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111NOC 87

Score DNA

Each bar is a 0-100 score within the scored universe
49
Profitability
55
Growth
57
Value
78
Momentum
80
Risk (safety)
73
Quality
57
Balance sheet
70
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for NOC (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 8 / 9Altman Z 3.1Beta -0.113 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
21 open-market sales, $106,325
Form 144 notices (12m): 17, $27.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-08
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−75
150 new holders, 200 closed
1,821 filers hold 85.1% · 697 added, 645 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+292
946 funds adding shares
654 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
27.9%
20-day avg 37.5%, 50-day avg 40.5%
Latest 9.6 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$42.0B
Revenue growth YoY+2.2%
Gross margin19.8%
Operating income$4.3B
Operating margin10.2%
Net income$4.2B
Net margin10.0%
EPS (diluted)$29.08
Cash flow
Operating cash flow$4.8B
Capital expenditure$1.4B
Free cash flow$3.3B
FCF conversion (FCF / OCF)69.5%
Stock-based compensation$119.0M
FCF less SBC$3.2B
Buybacks$1.6B
Dividends$1.3B
Balance sheet & returns
Cash & short-term investments$4.4B
Total debt$17.9B
Net debt$13.5B
Shareholders' equity$16.7B
Goodwill & intangibles$17.6B
Debt / equity0.91
ROE (TTM)26.6%
ROIC (TTM)10.0%
Operating margin by fiscal year
15.8%FY20219.8%FY20226.5%FY202310.6%FY202410.2%FY2025
Revenue $35.7B (FY2021) to $42.0B (FY2025), a 4.1% CAGR.

Valuation

P/E (TTM)16.5x
EV / EBITDA11.8x
Price / sales1.72x
Price / FCF20.3x
FCF yield4.94%
Buyback yield2.20%
SBC / revenue0.3%
Price / book4.13x
Forward P/E FY202618.0x
Forward P/E FY202717.1x
Forward P/E FY202815.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $594.45 across 11 analysts last quarter is theirs, not ours.

NOC vs industry median

197 companies in Aerospace & Defense
Gross margin 20.1% 22.1% Operating margin 10.2% 4.5% Net margin 10.5% 1.2% ROIC 10.0% 7.2%
NOC (TTM)Industry median Asset turnover 0.84 vs industry 0.57 · financial leverage 2.84

Earnings delivery

Next report 2026-10-20 · consensus EPS $7.18
92%
beat rate, 11 of 12 quarters
+5.0%
median EPS surprise
7
longest beat streak
+0+6+9+9+7+15+1-3+3+19+4+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-21. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NOC Northrop Grumman Corporation $73.9B16.5x26.6%10.5%+2.2% −12.8%
TDG TransDigm Group Incorporated $63.0B34.6x-28.7%19.7%+16.6% −8.8%
HWM Howmet Aerospace Inc. $88.1B47.3x34.7%21.0%+18.1% +15.3%
GD General Dynamics Corporation $93.1B20.7x17.8%8.2%+9.1% +4.1%
ERJ Embraer S.A. $47.4B56.7x9.4%5.7%+19.9% +12.9%
LHX L3Harris Technologies, Inc. $46.3B25.0x9.3%10.2%+7.3% —
HEI HEICO Corporation $43.2B51.0x18.7%16.7%+20.7% —
LMT Lockheed Martin Corporation $127.4B20.3x89.2%9.2%+7.2% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-21Officer/Director Change
2026-07-21Earnings Release; Exhibits
2026-05-21Shareholder Vote
2026-04-21Earnings Release; Exhibits
2026-02-13Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits
2026-01-27Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding142,063,000
Free float99.7%
Institutional ownership85.1%
Beta-0.11
Dividend yield1.84%
Last dividend$2.47 on 2026-08-31
50 / 200-day average$527.14 / $594.31
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NOC sits among 56 scored companies in Aerospace & Defense (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNOCIndustry medianIndustry percentileSector median
P/E (TTM) 16.4x 33.9x
5th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 14.81 1.76
100th		 1.42
Price / sales 1.7x 4.3x
24th		 2.0x
Price / book 4.1x 3.6x
55th		 2.9x
Price / tangible book 163.0x 9.3x
100th		 5.6x
Price / free cash flow 20.3x 32.5x
29th		 20.8x
Price / operating cash flow 14.5x 29.1x
23rd		 14.5x
Enterprise value $87.8B $6.6B
87th		 $4.8B
EV / sales 2.0x 4.1x
24th		 2.4x
EV / EBITDA 11.8x 20.6x
14th		 13.6x
EV / EBIT 14.8x 25.7x
3rd		 19.9x
EV / free cash flow 24.1x 40.0x
29th		 24.3x
Earnings yield 6.1% 2.2%
96th		 3.3%
FCF yield 4.9% 2.0%
82nd		 3.8%
Operating cash flow yield 6.9% 2.7%
84th		 6.2%
Graham number (per share) $298.69 $48.57
100th		 $38.21

Profitability (TTM)

MeasureNOCIndustry medianIndustry percentileSector median
Gross margin 20.1% 26.5%
31st		 30.5%
EBITDA margin 17.4% 12.4%
74th		 14.3%
Operating margin 10.2% 9.6%
57th		 9.8%
EBIT margin 13.8% 9.6%
77th		 9.9%
Net margin 10.5% 6.1%
77th		 6.0%
NOPAT margin 8.7% 7.9%
64th		 7.8%
FCF margin 8.5% 5.6%
66th		 7.0%
Operating cash flow margin 11.8% 8.6%
64th		 11.2%
R&D / revenue 0.0% 1.8%
0th		 0.0%
SG&A / revenue 9.0% 13.7%
34th		 14.1%
Stock comp / revenue 0.3% 0.7%
17th		 0.6%
Effective tax rate 14.5% 21.0%
18th		 21.0%

Returns on capital

MeasureNOCIndustry medianIndustry percentileSector median
ROE (on average equity) 27.0% 10.8%
84th		 11.9%
ROA 9.0% 4.5%
80th		 4.8%
ROIC 11.7% 8.1%
64th		 8.7%
ROCE 15.8% 8.8%
87th		 9.4%
Return on tangible assets 11.8% 6.7%
80th		 7.9%
Cash ROIC (OCF / invested capital) 15.9% 9.6%
72nd		 12.8%
Gross profitability (GP / assets) 16.9% 14.6%
56th		 19.2%
ROIC, 3-yr average 10.1% 8.7%
67th		 7.8%
ROIC, 5-yr average 14.5% 8.3%
85th		 8.6%
ROE, 5-yr average 27.6% 9.5%
93rd		 12.5%
Incremental ROIC 30.4% 27.1%
54th		 20.5%

Growth

MeasureNOCIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 5.9% 20.7%
8th		 8.6%
Revenue growth (QoQ) 10.1% 10.2%
47th		 9.9%
Revenue CAGR, 3 yr 4.2% 13.7%
13th		 5.0%
Revenue CAGR, 5 yr 2.7% 12.1%
9th		 8.3%
Gross profit CAGR, 3 yr 3.9% 13.8%
21st		 6.5%
Operating income CAGR, 3 yr 6.0% 21.0%
26th		 6.4%
Net income growth (TTM YoY) 14.0% 32.1%
25th		 11.3%
Net income CAGR, 3 yr -1.1% 19.1%
17th		 6.6%
EPS growth (TTM YoY) 15.2% 31.8%
25th		 13.3%
EPS CAGR, 3 yr 1.1% 18.5%
20th		 5.6%
EPS CAGR, 5 yr 2.3% 16.4%
27th		 8.3%
FCF growth (TTM YoY) 178.7% 34.1%
84th		 14.7%
FCF CAGR, 3 yr 17.2% 20.0%
36th		 12.2%
Operating cash flow CAGR, 3 yr 10.1% 22.9%
21st		 8.8%
Book value CAGR, 3 yr 7.3% 10.5%
43rd		 7.3%
Dividend CAGR, 3 yr 5.2% 2.5%
76th		 2.7%
Sustainable growth rate 18.9% 11.5%
76th		 11.0%

Margin history & stability

MeasureNOCIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 18.7% 26.2%
24th		 30.6%
Operating margin, 3-yr average 9.1% 9.0%
52nd		 10.0%
Net margin, 3-yr average 8.6% 6.3%
70th		 6.2%
FCF margin, 3-yr average 6.1% 6.0%
52nd		 7.1%
Revenue stability (0-1) 0.84 0.91
40th		 0.81
Earnings stability (0-1) 0.14 0.56
12th		 0.47
Margin stability (0-1) 0.92 0.88
66th		 0.90

Liquidity (latest quarter)

MeasureNOCIndustry medianIndustry percentileSector median
Cash & short-term investments $2.3B $337.2M
89th		 $249.6M
Net cash (− = net debt) −$14.0B −$747.7M
7th		 −$666.5M
Working capital $2.2B $878.9M
87th		 $376.4M
Current ratio 1.17 2.57
7th		 1.79
Quick ratio 1.06 1.57
22nd		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.17 0.34
16th		 0.32
Defensive interval (days) 1,083 days 960 days
61st		 614 days

Leverage & solvency (latest quarter)

MeasureNOCIndustry medianIndustry percentileSector median
Total debt $16.3B $917.3M
91st		 $919.8M
Debt / equity 0.91 0.52
74th		 0.65
Net debt / equity 0.78 0.34
83rd		 0.46
Debt / assets 32.1% 24.3%
67th		 29.3%
Debt / capital 47.7% 34.0%
74th		 39.5%
Debt / EBITDA 2.19 2.38
45th		 2.44
Net debt / EBITDA 1.88 1.88
50th		 1.86
Interest coverage (EBIT / interest) 9.0x 5.1x
69th		 5.0x
Cash interest coverage 7.7x 5.6x
60th		 6.1x
Debt payback (years of OCF) 3.2 yrs 3.1 yrs
54th		 3.2 yrs
Liabilities / assets 64.8% 52.4%
76th		 56.7%
IS credit model rating A- — —
Implied credit spread (bps) 175 175
47th		 200

Efficiency

MeasureNOCIndustry medianIndustry percentileSector median
Asset turnover 0.86 0.62
71st		 0.75
Fixed asset turnover 3.52 5.00
35th		 5.14
Inventory turnover 23.1 3.6
88th		 5.0
Receivables turnover 7.4 6.6
63rd		 6.7
Days sales outstanding 50 days 56 days
38th		 54 days
Days inventory outstanding 16 days 103 days
12th		 72 days
Days payables outstanding 29 days 39 days
22nd		 41 days
Cash conversion cycle (days) 36 days 104 days
24th		 63 days
Capex / revenue 3.3% 3.6%
47th		 3.0%
Capex / depreciation 0.94 1.14
39th		 0.76
Operating expense ratio 9.4% 16.0%
21st		 17.7%

Cash flow & earnings quality

MeasureNOCIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.13 1.31
44th		 1.50
FCF / net income 0.81 0.87
46th		 1.15
FCF / operating cash flow 71.8% 72.4%
45th		 74.0%
Capex / operating cash flow 28.2% 27.6%
55th		 26.1%
Accruals ratio -1.2% -2.8%
58th		 -4.0%
Sloan accruals ratio 0.7% -0.3%
60th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
49th		 1.00

Dividends & buybacks

MeasureNOCIndustry medianIndustry percentileSector median
Dividend yield 1.8% 0.0%
91st		 0.6%
Dividend per share (TTM) $9.56 $0.00
98th		 $0.44
Payout ratio (dividends / net income) 29.9% 13.6%
67th		 22.5%
Dividends / FCF 36.8% 15.3%
89th		 19.6%
Dividend growth (YoY) 10.1% 8.9%
62nd		 5.6%
Buyback yield 1.1% 0.0%
73rd		 0.5%
Shareholder yield (dividends + buybacks) 2.9% 0.7%
83rd		 2.0%
Share count change (YoY) -1.1% 0.9%
15th		 0.0%
Buybacks, last 5 years $6.9B $14.0M
95th		 $76.0M

Scores & forensic checks

MeasureNOCIndustry medianIndustry percentileSector median
IS score 63 55
65th		 53
IS profitability 49 31
75th		 37
IS growth 55 70
25th		 54
IS value 57 43
91st		 47
IS momentum 78 80
41st		 76
IS risk (safety) 80 100
29th		 80
IS quality 73 65
76th		 67
IS balance sheet 57 58
49th		 56
IS earnings quality 70 67
73rd		 70
IS cash flow 60 44
67th		 54
Piotroski F-score (0-9) 8 6
84th		 6
Altman Z-score 3.1 4.8
31st		 3.3
Beneish M-score −2.40 −2.40
52nd		 −2.52
Ohlson O-score −7.97 −7.88
45th		 −7.49
IS credit score 70 69
51st		 65

Per share

MeasureNOCIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $31.57 $1.65
98th		 $2.21
Book value per share $125.59 $14.45
98th		 $18.38
Tangible book per share $3.13 $3.65
47th		 $4.39
Revenue per share $301.21 $29.92
96th		 $36.64
FCF per share $25.60 $1.44
96th		 $2.70
Operating cash flow per share $35.66 $2.14
96th		 $4.28
Cash per share $16.20 $2.93
93rd		 $3.02

Size (TTM)

MeasureNOCIndustry medianIndustry percentileSector median
Market cap $73.9B $6.0B
89th		 $3.9B
Revenue $42.9B $2.0B
91st		 $2.7B
EBITDA $7.4B $252.5M
93rd		 $394.8M
Net income $4.5B $85.5M
95th		 $136.3M
Free cash flow $3.6B $80.1M
93rd		 $162.9M
Total assets $50.8B $4.1B
91st		 $3.5B
Shareholders' equity $17.9B $1.6B
95th		 $1.4B
Employees 95,000 4,020
93rd		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Krishna Arvind
Director
 Award / grant 75$483.48$36,2612,837
2026-09-30Brown Marianne Catherine
Director
 Award / grant 96$483.48$46,41411,706
2026-08-19Warden Kathy J
Director, Chair, CEO and President
 Award / grant 35,910——35,910
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 8$544.53$4,3564,480
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 19$545.59$10,3664,461
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 11$546.42$6,0114,450
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 31$547.42$16,9704,419
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 10$548.32$5,4834,409
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 6$549.50$3,2974,403
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 2$550.68$1,1014,401
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 2$552.95$1,1064,399
2026-08-03Welsh Mark A Iii
Director
 Open-market sale 2$553.90$1,1084,397

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1539,733$2.1M
Open-market saleDisposed21190$106,325
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 17 notices · 40,828 shares · $27.5M
FiledFilerShares proposedEst. proceeds
2026-07-24Ann Fudge2,093$1.1M
2026-05-04Mark A. Welsh Iii190$107,947
2026-03-02Simpson Kathryn G873$650,385
2026-02-27Roeder Roshan S1,754$1.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-08William R. KeatingHousePurchase$1,001 - $15,0002026-05-19
2025-12-29Steve CohenHouseSale$15,001 - $50,0002026-01-27
2025-12-29Stephen CohenHouseSale (Partial)$15,001 - $50,0002026-01-27
2025-12-28Stephen CohenHouseSale (Partial)$15,001 - $50,0002026-01-27
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-10
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-09
2022-10-05Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002022-11-09
2022-03-30Tommy TubervilleSenatePurchase$1,001 - $15,0002022-04-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
STATE STREET CORP13,169,195$6.7B9.27%
BlackRock, Inc.11,783,817$6.0B8.29%
VANGUARD CAPITAL MANAGEMENT LLC8,997,139$4.6B6.33%
Capital International Investors5,852,674$3.0B4.12%
Capital World Investors5,062,384$2.6B3.56%
WELLINGTON MANAGEMENT GROUP LLP4,932,780$2.5B3.47%
VANGUARD PORTFOLIO MANAGEMENT LLC3,595,011$1.8B2.53%
MORGAN STANLEY3,426,939$1.7B2.41%
FRANKLIN RESOURCES INC3,374,797$1.7B2.38%
GEODE CAPITAL MANAGEMENT, LLC3,261,247$1.7B2.30%
BANK OF AMERICA CORP /DE/2,548,822$1.3B1.79%
Invesco Ltd.1,851,055$942.8M1.30%
Sanders Capital, LLC1,828,249$931.1M1.29%
PRICE T ROWE ASSOCIATES INC /MD/1,811,250$922.5M1.27%
FMR LLC1,303,808$664.0M0.92%

Institutional ownership by quarter

2023-092026-0685.1%
% of shares held by 13F filers
2023-092026-061,821
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,82185.1%150697645200
2026-03-311,89683.2%230665653112
2025-12-311,80582.7%23260262499
2025-09-301,71783.2%20860157692
2025-06-301,62595.1%111607608133
2025-03-311,67384.9%173612584124
2024-12-311,64783.8%221610517128
2024-09-301,58683.5%17753057584
2024-06-301,51284.6%129548550115
2024-03-311,52187.0%131528577113
2023-12-311,52388.0%23551250460
2023-09-301,36987.2%96491505119

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital International Investors4.3%6,044,489
2026-05-14SCHEDULE 13G/ACapital International Investors5.2%7,321,667
2026-04-30SCHEDULE 13GVanguard Capital Management7.2%10,248,540
2025-08-13SCHEDULE 13G/ACapital International Investors8.6%12,385,281
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.2B
VTSAX0.09%$2.2B
VSMPX0.09%$2.2B
VTI0.09%$2.2B
VFIAX0.10%$1.7B
VFFSX0.10%$1.7B

Share structure

Shares outstanding142,063,000
Float141,591,377
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$35.7B$36.6B$39.3B$41.0B$42.0B
Cost of revenue$28.4B$29.1B$32.7B$32.7B$33.6B
Gross profit$7.3B$7.5B$6.6B$8.4B$8.3B
R&D$1.1B$1.2B$1.2B$1.1B$1.1B
SG&A$227.0M$1.1B$3.9B$2.9B$4.0B
Operating income$5.7B$3.6B$2.5B$4.4B$4.3B
EBITDA$8.7B$7.7B$4.2B$6.8B$7.2B
Pretax income$8.9B$5.8B$2.3B$5.0B$5.1B
Income tax$1.9B$940.0M$290.0M$842.0M$886.0M
Net income$7.0B$4.9B$2.1B$4.2B$4.2B
EPS, diluted$43.54$31.47$13.53$28.34$29.08
Diluted shares160.9M155.6M152.0M147.3M143.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.5B$2.6B$3.1B$4.4B$4.4B
Receivables$7.0B$7.5B$7.1B$7.2B$8.8B
Inventory$811.0M$978.0M$1.1B$1.5B$1.3B
Total current assets$12.4B$12.5B$13.7B$14.3B$15.1B
PP&E, net$9.5B$10.6B$11.5B$12.3B$12.8B
Goodwill & intangibles$18.1B$17.9B$17.8B$17.8B$17.6B
Total assets$42.6B$43.8B$46.5B$49.4B$51.4B
Accounts payable$2.2B$2.6B$2.1B$2.6B$3.2B
Total current liabilities$9.5B$11.6B$11.9B$14.1B$13.9B
Long-term debt$12.8B$11.8B$13.8B$14.7B$17.0B
Total liabilities$29.7B$28.4B$31.7B$34.1B$34.7B
Shareholders' equity$12.9B$15.3B$14.8B$15.3B$16.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$7.0B$4.9B$2.1B$4.2B$4.2B
Depreciation & amortization$1.2B$1.3B$1.3B$1.4B$1.5B
Stock-based compensation$94.0M$99.0M$87.0M$101.0M$119.0M
Change in working capital$181.0M−$600.0M−$144.0M$335.0M−$863.0M
Operating cash flow$3.6B$2.9B$3.9B$4.4B$4.8B
Capital expenditure−$1.4B−$1.4B−$1.8B−$1.8B−$1.4B
Free cash flow$2.2B$1.5B$2.1B$2.6B$3.3B
Investing cash flow$2.1B−$1.2B−$1.6B−$1.7B−$1.2B
Net debt issued / repaid−$2.2B$0$945.0M$2.5B−$502.0M
Buybacks−$3.7B−$1.5B−$1.5B−$2.5B−$1.6B
Dividends paid−$983.0M−$1.1B−$1.1B−$1.2B−$1.3B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin20.4%20.4%16.7%20.4%19.8%
Operating margin15.8%9.8%6.5%10.6%10.2%
Net margin19.6%13.4%5.2%10.2%10.0%
FCF margin6.0%4.0%5.3%6.4%7.9%
ROE59.6%34.7%13.7%27.7%26.2%
ROIC18.4%10.9%8.0%12.4%11.0%
ROA16.1%11.3%4.6%8.7%8.3%
Debt / equity1.130.981.081.201.18
Interest coverage13.5x12.5x5.3x8.9x8.6x
Current ratio1.301.081.151.011.09
Revenue growth−3.1%+2.6%+7.3%+4.4%+2.2%
EPS growth+128.4%−27.4%−57.1%+108.3%+3.3%
P/E at year end8.3x16.4x33.3x16.3x19.5x
EV / EBITDA at year end7.9x12.1x19.2x11.8x13.4x
FCF yield at year end3.70%1.83%3.07%3.86%4.06%
Dividend payout14.0%21.5%54.3%28.4%30.9%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Aeronautics Systems$11.3B$10.5B$10.8B$12.0B$13.0B
Mission Systems$10.1B$10.4B$10.9B$11.4B$12.5B
Space Systems$10.6B$12.3B$11.9B$11.7B$10.8B
Defense Systems$5.8B$5.6B$8.3B$8.6B$8.0B
Intersegment Eliminations−$2.1B−$2.2B−$2.6B−$2.7B−$2.3B

Revenue by region · FY2025

Europe$3.3B · 63%
Asia Pacific$1.9B · 37%

Street estimates by fiscal year

Next report 2026-10-20 · consensus EPS $7.18 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$44.1B$43.8B – $44.3B$28.93$28.07 – $29.311618.0x
2027$47.1B$46.5B – $48.0B$30.36$29.47 – $31.761617.1x
2028$50.0B$47.8B – $51.7B$32.83$29.84 – $34.801615.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-21$6.06$6.14+1.3%$9.8B$9.9B+1.3%
2026-01-27$6.98$7.23+3.6%$11.6B$11.7B+0.8%
2025-10-21$6.44$7.67+19.1%$10.7B$10.4B−2.7%
2025-07-22$6.92$7.11+2.7%$10.1B$10.4B+2.9%
2025-04-22$6.24$6.06−2.9%$9.9B$9.5B−4.6%
2025-01-30$6.35$6.39+0.6%$11.0B$10.7B−2.5%
2024-10-24$6.07$7.00+15.3%$10.2B$10.0B−1.9%
2024-07-25$5.93$6.36+7.3%$10.0B$10.2B+2.0%
2024-04-25$5.79$6.32+9.2%$9.8B$10.1B+3.8%
2024-01-25$5.75$6.27+9.0%$10.4B$10.6B+1.9%
2023-10-26$5.81$6.18+6.4%$9.6B$9.8B+2.0%
2023-07-27$5.33$5.34+0.2%$9.4B$9.6B+2.4%
2023-04-27$5.09$5.50+8.1%$9.2B$9.3B+1.4%
2023-01-26$6.60$7.50+13.6%$9.7B$10.0B+3.8%
2022-10-27$6.11$5.89−3.6%$9.1B$9.0B−1.7%
2022-07-28$6.10$6.39+4.8%$9.1B$8.8B−3.0%
2022-04-28$5.96$6.10+2.3%$8.9B$8.8B−0.9%
2022-01-27$5.95$6.00+0.8%$8.9B$8.6B−3.2%
2021-10-28$5.99$6.63+10.7%$8.9B$8.7B−2.5%
2021-07-29$5.84$6.42+9.9%$8.8B$9.2B+4.4%
2021-04-29$5.48$6.57+19.9%$8.5B$9.2B+7.8%
2021-01-28$5.70$6.59+15.6%$8.7B$10.2B+16.8%
2020-10-22$5.62$5.89+4.8%$8.7B$9.1B+4.8%
2020-07-30$5.32$6.01+13.0%$7.9B$8.9B+13.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-150.806-220.806-290.707-060.607-131.107-200.607-270.508-030.408-100.708-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$386.7M733,10643,038
2026-08-24$353.3M646,03040,515
2026-08-17$678.0M1,179,52058,693
2026-08-10$376.9M652,54440,576
2026-08-03$527.8M949,41150,818
2026-07-27$624.9M1,152,88353,454

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1527.9%
DateShort shareShort volumeTotal volume
2026-10-1527.9%165,335592,050
2026-10-1432.7%155,540475,929
2026-10-1335.7%112,333314,848
2026-10-1236.6%92,698253,454
2026-10-0940.9%114,597280,280
2026-10-0845.1%183,485407,055
2026-10-0746.9%142,387303,452
2026-10-0635.6%160,703451,891
2026-10-0524.0%141,713589,357
2026-10-0221.4%302,0401,413,098
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.8Jan+1.8Feb+1.8Mar+1.1Apr+0.8May-0.2Jun+2.4Jul+1.1Aug+1.0Sep+1.2Oct+0.5Nov+1.8Dec
MonthAvg returnUp yearsYears
Jan+1.8%55%20
Feb+1.8%75%20
Mar+1.8%57%21
Apr+1.1%55%20
May+0.8%65%20
Jun−0.2%40%20
Jul+2.4%60%20
Aug+1.1%65%20
Sep+1.0%65%20
Oct+1.2%60%20
Nov+0.5%50%20
Dec+1.8%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1459.1
MFI52.3
ADX32.5
Stochastic %K / %D75.0 / 54.0
Williams %R-1.0
CCI88
TSI / signal-17.0 / -28.0
Chaikin money flow0.01
ATR$12.10
Bollinger width12.8%
Volume vs 20-day avg0.98x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$495.19 (+5.0%)
SMA 50$525.73 (−1.1%)
SMA 200$593.44 (−12.4%)
EMA 21$499.05 (+4.2%)
EMA 50$515.23 (+0.9%)
EMA 200$557.22 (−6.7%)
Bollinger upper$526.95 (−1.3%)
Bollinger lower$463.44 (+12.2%)
Parabolic SAR$472.14 (+10.1%)
Open the live chart, 110+ indicators

About Northrop Grumman Corporation

Northrop Grumman Corporation is a leading global player in the aerospace and defense sectors. Its Aeronautics Systems division is responsible for the full lifecycle of aircraft, from design and development to production, integration, and ongoing maintenance. This includes a diverse portfolio of crewed and uncrewed aerial platforms: advanced strategic long-range strike aircraft, tactical fighter and air superiority jets, and sophisticated airborne systems for battle management and command and control. Additionally, it specializes in autonomous uncrewed aircraft systems, such as high-altitude, long-endurance strategic intelligence, surveillance, and reconnaissance (ISR) platforms, alongside vertical take-off and landing tactical ISR systems. The Defense Systems segment focuses on creating and delivering a wide array of weapons and mission technologies. Its offerings encompass integrated battle management solutions, various weapons platforms, and specialized aircraft. Key products include command and control systems, munitions, and missiles, alongside precision strike capabilities. The segment is also at the forefront of propulsion technologies, offering both air-breathing and advanced hypersonic systems, as well as sophisticated gun systems and precision munitions. Beyond products, it provides comprehensive life-cycle support, including software services, ongoing maintenance, logistics, operational assistance, and modernization efforts for air, sea, and ground-based defense systems. Within its Mission Systems division, Northrop Grumman delivers critical capabilities spanning cybersecurity, C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance). This includes developing advanced sensing technologies such as radar, electro-optical/infrared, and acoustic sensors, alongside electronic warfare systems. The division also provides cutting-edge communications and networking solutions, intelligence processing, navigation systems, and maritime power, propulsion, and payload launch systems. Furthermore, it supplies airborne multifunction sensors, integrated maritime and land-based systems, targeting and survivability solutions, and robust networked information platforms. The Space Systems segment is a key provider of space-based solutions, delivering satellites and their associated payloads, along with essential ground control systems. It specializes in missile defense systems, including interceptors, and offers a range of launch vehicles with their propulsion components, as well as strategic missile technologies. Established in 1939, the corporation maintains its headquarters in Falls Church, Virginia.

https://www.northropgrumman.com

Key executives

NameTitlePayBorn
Kathy J. WardenChair, Chief Executive Officer & President$7.3M1972
John Thomas GreeneCorporate Vice President & Chief Financial Officer$2.6M1966
Robert J. FlemingCorporate Vice President & President of Northrop Grumman Space Systems Sector$2.4M1973
Thomas H. JonesCorporate Vice President & President of Aeronautics Systems Sector$2.1M1967
Roshan RoederCorporate Vice President & President of Mission Systems Sector$1.9M1980
Bruce W. StephensonVice President of Corporate Strategy & Technology——
Michael A. HardestyCorporate Vice President, Controller & Chief Accounting Officer—1972
Rajender K. ChandhokVice President of Trust Administration and Investments—1949

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Kathy J. Warden Chair, Chief Executive Officer and President2025$1.8M$16.8M$4.2M$25.4M
Robert J. Fleming Corporate Vice President and President, Space Systems2025$807,308$3.5M$929,100$6.2M
Roshan S. Roeder Corporate Vice President and President, Mission Systems2025$807,308$3.5M$929,100$5.7M
Thomas H. Jones Corporate Vice President and President, Aeronautics Systems2025$835,193$3.5M$957,600$5.6M
Kenneth B. Crews Former Corporate Vice President and Chief Financial Officer2025$850,000$3.0M$969,000$5.2M

Employees

85k201890k201997k202088k202195k2022101k202397k202495k2025

Dividends

Ex-dateAmountPaid
2026-08-31$2.472026-09-16
2026-06-01$2.472026-06-17
2026-02-23$2.312026-03-11
2025-12-01$2.312025-12-17
2025-09-02$2.312025-09-17
2025-06-02$2.312025-06-18
2025-03-03$2.062025-03-19
2024-12-02$2.062024-12-18

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage68
Intangibles42
Switching costs27
Network effect35
Efficient scale73
Our component scores (0-100) and overall 47.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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