Tearsheet

Northrop Grumman (NOC)

Market Price (12/27/2025): $577.29 | Market Cap: $82.6 Bil
Sector: Industrials | Industry: Aerospace & Defense

Northrop Grumman (NOC)

Market Price (12/27/2025): $577.29
Market Cap: $82.6 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%	Weak multi-year price returns 2Y Excs Rtn is -16%, 3Y Excs Rtn is -67%	Key risks NOC key risks include [1] major execution challenges, Show more.
1	Attractive cash flow generation CFO LTM is 3.4 Bil
2	Low stock price volatility Vol 12M is 27%
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space, Cybersecurity, and Artificial Intelligence. Themes include Commercial Space Exploration, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%
1	Attractive cash flow generation CFO LTM is 3.4 Bil
2	Low stock price volatility Vol 12M is 27%
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space, Cybersecurity, and Artificial Intelligence. Themes include Commercial Space Exploration, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -16%, 3Y Excs Rtn is -67%
5	Key risks NOC key risks include [1] major execution challenges, Show more.

Valuation, Metrics & Events

	12/27/25	2024	2023	2022	2021
Share Price CYE	$577.29	$461.28	$452.54	$518.91	$362.83
Market Cap CYE ($ Bil)	82.6	67.1	68.2	79.8	57.1
Total Debt ($ Bil)	17.0	16.5	15.7	13.6	14.4
Total Cash ($ Bil)	2.0	4.4	3.1	2.6	3.5
Enterprise Value ($ Bil)	97.6	83.6	83.9	93.4	71.5
Valuation Ratios
P/S TTM	2.0	1.7	1.8	2.3	1.7
P/EBIT TTM	14.9	12.2	24.5	13.3	6.5
P/E TTM	20.6	16.5	34.5	17.3	8.9
P/FCF TTM	45.0	26.3	33.8	57.7	28.8
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.2	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4	13.8

	12/27/25	2024	2023
Share Price CYE	$577.29	$461.28	$452.54
Market Cap CYE ($ Bil)	82.6	67.1	68.2
Total Debt ($ Bil)	17.0	16.5	15.7
Total Cash ($ Bil)	2.0	4.4	3.1
Enterprise Value ($ Bil)	97.6	83.6	83.9
Valuation Ratios
P/S TTM	2.0	1.7	1.8
P/EBIT TTM	14.9	12.2	24.5
P/E TTM	20.6	16.5	34.5
P/FCF TTM	45.0	26.3	33.8
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	NOC	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	40.9
Rev Chg Q	4.3%	7.3%
Rev Chg LTM	-0.1%	6.1%
Rev Chg 3Y Avg	5.2%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	4.1
CFO LTM ($ Bil)	3.4
Net Inc LTM ($ Bil)	4.0
Op Mgn LTM	10.0%	18.8%
CFO/Rev LTM	8.4%	20.4%
Net Inc Mgn	9.8%	13.1%
VALUATION	HIGH
P/S	2.0	3.3
P/CFO	24.0	15.8
P/FCF	45.0	20.7
P/E	20.6	23.5
STABILITY	GOOD
Debt/Equity	0.21	0.21
Cash/Assets	0.04	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Total Backlog	91.4 billion	11052025	Link
Net Awards	12.2 billion	11052025	Link
Book-to-Bill Ratio	1.17	11052025	Link

Upcoming
1/27/2026	Earnings Release	Rev: $11 Bil (E) EPS: $7.03 (E)
4/20/2026	Earnings Release	Rev: - EPS: -

NOC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Here are the key points explaining why Northrop Grumman (NOC) stock moved by -1.4% during the approximate time period from August 31, 2025, to December 27, 2025:

1. Multi-Billion Dollar Program Setbacks: Northrop Grumman faced significant investor concern due to multi-billion dollar cost overruns on its critical Sentinel Intercontinental Ballistic Missile (ICBM) program and substantial losses related to the B-21 Raider stealth bomber. These issues, including an 81% cost surge for the Sentinel program, led to a critical Nunn-McCurdy breach, eroding investor confidence and impacting the company's financial outlook.

2. Government Pressure on Share Repurchases: Remarks from Treasury Secretary Scott Bessent on October 15, 2025, suggesting the government might request defense companies to reduce share repurchases amid increasing federal spending on national security, triggered an industry-wide sell-off. Northrop Grumman's stock specifically slid 3.4% following these comments.

3. Third-Quarter Revenue Miss and Trimmed Sales Outlook: Despite raising its 2025 profit forecast, Northrop Grumman trimmed its full-year 2025 sales outlook on October 21, 2025. The company reported third-quarter revenue of $10.42 billion, which was below the consensus estimate of $10.68 billion, causing shares to fall 2.2% in premarket trading.

4. China Imposes Sanctions: On December 26, 2025, China announced sanctions against Northrop Grumman Systems Corporation (among other U.S. defense firms and executives) in retaliation for an $11 billion arms package approved for Taiwan by the United States. These sanctions prohibit the company from conducting business or cooperation with Chinese entities and include the freezing of assets in China, escalating geopolitical risk for NOC.

5. Analyst Rating Downgrade Due to Valuation and EPS Growth Concerns: As of year-end 2025, at least one analyst moved Northrop Grumman's rating to a "HOLD," citing an elevated current valuation and a forecast of 0% EPS growth for 2025. This assessment suggested that the risk/reward profile at current prices was unattractive, with a fair value estimate of $500 per share and a price target of $450 per share.

Stock Movement Drivers

Fundamental Drivers

The -2.5% change in NOC stock from 9/26/2025 to 12/26/2025 was primarily driven by a -4.7% change in the company's P/E Multiple.

	9262025	12262025	Change
Stock Price ($)	592.12	577.37	-2.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	40501.00	40928.00	1.05%
Net Income Margin (%)	9.74%	9.82%	0.81%
P/E Multiple	21.57	20.56	-4.69%
Shares Outstanding (Mil)	143.70	143.10	0.42%
Cumulative Contribution			-2.49%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
NOC	-2.5%
Market (SPY)	4.3%	12.1%
Sector (XLI)	3.0%	42.4%

Fundamental Drivers

The 17.8% change in NOC stock from 6/27/2025 to 12/26/2025 was primarily driven by a 7.7% change in the company's P/E Multiple.

	6272025	12262025	Change
Stock Price ($)	490.08	577.37	17.81%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	40368.00	40928.00	1.39%
Net Income Margin (%)	9.19%	9.82%	6.82%
P/E Multiple	19.10	20.56	7.65%
Shares Outstanding (Mil)	144.60	143.10	1.04%
Cumulative Contribution			17.80%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
NOC	17.8%
Market (SPY)	12.6%	3.2%
Sector (XLI)	7.5%	28.9%

Fundamental Drivers

The 24.4% change in NOC stock from 12/26/2024 to 12/26/2025 was primarily driven by a 69.5% change in the company's Net Income Margin (%).

	12262024	12262025	Change
Stock Price ($)	464.17	577.37	24.39%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	40985.00	40928.00	-0.14%
Net Income Margin (%)	5.79%	9.82%	69.46%
P/E Multiple	28.57	20.56	-28.05%
Shares Outstanding (Mil)	146.20	143.10	2.12%
Cumulative Contribution			24.33%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
NOC	24.4%
Market (SPY)	15.8%	3.5%
Sector (XLI)	18.3%	21.1%

Fundamental Drivers

The 12.2% change in NOC stock from 12/27/2022 to 12/26/2025 was primarily driven by a 42.8% change in the company's P/E Multiple.

	12272022	12262025	Change
Stock Price ($)	514.71	577.37	12.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	35208.00	40928.00	16.25%
Net Income Margin (%)	15.70%	9.82%	-37.44%
P/E Multiple	14.40	20.56	42.76%
Shares Outstanding (Mil)	154.60	143.10	7.44%
Cumulative Contribution			11.55%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
NOC	28.7%
Market (SPY)	48.0%	3.1%
Sector (XLI)	41.3%	21.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NOC Return	-10%	29%	43%	-13%	2%	26%	87%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
NOC Win Rate	58%	50%	67%	42%	50%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NOC Max Drawdown	-21%	-6%	-4%	-22%	-9%	-8%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See NOC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	NOC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-23.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	30.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	656 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-29.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	42.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	564 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-37.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	59.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	226 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-59.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	147.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,691 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Northrop Grumman's stock fell -23.5% during the 2022 Inflation Shock from a high on 10/31/2022. A -23.5% loss requires a 30.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Northrop Grumman (NOC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Northrop Grumman Corporation operates as an aerospace and defense company worldwide. The company's Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems. Its Defense Systems segment designs, develops, and produces weapons and mission systems. It offers products and services, such as integrated battle management systems, weapons systems and aircraft, and mission systems. This segment also provides command and control and weapons systems, including munitions and missiles; precision strike weapons; propulsion, such as air-breathing and hypersonic systems; gun systems and precision munitions; life cycle service and support for software, weapons systems, and aircraft; and logistics support, sustainment, operation, and modernization for air, sea, and ground systems. The company's Mission Systems segment offers cyber, command, control, communications and computers, intelligence, surveillance, and reconnaissance systems; radar, electro-optical/infrared and acoustic sensors; electronic warfare systems; advanced communications and network systems; cyber solutions; intelligence processing systems; navigation; and maritime power, propulsion, and payload launch systems. This segment also provides airborne multifunction sensors; maritime/land systems and sensors; navigation, targeting, and survivability solutions; and networked information solutions. Its Space Systems segment offers satellites and payloads; ground systems; missile defense systems and interceptors; launch vehicles and related propulsion systems; and strategic missiles. The company was founded in 1939 and is based in Falls Church, Virginia.

AI Analysis | Feedback

Northrop Grumman is like Boeing, but solely focused on advanced military aircraft, spacecraft, and defense systems rather than commercial airliners.

Alternatively, think of them as an IBM for national security, developing cutting-edge defense software, hardware, and integrated systems for governments.

AI Analysis | Feedback

Here are the major products and services of Northrop Grumman:

B-21 Raider Stealth Bomber: Developing the next-generation strategic stealth bomber for the U.S. Air Force.
E-2D Advanced Hawkeye: Provides an airborne early warning and control aircraft for surveillance and battle management.
Global Hawk Unmanned Aircraft System: Delivers high-altitude, long-endurance intelligence, surveillance, and reconnaissance capabilities.
Space Systems (Satellites & Components): Manufactures and integrates satellites, including major components for observatories like the James Webb Space Telescope, and various defense and intelligence satellites.
Launch Vehicles & Propulsion: Develops and produces launch vehicles (e.g., Antares) and solid rocket propulsion systems for space and missile applications.
Sentinel (formerly GBSD): Prime contractor for the modern replacement of the U.S. intercontinental ballistic missile (ICBM) system.
Integrated Air and Missile Defense Systems: Provides command and control systems like IBCS to integrate various air and missile defense assets.
Advanced Radar and Sensor Systems: Develops sophisticated radar and sensor technologies for airborne, naval, and ground-based platforms.
Cyber and C4ISR Solutions: Offers cybersecurity services and develops Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) systems.

AI Analysis | Feedback

Northrop Grumman (NOC) primarily sells its advanced systems, products, and services to government entities, rather than primarily to other companies or individuals. Therefore, the conditions for listing customer companies with symbols or describing categories of individual customers do not directly apply in the conventional sense.

Its major customers are:

The U.S. Government: This is Northrop Grumman's principal customer, accounting for the vast majority of its sales. Within the U.S. government, key customers include:
- U.S. Department of Defense (DoD): This encompasses all branches of the U.S. military (Air Force, Navy, Army, Marine Corps) and various defense agencies. Northrop Grumman supplies a wide array of products and services, including strategic bombers (e.g., B-2 Spirit, B-21 Raider), autonomous systems, missile defense, advanced electronics, and cybersecurity solutions.
- U.S. Intelligence Community: Various U.S. intelligence agencies procure specialized systems, platforms, and services for intelligence gathering and analysis.
- NASA (National Aeronautics and Space Administration): Northrop Grumman provides critical support for space exploration missions, satellite systems, and scientific instruments.
International Governments: While a smaller portion of overall revenue compared to U.S. government sales, Northrop Grumman also sells its products and services to allied foreign governments and their respective defense ministries. These sales often occur through U.S. government Foreign Military Sales (FMS) programs or direct commercial sales, involving items such as military aircraft, unmanned systems, radar technology, and related support services.

AI Analysis | Feedback

RTX Corporation (RTX)
General Electric (GE)
Honeywell International Inc. (HON)
L3Harris Technologies, Inc. (LHX)
Spirit AeroSystems Holdings, Inc. (SPR)
Ball Corporation (BALL)

AI Analysis | Feedback

Kathy Warden, Chair, Chief Executive Officer and President

Kathy Warden joined Northrop Grumman in 2008 and has served as Chair, CEO, and President since 2019. Prior to her current role, she was President and Chief Operating Officer, overseeing the company's four sectors and enterprise services organization. Before joining Northrop Grumman, Warden held leadership positions at General Dynamics and Veridian Corporation. She was also a principal in a venture internet firm, helping companies improve their business models and electronic publishing services, and spent nearly a decade with General Electric Company working in commercial industries.

David Keffer, Corporate Vice President and Chief Financial Officer

David Keffer was elected Corporate Vice President and Chief Financial Officer of Northrop Grumman in 2020. Prior to his tenure at Northrop Grumman, Keffer served as a general partner at Blue Delta Capital Partners, a private equity firm. He also held the position of Chief Financial Officer for CSRA, Inc., where he was involved in the integration of SRA International and CSC Government Services to form CSRA, and helped take CSRA public in late 2015. CSRA was subsequently acquired by General Dynamics in 2018. Earlier in his career, he was the CFO of SRA International.

Mark Caylor, Corporate Vice President and President, Mission Systems

Mark Caylor joined Northrop Grumman in 2002 and is currently the Corporate Vice President and President of the Mission Systems sector. In this role, he leads the development and production of large-scale, mission-critical platforms and systems. His previous positions at Northrop Grumman include corporate vice president and president of Enterprise Services, chief strategy officer, and treasurer, where he was responsible for capital structure management and mergers and acquisitions.

Thomas (Tom) H. Jones, Corporate Vice President and President, Aeronautics Systems

Thomas H. Jones serves as the Corporate Vice President and President of Northrop Grumman's Aeronautics Systems sector, overseeing military aircraft, autonomous systems, and aerospace structures. Before this role, he held various leadership positions within the Mission Systems sector, including Vice President and General Manager of the Airborne Sensors & Networks division.

Roshan Roeder, Corporate Vice President and President, Defense Systems

Roshan Roeder is the Corporate Vice President and President of Northrop Grumman's Defense Systems sector. Previously, she served as vice president and general manager of airborne multifunction sensors within Northrop Grumman's mission systems business.

AI Analysis | Feedback

The key risks to Northrop Grumman's business include:

Dependence on U.S. Government Contracts and Defense Spending: A significant majority of Northrop Grumman's revenue, approximately 85% to 87%, is generated from the U.S. federal government, predominantly the Department of Defense. This reliance exposes the company to considerable risks from potential budget cuts, delays in appropriations, shifts in government spending priorities, prolonged continuing resolutions, or government shutdowns. Any of these factors could materially impact the company's revenue and profitability.
Major Program Execution Risks: Northrop Grumman faces substantial operational risks associated with its large, long-duration contracts, particularly the B-21 Raider and Sentinel Intercontinental Ballistic Missile (ICBM) programs. Both programs are multi-billion dollar endeavors, and any cost overruns, performance issues, or delays can significantly impact the company's financial performance and revenue guidance. The B-21 program, for instance, has generated concerns regarding soaring costs and profit warnings, leading to a notable drop in stock price. The Sentinel program has also faced scrutiny, including a Nunn-McCurdy breach review, due to macroeconomic influences.
Supply Chain and Labor Challenges: The company's operations are susceptible to risks within its supply chain, which includes reliance on subcontractors and suppliers for critical raw materials and components. This can lead to delays, increased costs, and quality control issues. Furthermore, Northrop Grumman faces challenges in attracting and retaining a skilled workforce with the necessary security clearances, especially within a competitive labor market.

AI Analysis | Feedback

The rise of agile, software-first defense technology companies such as Anduril and Palantir. These companies are demonstrating the ability to rapidly develop and deploy advanced artificial intelligence, autonomous systems, and data integration platforms, challenging the traditional defense acquisition model and potentially capturing market share in critical software-defined capabilities that are increasingly central to modern warfare.
Disruption in the space sector from commercial players like SpaceX. Companies such as SpaceX are driving down launch costs, increasing the cadence of launches, and demonstrating highly scalable satellite constellations (e.g., Starlink/Starshield). This shifts the paradigm for space capabilities, potentially leading government procurement towards more cost-effective, rapidly deployable, and resilient commercial solutions, thus threatening Northrop Grumman's traditional business in high-cost, bespoke satellite systems and launch services.

AI Analysis | Feedback

Northrop Grumman (NOC) operates across several critical sectors within the defense, aerospace, and technology industries. The addressable markets for its main products and services vary by segment and region.

Overall Defense and Aerospace Market

The global aerospace and defense market is projected to reach $1,102.16 billion by 2029, growing from $796.24 billion in 2024.
The global defense market was valued at approximately $473.47 billion in 2024 and is expected to grow to $682.10 billion by 2029.
Another estimate places the global defense market at USD 2,619.58 billion in 2025, with a projected increase to USD 4,268.06 billion by 2035.
Global defense spending is anticipated to exceed USD 6.38 trillion by 2035.

Aeronautics Systems (Military Aircraft, Unmanned Systems, Aerospace Parts)

The global aerospace market size was valued at USD 373.61 billion in 2024 and is projected to reach USD 791.78 billion by 2034. North America accounts for over 46% of this market.
The U.S. aerospace market alone was valued at USD 120.30 billion in 2024 and is expected to reach USD 259.57 billion by 2034.
The global aerospace parts manufacturing market was estimated at USD 913.13 billion in 2023 and is expected to grow to USD 1,233.24 billion by 2030. North America held the largest revenue share in this market, at 51.7% in 2023.

Space Systems (Spacecraft, Missile Systems, Satellites)

Northrop Grumman's Space Systems segment reported $11.7 billion in sales in 2024. The company holds an estimated 8.7% market share in the U.S. Space Vehicle & Missile Manufacturing industry.
A specific total addressable market size for "Space Vehicle & Missile Manufacturing" globally or for the U.S. was not found to provide an overarching market size beyond Northrop Grumman's direct revenue and market share in the U.S. segment.

Mission Systems (Military Radar, Sensors, C4ISR, Cybersecurity)

The global cybersecurity market was estimated at USD 245.62 billion in 2024 and is projected to reach USD 500.70 billion by 2030. North America dominated this market with a revenue share exceeding 34% in 2024.
Another estimate for the global cybersecurity market indicates a size of USD 299.6 billion in 2024, with expectations to reach USD 644.4 billion by 2033. North America's market share was over 35.0% in 2024.
The mission systems segment of the broader defense market, which includes military radar and sensors, accounted for 37.71% or $178.55 billion of the total defense market in 2024.

Autonomous Systems (Unmanned Systems, Autonomous Platforms)

The global autonomous systems market was estimated at USD 4.10 billion in 2024 and is predicted to increase to approximately USD 14.58 billion by 2034. North America held the largest share of this market at 38% in 2024.
Another projection for the global autonomous system market indicates a growth to over USD 11.3 billion by 2032, from approximately USD 4.7 billion in 2025.
The global autonomous systems hardware market, a component of autonomous systems, was valued at $20.6 billion in 2025 and is expected to reach $61.7 billion by 2033.

AI Analysis | Feedback

Northrop Grumman (NOC) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from robust demand in the global defense sector and strategic program execution.

Growing Demand for Advanced Defense Systems and Modernization: Northrop Grumman anticipates sustained demand for advanced defense systems and modernization initiatives from both the U.S. and international allies. This includes a focus on areas such as air and missile defense, ground-based intelligence, surveillance, and reconnaissance (ISR), and advanced weapons systems. The company's strong order backlog, which reached $91.45 billion in the latest quarter and grew 7.6% year-on-year, underscores this demand and provides multi-year revenue visibility.
Ramp-up of Key Programs and New Contract Awards: Significant programs like the B-21 Raider stealth bomber, the Sentinel intercontinental ballistic missile program (formerly GBSD), and continued involvement in the F-35 (primarily through Mission Systems) are expected to be major revenue contributors. Management has also highlighted progress on the Integrated Battle Command System (IBCS) with a strong flight test record. Discussions are ongoing regarding accelerating the B-21 production rate, which could further boost future sales. New contract awards, totaling $12.2 billion in a recent quarter, consistently replenish the company's robust backlog.
International Market Expansion: Northrop Grumman is experiencing significant acceleration in its international business, with international sales growing 32% in a recent quarter and expected to outpace U.S. sales growth in 2025. This expansion is fueled by increased demand from allied nations prioritizing investments in air and missile defense, ground-based ISR, and advanced weapons systems.
Increased U.S. and Allied Defense Spending: Analysts and company management point to accelerating defense spending by the U.S. and its allies as a fundamental driver. This includes substantial increases in procurement and Research, Development, Test, and Evaluation (RDT&E) budgets. Bipartisan support for defense spending is viewed as a key pillar for long-term growth.

AI Analysis | Feedback

Share Repurchases

Northrop Grumman executed significant share repurchases, with annual amounts of $2.514 billion in 2024, $1.5 billion in 2023, and $1.504 billion in 2022.
In December 2024, the company's board of directors authorized an additional $3 billion for common stock repurchases, increasing the total outstanding authorization to approximately $4.2 billion.
As of September 2025, Northrop Grumman had $2.5 billion to $3.0 billion remaining under its share repurchase authorization.


Outbound Investments

Northrop Grumman divested its IT Services business in 2021.
The company agreed to divest its mission training and satellite ground network communications software business to Serco Inc.


Capital Expenditures

Capital expenditures for Northrop Grumman averaged $1.562 billion from fiscal years ending December 2020 to 2024.
Capital expenditures peaked at $1.775 billion in December 2023 and were $1.767 billion in 2024.
A notable portion of the increased capital expenditures in 2023 was allocated to the Space Systems segment. Strategic investments in solid rocket motor capacity were also reported, with annual production rates expected to increase.

Better Bets than Northrop Grumman (NOC)

INDUSTRY: Aerospace & Defense

Higher Rev Chg 3Y Avg | Lower P/S (Values for NOC: 5.2% | 2.0x)

GD (9.9% | 1.8x)

General Dynamics

PSN (17.9% | 1.0x)

Parsons

AIR (16.4% | 1.1x)

AAR

VVX (26.7% | 0.4x)

V2X

DCO (5.4% | 1.8x)

Ducommun

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NOC: 5.2% | 20.2x)

GD (9.9% | 17.3x)

General Dynamics

TDG (17.7% | 18.2x)

TransDigm

CAE (9.1% | 16.2x)

CAE

MOG-A (8.3% | 19.4x)

Moog

PSN (17.9% | 16.2x)

Parsons

Higher Rev Chg LTM (Value for NOC: -0.1%)

GE (17.7%)

GE Aerospace

GD (11.9%)

General Dynamics

BA (10.2%)

Boeing

RTX (8.8%)

RTX

LMT (2.9%)

Lockheed Martin

Higher Rev Chg 3Y Avg (Value for NOC: 5.2%)

GE (15.7%)

GE Aerospace

HWM (13.5%)

Howmet Aerospace

BA (10.1%)

Boeing

GD (9.9%)

General Dynamics

RTX (9.4%)

RTX

Higher Op Mgn LTM (Value for NOC: 10.0%)

TDG (47.4%)

TransDigm

HWM (24.0%)

Howmet Aerospace

GE (20.5%)

GE Aerospace

GD (10.3%)

General Dynamics

RTX (10.3%)

RTX

Higher CFO/Rev LTM (Value for NOC: 8.4%)

HWM (18.4%)

Howmet Aerospace

GE (17.2%)

GE Aerospace

GD (11.1%)

General Dynamics

RTX (9.3%)

RTX

LMT (8.7%)

Lockheed Martin

Higher FCF/Rev LTM (Value for NOC: 4.5%)

GE (14.7%)

GE Aerospace

HWM (13.2%)

Howmet Aerospace

GD (9.3%)

General Dynamics

LMT (6.3%)

Lockheed Martin

RTX (5.5%)

RTX

Higher Total Yield (Value for NOC: 5.6%)

TDG (15.4%)

TransDigm

SWBI (7.4%)

Smith & Wesson Brands

GD (6.3%)

General Dynamics

NPK (5.9%)

National Presto Industries

LMT (5.8%)

Lockheed Martin

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for NOC: 5.2% | 2.0x)

GD (9.9% | 1.8x)

General Dynamics

DAL (10.8% | 0.7x)

Delta Air Lines

UAL (13.2% | 0.6x)

United Airlines

EME (14.7% | 1.7x)

EMCOR

LDOS (6.9% | 1.4x)

Leidos

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NOC: 5.2% | 20.2x)

ADP (7.4% | 19.2x)

Automatic Data Processing

GD (9.9% | 17.3x)

General Dynamics

TDG (17.7% | 18.2x)

TransDigm

CMI (9.4% | 19.1x)

Cummins

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

Higher Rev Chg LTM (Value for NOC: -0.1%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

RTX (8.8%)

RTX

Higher Rev Chg 3Y Avg (Value for NOC: 5.2%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

ETN (9.7%)

Eaton

RTX (9.4%)

RTX

Higher Op Mgn LTM (Value for NOC: 10.0%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

DE (18.8%)

Deere

CAT (17.7%)

Caterpillar

RTX (10.3%)

RTX

Higher CFO/Rev LTM (Value for NOC: 8.4%)

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

RTX (9.3%)

RTX

GEV (9.1%)

GE Vernova

Higher FCF/Rev LTM (Value for NOC: 4.5%)

UBER (17.5%)

Uber Technologies

GE (14.7%)

GE Aerospace

CAT (11.7%)

Caterpillar

GEV (6.6%)

GE Vernova

RTX (5.5%)

RTX

Higher Total Yield (Value for NOC: 5.6%)

UBER (9.8%)

Uber Technologies

UNP (7.4%)

Union Pacific

HON (7.2%)

Honeywell International

ADP (6.3%)

Automatic Data Processing

LMT (5.8%)

Lockheed Martin

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NOC: 5.2% | 2.0x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

PGR (20.6% | 1.6x)

Progressive

HCA (6.6% | 1.6x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NOC: 5.2% | 20.2x)

V (10.9% | 17.3x)

Visa

UNH (11.4% | 11.4x)

UnitedHealth

PM (8.0% | 16.9x)

Philip Morris International

BKNG (17.8% | 19.6x)

Booking

ADBE (10.5% | 17.8x)

Adobe

Higher Rev Chg LTM (Value for NOC: -0.1%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for NOC: 5.2%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for NOC: 10.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for NOC: 8.4%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for NOC: 4.5%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for NOC: 5.6%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

		Best Bets In Industrials Sector
	NOC	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	20.6	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	14.9	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	4.3%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	-0.1%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.2%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	5.3%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Northrop Grumman Earnings Notes
2	Northrop Grumman Earnings Notes
3	How Low Can Northrop Grumman Stock Really Go?	Return
4	Northrop Grumman vs Alphabet: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Northrop Grumman vs Lockheed Martin: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Now Is Not The Time To Buy Northrop Grumman Stock	Buy or Fear
7	How Does Northrop Grumman Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than NOC Stock: Pay Less Than Northrop Grumman To Get More From MRK, MU
9	Better Bet Than NOC Stock: Pay Less Than Northrop Grumman To Get More From EME, IESC
10	Why TDG With 36% Upside May Beat NOC?	Actionable

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NOC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%
NOC_12312018_Dip_Buyer_ValueBuy	12312018	NOC	Northrop Grumman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	31.2%	42.7%	-2.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Northrop Grumman

Peers to compare with:

Financials

	NOC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Northrop.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	577.37	23.26	24.49	305.09	78.16	273.40	175.78
Mkt Cap	82.6	21.9	32.6	284.9	309.2	4,074.4	183.8
Rev LTM	40,928	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	4,098	3,624	1,644	11,544	12,991	130,214	7,821
FCF LTM	1,834	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	2,137	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	3,438	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	3,791	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	NOC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Northrop.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-0.1%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	5.2%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	4.3%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	1.1%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	10.0%	6.6%	4.8%	17.7%	22.5%	31.9%	13.8%
Op Mgn 3Y Avg	9.0%	7.4%	7.2%	16.4%	24.2%	30.8%	12.7%
QoQ Delta Op Mgn LTM	0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	8.4%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	9.4%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	4.5%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	5.3%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	NOC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Northrop.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	82.6	21.9	32.6	284.9	309.2	4,074.4	183.8
P/S	2.0	0.4	1.0	4.4	5.4	10.0	3.2
P/EBIT	14.9	6.8	19.9	25.1	22.5	31.3	21.2
P/E	20.6	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	24.0	5.9	11.2	21.1	22.5	37.5	21.8
Total Yield	5.6%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.8%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	2.8%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.2	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.2	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	NOC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Northrop.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	2.2%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.4%
3M Rtn	-2.5%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	17.8%	-4.0%	34.5%	6.6%	15.2%	36.3%	16.5%
12M Rtn	24.4%	-27.3%	14.2%	39.2%	33.7%	6.0%	19.3%
3Y Rtn	12.2%	-3.8%	67.7%	139.0%	79.5%	113.4%	73.6%
1M Excs Rtn	-0.6%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.4%
3M Excs Rtn	-6.8%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	5.6%	-16.3%	22.3%	-5.7%	3.0%	24.0%	4.3%
12M Excs Rtn	9.7%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	4.5%
3Y Excs Rtn	-66.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does Northrop Grumman Stock Stack Up Against Its Peers?
1	LMT Could Deliver 17% Returns And Outperform NOC
2	Northrop Grumman vs. General Dynamics: With Return Forecast Of 19%, Northrop Grumman Is A Better Bet
3	Northrop Grumman vs. Transdigm Group: With Return Forecast Of 28%, Transdigm Group Is A Better Bet
4	RTX Could Deliver 18% Returns And Outperform NOC
5	Northrop Grumman vs. Thermo Fisher Scientific: Both Seem Similar Bets
6	Northrop Grumman vs. Tesla: With Return Forecast Of 47%, Tesla Is A Better Bet
7	Northrop Grumman vs. NVIDIA: With Return Forecast Of 53%, NVIDIA Is A Better Bet
8	Northrop Grumman vs. Abbott Laboratories: Similar Income, Similar Bets
9	Northrop Grumman vs. Mastercard: Similar Income, But Mastercard Is A Better Bet

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/21/2025	1/30/2025	1/25/2024	1/26/2023	1/27/2022	1/28/2021	1/30/2020
Key Financials
Total Revenue	40,928	41,033	39,290	36,602	35,667	36,799	33,841
EBITDA	7,009	7,007	4,229	7,684	10,733	5,588	4,341
Operating Income	4,098	4,370	2,537	3,601	3,671	4,065	3,969
Net Income	4,019	4,174	2,056	4,896	7,005	3,189	2,248
EPS	27.85	28.39	13.57	31.61	43.70	19.08	13.28
Growth Rates
Total Revenue Growth	-0.1%	4.4%	7.3%	2.6%	-3.1%	8.7%	12.4%
EBITDA Growth	50.6%	65.7%	-45.0%	-28.4%	92.1%	28.7%	-14.9%
Operating Income Growth	41.9%	72.3%	-29.5%	-1.9%	-9.7%	2.4%	5.0%
Net Income Growth	69.2%	103.0%	-58.0%	-30.1%	119.7%	41.9%	-30.4%
Margins
EBITDA Margin	17.1%	17.1%	10.8%	21.0%	30.1%	15.2%	12.8%
Operating Income Margin	10.0%	10.6%	6.5%	9.8%	10.3%	11.0%	11.7%
Net Income Margin	9.8%	10.2%	5.2%	13.4%	19.6%	8.7%	6.6%
Cash & Debt
Total Cash	1,957	4,353	3,109	2,577	3,530	4,907	2,245
Total Debt	16,958	16,490	15,678	13,629	14,373	16,346	15,187
Net Debt / (Cash)	15,001	12,137	12,569	11,052	10,843	11,439	12,942
Cash Flows
Net Cash from Operations	3,438	4,388	3,875	2,901	3,567	4,305	4,297
Free Cash from Operations	1,834	2,621	2,100	1,466	2,152	2,885	3,033
Returns to Shareholders
Dividends	1,263	1,186	1,116	1,052	983	953	880
Share Repurchases	1,609	2,514	1,500	1,504	3,705	490	744

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/21/2025	7/22/2025	4/22/2025	1/30/2025	10/24/2024	7/25/2024	4/25/2024	1/25/2024	10/26/2023	7/27/2023	4/27/2023	1/26/2023
Key Financials Quarterly
Total Revenue	10,423	10,351	9,468	10,686	9,996	10,218	10,133	10,638	9,775	9,576	9,301	10,033
Ebitda	1,863	1,950	1,071	2,125	1,680	1,626	1,576	-229	1,576	1,457	1,425	2,954
Operating Income	1,242	1,194	573	1,089	1,120	1,090	1,071	-393	1,016	967	947	906
Net Income	1,100	1,174	481	1,264	1,026	940	944	-535	937	812	842	2,080
EPS	7.69	8.17	3.33	8.66	7.02	6.37	6.34	-3.50	6.20	5.35	5.52	13.48
Key Financials TTM
Total Revenue TTM	40,928	40,501	40,368	41,033	40,985	40,764	40,122	39,290	38,685	37,881	37,106	36,602
Ebitda TTM	7,009	6,826	6,502	7,007	4,653	4,549	4,380	4,229	7,412	7,375	7,529	7,684
Operating Income TTM	4,098	3,976	3,872	4,370	2,888	2,784	2,661	2,537	3,836	3,664	3,651	3,601
Net Income TTM	4,019	3,945	3,711	4,174	2,375	2,286	2,158	2,056	4,671	4,649	4,783	4,896
Growth Rates Quarterly
Total Revenue Growth	4.3%	1.3%	-6.6%	0.5%	2.3%	6.7%	8.9%	6.0%	9.0%	8.8%	5.7%	16.1%
EBITDA Growth	10.9%	19.9%	-32.0%	1027.9%	6.6%	11.6%	10.6%	-107.8%	2.4%	-9.6%	-9.8%	-22.4%
Operating Income Growth	10.9%	9.5%	-46.5%	377.1%	10.2%	12.7%	13.1%	-143.4%	20.4%	1.4%	5.6%	22.1%
Net Income Growth	7.2%	24.9%	-49.0%	336.3%	9.5%	15.8%	12.1%	-125.7%	2.4%	-14.2%	-11.8%	-23.2%
Margins Quarterly
EBITDA Margin	17.9%	18.8%	11.3%	19.9%	16.8%	15.9%	15.6%	-2.2%	16.1%	15.2%	15.3%	29.4%
Operating Income Margin	11.9%	11.5%	6.1%	10.2%	11.2%	10.7%	10.6%	-3.7%	10.4%	10.1%	10.2%	9.0%
Net Income Margin	10.6%	11.3%	5.1%	11.8%	10.3%	9.2%	9.3%	-5.0%	9.6%	8.5%	9.1%	20.7%
Cash & Debt
Total Cash	1,957	1,899	1,685	4,353	3,326	3,272	3,061	3,109	2,082	3,384	2,495	2,577
Total Debt	16,958	16,965	16,021	16,490	16,510	18,166	16,572	15,678	15,529	15,568	16,641	13,629
Net Debt / (Cash)	15,001	15,066	14,336	12,137	13,184	14,894	13,511	12,569	13,447	12,184	14,146	11,052
Cash Flows Quarterly
FCF from Operations	1,557	868	-1,565	2,578	1,091	1,425	-706	2,430	1,228	919	-702	2,251
Cash Flows TTM
FCF from Operations TTM	3,438	2,972	3,529	4,388	4,240	4,377	3,871	3,875	3,696	3,803	2,687	2,901
Returns to Shareholders Quarterly
Dividends	330	332	302	299	301	303	283	282	280	284	270	266
Share Repurchases	277	411	480	441	321	562	1,190	346	223	208	723	493
Return on Invested Capital (ROIC) Quarterly
ROIC	27.5%	26.0%	13.3%	29.2%	29.3%	24.0%	26.5%	-8.8%	25.3%	26.1%	22.6%	25.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	22.5%	21.9%	22.5%	30.0%	19.2%	16.2%	17.1%	17.7%	24.0%	25.3%	21.7%	24.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Space Systems	11,873	12,275	10,608	8,744	7,425
Mission Systems	10,895	10,396	10,134	10,080	9,410
Aeronautics Systems	10,786	10,531	11,259	12,169	11,116
Defense Systems	8,289	5,579	5,776	7,543	7,495
Intersegment profit eliminations	-2,553	-2,179	-2,110	-1,737	-1,605
Total	39,290	36,602	35,667	36,799	33,841

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Mission Systems	1,609	1,618	1,579	1,459	1,408
Space Systems	1,130	1,158	1,121	893	794
Defense Systems	829	664	696	846	793
Financial Accounting Standards (FAS)/Cost Accounting Standards (CAS) operating adjustment	-82	-200	130	418	465
Unallocated corporate expense	-141	-452	1,304	-541	-474
Intersegment profit eliminations	-335	-303	-272	-216	-205
Aeronautics Systems	-473	1,116	1,093	1,206	1,188
Total	2,537	3,601	5,651	4,065	3,969

Price Behavior

Price Behavior

Market Price	$577.37
Market Cap ($ Bil)	82.6
First Trading Date	12/31/1981
Distance from 52W High	-9.1%
	50 Days	200 Days
DMA Price	$570.75	$539.51
DMA Trend	up	down
Distance from DMA	1.2%	7.0%
	3M	1YR
Volatility	20.0%	27.3%
Downside Capture	31.39	-10.24
Upside Capture	12.81	12.83
Correlation (SPY)	13.1%	3.6%

NOC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.29	0.06	0.06	-0.18	0.06	0.11
Up Beta	0.18	0.15	0.05	-0.78	0.05	0.13
Down Beta	0.01	0.49	0.43	-0.10	0.19	0.16
Up Capture	-63%	-39%	-18%	18%	3%	1%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	15	26	68	132	392
Down Capture	-35%	8%	-2%	-34%	-19%	11%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	25	35	56	115	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of NOC With Other Asset Classes (Last 1Y)
	NOC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	25.1%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	27.2%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.80	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		21.2%	3.6%	19.7%	5.5%	20.7%	-1.8%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of NOC With Other Asset Classes (Last 5Y)
	NOC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.8%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	24.2%	17.2%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.59	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		32.8%	16.4%	11.2%	14.9%	21.9%	3.2%

Based On 10-Year Data

		Comparison of NOC With Other Asset Classes (Last 10Y)
	NOC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.7%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	24.8%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.53	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		49.6%	38.3%	6.2%	15.4%	36.2%	5.0%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,538,336
Short Interest: % Change Since 11302025	-7.7%
Average Daily Volume	695,613
Days-to-Cover Short Interest	2.21
Basic Shares Quantity	143,100,000
Short % of Basic Shares	1.1%

Returns Analyses

	Title
0	How Low Can Northrop Grumman Stock Really Go?
1	NOC YTD Stock Return Of -12% Outperforms RTX by 6.6% and Underperforms GD by -14%
2	NOC YTD Stock Return Of 37% Outperforms TDG by 37% and Outperforms LMT by 0.7%
3	Northrop Grumman Stock Return Comparison
4	[9/28/2021] Northrop Grumman (NOC) Stock Price Forecast: AI Forecasts NOC Stock Price To Be Around $363 In A Month (Up 1.3%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/21/2025	-0.4%	-1.0%	-5.9%
7/22/2025	9.4%	10.3%	13.8%
4/22/2025	-12.7%	-9.0%	-10.3%
1/30/2025	0.4%	-1.9%	-4.1%
10/24/2024	1.4%	-2.1%	-3.9%
7/25/2024	6.4%	9.5%	15.3%
4/25/2024	2.8%	2.5%	-1.6%
1/25/2024	-6.3%	-3.7%	-0.2%
...
SUMMARY STATS
# Positive	14	8	11
# Negative	10	16	13
Median Positive	1.7%	6.6%	6.3%
Median Negative	-4.0%	-3.4%	-3.9%
Max Positive	9.4%	10.3%	15.3%
Max Negative	-12.7%	-9.0%	-13.7%

	Forward Returns
10/21/2025	-0.4%	-1.0%	-5.9%
7/22/2025	9.4%	10.3%	13.8%
4/22/2025	-12.7%	-9.0%	-10.3%
1/30/2025	0.4%	-1.9%	-4.1%
10/24/2024	1.4%	-2.1%	-3.9%
7/25/2024	6.4%	9.5%	15.3%
4/25/2024	2.8%	2.5%	-1.6%
1/25/2024	-6.3%	-3.7%	-0.2%
10/26/2023	-1.1%	-3.1%	-2.0%
7/27/2023	-2.6%	-2.1%	-5.5%
4/27/2023	1.9%	-1.2%	-3.5%
1/26/2023	-4.3%	-4.5%	2.0%
10/27/2022	0.9%	-0.1%	-0.3%
7/28/2022	1.9%	8.1%	10.9%
4/28/2022	1.2%	5.2%	6.3%
1/27/2022	-7.3%	-8.0%	2.0%
10/28/2021	-7.6%	-8.8%	-8.4%
7/29/2021	1.5%	-0.8%	1.8%
4/29/2021	4.1%	10.2%	9.5%
1/28/2021	0.3%	2.9%	0.3%
10/22/2020	-1.7%	-4.8%	0.4%
7/30/2020	3.4%	4.6%	10.7%
4/29/2020	-3.7%	-4.6%	-0.5%
1/30/2020	0.6%	-3.9%	-13.7%
SUMMARY STATS
# Positive	14	8	11
# Negative	10	16	13
Median Positive	1.7%	6.6%	6.3%
Median Negative	-4.0%	-3.4%	-3.9%
Max Positive	9.4%	10.3%	15.3%
Max Negative	-12.7%	-9.0%	-13.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10212025	10-Q 9/30/2025
6302025	7222025	10-Q 6/30/2025
3312025	4222025	10-Q 3/31/2025
12312024	1302025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	4252024	10-Q 3/31/2024
12312023	1252024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	1262023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	1272022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	WELSH MARK A III		11252025	Sell	560.39	1	560	2,452,827	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Northrop Grumman (NOC)

Market Price (12/27/2025): $577.29 | Market Cap: $82.6 BilSector: Industrials | Industry: Aerospace & Defense

Northrop Grumman (NOC)

Market Price (12/27/2025): $577.29Market Cap: $82.6 BilSector: IndustrialsIndustry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

NOC Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Northrop Grumman (NOC)

Overall Defense and Aerospace Market

Aeronautics Systems (Military Aircraft, Unmanned Systems, Aerospace Parts)

Space Systems (Spacecraft, Missile Systems, Satellites)

Mission Systems (Military Radar, Sensors, C4ISR, Cybersecurity)

Autonomous Systems (Unmanned Systems, Autonomous Platforms)

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Northrop Grumman (NOC)

INDUSTRY: Aerospace & Defense

Higher Rev Chg 3Y Avg | Lower P/S (Values for NOC: 5.2% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NOC: 5.2% | 20.2x)

Higher Rev Chg LTM (Value for NOC: -0.1%)

Higher Rev Chg 3Y Avg (Value for NOC: 5.2%)

Higher Op Mgn LTM (Value for NOC: 10.0%)

Higher CFO/Rev LTM (Value for NOC: 8.4%)

Higher FCF/Rev LTM (Value for NOC: 4.5%)

Higher Total Yield (Value for NOC: 5.6%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for NOC: 5.2% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NOC: 5.2% | 20.2x)

Higher Rev Chg LTM (Value for NOC: -0.1%)

Higher Rev Chg 3Y Avg (Value for NOC: 5.2%)

Higher Op Mgn LTM (Value for NOC: 10.0%)

Higher CFO/Rev LTM (Value for NOC: 8.4%)

Higher FCF/Rev LTM (Value for NOC: 4.5%)

Higher Total Yield (Value for NOC: 5.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NOC: 5.2% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NOC: 5.2% | 20.2x)

Higher Rev Chg LTM (Value for NOC: -0.1%)

Higher Rev Chg 3Y Avg (Value for NOC: 5.2%)

Higher Op Mgn LTM (Value for NOC: 10.0%)

Higher CFO/Rev LTM (Value for NOC: 8.4%)

Higher FCF/Rev LTM (Value for NOC: 4.5%)

Higher Total Yield (Value for NOC: 5.6%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Northrop Grumman

Financials

Growth & Margins

Valuation

Returns

Market Price (12/27/2025): $577.29 | Market Cap: $82.6 Bil
Sector: Industrials | Industry: Aerospace & Defense

Market Price (12/27/2025): $577.29
Market Cap: $82.6 Bil
Sector: Industrials
Industry: Aerospace & Defense