Northrop Grumman Corp NOC

IndustrialsAerospace & DefenseUnited States of America

Last close 557.54 USD on Nov 1, 2026, −1.0% year to date

Quant rating

Quant rating C Rank 196 of 486 in Industrials

Growth C 313 of 486
Valuation B 130 of 486
Quality B 115 of 486
Revisions C 336 of 486
Momentum B 183 of 486

Wall Street consensus Buy (2.21)Average target 640.98 USD +15.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 79.2B
Enterprise value: 90.7B
52-week range: 470.50 – 773.69
3-year range: 423.42 – 773.69
Dividend yield: 1.77%
Beta (5 years): −0.11
Shares outstanding: 142M
Next earnings: Jan 25, 2027

About the company

Northrop Grumman Corporation is a global aerospace and defense technology company. The Company delivers a range of products, services and solutions to U.S. and international customers, and principally to the United States Department of War and intelligence community. Its segments include Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems. Aeronautics Systems is involved in the design, development, production, integration, sustainment and modernization of military aircraft systems. Defense Systems is involved in the design, engineering, development, integration and production of strategic deterrent systems, advanced tactical weapons, and missile defense solutions. Mission Systems offers advanced mission solutions and multifunction systems. Space Systems is engaged in delivering end-to-end mission solutions through the design, development, integration, production and operation of space, missile defense, and launch systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	41,954	41,033	39,290	36,602	35,667	–
Revenue growth	2.2%	4.4%	7.3%	2.6%	−3.1%	2.7%
EPS (basic, normalized)	26.34	26.08	23.29	25.54	25.63	–
EPS growth	1.0%	12.0%	−8.8%	−0.4%	–	–
Gross margin	19.8%	20.4%	16.7%	20.4%	20.4%	19.5%
Net margin	10.0%	10.2%	5.2%	13.4%	19.6%	11.7%
ROE	26.2%	27.7%	13.7%	34.7%	59.6%	32.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,744
Current ratio	1.23x
Long-term debt (mil)	14,433
Net debt (mil)	11,453
Total equity (mil)	18,683
Net debt / equity	0.61x
Net debt / EBITDA	1.99x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	41,954	+2.2%	2.2x	5,752	0.0%	15.8x	26.34	+1.0%	21.2x
2026	44,067	+5.0%	2.1x	6,218	+8.1%	14.6x	29.76	+13.0%	18.7x
2027	46,935	+6.5%	1.9x	6,640	+6.8%	13.7x	29.90	+0.5%	18.6x
2028	50,078	+6.7%	1.8x	7,111	+7.1%	12.7x	32.48	+8.6%	17.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	44,067	0.0%	0.0%	+0.2%	29.76	+2.6%	+2.5%	+6.4%
2027	46,935	0.0%	0.0%	+0.4%	29.90	−1.7%	−1.5%	−1.1%
2028	50,078	+0.6%	+0.4%	+1.1%	32.48	−0.9%	−1.1%	−0.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	10,133	10,218	9,996	10,686	9,468	10,351	10,423	11,712	9,881	10,876
Sales mean (mil)	9,771	10,018	10,181	11,008	9,916	10,067	10,714	11,626	9,752	10,806
Surprise	+3.7%	+2.0%	−1.8%	−2.9%	−4.5%	+2.8%	−2.7%	+0.7%	+1.3%	+0.6%
EPS reported	6.32	6.36	7.00	6.39	6.06	7.11	7.67	7.23	6.14	7.68
EPS mean	5.79	5.93	6.07	6.35	6.25	6.83	6.46	6.97	6.06	6.82
Surprise	+9.1%	+7.3%	+15.3%	+0.7%	−3.1%	+4.2%	+18.8%	+3.8%	+1.4%	+12.6%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NOC Northrop Grumman Corp	79.2B	1.99x	10.0%	4.24x	18.7x	18.6x	14.6x	13.7x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
GD General Dynamics Corp	100.8B	0.42x	8.0%	3.76x	21.8x	19.9x	15.2x	14.0x
Mean		1.82x	8.9%	10.83x	6.6x	53.7x	22.7x	18.1x
Median		1.72x	7.8%	9.40x	21.3x	22.3x	16.4x	15.2x

Technical analysis

1M+10.2%
3M+2.0%
1Y−4.7%
3Y+23.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Northrop Grumman Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	41,954	41,033	39,290	36,602	35,667	36,799
Cost of revenue	33,641	32,671	32,739	29,128	28,399	29,321
Gross profit	8,313	8,362	6,551	7,474	7,268	7,478
Selling, general & administrative expenses	2,933	2,892	2,814	2,673	2,497	2,313
Research & development	1,100	1,100	1,200	1,200	1,100	1,100
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−231	–	0	0	−1,926	–
Other operating expenses	0	0	0	0	0	0
Operating income	4,511	4,370	2,537	3,601	5,597	4,065
Net interest income (expense)	−665	−621	−545	−506	−556	−593
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1,222	1,267	354	2,741	3,897	256
Net income before taxes	5,068	5,016	2,346	5,836	8,938	3,728
Provision for taxes	886	842	290	940	1,933	539
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,182	4,174	2,056	4,896	7,005	3,189
Extraordinary items	–	–	–	–	–	0
Net income	4,182	4,174	2,056	4,896	7,005	3,189
EBIT, normalized	4,757	4,370	4,096	3,601	3,703	4,065
EBITDA, normalized	6,229	5,740	5,434	4,943	4,942	5,332
Basic EPS, normalized	26.34	26.08	23.29	25.54	25.63	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Northrop Grumman Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,403	4,353	3,109	2,577	3,530	4,907
Receivables	8,843	7,180	7,147	7,494	6,959	6,641
Total inventory	1,309	1,455	1,109	978	811	759
Prepaid expenses	543	1,100	2,135	1,259	944	1,192
Other current assets	189	186	206	180	182	1,845
Total current assets	15,287	14,274	13,706	12,488	12,426	15,344
Property, plant & equipment	12,831	12,306	11,471	10,611	9,549	8,604
Goodwill	17,437	17,512	17,517	17,516	17,515	17,518
Intangibles	208	254	305	384	578	783
Long-term investments	483	347	339	332	418	–
Note receivable	–	–	–	–	–	–
Other long-term assets	5,131	4,666	3,206	2,424	2,093	2,220
Total assets	51,377	49,359	46,544	43,755	42,579	44,469
Liabilities
Accounts payable	3,240	2,599	2,110	2,587	2,197	1,806
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,844	2,791	2,774	2,554	2,485	2,497
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	534	1,582	70.0	1,072	6.0	742
Other current liabilities	7,264	7,156	6,988	5,374	4,842	4,535
Total current liabilities	13,882	14,128	11,942	11,587	9,530	9,580
Long-term debt	15,162	14,692	13,786	11,805	12,777	14,261
Minority interest	–	–	–	–	–	–
Other liabilities	5,659	5,249	6,021	5,051	7,346	10,049
Total liabilities	34,703	34,069	31,749	28,443	29,653	33,890
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	142	145	150	153	156	167
Additional paid-in capital	0	0	0	0	0	58.0
Retained earnings (accumulated deficit)	16,658	15,297	14,773	15,312	12,913	10,482
Treasury stock	–	–	–	–	–	–
Other equity	−126	−152	−128	−153	−143	−128
Total equity	16,674	15,290	14,795	15,312	12,926	10,579
Total liabilities & shareholders' equity	51,377	49,359	46,544	43,755	42,579	44,469

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Northrop Grumman Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,182	4,174	2,056	4,896	7,005	3,189
Depreciation, depletion & amortization	1,472	1,370	1,338	1,342	1,239	1,267
Deferred taxes	548	−582	−988	−321	603	210
Non-cash items	−638	−909	1,621	−2,462	−5,473	1,124
Changes in working capital	−807	335	−152	−554	193	−1,485
Cash from operations	4,757	4,388	3,875	2,901	3,567	4,305
Investing activities
Capital expenditures	−1,450	−1,767	−1,775	−1,435	−1,415	−1,420
Other investing cash flows	295	18.0	193	194	3,473	209
Cash from investing	−1,155	−1,749	−1,582	−1,241	2,058	−1,211
Financing activities
Financing cash flow items	−133	−190	−90.0	−57.0	−78.0	−123
Cash dividends paid	−1,293	−1,186	−1,116	−1,052	−983	−953
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,126	−19.0	−555	−1,504	−5,941	644
Cash from financing	−3,552	−1,395	−1,761	−2,613	−7,002	−432
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	50.0	1,244	532	−953	−1,377	2,662
Free cash flow	3,307	2,621	2,100	1,466	2,152	2,885

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.