undamentalytics Newsletter
Sign in

Northrop Grumman (NOC) stock

Add to watchlist

Add holding +

NYSE: NOC NYSE Aerospace & Defense Next results ~January 26, 2027

B Fundamentals grade

Northrop Grumman is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$300

Cash-flow model

Base case. Range ~$200–$430 across our lower- and higher-growth cases (0.3%–10.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 46% below it.

Price used: $555.32, November 2, 2026

Northrop Grumman valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Northrop Grumman files

10-Q filed October 20: Northrop Grumman

Revenue for the twelve months to September 2026 was $43.6bn, up 6.5% on a year earlier, faster than the 5.9% growth a quarter earlier. That puts it 39 of 46 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to 8.8% from 4.5% a year earlier. Our model value is little changed at $301 a share, against a share price of $575. The rating stays Sell. At that price, our model says the market is pricing in about 14.7% a year of cash-flow growth for five years, faster than the 4.1% a year revenue growth it has delivered.

Source: 10-Q filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 21: Northrop Grumman

Revenue over the twelve months to June 2026 reached $43.6bn, up 6.5% on a year earlier and ahead of the 5.9% pace recorded a quarter before. That makes Northrop Grumman 12 of 12 for growth among the aerospace and defence names we cover. Free-cash-flow margin climbed to 8.8% from 4.5% a year earlier. On the back of that, our model value lifts from $264 to $308 a share. The shares trade at $534, so the rating stays Sell. At that price the market is, on our numbers, pricing in roughly 13.5% a year of cash-flow growth over five years. Northrop has delivered revenue growth of 4.1% a year, well short of what the price assumes.

10-Q on SEC EDGAR

Where Northrop Grumman stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $42.9bn, up 5.9% on a year earlier, faster than 5.0% a quarter earlier. That puts it 12 of 12 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to 8.5% from 3.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $264 a share, against a share price of $537. At that price, our model says the market is pricing in about 15.3% a year of cash-flow growth for five years, faster than the 3.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Northrop Grumman's trailing-twelve-month revenue grew 6.5% year on year, with a free-cash-flow margin of 8.8%. Where it stands out: stock pay as % of revenue of 0.3% ranks 4 of 53 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$300 per share in the base case (~$200–$430 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 108.8% while net income grew 12.5%: a 96pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $555.32 is 46% above our value per share of $300.
  • Insiders selling. 6 insiders sold $26M of stock over the past 365 days and none bought (36% under pre-set trading plans).
  • Below peers: revenue growth. Revenue growth of 6.5% ranks 45 of 57 aerospace & defense companies we cover (median 15.5%).

Latest results: FY2026 Q3

Filed October 20, 2026
Earnings per share
$7.89 against an average estimate of $7.18: beat by 9.9%
Revenue
$11.12bn, up 6.7% on a year earlier
Share reaction
+5.6% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
sales $43,750m to $44,250m (2026); segment operating income $4,940m to $5,040m (2026)
Next report
October 20, 2026; average EPS estimate $7.94

Northrop Grumman's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-1.8%
  • 1 month+16.2%
  • This year-1.4%
  • 1 year-3.3%
  • 5 years+70.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$43.6B
Operating margin
10.6%
Net margin
10.4%
EPS (TTM, diluted)
$31.71

Growth

Revenue growth
+6.5%
Change in growth rate
+0.6 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$3.8B
FCF margin
8.8%
Stock pay % of revenue
0.3%

Earnings

Last results
October 20, 2026
Next results (est.)
January 26, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Northrop Grumman valuation models and calculator

What the price is pricing in

The share price implies about 14.3% a year of cash-flow growth for five years.That is faster than the 4.1% a year revenue growth Northrop Grumman has delivered.

  • Priced in14.3%
  • Last 12 months6.5%
  • 3 years a year4.1%
  • 5 years a year4.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($548.45, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$300
Price used
$548.45close November 3, 2026
Implied change
▼ 45%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Northrop Grumman's free cash flow after stock-based pay with after-tax interest added back ($2.7B, FY2026 Q3 TTM), growing 5.8% and 5.7% in the next two years (forecasts, guidance and its record), then back to 5.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$200–~$430 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Northrop Grumman's free cash flow after stock-based pay ( $2.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Northrop Grumman as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$300 ~$200–$430 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$720 ~$590–$1000 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$790 ~$580–$1100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$580 ~$500–$710 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$540 ~$300–$790 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Northrop Grumman with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $190$289$420$592$817$1108
8.5% $125$196$291$414$575$781
10% $86$141$214$308$430$587

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$158.77$198.78$266.13$215.69$307.77$277.24$358.45$512.66$447.08$455.72$563.34$555.32
Market value$30.4bn$35.9bn$46.7bn$37.7bn$52.3bn$46.5bn$57.7bn$79.8bn$68.0bn$67.1bn$81.0bn$79.1bn
+ Net debt (− = net cash)$4.2bn$4.6bn$4.1bn$12.9bn$11.7bn$10.2bn$9.3bn$10.4bn$10.8bn$12.0bn$11.4bn$11.5bn
Enterprise value$34.6bn$40.4bn$50.9bn$50.6bn$64.0bn$56.6bn$67.0bn$90.1bn$78.8bn$79.2bn$92.4bn$90.6bn
Multiples
Price / sales 1.3x1.5x1.8x1.3x1.5x1.3x1.6x2.2x1.7x1.6x1.9x1.8x
Price / earnings 15.3x17.6x16.3x11.7x23.3x14.6x8.2x16.3x33.1x16.1x19.4x17.5x
Price / free cash flow 18.0x19.0x27.7x14.6x17.3x16.1x26.8x54.4x32.4x25.6x24.5x20.7x
EV / EBITDA 9.8x10.8x13.8x11.0x12.2x10.6x9.7x18.2x20.3x13.8x15.4x14.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

74 /100

Strong moat

How hard Northrop Grumman's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 9.0% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 11.0%; its worst year was 7.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 6.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.7% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $29.81 +13% $44.1bn +5%
Next $29.96 +1% $46.9bn +7%

Next year's EPS estimate has moved −1.3% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.9% on 90 days ago. In the last 30 days, 2 analysts raised Northrop Grumman's forecast and 2 cut it.

Consensus EPS forecast Northrop Grumman, last 90 days
$28.50 $29.00 $29.50 $30.00 $30.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $28.96 Current fiscal year, 60 days ago: $28.99 Current fiscal year, 30 days ago: $29.00 Current fiscal year, 7 days ago: $29.00 Current fiscal year, Now: $29.81 $29.81 Next fiscal year, 90 days ago: $30.37 Next fiscal year, 60 days ago: $30.44 Next fiscal year, 30 days ago: $30.45 Next fiscal year, 7 days ago: $30.38 Next fiscal year, Now: $29.96 $29.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $28.96$30.37
60 days ago $28.99$30.44
30 days ago $29.00$30.45
7 days ago $29.00$30.38
Now $29.81$29.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $7.18 $7.89 +9.9%
Jun 2026 $6.82 $7.68 +12.7%
Mar 2026 $6.06 $6.14 +1.3%
Dec 2025 $6.96 $7.23 +3.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • Sales 2026 $43,750m to $44,250m
    “Sales $43,750 - $44,250” source
  • MTM-adjusted EPS 2026 $29.35 to $29.75 Non-GAAP Raised
    “MTM-adjusted EPS 1 $29.35 - $29.75” source
  • OM Rate % · Aeronautics Systems 2026 about 9% Non-GAAP
    “Aeronautics Systems ~$14 High 9%” source
  • OM Rate % · Defense Systems 2026 about 10% Non-GAAP
    “Defense Systems Mid to High $8 ~10%” source
  • OM Rate % · Mission Systems 2026 about 15% Non-GAAP
    “Mission Systems High $12 Mid 15%” source
  • OM Rate % · Space Systems 2026 about 10% Non-GAAP
    “Space Systems ~$11 Low 10%” source
Show 3 more items
  • OM Rate % · Intersegment Eliminations 2026 about 13% Non-GAAP
    “Intersegment Eliminations ~($2.7) Mid 13%” source
  • Segment operating income 2026 $4,940m to $5,040m Non-GAAP Raised
    “Segment operating income 1 $4,940 - $5,040” source
  • Adjusted free cash flow 2026 $3,100m to $3,500m Non-GAAP
    “Adjusted free cash flow 1 $3,100 - $3,500” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Northrop Grumman's revenue by +5.8% next year and +5.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 56%) , management guidance (+5.9%, weight 19%) and the company's own record (+5.3%, weight 25%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy1558%
Hold1038%
Sell14%

Monthly trend

  1. Oct 20263121026
  2. Sep 20264101024
  3. Aug 2026491023
  4. Jul 2026410923

Counts of recommendations published by analysts covering Northrop Grumman, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.6%
of tradable shares
Days to cover
2.34
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.3%
of shares
Employees
95,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.3%

$574.09 on October 31, 2025 to $555.32

ThenNowEffect
Revenue (last 12 months) $40.5bn $42.9bn +5.9%
Net margin 9.7% 10.5% +7.6%
P/E multiple 21.1x 17.6x −16.6%
Share count 145m 143m +1.7%

Biggest factor: p/e multiple.

Last 3 years +24.1%

$447.63 on November 3, 2023 to $555.32

ThenNowEffect
Revenue (last 12 months) $37.9bn $42.9bn +13.2%
Net margin 12.3% 10.5% −14.6%
P/E multiple 14.8x 17.6x +19.1%
Share count 154m 143m +7.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NOC+29%+43%−13%+2%+24%−1%
Industry peers (median)−6%−11%+14%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NOC50%67%42%50%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NOC−15%−12%−22%−14%−16%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from March 2, 2026 to October 7, 2026. Getting back needed a 61% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$473.46 – $761.19
From 52-week high
−27.0%
vs 50-day average
+6.8%
vs 200-day average
−5.4%
Volatility (1 year)
28%
Beta vs S&P 500
-0.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.0%
After a week
6 up, 6 down
typical move ±6.1%
After a month
4 up, 7 down
typical move ±8.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +5.6% +0.9% +7.9% —
July 21, 2026 +0.3% +0.7% +4.8% +11.2%
April 21, 2026 −10.3% +0.4% −12.0% −16.0%
January 27, 2026 +4.3% +0.4% +6.7% +7.9%
October 21, 2025 −0.9% −0.5% −1.2% −6.1%
July 22, 2025 +10.3% +0.9% +11.2% +15.0%
April 22, 2025 −11.0% +4.2% −9.3% −10.8%
January 30, 2025 +1.2% 0.0% −3.1% −1.2%
October 24, 2024 +0.6% +0.2% −1.4% −3.8%
July 25, 2024 +8.6% +0.6% +11.6% +15.2%
April 25, 2024 +1.2% +0.6% +0.1% −1.3%
January 25, 2024 −5.6% +0.4% −3.8% −0.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Northrop Grumman’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.22× the last 60 days’ realised volatility , richer than 60% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NOC Northrop Grumman Grade B $556.9

Own 100 shares, sell the $570 call expiring December 18, 2026 (46 days) for $14.50 a share — $1,450 per contract.

Previous session · Bid $14.50, ask $19.50, quoted Mon 2 Nov, 17:31 New York time with NOC at $556.9. Option prices move with the shares: check the live chain at your broker before trading.

  • If NOC ends below $570: you keep your shares and the $1,450 — 2.6% extra on the position, 20.7% a year at that pace.
  • If it ends above $570: your shares are sold at $570, a total return of 5.0% including the premium — at or above our value of ~$300.
$2.8k $0 −$10.8k Break-even $542.4 Price $556.9 ← Our value ~$300
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,450
Annualised
20.7%
Break-even
$542.4
Max gain
$2,760.5
Chance of selling
~46%

Collar

Own the shares, buy the $550 put and sell the $570 call, both expiring December 18, 2026 (46 days).

  • Net cost of $8.90 a share ($890 per contract of 100 shares).
  • Worst case at expiry: -2.8%, if the shares fall below $550 (-1.2% from today).
  • Best case at expiry: +0.8%, if the shares rise above $570 (+2.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $300: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Northrop Grumman in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Northrop Grumman
$38B $40B $42B $44B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $39.3B Revenue (TTM), FY24 Q1: $40.1B Revenue (TTM), FY24 Q2: $40.8B Revenue (TTM), FY24 Q3: $41B Revenue (TTM), FY24 Q4: $41B Revenue (TTM), FY25 Q1: $40.4B Revenue (TTM), FY25 Q2: $40.5B Revenue (TTM), FY25 Q3: $40.9B Revenue (TTM), FY25 Q4: $42B Revenue (TTM), FY26 Q1: $42.4B Revenue (TTM), FY26 Q2: $42.9B Revenue (TTM), FY26 Q3: $43.6B $43.6B

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $39.3B
FY24 Q1 $40.1B
FY24 Q2 $40.8B
FY24 Q3 $41B
FY24 Q4 $41B
FY25 Q1 $40.4B
FY25 Q2 $40.5B
FY25 Q3 $40.9B
FY25 Q4 $42B
FY26 Q1 $42.4B
FY26 Q2 $42.9B
FY26 Q3 $43.6B
Revenue growth, TTM YoY Northrop Grumman
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.3% Revenue growth, TTM YoY, FY24 Q1: 8.1% Revenue growth, TTM YoY, FY24 Q2: 7.6% Revenue growth, TTM YoY, FY24 Q3: 5.9% Revenue growth, TTM YoY, FY24 Q4: 4.4% Revenue growth, TTM YoY, FY25 Q1: 0.6% Revenue growth, TTM YoY, FY25 Q2: -0.6% Revenue growth, TTM YoY, FY25 Q3: -0.1% Revenue growth, TTM YoY, FY25 Q4: 2.2% Revenue growth, TTM YoY, FY26 Q1: 5.0% Revenue growth, TTM YoY, FY26 Q2: 5.9% Revenue growth, TTM YoY, FY26 Q3: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.3%
FY24 Q1 8.1%
FY24 Q2 7.6%
FY24 Q3 5.9%
FY24 Q4 4.4%
FY25 Q1 0.6%
FY25 Q2 -0.6%
FY25 Q3 -0.1%
FY25 Q4 2.2%
FY26 Q1 5.0%
FY26 Q2 5.9%
FY26 Q3 6.5%
Operating margin (TTM) Northrop Grumman
6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.5% Operating margin (TTM), FY24 Q1: 6.6% Operating margin (TTM), FY24 Q2: 6.8% Operating margin (TTM), FY24 Q3: 7.0% Operating margin (TTM), FY24 Q4: 10.7% Operating margin (TTM), FY25 Q1: 9.6% Operating margin (TTM), FY25 Q2: 10.4% Operating margin (TTM), FY25 Q3: 10.6% Operating margin (TTM), FY25 Q4: 10.8% Operating margin (TTM), FY26 Q1: 11.6% Operating margin (TTM), FY26 Q2: 10.7% Operating margin (TTM), FY26 Q3: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.5%
FY24 Q1 6.6%
FY24 Q2 6.8%
FY24 Q3 7.0%
FY24 Q4 10.7%
FY25 Q1 9.6%
FY25 Q2 10.4%
FY25 Q3 10.6%
FY25 Q4 10.8%
FY26 Q1 11.6%
FY26 Q2 10.7%
FY26 Q3 10.6%
FCF margin (TTM) Northrop Grumman
2% 4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.3% FCF margin (TTM), FY24 Q1: 5.3% FCF margin (TTM), FY24 Q2: 6.4% FCF margin (TTM), FY24 Q3: 6.1% FCF margin (TTM), FY24 Q4: 6.4% FCF margin (TTM), FY25 Q1: 4.4% FCF margin (TTM), FY25 Q2: 3.2% FCF margin (TTM), FY25 Q3: 4.5% FCF margin (TTM), FY25 Q4: 7.9% FCF margin (TTM), FY26 Q1: 7.8% FCF margin (TTM), FY26 Q2: 8.5% FCF margin (TTM), FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.3%
FY24 Q1 5.3%
FY24 Q2 6.4%
FY24 Q3 6.1%
FY24 Q4 6.4%
FY25 Q1 4.4%
FY25 Q2 3.2%
FY25 Q3 4.5%
FY25 Q4 7.9%
FY26 Q1 7.8%
FY26 Q2 8.5%
FY26 Q3 8.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Northrop Grumman took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $42B
  2. Other income $557M · 1.3%
  3. Research and development $1.1B · 2.6%
  4. Selling, general and admin $4B · 9.6%
  5. Other operating costs $32.3B · 77.0%
  6. Operating income $4.5B · 10.8%
  7. Income tax $886M · 2.1%
  8. Net income $4.2B · 10.0%

Shares of revenue. Source: Northrop Grumman's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 27.7 28.1 26.4 25.2 24.7 24.0 23.5 24.7 26.0 30.1 33.8 36.8 35.7 36.6 39.3 41.0 42.0 43.6
EBITDA 2.8 3.4 3.8 3.6 3.6 3.7 3.5 3.7 3.7 4.6 5.2 5.3 6.9 4.9 3.9 5.7 6.0 6.1
Operating income 2.3 2.8 3.3 3.1 3.1 3.2 3.1 3.3 3.2 3.8 4.0 4.1 5.7 3.6 2.5 4.4 4.5 4.6
Net income 1.7 2.1 2.1 2.0 2.0 2.1 2.0 2.0 2.9 3.2 2.2 3.2 7.0 4.9 2.1 4.2 4.2 4.5
Diluted EPS $5.21 $6.82 $7.52 $7.81 $8.35 $9.75 $10.39 $11.32 $16.34 $18.49 $13.22 $19.03 $43.54 $31.47 $13.53 $28.34 $29.08 $31.71
Growth (year on year)
Revenue −14.4% +1.8% −6.2% −4.5% −2.2% −2.8% −1.9% +5.0% +5.3% +15.7% +12.4% +8.7% −3.1% +2.6% +7.3% +4.4% +2.2% +6.5%
EBITDA — +19.8% +13.0% −4.7% −0.6% +1.1% −3.1% +5.4% −1.1% +24.0% +14.3% +1.9% +29.2% −28.3% −21.6% +48.1% +4.2% +5.9%
Operating income — +24.3% +15.9% −4.5% −0.2% +2.3% −3.8% +6.5% −1.8% +17.5% +5.0% +2.4% +39.0% −36.3% −29.5% +72.3% +3.2% +6.8%
Net income — +21.8% +3.2% −6.6% −1.3% +6.0% −3.8% +2.7% +40.4% +12.5% −30.4% +41.9% +119.7% −30.1% −58.0% +103.0% +0.2% +12.5%
Diluted EPS — +30.9% +10.3% +3.9% +6.9% +16.8% +6.6% +9.0% +44.3% +13.2% −28.5% +43.9% +128.8% −27.7% −57.0% +109.5% +2.6% +14.0%
Margins
EBITDA margin 10.2% 12.0% 14.5% 14.4% 14.7% 15.3% 15.1% 15.1% 14.2% 15.2% 15.5% 14.5% 19.3% 13.5% 9.9% 14.0% 14.3% 14.1%
Operating margin 8.2% 10.0% 12.4% 12.4% 12.7% 13.3% 13.1% 13.3% 12.4% 12.6% 11.7% 11.0% 15.8% 9.8% 6.5% 10.7% 10.8% 10.6%
Net margin 6.1% 7.3% 8.0% 7.8% 7.9% 8.6% 8.5% 8.3% 11.0% 10.7% 6.6% 8.7% 19.6% 13.4% 5.2% 10.2% 10.0% 10.4%
Free-cash-flow margin 6.0% 6.6% 6.1% 9.2% 8.6% 8.5% 7.2% 7.7% 6.5% 8.6% 9.0% 7.8% 6.0% 4.0% 5.3% 6.4% 7.9% 8.8%
Cash flow
Cash from operations 2.1 2.5 2.1 2.6 2.5 2.6 2.2 2.8 2.6 3.8 4.3 4.3 3.6 2.9 3.9 4.4 4.8 5.3
Capital spending 0.5 0.6 0.5 0.3 0.4 0.6 0.5 0.9 0.9 1.2 1.3 1.4 1.4 1.4 1.8 1.8 1.5 1.4
Free cash flow 1.7 1.9 1.6 2.3 2.1 2.0 1.7 1.9 1.7 2.6 3.0 2.9 2.2 1.5 2.1 2.6 3.3 3.8
Stock-based pay 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.6 1.7 1.5 2.1 2.0 1.9 1.6 1.8 1.6 2.5 2.9 2.8 2.1 1.4 2.0 2.5 3.2 3.7
Balance sheet
Cash 3.3 3.7 3.0 3.9 5.2 3.9 2.3 2.5 11.2 1.6 2.2 4.9 3.5 2.6 3.1 4.4 4.4 3.7
Total debt 4.3 5.6 4.0 3.9 5.9 5.9 6.5 7.1 15.4 14.5 13.9 15.1 12.9 12.9 13.9 16.4 15.8 15.2
Net debt (negative = net cash) 1.0 1.9 1.0 0.1 0.8 2.1 4.2 4.6 4.1 12.9 11.7 10.2 9.3 10.4 10.8 12.0 11.4 11.5
Diluted shares 323m 301m 282m 253m 234m 212m 192m 181m 176m 175m 170m 168m 161m 156m 152m 147m 144m 143m
Returned to shareholders
Dividends 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.8 0.9 1.0 1.0 1.1 1.1 1.2 1.3 1.4
Buybacks 1.1 1.2 2.3 1.3 2.4 2.7 3.2 1.5 0.4 1.3 0.7 0.5 3.7 1.5 1.5 2.5 1.6 0.5
Total returned 1.6 1.7 2.8 1.9 2.9 3.2 3.8 2.2 1.1 2.1 1.6 1.4 4.7 2.6 2.6 3.7 2.9 1.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $52.5bn
Short-term assets $17.0bnLonger-term assets $35.5bn
What it owes, and who funded it · $52.5bn
Short-term liabilities $13.8bnLonger-term liabilities $20.1bnShareholders' equity $18.7bn
  • Short-term assets cover short-term liabilities $17.0bn of assets due within a year against $13.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $17.0bn short-term assets against $20.1bn of longer-dated liabilities.
  • More cash than debt $3.7bn of cash against $15.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 81% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 97% to 81% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.3bn of operating cash flow against $15.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Northrop Grumman's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$524M
Dividends (TTM)
$1.4B
Returned to shareholders
49%
of free cash flow
Buybacks, last 3 fiscal years
$5.6B
Diluted share count
−1.4%
year over year
Total shareholder yield
2.4%
dividends 1.7% + buybacks 0.7% of market value
Dividend payout ratio
30%
of net income paid out
Days sales outstanding
17 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated NOC GE GD LMT LHX BA Median
Revenue, last 12 months $43.6bn $52.6bn $56.5bn $79.1bn $23.3bn $94.9bn $769m
Revenue growth, last 12 months 6.5% 19.6% 9.7% 7.9% 7.3% 17.5% 15.5%
Revenue growth, 3-year average 4.1% 7.2% 10.9% 5.3% 7.7% 7.8% 12.6%
Revenue growth, latest quarter 6.7% 15.9% 12.9% 11.3% 7.1% 3.9% 15.8%
Gross margin — 37.2% 17.9% 11.7% 25.6% 9.4% 27.8%
Operating margin 10.6% 17.4% 10.4% 11.8% 10.7% 10.3% 9.0%
Operating margin, 3-year average 9.4% 21.3% 10.3% 10.7% 9.4% −3.0% 6.0%
Net margin 10.4% 17.3% 8.2% 8.2% 8.8% 8.1% 5.5%
Cash from operations / revenue 12.1% 18.0% 12.9% 12.8% 17.9% 4.2% 5.5%
Free-cash-flow margin 8.8% 15.3% 10.2% 10.6% 15.6% 0.0% 3.4%
Free-cash-flow margin, 3-year average 6.4% 14.9% 8.2% 8.7% 10.9% −5.9% 3.0%
Stock pay / revenue 0.3% — 0.4% 0.5% 0.3% 0.5% 1.2%
Change in share count −1.4% −2.2% 0.3% −1.5% −0.7% 4.7% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 6.5% 15.5% 45 of 57
Change in growth rate Growth +0.6pp +2.2pp 33 of 57
Operating margin Profitability 10.6% 8.5% 20 of 51
Net margin Profitability 10.4% 5.5% 13 of 57
Free-cash-flow margin Cash generation 8.8% 3.4% 20 of 57
Stock pay as % of revenue Cash generation 0.3% 1.5% 4 of 53
Long-term debt as % of assets Balance sheet 27.5% 22.1% 33 of 47
Change in share count Balance sheet -1.4% 2.4% 9 of 51
Days sales outstanding Balance sheet 17 days 53 days 5 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $33.7B 80.4% ▲ 3.1%
Services $8.2B 19.6% ▼ 1.1%
Geography
Region Revenue Share YoY
United States $36B 85.7% ▼ 0.2%
Europe $3.3B 7.8% ▲ 15.8%
Asia Pacific $1.9B 4.6% ▲ 23.6%
All Other Geographic Region Domain $785M 1.9% ▲ 28.5%

From Northrop Grumman's 10-K filed January 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$60.4B
Institutions reporting
1,806
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
125 / 203

Top buyers and sellers, Q2 2026: 812 institutions bought and 841 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+1.2M shares) and the biggest seller Capital World Investors (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
State Street Corp $6.7B 13.2M 11.1% ▲ 1.3%
Blackrock, Inc. $6B 11.8M 9.9% ▲ 8.3%
Vanguard Capital Management LLC $4.6B 9.0M 7.6% ▲ 0.5%
Capital International Investors $3B 5.9M 4.9% ▼ 17.5%
Capital World Investors $2.6B 5.1M 4.3% ▼ 26.5%
Wellington Management Group LLP $2.5B 4.9M 4.2% ▼ 0.8%
Vanguard Portfolio Management LLC $1.8B 3.6M 3.0% ▲ 2.6%
Morgan Stanley $1.8B 3.6M 3.0% ▼ 1.3%
Franklin Resources Inc $1.7B 3.4M 2.8% ▲ 2.9%
Geode Capital Management, LLC $1.7B 3.3M 2.7% ▲ 1.5%
Bank Of America Corp $1.3B 2.5M 2.1% ▼ 3.6%
Invesco Ltd. $943M 1.9M 1.6% ▲ 11.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Northrop Grumman's complete shareholder register. Values are as reported by the filers ; 13 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $26.4M 61 trades by 6 insiders · 36% under pre-set plans
Net ▼ $26.4M net selling
Insider Date Trade Shares Price Value
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 4 $554.14 $2,217
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 2 $553.90 $1,108
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 2 $552.95 $1,106
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 2 $550.68 $1,101
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 6 $549.50 $3,297
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 10 $548.32 $5,483
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 31 $547.42 $16,970
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 11 $546.42 $6,011
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 19 $545.59 $10,366
Welsh Mark A Iii Director August 3, 2026 Sell pre-set plan 8 $544.53 $4,356
Welsh Mark A Iii Director May 4, 2026 Sell pre-set plan 1 $577.05 $577
Welsh Mark A Iii Director May 4, 2026 Sell pre-set plan 7 $576.38 $4,035

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 67 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Northrop Grumman shares.

  • Steve Cohen(D-TN 9):Sale (partial), $15,001 - $50,000, traded December 29, 2025, filed January 26, 2026
  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 5, 2025, filed October 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 21, 2026
  • January 27, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Northrop Grumman was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Northrop Grumman in brief

What does Northrop Grumman do?
Northrop Grumman is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Northrop Grumman's stock ticker?
Northrop Grumman trades under the ticker NOC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Northrop Grumman's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Northrop Grumman reported revenue of $43.6B, 6.5% higher than a year earlier, according to its SEC filings.
What is Northrop Grumman's free cash flow?
Northrop Grumman's free-cash-flow margin is 8.8% of revenue over the trailing twelve months, ranking 20 of the 57 aerospace & defense companies we cover.
What is Northrop Grumman's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Northrop Grumman's free cash flow after stock-based pay gives ~$300 per share in the base case, and ~$200–$430 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Northrop Grumman's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are State Street Corp, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Northrop Grumman buying back stock, and does it pay a dividend?
Northrop Grumman spent $524M on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is Northrop Grumman's market cap?
On November 2, 2026, Northrop Grumman's market capitalisation was about $79.1B, with a price-to-earnings ratio of 17.5 and net debt of $11.5B. Market figures come from third-party market data and may be delayed.
Does Northrop Grumman pay a dividend?
Yes: Northrop Grumman paid $1.4B in dividends over the trailing twelve months, a dividend yield of 1.73% and a payout ratio of 30.2%.
How much debt does Northrop Grumman have?
Northrop Grumman's debt-to-equity ratio is 81.3%, from its latest balance sheet (96.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Northrop Grumman's competitors?
In our Aerospace & Defense peer group, the companies closest to Northrop Grumman are GE Aerospace, General Dynamics, Lockheed Martin, L3Harris and Boeing. The side-by-side comparison below sets their revenue, margins and growth against Northrop Grumman's.
Are insiders buying or selling Northrop Grumman stock?
Over the last 12 months, Northrop Grumman's directors and officers reported 0 open-market purchases and 61 sales on Form 4. The insider trading page charts every trade.
When is Northrop Grumman's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Northrop Grumman announces its own schedule.