NOC Industrials

Northrop Grumman Corporation

$550.30-0.90%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Industrials
Industry: Aerospace & Defense
Country: United States
Market cap: 78.2B USD
Enterprise value: 86.7B USD
Full-time employees: 95,000

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.17 vs a peer median of 1.62) and more debt relative to equity (0.85× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 1.17 vs peers 1.62) and more debt vs equity (0.85× vs peers 0.40×)
About average: growth and valuation

Ranks #1,110 of 2,308 industrials companies (top 49%)

See how it ranks against its peers

Worth knowing

Share count shrinking. Shares outstanding down 7.2% from December 2022 to July 2026.
Northrop Grumman had 7.2% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

52/ 100

Oct 5 54 → Nov 4 52 (-2)

Valuation

Is the price right?

55/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Helped by:

▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.67Sector median: 0.0377 · MAD: 0.0294

EBITDA yield6.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.05Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield4.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.26Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield22.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth14.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth4.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.00Sector median: 0.0421 · MAD: 0.0625

Revenue growth5.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.20Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

77/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin10.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.59Sector median: 0.0773 · MAD: 0.0507

Return on assets8.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.39Sector median: 0.0311 · MAD: 0.0241

Return on invested capital11.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.83Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin20.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity25.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6440 · MAD: 0.2745

Current ratio1.17×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.84Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.85×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.32Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Northrop Grumman

Is Northrop Grumman getting weaker?: Its latest SEC filing (Jul 21, 2026) showed no major changes. Its overall score is unchanged at 52/100 since Oct 28, 2026.
How is Northrop Grumman valued vs its peers?: Priced about in line with its peers. Valuation scores 55/100 against 2,459 industrials peers. Earnings yield 5.8% vs a peer median of 3.8% (stronger than 68% of peers).Earnings yield 5.8% vs peers 3.8% (stronger than 68% of peers).
Is Northrop Grumman growing?: At about the same pace as its peers. Growth scores 53/100 against 2,459 industrials peers. Earnings per share growth 14.9% vs a peer median of 7.1% (stronger than 62% of peers).Earnings per share growth 14.9% vs peers 7.1% (stronger than 62% of peers).
How profitable is Northrop Grumman?: More profitable than most of its peers. Profitability scores 77/100 against 2,459 industrials peers. Return on assets 8.9% vs a peer median of 3.1% (stronger than 91% of peers).Return on assets 8.9% vs peers 3.1% (stronger than 91% of peers).
How risky is Northrop Grumman?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 1.17× vs a peer median of 1.62× (weaker than 76% of peers).Current ratio 1.17× vs peers 1.62× (weaker than 76% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 21, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	42.4B USD	42.9B USD	+1.2%
Net income (12 months)	4.6B USD	4.5B USD	−1.7%
Operating margin	11.6%	10.7%	−0.9 pts
Free cash flow (12 months)	3.3B USD	3.6B USD	+10.3%
Debt	15.2B USD	15.2B USD	+0.1%
Cash	2.1B USD	2.3B USD	+10.4%
Shares outstanding	142.0M	142.1M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Aerospace & Defense · 48 companies

Valuations in Aerospace & Defense are near the top of their range since 2016.

88% of months since 2016 were valued lower than now.
50% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +71% and earnings +71% (medians): prices and earnings moved broadly together.
Median price-to-sales is +41% vs the whole market, against a usual −16%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	15.8%	9.8%	6.5%	10.6%	10.8%	▲ 0.1 pts
Net margin	19.6%	13.4%	5.2%	10.2%	10.0%	▼ 0.2 pts
Return on assets (ROA)	16.5%	11.2%	4.4%	8.5%	8.1%	▼ 0.3 pts
Return on equity (ROE)	54.2%	32.0%	13.9%	27.3%	25.1%	▼ 2.2 pts
Free cash flow margin	6.0%	4.0%	5.3%	6.4%	7.9%	▲ 1.5 pts
Current ratio	1.30×	1.08×	1.15×	1.01×	1.10×	▲ 9.0%
Quick ratio	1.22×	0.99×	1.05×	0.91×	1.01×	▲ 11%
Debt to equity	0.99×	0.84×	0.94×	1.06×	0.94×	▼ 12%

NOC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.17 vs a peer median of 1.62) and more debt relative to equity (0.85× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 1.17 vs peers 1.62) and more debt vs equity (0.85× vs peers 0.40×)

About average: growth and valuation

Ranks #1,110 of 2,308 industrials companies (top 49%)

See how it ranks against its peers

Questions investors ask about Northrop Grumman

Is Northrop Grumman getting weaker?

Its latest SEC filing (Jul 21, 2026) showed no major changes. Its overall score is unchanged at 52/100 since Oct 28, 2026.

How is Northrop Grumman valued vs its peers?

Priced about in line with its peers. Valuation scores 55/100 against 2,459 industrials peers. Earnings yield 5.8% vs a peer median of 3.8% (stronger than 68% of peers).Earnings yield 5.8% vs peers 3.8% (stronger than 68% of peers).

Is Northrop Grumman growing?

At about the same pace as its peers. Growth scores 53/100 against 2,459 industrials peers. Earnings per share growth 14.9% vs a peer median of 7.1% (stronger than 62% of peers).Earnings per share growth 14.9% vs peers 7.1% (stronger than 62% of peers).

How profitable is Northrop Grumman?

More profitable than most of its peers. Profitability scores 77/100 against 2,459 industrials peers. Return on assets 8.9% vs a peer median of 3.1% (stronger than 91% of peers).Return on assets 8.9% vs peers 3.1% (stronger than 91% of peers).

How risky is Northrop Grumman?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 1.17× vs a peer median of 1.62× (weaker than 76% of peers).Current ratio 1.17× vs peers 1.62× (weaker than 76% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

42.4B USD

42.9B USD

+1.2%

Net income (12 months)

4.6B USD

4.5B USD

−1.7%

Operating margin

11.6%

10.7%

−0.9 pts

Free cash flow (12 months)

3.3B USD

3.6B USD

+10.3%

Debt

15.2B USD

15.2B USD

+0.1%

Cash

2.1B USD

2.3B USD

+10.4%

Shares outstanding

142.0M

142.1M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

15.8%

9.8%

6.5%

10.6%

10.8%

▲ 0.1 pts

Net margin

19.6%

13.4%

5.2%

10.2%

10.0%

▼ 0.2 pts

Return on assets (ROA)

16.5%

11.2%

4.4%

8.5%

8.1%

▼ 0.3 pts

Return on equity (ROE)

54.2%

32.0%

13.9%

27.3%

25.1%

▼ 2.2 pts

Free cash flow margin

6.0%

4.0%

5.3%

6.4%

7.9%

▲ 1.5 pts

Current ratio

1.30×

1.08×

1.15×

1.01×

1.10×

▲ 9.0%

Quick ratio

1.22×

0.99×

1.05×

0.91×

1.01×

▲ 11%

Debt to equity

0.99×

0.84×

0.94×

1.06×

0.94×

▼ 12%