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Northrop Grumman Corporation (NOC)

NYSE / Industrials / Aerospace & Defense

Share price

499.63 USD Market dataClose of Oct 15, 2026

Market capitalisation

70.98B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Jan 27, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

12.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

17.15x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 24.71B USDFY2016 Net income: 2.04B USDFY2017 Revenue: 26.00B USDFY2017 Net income: 2.87B USDFY2018 Revenue: 30.09B USDFY2018 Net income: 3.23B USDFY2019 Revenue: 33.84B USDFY2019 Net income: 2.25B USDFY2020 Revenue: 36.80B USDFY2020 Net income: 3.19B USDFY2021 Revenue: 35.67B USDFY2021 Net income: 7.00B USDFY2022 Revenue: 36.60B USDFY2022 Net income: 4.90B USDFY2023 Revenue: 39.29B USDFY2023 Net income: 2.06B USDFY2024 Revenue: 41.03B USDFY2024 Net income: 4.17B USDFY2025 Revenue: 41.95B USDFY2025 Net income: 4.18B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 17.15x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Aerospace & Defense industry (42 companies), 17.15x sits at the 15th percentile; the middle half of that group runs from 24.18x to 64.31x.

Is it good

Return on invested capital was 12.3% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Aerospace & Defense industry (34 companies), 12.3% sits at the 69th percentile; the middle half of that group runs from 1.5% to 13.2%.

Is it safe

Interest coverage was 6.78x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Northrop Grumman Corporation's return on equity stayed above the median of the Aerospace & Defense industry, year by year. (FY2016 to FY2025, 10 fiscal years of Northrop Grumman Corporation with a comparable figure)
The direction
Which way Northrop Grumman Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Northrop Grumman Corporation)
What could explain it
What in Northrop Grumman Corporation's filed statements could explain the movements. (6 readings drawn from the statement lines Northrop Grumman Corporation filed)
What to check next
What to check next on Northrop Grumman Corporation, and where in its filings. (1 question for Northrop Grumman Corporation)
In one paragraph
One paragraph on Northrop Grumman Corporation's returns, cash, balance sheet and price. (15 of sixteen figures read for Northrop Grumman Corporation)

These are NOC’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NOCPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Jan 27, 2026, accession 0001133421-26-000003.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Northrop Grumman Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax12.3% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Return on equity25.1% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Return on capital employed, pre-tax12.0% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Return on assets8.1% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Operating margin10.8% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Net margin10.0% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
NOC 10.0%
LMT 6.7%GD 8.0%ESLT 6.7%BA 2.5%CW 13.8%
2.5%13.8%
Net margin: NOC against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Northrop Grumman Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.07 ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Current ratio1.10 ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Quick ratio1.01 ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Interest coverage6.78x ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Altman Z-score2.84 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Net debt13.48B ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Total assets 51.38BTotal liabilities 34.70BShareholders' equity 16.67BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Northrop Grumman Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Jan 27, 2026, 0001133421-26-000003).

Northrop Grumman Corporation: balance sheet position
Total assets51.38B FiledFY2025 10-K, filed Jan 27, 2026
Total liabilities34.70B FiledFY2025 10-K, filed Jan 27, 2026
Shareholders' equity16.67B FiledFY2025 10-K, filed Jan 27, 2026
Cash4.40B FiledFY2025 10-K, filed Jan 27, 2026
Total debt17.88B FiledFY2025 10-K, filed Jan 27, 2026
Net debt13.48B
Current ratio1.10
Debt to equity1.07

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Northrop Grumman Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings17.15x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
P/E on trailing twelve months15.90x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book4.31x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Price to sales1.71x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Enterprise value to EBIT18.92x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Enterprise value to EBITDA14.26x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Price to earnings over growth1.94 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Diluted earnings per share29.08 USD FiledFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Graham number275.73 USD ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003

We publish no fair value or price target of our own. Value NOC on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Northrop Grumman Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Northrop Grumman Corporation: valuation
Share price499.63 USD
Market capitalisation70.98B USD
Enterprise value to EBITDA14.26x
Graham number275.73 USD
Diluted earnings per share, FY202529.08 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 26, 2017: low 8.49x, median 18.14x, high 35.39x, latest 15.90x. 2,319 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Northrop Grumman Corporation

  1. Lockheed Martin Corporation (LMT)Market cap 122.90B USD
  2. General Dynamics Corporation (GD)Market cap 91.19B USD
  3. Elbit Systems Ltd. (ESLT)Market cap 34.75B USD
  4. The Boeing Company (BA)Market cap 149.20B USD
  5. Curtiss-Wright Corporation (CW)Market cap 18.52B USD

Same industry (Aerospace & Defense) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Northrop Grumman Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.6% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Free cash flow3.31B USD ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Free cash flow margin7.9% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Dividend yield1.9% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Payout ratio30.9% ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
FY2016 Free cash flow: 1.89B USDFY2016 Net income: 2.04B USDFY2017 Free cash flow: 1.69B USDFY2017 Net income: 2.87B USDFY2018 Free cash flow: 2.58B USDFY2018 Net income: 3.23B USDFY2019 Free cash flow: 3.03B USDFY2019 Net income: 2.25B USDFY2020 Free cash flow: 2.88B USDFY2020 Net income: 3.19B USDFY2021 Free cash flow: 2.15B USDFY2021 Net income: 7.00B USDFY2022 Free cash flow: 1.47B USDFY2022 Net income: 4.90B USDFY2023 Free cash flow: 2.10B USDFY2023 Net income: 2.06B USDFY2024 Free cash flow: 2.62B USDFY2024 Net income: 4.17B USDFY2025 Free cash flow: 3.31B USDFY2025 Net income: 4.18B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Northrop Grumman Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
17.15xFY2025Oct 15, 2026
4.31xFY2025Oct 15, 2026
18.92xFY2025Oct 15, 2026
4.6%FY2025Oct 15, 2026
12.3%FY2025Jan 27, 2026
1.9%FY2025Oct 15, 2026
1.07FY2025Jan 27, 2026
1.10FY2025Jan 27, 2026
1.71xFY2025Oct 15, 2026
1.94FY2025Oct 15, 2026
2.84FY2025Oct 15, 2026
-2.43FY2025Jan 27, 2026
6/9FY2025Jan 27, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Northrop Grumman Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Northrop Grumman Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202541.95B4.51B4.18B29.083.31B10.8%25.1%10-K, Jan 27, 20260001133421-26-000003
FY202441.03B4.37B4.17B28.342.62B10.7%27.3%10-K, Jan 30, 20250001133421-25-000006
FY202339.29B2.54B2.06B13.532.10B6.5%13.9%10-K, Jan 25, 20240001133421-24-000006
FY202236.60B3.60B4.90B31.471.47B9.8%32.0%10-K, Jan 26, 20230001133421-23-000006
FY202135.67B5.65B7.00B43.542.15B15.8%54.2%10-K, Jan 27, 20220001133421-22-000004
FY202036.80B4.07B3.19B19.032.88B11.1%30.1%10-K, Jan 28, 20210001133421-21-000006
FY201933.84B3.97B2.25B13.223.03B11.7%25.5%10-K, Jan 30, 20200001133421-20-000006
FY201830.09B3.78B3.23B18.492.58B12.6%39.4%10-K, Jan 31, 20190001133421-19-000007
FY201726.00B3.22B2.87B16.341.69B12.4%40.2%10-K, Jan 29, 20180001133421-18-000005
FY201624.71B3.28B2.04B11.321.89B13.3%38.1%10-K, Jan 30, 20170001133421-17-000008
  • Revenue, compound annual growth FY2016 to FY2025: 6.1%
  • Earnings, compound annual growth FY2016 to FY2025: 8.3%
  • Earnings per share, compound annual growth FY2016 to FY2025: 11.1%
  • Free cash flow, compound annual growth FY2016 to FY2025: 6.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Northrop Grumman Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.43 ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Piotroski F-score6/9 ComputedFY2025 10-K, filed Jan 27, 2026, 0001133421-26-000003
Named tests met3 of 30 Computed
Beta0.31 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 26 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Near the 52-week low; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Gross margin, turnover (Robert Novy-Marx). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(2)
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Gross Margin, Price Tangible Book. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.