Northrop Grumman Corporation
- Open
- 543.10
- Day high
- 549.77
- Day low
- 530.13
- Prev close
- 539.70
- Volume
- 481K
- Mkt cap
- $75.7B
- P/E (TTM)
- 16.9
- EPS (TTM)
- $31.54
- P/B
- 4.2
- P/S
- 1.8
- Yield
- 2.23%
- Per share
- $11.87
- ▼Insiders net selling -$50K over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions mixed (13F)
Northrop Grumman Corporation (NOC) is a Industrials company listed on NYSE. The stock is down 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4). Drillr has 34 published research articles covering NOC.
Northrop Grumman Corporation (NOC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NOC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 21, 2026 | $6.84 | $7.68 | +12.3% | $10.9B | +0.7% |
| Apr 21, 2026 | $6.07 | $6.14 | +1.2% | $9.9B | +1.4% |
| Jan 27, 2026 | $6.97 | $7.23 | +3.7% | $11.7B | +1.2% |
| Oct 21, 2025 | $6.46 | $7.67 | +18.7% | $10.4B | -2.4% |
| Jul 22, 2025 | $6.92 | $7.11 | +2.8% | $10.4B | +2.8% |
| Apr 22, 2025 | $6.26 | $6.06 | -3.1% | $9.5B | -4.9% |
| Jan 30, 2025 | $6.36 | $6.39 | +0.5% | $10.7B | -2.7% |
| Oct 24, 2024 | $6.08 | $7.00 | +15.2% | $10.0B | -2.0% |
| Jul 25, 2024 | $5.91 | $6.36 | +7.6% | $10.2B | +1.8% |
| Apr 25, 2024 | $5.77 | $6.32 | +9.5% | $10.1B | +3.7% |
| Jan 25, 2024 | $5.79 | $6.27 | +8.4% | $10.6B | +1.6% |
| Oct 26, 2023 | $5.81 | $6.18 | +6.4% | $9.8B | +1.9% |
NOC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 21, 2026 | Warden Kathy Jdirector, officer: Chair, CEO and President | Grant | 35,910 | — |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 19 | $545.59 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 31 | $547.42 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 10 | $548.32 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 11 | $546.42 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 4 | $554.14 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 2 | $550.68 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 8 | $544.53 |
| Aug 4, 2026 | WELSH MARK A IIIdirector | Sell | 6 | $549.50 |
| Jul 1, 2026 | Brown Marianne Catherinedirector | Grant | 91 | $509.31 |
| Jul 1, 2026 | KRISHNA ARVINDdirector | Grant | 71 | $509.31 |
| May 21, 2026 | ABNEY DAVID Pdirector | Grant | 349 | $552.17 |
| May 21, 2026 | WELSH MARK A IIIdirector | Grant | 349 | $552.17 |
| May 21, 2026 | Brown Marianne Catherinedirector | Grant | 349 | $552.17 |
| May 21, 2026 | Grady Christopher W.director | Grant | 349 | $552.17 |
Source: NOC SEC Form 4 filings, latest Aug 21, 2026. For informational purposes only — not investment advice.
See the full NOC insider & 13F page →NOC research & analysis
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Northrop Grumman Corporation company profile
Overview
Northrop Grumman Corporation (NYSE:NOC) is a major American aerospace and defense contractor founded in 1939 and headquartered in Falls Church, Virginia. The company has evolved through numerous mergers and acquisitions over the decades to become one of the largest defense contractors globally. Originally established as Northrop Aircraft, the company merged with Grumman Corporation in 1994 to form Northrop Grumman. Today, the company operates as a prime contractor and systems integrator for the U.S. Department of Defense, NASA, international governments, and commercial customers, specializing in advanced technology solutions across air, land, sea, space, and cyberspace domains.
Business
Northrop Grumman operates in the aerospace and defense industry, providing advanced technology systems and solutions primarily for national security applications. The company's business is organized into four main segments that collectively generated $41 billion in revenue in 2024: Aeronautics Systems (approximately 29% of revenue) designs, develops, manufactures, and sustains military aircraft systems. This segment's flagship programs include the B-21 Raider stealth bomber, which represents the next generation of strategic long-range strike aircraft for the U.S. Air Force. The B-21 is designed to penetrate advanced enemy air defenses and deliver both conventional and nuclear payloads. The segment also produces the F-35 Lightning II center fuselage sections, Global Hawk and Triton unmanned surveillance aircraft that provide high-altitude, long-endurance intelligence gathering capabilities, and the E-2D Advanced Hawkeye airborne early warning aircraft. Defense Systems (approximately 25% of revenue) focuses on weapons and mission systems, including integrated battle management systems, precision strike weapons, and propulsion systems. Key products include the Integrated Battle Command System (IBCS), which serves as the "brain" for Army air and missile defense by connecting various sensors and interceptors into a unified network. The segment also produces Guided Multiple Launch Rocket Systems (GMLRS), various missile systems, gun systems, and ammunition. This division has seen increased demand due to global conflicts and the need for advanced weaponry. Mission Systems (approximately 32% of revenue) provides command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) systems. This includes radar systems, electronic warfare capabilities, cyber solutions, advanced microelectronics, and maritime systems. The segment produces sophisticated sensors and communication systems that enable military forces to detect, track, and engage threats while maintaining secure communications. Space Systems (approximately 14% of revenue) develops satellites, ground systems, missile defense interceptors, launch vehicles, and strategic missiles. Notable programs include the Sentinel intercontinental ballistic missile (ICBM) system, which will replace the aging Minuteman III missiles, and various satellite programs for national security and NASA missions. The segment also produces solid rocket motors that power various missile and space launch systems.
Revenue model
Northrop Grumman generates revenue primarily through government contracts, with approximately 86% of sales coming from U.S. government customers and 14% from international customers. The company operates under several contract types: Cost-plus contracts reimburse the company for allowable costs plus a predetermined fee, typically used for development programs where technical risks are high. These contracts provide stable margins but limit upside potential. Fixed-price contracts require the company to deliver products or services for a predetermined price, offering higher profit potential but also bearing cost overrun risks. The company has been gradually transitioning toward more fixed-price arrangements as programs mature from development to production phases. The company's customers include the U.S. Department of Defense (Army, Navy, Air Force, Space Force), NASA, international governments and their defense agencies, and select commercial customers. Major programs often span decades, providing long-term revenue visibility through multi-year contracts and follow-on production orders. Several factors influence Northrop Grumman's profitability margins. Positive margin drivers include economies of scale as programs transition from low-rate to full-rate production, learning curve efficiencies in manufacturing, successful cost reduction initiatives, and favorable contract negotiations. The company's focus on high-technology, differentiated products also commands premium pricing. Negative margin pressures come from inflation in labor and material costs, supply chain disruptions that can delay deliveries and increase costs, intense competition for new contract awards, and the inherent risks in fixed-price development contracts where technical challenges can lead to cost overruns. Additionally, the transition from development to production phases can temporarily compress margins as manufacturing processes are optimized. The company's international expansion efforts, representing 14% of total sales with strong growth prospects, offer opportunities for margin improvement as international customers often accept different pricing structures and the business faces less intense competition compared to domestic markets.
Competitive moat
Northrop Grumman possesses a strong competitive moat built on several key factors that create significant barriers to entry and sustainable competitive advantages. The company's primary moat stems from its specialized technical expertise in highly complex, mission-critical systems that require decades of accumulated knowledge and experience. Programs like the B-21 stealth bomber and Sentinel ICBM system demand advanced engineering capabilities in stealth technology, nuclear systems, and precision manufacturing that few companies globally can match. The company benefits from extremely high switching costs for customers, as defense programs typically span 20-30 years from development through production and sustainment. Once a contractor is selected for a major program, the government faces enormous costs and risks in switching to alternative suppliers, creating long-term revenue streams. Additionally, Northrop Grumman holds security clearances and classified technology access that represent significant barriers to entry for potential competitors, particularly for strategic nuclear deterrent programs where only a handful of companies are qualified to participate. The company's scale advantages in specialized areas like solid rocket motor production, advanced microelectronics, and stealth technology create cost advantages that smaller competitors cannot easily replicate. Northrop Grumman has also built strong relationships with government customers through decades of successful program execution, creating institutional trust that influences contract award decisions. However, the moat faces some challenges. The defense industry experiences intense competition from other major contractors like Lockheed Martin, Raytheon, and Boeing, particularly for new program competitions. The company also faces potential disruption from emerging defense technology companies and commercial firms bringing innovative approaches to traditional defense problems. Additionally, budget constraints and political pressures for competitive sourcing can erode some of the traditional advantages of incumbent contractors. Despite these challenges, Northrop Grumman's moat remains relatively strong due to the specialized nature of its core competencies and the critical importance of its products to national security.
Risks & safety
Northrop Grumman presents a moderate margin of safety with generally solid financial fundamentals but some areas of concern: • Liquidity and Solvency: The company maintains adequate liquidity with $4.4 billion in cash and short-term investments as of Q4 2024. However, the current ratio of 1.01 indicates tight working capital management. Operating cash flow was strong at $4.4 billion for 2024, though Q1 2025 showed negative $1.6 billion due to timing of contract payments. The debt-to-equity ratio of 1.08 represents moderate leverage levels typical for the industry. • Valuation Metrics: Trading at 16.5x trailing earnings and 11.6x EV/EBITDA for 2024, the stock appears reasonably valued relative to earnings. However, the forward P/E of 38.5x for Q1 2025 reflects recent B-21 program charges that temporarily depressed earnings. The price-to-book ratio of 4.5x suggests the market values the company's intangible assets and contract backlog. • Other Considerations: The record backlog of $92.8 billion provides substantial revenue visibility, representing over two years of sales. Free cash flow generation has been strong historically but can be volatile due to contract timing. The company's dependence on government spending creates some cyclical risk, though defense budgets have remained robust.
Recent development
Over the past few years, Northrop Grumman has executed several strategic initiatives to position itself for long-term growth and operational excellence. The company has made significant investments in production capacity, particularly tripling its solid rocket motor manufacturing capabilities to meet growing demand for missile and space launch systems. This expansion addresses supply chain constraints that have limited growth in recent years. The company has accelerated its international expansion, achieving a 1.4x book-to-bill ratio in international markets during 2024 and expecting double-digit international growth in 2025. Key international opportunities include the Integrated Battle Command System (IBCS), Triton unmanned aircraft systems, E-2D Advanced Hawkeye aircraft, and various missile defense systems, particularly in European and Asia-Pacific markets responding to evolving security threats. Digital transformation and advanced manufacturing have been central to the company's operational excellence initiatives. Northrop Grumman has invested heavily in digital engineering tools, automation, and advanced manufacturing techniques to improve efficiency and reduce costs. The microelectronics business has emerged as a particular growth driver, expanding over 20% in 2024 as demand increases for advanced semiconductors in defense applications. The company has also made strategic portfolio decisions, including the exit from its training services business to focus resources on higher-margin, technology-differentiated offerings. Additionally, Northrop Grumman has continued investing in next-generation technologies including autonomous systems, hypersonic weapons, and space-based capabilities, positioning itself for emerging defense requirements. Recent program developments include the progression of the B-21 Raider into low-rate initial production, successful testing milestones for the Sentinel ICBM program, and expansion of the IBCS program with new contracts and international interest. These developments reflect the company's successful execution of major development programs transitioning toward production phases.
NOC company profile · for informational purposes only — not investment advice.
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