FirmAtlas
Company handbook · NOC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NOC · CIK 1133421 · LATEST FILING: 10-Q JUN '26 · FILED JUL 21, 2026
NORTHROP GRUMMAN CORP /DE/
$519.86
+20.23 (+4.05%)
Close, Oct 16, 2026 · 52-week $470–774
Last fiscal year
NORTHROP GRUMMAN CORP /DE/ reported revenue of $42.0B for the year ended Dec 31, 2025 (FY25), up 2.2% from FY24. Net income was $4.2B, operating cash flow $4.8B and free cash flow $3.3B. Source: 10-K filed Jan 27, 2026.
Market cap
$73.8B
P/E
16.4
EV/EBITDA
14.2x
P/B
4.1
Div yield
1.84%
ROIC
13.5%
Revenue 1Y
2.2%/yr
EPS 1Y
2.6%/yr
Shares 1Y
−2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQFalls Church, VA
AuditorDeloitte & Touche LLP
Employees95,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
9.0%
5.6%
2.1%
−13.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$9.8B deployed
Capex
$3.2B
32.7%
Dividends
$2.5B
25.2%
Buybacks
$4.1B
42.1%
Operating cash flow over the period: $9.1B. Total debt changed by −$578M. R&D of $2.2B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
41,033
41,954+2.2%
42,892
YoY
+2.2%
Operating income
4,370
4,511+3.2%
4,598
Operating margin
10.6%
10.8%+0.1 pp
—
EBITDA
5,740
5,983+4.2%
—
EBITDA margin
14.0%
14.3%+0.3 pp
—
Interest expense
621
665+7.1%
—
Interest coverage
9.24x
9.00x−0.25x
—
Net income
4,174
4,182+0.2%
4,496
YoY
+0.2%
Net margin
10.2%
10.0%−0.2 pp
—
EPS (diluted, $)
28.34
29.08+2.6%
31.54
YoY
+2.6%
Balance sheet
Total assets
49,359
51,377+4.1%
50,763
Cash & short-term investments
4,353
4,403+1.1%
—
Accounts receivable
1,272
1,375+8.1%
—
Inventory
1,455
1,309−10.0%
—
Net PP&E
10,536
10,972+4.1%
—
Other assets
31,743
33,318+5.0%
—
Total liabilities
34,069
34,703+1.9%
32,879
Accounts payable
2,599
3,240+24.7%
—
Total debt
16,274
15,696−3.6%
15,191
Other liabilities
15,196
15,767+3.8%
—
Shareholders’ equity
15,290
16,674+9.1%
17,884
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,388
4,757+8.4%
5,078
Net income
4,174
4,182+0.2%
—
Depreciation & amortization
1,370
1,472+7.4%
—
Stock-based compensation
101
119+17.8%
—
Working capital & other
(1,257)
(1,016)n/m
—
Cash from investing
(1,749)
(1,155)n/m
—
Capex
(1,767)
(1,450)n/m
—
Investments sold / matured
0
0n/m
—
Other investing
18
295+1538.9%
—
Cash from financing
(1,395)
(3,552)n/m
—
Debt raised
2,495
998−60.0%
—
Debt repaid
0
(1,500)n/m
—
Dividends
(1,186)
(1,293)n/m
—
Buybacks
(2,514)
(1,624)n/m
—
Other financing
(190)
(133)n/m
—
Net change in cash
1,244
50−96.0%
—
Free cash flow (OCF − capex)
2,621
3,307+26.2%
3,646
Where the cash went
Operating cash flow
4,388
4,757+8.4%
5,078
Reinvested in the business
1,767
1,450−17.9%
—
% of operating cash flow
40.3%
30.5%
Capex
1,767
1,450−17.9%
1,432
R&D (memo, already in costs)
1,100
1,100+0.0%
—
Free cash flow
2,621
3,307+26.2%
3,646
YoY
+26.2%
Returned to shareholders
3,700
2,917−21.2%
—
% of free cash flow
141.2%
88.2%
Dividends
1,186
1,293+9.0%
—
Buybacks
2,514
1,624−35.4%
—
Change in total debt
—
(578)
—
Cash left over
—
(188)
—
FCF conversion (FCF ÷ net income)
62.8%
79.1%+16.3 pp
—
Owner earnings
—
4,888
—
Owner earnings margin
—
11.7%
—
Buyback yield
3.7%
2.0%−1.7 pp
—
Returns & ratios
ROIC (all capital)
13.4%
13.5%+0.1 pp
—
ROIC (operating)
34.1%
35.3%+1.2 pp
—
Net debt / EBITDA
2.08x
1.89x−0.19x
—
Debt / equity
1.06x
0.94x−0.12x
—
Cash conversion cycle (days)
1
−5−6 d
—
ROE
27.3%
25.1%−2.2 pp
—
ROA
8.5%
8.1%−0.3 pp
—
ROCE
12.4%
12.0%−0.4 pp
—
NOPAT
3,636
3,722+2.4%
—
Invested capital (operating)
10,664
10,416−2.3%
—
Invested capital (all)
27,211
27,967+2.8%
—
Reinvestment rate
—
−6.7%
—
Debtor days
11
12+1 d
—
Inventory days
13
11−2 d
—
Days payable
23
28+5 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
10,423
11,712
9,881
10,876
vs year-ago quarter
Operating income
1,242
1,271
989
1,096
Net income
1,100
1,427
875
1,094
vs year-ago quarter
Net margin
10.6%
12.2%
8.9%
10.1%
EPS (diluted, $)
7.67
10.05
6.14
7.68
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
49,300
51,377
50,007
50,763
Cash & equivalents
1,957
4,403
2,090
2,307
Total debt
15,695
15,696
15,169
15,191
Shareholders’ equity
15,988
16,674
17,115
17,884
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,557
3,897
(1,656)
1,280
Capex
301
662
167
302
Free cash flow
1,256
3,235
(1,823)
978
vs year-ago quarter