Northrop Grumman Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product was 80% and Service was 20% of revenue.

In the fiscal year to Dec 2025, United States was 86% and Europe was 8% of revenue.

Quarters: Northrop Grumman Corporation's SEC filings, named by the month they end. Fiscal years: Northrop Grumman Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $10.0 ends up as net income. Net margin fell from 13.4% to 10.0% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Northrop Grumman Corporation's annual reports to the SEC.

How much work is already signed?

Customers had signed $109.6B of work Northrop Grumman has not yet delivered at the end of Sep 2026: 2.5 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.4× revenue, so the backlog grew.

Backlog: remaining performance obligations in Northrop Grumman Corporation's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Northrop Grumman sells to the U.S. government; it names no suppliers.

Their suppliers

Redwire RDWto Firefly Aerospace

AE Industrial Partnersto Firefly Aerospace

AE Operatingto Firefly Aerospace

Show 3

Suppliers

Firefly Aerospace FLY

Kratos Defense & Security Solutions KTOS

 

NOCNorthrop Grumman

Customers

U.S. government 84%

Changes since the previous annual report (10-K filed Jan 30, 2025)

U.S. governmentCustomer, share of revenue87% → 84%

Named in other companies’ filings

Firefly Aerospace FLYco-develops with it · Co-develop Eclipse launch vehicleHuntington Ingalls Industries HIIlicensing deal with it · Intellectual property license agreementIntuitive Machines LUNRco-develops with it · Develop Lunar Terrain VehicleQuantum Computing QUBTco-develops with it · Jointly developed and owns a patent

Only the companies Northrop Grumman names in its 10-K filed Jan 27, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Northrop Grumman. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 17.3x, below the peer median of 32.2x, but earnings are expected to fall, so the discount may be deserved.

Priced 46% below the peer median of 32.2x.

At 17.3× trailing earnings NOC is inside the middle of its five-year range; the five-year median is 16.7×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $635, 16% above the current price; 62% of 26 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 16 analysts (62%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $667.00 to $613.87 (−8%), while NOC went from $558.00 to $549.13 (−2%). In the past three months targets were raised 11 times and cut 4 times. 2 upgrades and 2 downgrades over the year; the latest: Baird moved it to Outperform from Neutral on Oct 21, 2026.

The day after each of these reports the stock moved +4.3% (Dec 2025, beat); −10.3% (Mar 2026, beat); +0.3% (Jun 2026, beat); +5.6% (Sep 2026, beat).

For the quarter ending Dec 2026 (Northrop Grumman reports on Jan 26, 2027), analysts expect adjusted earnings of $7.94 a share, 10% more than the $7.23 of a year earlier, and revenue of $12.2B, up 4% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $29.94 a share, 1% more than the year before's estimate of $29.75, and revenue of $46.9B, up 6% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.8B in free cash flow over the year, of which $1.9B went back to shareholders (dividends plus buybacks), leaving $1.9B in the company.

Northrop Grumman had 142M diluted shares in the quarter ended Sep 2026, 0.8% fewer than a year earlier, and 2.7% fewer each year on average since Sep 2020. It spent $524M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 14.0% and its net income rose 12.5%: fewer shares added about 1 point.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.1, short-term debt is manageable; debt-to-equity 0.9, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 5 funds whose copy leaves NOC out (not traded on the exchange): Swiss National Bank, Canada Pension Plan Investment Board, Mirae Asset Global Investments, Fisher Asset Management, Rob Bresnahan, Bridgewater Associates.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held NOC at the end of their latest quarter (for most, Q3 2026). Over that quarter 6 added shares, 5 cut and 1 held the same. The largest of them is National Pension Service, 398,330 shares worth $193M at Sep 30, 2026, 0.5% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of NOC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

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