NOCNYSESearch, Detection, Navigation, Guidance, Aeronautical SysFiscal year ends December 31
NORTHROP GRUMMAN CORP /DE/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 20, 2026
$510.65−9.21 (-1.77%)
Close on Oct 19, 2026
- Market cap
- $72.72B
- P/E (TTM)
- 16.2
- Dividend yield
- 1.76%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
10.8%−0.3 pts over 5 years
Net margin
10.0%+1.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.2% | +4.7% | +2.7% | +6.0% | |
| Operating income | +3.2% | +7.8% | +2.1% | +3.9% | |
| Net income | +0.2% | -5.1% | +5.6% | +7.7% | |
| EPS, diluted | +2.6% | -2.6% | +8.9% | +10.8% | |
| Free cash flow | +26.2% | +31.1% | +2.8% | +6.9% | |
| Dividend per share | +11.7% | +10.0% | +9.7% | +11.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 37.5% | 32.9% | 26.2% | |
| Return on assets | 8.2% | 7.5% | 8.3% | |
| Current ratio | 1.22 | 1.60 | 1.10 | |
| Debt to equity | 1.32 | 1.42 | 0.94 | |
| Net debt to EBITDA | 1.21× | 1.89× | 1.89× | |
| Inventory turnover | 13.6× | – | – | |
| Capex to revenue | 3.7% | 3.9% | 3.5% | |
| Diluted shares | 181M | 168M | 144M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Northrop Grumman generated $19.49B from operations and spent $24.32B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$19.49B
Used
$24.32B
Capital expenditure$7.84B32%Dividends$5.63B23%Share buybacks$10.85B45%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.0%
×Asset turnover0.83×
×Equity multiplier3.15×
=Return on equity, FY202526.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.0% | 0.83× | 3.15× | 26.2% |
| FY2024 | 10.2% | 0.86× | 3.19× | 27.7% |
| FY2023 | 5.2% | 0.87× | 3.00× | 13.7% |
| FY2022 | 13.4% | 0.85× | 3.06× | 34.7% |
| FY2021 | 19.6% | 0.82× | 3.70× | 59.6% |
| FY2020 | 8.7% | 0.86× | 4.41× | 32.9% |
| FY2019 | 6.6% | 0.86× | 4.63× | 26.4% |
| FY2018 | 10.7% | 0.83× | 4.75× | 42.2% |
| FY2017 | 11.0% | 0.86× | 4.86× | 45.9% |
| FY2016 | 8.3% | 0.99× | 4.60× | 37.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$4.18B
- Cash generatingOperating cash flow above zero$4.76B
- Return on assets improvedROA up on the prior year9.0% → 8.5%
- Earnings backed by cashOperating cash flow above net income$4.76B vs $4.18B
- Less leverageLong-term debt to assets fell29.8% → 29.5%
- Better liquidityCurrent ratio rose1.01 → 1.10
- No dilutionShare count did not rise147M → 144M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.88 → 0.85