NORTHROP GRUMMAN CORP /DE/ NOC
Northrop Grumman Corporation (herein referred to as "Northrop Grumman," the "company," "we," "us," or "our") is a leading global aerospace and defense technology company. We deliver a broad range of products, services and solutions to U.S. and international customers, and principally to the U.S. Department of War ("DoW") and intelligence community. Our broad portfolio is aligned to support national security priorities and our solutions equip our customers with capabilities they need to connect, protect and advance humanity.
The company is a leading provider of space systems, military aircraft, missile defense, advanced weapons and long-range fires capabilities, mission systems, networking and communications, strategic deterrence systems, and breakthrough technologies, such as advanced computing, microelectronics and cyber. We are focused on competing and winning programs that enable continued growth, performing on our commitments and affordably delivering capability our customers need. With the investments we've made in advanced technologies, combined with our talented workforce and digital transformation capabilities, Northrop Grumman is well positioned to meet our customers' needs today and in the future. For a discussion of risks associated with our operations, see "Risk Factors."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.95B | $41.03B | $39.29B | $36.60B | $35.67B | $36.80B | $33.84B | $30.09B | $26.00B | $24.71B |
| Cost of revenue | — | — | — | — | — | — | — | — | $7.58B | $7.73B |
| Gross profit | — | — | — | — | — | — | — | — | $18.43B | $16.98B |
| R&D | $1.10B | $1.10B | $1.20B | $1.20B | $1.10B | $1.10B | $953.0M | $764.0M | $639.0M | $705.0M |
| SG&A | $4.03B | $3.99B | $4.01B | $3.87B | $3.60B | $3.41B | $3.29B | $3.01B | $2.71B | $2.63B |
| Total operating expenses | $37.67B | $36.66B | $36.75B | $33.00B | $32.00B | $32.73B | $29.87B | — | — | — |
| Operating income | $4.51B | $4.37B | $2.54B | $3.60B | $5.65B | $4.07B | $3.97B | $3.78B | $3.22B | $3.28B |
| Pre-tax income | $5.07B | $5.02B | $2.35B | $5.84B | $8.94B | $3.73B | $2.55B | $3.74B | $4.23B | $2.68B |
| Income tax | $886.0M | $842.0M | $290.0M | $940.0M | $1.93B | $539.0M | $300.0M | $513.0M | $1.36B | $638.0M |
| Net income | $4.18B | $4.17B | $2.06B | $4.90B | $7.00B | $3.19B | $2.25B | $3.23B | $2.87B | $2.04B |
| EPS, basic | 29.14 | 28.39 | 13.57 | 31.61 | 43.70 | 19.08 | 13.28 | 18.59 | 16.45 | 11.42 |
| EPS, diluted | 29.08 | 28.34 | 13.53 | 31.47 | 43.54 | 19.03 | 13.22 | 18.49 | 16.34 | 11.32 |
| Shares, diluted (wtd. avg.) | $143.8M | $147.3M | $152.0M | $155.6M | $160.9M | $167.6M | $170.0M | $174.6M | $175.6M | $180.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.40B | $4.35B | $3.11B | $2.58B | $3.53B | $4.91B | $2.25B | $1.58B | $11.22B | $2.54B |
| Receivables | $1.38B | $1.27B | $1.45B | $1.51B | $1.47B | $1.50B | $1.33B | $1.45B | $1.05B | — |
| Inventory | $1.31B | $1.46B | $1.11B | $978.0M | $811.0M | $759.0M | $783.0M | $654.0M | $398.0M | $816.0M |
| Total current assets | $15.29B | $14.27B | $13.71B | $12.49B | $12.43B | $15.34B | $10.69B | $9.68B | $16.59B | $6.86B |
| Property, plant and equipment | $10.97B | $10.54B | $9.65B | $8.80B | $7.89B | $7.07B | $6.91B | $6.37B | $4.22B | $3.59B |
| Goodwill | $17.44B | $17.51B | $17.52B | $17.52B | $17.52B | $17.52B | $18.71B | $18.67B | $12.46B | $12.45B |
| Other intangibles | $208.0M | $254.0M | $305.0M | $384.0M | $578.0M | $783.0M | $1.04B | $1.37B | $52.0M | $61.0M |
| Total assets | $51.38B | $49.36B | $46.54B | $43.76B | $42.58B | $44.47B | $41.09B | $37.65B | $35.13B | $25.61B |
| Accounts payable | $3.24B | $2.60B | $2.11B | $2.59B | $2.20B | $1.81B | $2.23B | $2.18B | $1.66B | $1.55B |
| Short-term debt | $534.0M | $1.58B | $70.0M | $1.07B | $6.0M | $742.0M | $1.11B | $517.0M | $867.0M | $12.0M |
| Total current liabilities | $13.88B | $14.13B | $11.94B | $11.59B | $9.53B | $9.58B | $9.43B | $8.27B | $7.09B | $5.63B |
| Long-term debt | $15.16B | $14.69B | $13.79B | $11.80B | $12.78B | $14.26B | $12.77B | $14.40B | $15.27B | $7.07B |
| Total liabilities | $34.70B | $34.07B | $31.75B | $28.44B | $29.65B | $33.89B | $32.27B | $29.47B | $28.00B | $20.36B |
| Retained earnings | $16.66B | $15.30B | $14.77B | $15.31B | $12.91B | $10.48B | $8.75B | $8.07B | $6.91B | $10.63B |
| Total equity | $16.67B | $15.29B | $14.79B | $15.31B | $12.93B | $10.58B | $8.82B | $8.19B | $7.13B | $5.36B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.76B | $4.39B | $3.88B | $2.90B | $3.57B | $4.30B | $4.30B | $3.83B | $2.61B | $2.81B |
| Depreciation and amortisation | $1.47B | $1.37B | $1.34B | $1.34B | $1.24B | $1.27B | $1.26B | $800.0M | $475.0M | $456.0M |
| Stock-based compensation | $119.0M | $101.0M | $87.0M | $99.0M | $94.0M | $90.0M | $127.0M | $86.0M | $94.0M | $93.0M |
| Capital expenditure | $1.45B | $1.77B | $1.77B | $1.44B | $1.42B | $1.42B | $1.26B | $1.25B | $928.0M | $920.0M |
| Investing cash flow | -$1.16B | -$1.75B | -$1.58B | -$1.24B | $2.06B | -$1.21B | -$1.21B | -$8.88B | -$889.0M | -$805.0M |
| Financing cash flow | -$3.55B | -$1.40B | -$1.76B | -$2.61B | -$7.00B | -$432.0M | -$2.42B | -$4.59B | $6.96B | -$1.79B |
| Dividends paid | $1.29B | $1.19B | $1.12B | $1.05B | $983.0M | $953.0M | $880.0M | $821.0M | $689.0M | $640.0M |
| Buybacks | $1.62B | $2.51B | $1.50B | $1.50B | $3.71B | $490.0M | $744.0M | $1.26B | $393.0M | $1.55B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001133421-26-000003.
Others in SIC 3812
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GRMN | GARMIN LTD | $53.43B | 32.3x | 15.1% |
| LHX | L3HARRIS TECHNOLOGIES, INC. /DE/ | $47.75B | 30.1x | — |
| TDY | TELEDYNE TECHNOLOGIES INC | $28.31B | 32.3x | 7.9% |
| DRS | Leonardo DRS, Inc. | $9.77B | 35.5x | 12.8% |
| NN | NEXTNAV INC. | $2.56B | — | -19.3% |
| LUNR | Intuitive Machines, Inc. | $2.40B | — | -9.2% |
| CODA | Coda Octopus Group, Inc. | $114.7M | 27.5x | 30.7% |
| MIND | MIND TECHNOLOGY, INC | $41.5M | — | -12.6% |