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Northrop Grumman Corporation (NOC) 10-Year Financial Performance & Capital Metrics

NOC • • Industrial / General
IndustrialsAerospace & DefenseAircraft ManufacturingMilitary Aircraft & Defense Platforms
AboutNorthrop Grumman Corporation operates as an aerospace and defense company worldwide. The company's Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems. Its Defense Systems segment designs, develops, and produces weapons and mission systems. It offers products and services, such as integrated battle management systems, weapons systems and aircraft, and mission systems. This segment also provides command and control and weapons systems, including munitions and missiles; precision strike weapons; propulsion, such as air-breathing and hypersonic systems; gun systems and precision munitions; life cycle service and support for software, weapons systems, and aircraft; and logistics support, sustainment, operation, and modernization for air, sea, and ground systems. The company's Mission Systems segment offers cyber, command, control, communications and computers, intelligence, surveillance, and reconnaissance systems; radar, electro-optical/infrared and acoustic sensors; electronic warfare systems; advanced communications and network systems; cyber solutions; intelligence processing systems; navigation; and maritime power, propulsion, and payload launch systems. This segment also provides airborne multifunction sensors; maritime/land systems and sensors; navigation, targeting, and survivability solutions; and networked information solutions. Its Space Systems segment offers satellites and payloads; ground systems; missile defense systems and interceptors; launch vehicles and related propulsion systems; and strategic missiles. The company was founded in 1939 and is based in Falls Church, Virginia.Show more
  • Revenue $41.03B +4.4%
  • EBITDA $5.74B +48.1%
  • Net Income $4.17B +103.0%
  • EPS (Diluted) 28.34 +109.5%
  • Gross Margin 20.38% +22.2%
  • EBITDA Margin 13.99% +41.8%
  • Operating Margin 10.65% +64.9%
  • Net Margin 10.17% +94.4%
  • ROE 27.75% +103.2%
  • ROIC 11.49% +67.4%
  • Debt/Equity 1.20 +10.9%
  • Interest Coverage 7.04 +51.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 25.4%
  • ✓21 consecutive years of dividend growth
  • ✓Share count reduced 3.1% through buybacks
  • ✓Healthy 5Y average net margin of 11.4%
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.52%
5Y3.93%
3Y4.78%
TTM-0.14%

Profit (Net Income) CAGR

10Y7.27%
5Y13.18%
3Y-15.85%
TTM69.22%

EPS CAGR

10Y11.26%
5Y16.48%
3Y-13.34%
TTM72.24%

ROCE

10Y Avg13.19%
5Y Avg12%
3Y Avg10.39%
Latest12.52%

Peer Comparison

Military Aircraft & Defense Platforms
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
HIIHuntington Ingalls Industries, Inc.16.44B418.8630.000.71%4.74%11.42%0.16%0.73
GDGeneral Dynamics Corporation99.59B368.6927.0512.88%8.18%17.25%3.21%0.48
LMTLockheed Martin Corporation133.72B577.8925.905.14%5.73%67.95%3.95%3.38
NOCNorthrop Grumman Corporation93.43B654.6123.104.44%9.82%25.14%2.81%1.20

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+23.53B24.51B25.8B30.09B33.84B36.8B35.67B36.6B39.29B41.03B
Revenue Growth %-0.02%0.04%0.05%0.17%0.12%0.09%-0.03%0.03%0.07%0.04%
Cost of Goods Sold+17.88B18.73B19.85B23.3B26.58B29.32B28.4B29.13B32.74B32.67B
COGS % of Revenue0.76%0.76%0.77%0.77%0.79%0.8%0.8%0.8%0.83%0.8%
Gross Profit+5.64B5.78B5.95B6.79B7.26B7.48B7.27B7.47B6.55B8.36B
Gross Margin %0.24%0.24%0.23%0.23%0.21%0.2%0.2%0.2%0.17%0.2%
Gross Profit Growth %0.01%0.02%0.03%0.14%0.07%0.03%-0.03%0.03%-0.12%0.28%
Operating Expenses+2.57B2.63B2.71B3.04B3.29B3.41B1.62B3.87B4.01B3.99B
OpEx % of Revenue0.11%0.11%0.11%0.1%0.1%0.09%0.05%0.11%0.1%0.1%
Selling, General & Admin2.57B2.97B1.48B2.62B4.29B3.25B227M1.14B3.91B2.89B
SG&A % of Revenue0.11%0.12%0.06%0.09%0.13%0.09%0.01%0.03%0.1%0.07%
Research & Development712M705M639M764M953M01.1B1.2B1.2B1.1B
R&D % of Revenue0.03%0.03%0.02%0.03%0.03%-0.03%0.03%0.03%0.03%
Other Operating Expenses-712M-1.04B596M-341M-1.95B164M290M1.54B-1.09B-1M
Operating Income+3.08B3.19B3.3B3.78B3.97B4.07B5.65B3.6B2.54B4.37B
Operating Margin %0.13%0.13%0.13%0.13%0.12%0.11%0.16%0.1%0.06%0.11%
Operating Income Growth %-0.04%0.04%0.03%0.15%0.05%0.02%0.39%-0.36%-0.3%0.72%
EBITDA+3.54B3.65B3.77B4.58B5.23B5.33B6.89B4.94B3.88B5.74B
EBITDA Margin %0.15%0.15%0.15%0.15%0.15%0.14%0.19%0.14%0.1%0.14%
EBITDA Growth %-0.03%0.03%0.03%0.21%0.14%0.02%0.29%-0.28%-0.22%0.48%
D&A (Non-Cash Add-back)467M456M475M800M1.26B1.27B1.24B1.34B1.34B1.37B
EBIT3.08B2.98B4.45B4.3B2.97B4.32B7.5B6.34B2.89B5.47B
Net Interest Income+-301M-301M-360M-562M-528M-593M-556M-506M-545M-621M
Interest Income0000000000
Interest Expense301M301M360M562M528M593M556M506M545M621M
Other Income/Expense-286M-270M1.01B-38M-1.42B-337M3.29B2.23B-191M646M
Pretax Income+2.79B2.92B3.05B3.74B2.55B3.73B8.94B5.84B2.35B5.02B
Pretax Margin %0.12%0.12%0.12%0.12%0.08%0.1%0.25%0.16%0.06%0.12%
Income Tax+800M723M1.03B513M300M539M1.93B940M290M842M
Effective Tax Rate %0.71%0.75%0.66%0.86%0.88%0.86%0.78%0.84%0.88%0.83%
Net Income+1.99B2.2B2.02B3.23B2.25B3.19B7B4.9B2.06B4.17B
Net Margin %0.08%0.09%0.08%0.11%0.07%0.09%0.2%0.13%0.05%0.1%
Net Income Growth %-0.04%0.11%-0.08%0.6%-0.3%0.42%1.2%-0.3%-0.58%1.03%
Net Income (Continuing)1.99B2.2B2.87B3.23B2.25B3.19B7B4.9B2.06B4.17B
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+10.3912.1911.4718.4913.2219.0343.5431.4713.5328.34
EPS Growth %0.07%0.17%-0.06%0.61%-0.29%0.44%1.29%-0.28%-0.57%1.09%
EPS (Basic)10.5112.3011.5518.5913.2819.0843.7031.6113.5728.39
Diluted Shares Outstanding191.6M180.5M175.6M174.6M170M167.6M160.9M155.6M152M147.3M
Basic Shares Outstanding189.4M178.9M174.4M173.7M169.3M167.1M160.3M154.9M151.5M147M
Dividend Payout Ratio0.3%0.29%0.34%0.25%0.39%0.3%0.14%0.21%0.54%0.28%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+6.33B6.86B16.35B9.68B10.69B15.34B12.43B12.49B13.71B14.27B
Cash & Short-Term Investments2.32B2.54B11.22B1.58B2.25B4.91B3.53B2.58B3.11B4.35B
Cash Only2.32B2.54B11.22B1.58B2.25B4.91B3.53B2.58B3.11B4.35B
Short-Term Investments0000000000
Accounts Receivable2.84B3.3B4.52B6.47B6.66B6.64B6.96B7.49B7.15B7.18B
Days Sales Outstanding44.0849.1363.9278.5271.8365.8771.2274.7366.3963.87
Inventory807M816M780M654M783M759M811M978M1.11B1.46B
Days Inventory Outstanding16.4715.914.3410.2410.759.4510.4212.2612.3616.26
Other Current Assets0000551M2.43B571M850M1.71B1.29B
Total Non-Current Assets+18.12B18.76B18.57B27.97B30.4B29.13B30.15B31.27B32.84B35.27B
Property, Plant & Equipment3.06B3.59B4.22B6.37B8.42B8.6B9.55B10.61B11.47B12.31B
Fixed Asset Turnover7.68x6.83x6.11x4.72x4.02x4.28x3.74x3.45x3.43x3.33x
Goodwill12.46B12.45B12.46B18.67B18.71B17.52B17.52B17.52B17.52B17.51B
Intangible Assets77M61M52M1.37B1.04B783M578M384M305M254M
Long-Term Investments0330M352M319M364M377M418M332M339M347M
Other Non-Current Assets1.19B928M1.06B1.14B1.36B1.53B1.89B2.26B2.19B3.25B
Total Assets+24.45B25.61B34.92B37.65B41.09B44.47B42.58B43.76B46.54B49.36B
Asset Turnover0.96x0.96x0.74x0.80x0.82x0.83x0.84x0.84x0.84x0.83x
Asset Growth %-0.08%0.05%0.36%0.08%0.09%0.08%-0.04%0.03%0.06%0.06%
Total Current Liabilities+5.46B5.63B6.96B8.27B9.43B9.58B9.53B11.59B11.94B14.13B
Accounts Payable1.28B1.55B1.66B2.18B2.23B1.81B2.2B2.59B2.11B2.6B
Days Payables Outstanding26.1630.2830.5434.1830.5722.4828.2432.4223.5229.04
Short-Term Debt110M12M867M517M1.86B742M6M1.07B370M1.91B
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities1.33B1.25B3.18B1.98B1.24B2.25B2.02B1.96B3.02B3.28B
Current Ratio1.16x1.22x2.35x1.17x1.13x1.60x1.30x1.08x1.15x1.01x
Quick Ratio1.01x1.07x2.24x1.09x1.05x1.52x1.22x0.99x1.05x0.91x
Cash Conversion Cycle34.3834.7547.7254.5952.0252.8453.454.5755.2351.09
Total Non-Current Liabilities+13.47B14.72B20.9B21.19B22.84B24.31B20.12B16.86B19.81B19.94B
Long-Term Debt6.39B7.06B14.4B13.88B12.77B14.26B12.78B11.8B13.79B14.69B
Capital Lease Obligations00001.31B1.34B1.59B1.82B1.89B1.8B
Deferred Tax Liabilities02.4B1.71B108M00490M132M00
Other Non-Current Liabilities7.09B7.67B6.5B7.2B8.76B8.71B5.27B3.1B4.13B3.45B
Total Liabilities18.93B20.36B27.87B29.47B32.27B33.89B29.65B28.44B31.75B34.07B
Total Debt+6.42B7.06B14.4B13.88B14.08B16.61B14.66B15B16.05B18.4B
Net Debt4.1B4.52B3.17B12.3B11.83B11.7B11.13B12.42B12.94B14.04B
Debt / Equity1.16x1.34x2.04x1.70x1.60x1.57x1.13x0.98x1.08x1.20x
Debt / EBITDA1.81x1.93x3.82x3.03x2.69x3.11x2.13x3.03x4.14x3.20x
Net Debt / EBITDA1.16x1.24x0.84x2.69x2.26x2.19x1.61x2.51x3.34x2.45x
Interest Coverage10.22x10.61x9.16x6.73x7.52x6.85x10.16x7.12x4.66x7.04x
Total Equity+5.52B5.26B7.05B8.19B8.82B10.58B12.93B15.31B14.79B15.29B
Equity Growth %-0.24%-0.05%0.34%0.16%0.08%0.2%0.22%0.18%-0.03%0.03%
Book Value per Share28.8229.1440.1446.8951.8863.1280.3498.4197.34103.80
Total Shareholders' Equity5.52B5.26B7.05B8.19B8.82B10.58B12.93B15.31B14.79B15.29B
Common Stock181M175M174M171M168M167M156M153M150M145M
Retained Earnings10.66B10.63B11.55B8.07B8.75B10.48B12.91B15.31B14.77B15.3B
Treasury Stock0000000000
Accumulated OCI-5.32B-5.55B-4.72B-52M-97M-128M-143M-153M-128M-152M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+2.16B2.81B2.61B3.83B4.3B4.3B3.57B2.9B3.88B4.39B
Operating CF Margin %0.09%0.11%0.1%0.13%0.13%0.12%0.1%0.08%0.1%0.11%
Operating CF Growth %-0.17%0.3%-0.07%0.46%0.12%0%-0.17%-0.19%0.34%0.13%
Net Income1.99B2.2B2.02B3.23B2.25B3.19B7B4.9B2.06B4.17B
Depreciation & Amortization467M456M475M800M1.02B1.27B1.24B1.34B1.34B1.37B
Stock-Based Compensation99M93M94M86M127M90M94M99M87M101M
Deferred Taxes572M36M603M234M-509M210M603M-321M-988M-582M
Other Non-Cash Items-711M-161M-646M392M1.99B1B-5.55B-2.52B1.53B-1.01B
Working Capital Changes-255M189M72M-914M-575M-1.45B181M-600M-144M335M
Change in Receivables-30M-461M-677M202M122M-285M-10M-44M54M-33M
Change in Inventory-80M-15M36M-37M-135M18M-52M-205M-220M-358M
Change in Payables-632M198M539M381M617M719M376M572M519M-513M
Cash from Investing+-431M-805M-889M-8.88B-1.21B-1.21B2.06B-1.24B-1.58B-1.75B
Capital Expenditures-471M-920M-928M-1.25B-1.26B-1.42B-1.42B-1.44B-1.77B-1.77B
CapEx % of Revenue0.02%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.05%0.04%
Acquisitions----------
Investments----------
Other Investing40M115M39M28M57M4M73M39M-4M18M
Cash from Financing+-3.27B-1.79B6.96B-4.59B-2.42B-432M-7B-2.61B-1.76B-1.4B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-603M-640M-689M-821M-880M-953M-983M-1.05B-1.12B-1.19B
Share Repurchases----------
Other Financing96M-162M-190M-113M-6M-57M-78M-57M-90M-190M
Net Change in Cash----------
Free Cash Flow+1.69B1.89B1.69B2.58B3.03B2.88B2.15B1.47B2.1B2.62B
FCF Margin %0.07%0.08%0.07%0.09%0.09%0.08%0.06%0.04%0.05%0.06%
FCF Growth %-0.17%0.12%-0.11%0.53%0.18%-0.05%-0.25%-0.32%0.43%0.25%
FCF per Share8.8310.499.6014.7717.8417.2113.379.4213.8217.79
FCF Conversion (FCF/Net Income)1.09x1.28x1.30x1.19x1.91x1.35x0.51x0.59x1.88x1.05x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)31.2%40.81%32.75%42.39%26.44%32.88%59.6%34.68%13.66%27.75%
Return on Invested Capital (ROIC)24.39%24.69%24.75%18.46%14.47%14.2%18.29%10.43%6.86%11.49%
Gross Margin23.98%23.57%23.07%22.57%21.45%20.32%20.38%20.42%16.67%20.38%
Net Margin8.46%8.98%7.81%10.73%6.64%8.67%19.64%13.38%5.23%10.17%
Debt / Equity1.16x1.34x2.04x1.70x1.60x1.57x1.13x0.98x1.08x1.20x
Interest Coverage10.22x10.61x9.16x6.73x7.52x6.85x10.16x7.12x4.66x7.04x
FCF Conversion1.09x1.28x1.30x1.19x1.91x1.35x0.51x0.59x1.88x1.05x
Revenue Growth-1.89%4.17%5.28%16.63%12.45%8.74%-3.08%2.62%7.34%4.44%

Revenue by Segment

2015201620172018201920202021202220232024
Aeronautics Systems----13.86B12.17B11.26B10.53B10.79B12.03B
Aeronautics Systems Growth------12.21%-7.48%-6.47%2.42%11.53%
Space Systems10B10.83B11.96B-4.11B8.74B10.61B12.28B11.87B11.73B
Space Systems Growth-8.24%10.41%--112.75%21.32%15.71%-3.27%-1.20%
Mission Systems-10.93B11.38B11.71B12.26B10.08B10.13B10.4B10.89B11.4B
Mission Systems Growth--4.15%2.87%4.73%-17.80%0.54%2.59%4.80%4.63%
Defense Systems----6.12B7.54B5.78B5.58B8.29B8.56B
Defense Systems Growth-----23.27%-23.43%-3.41%48.58%3.27%
Intersegment Eliminations----2.28B-2.51B-1.74B-2.11B-2.18B-2.55B-2.69B
Intersegment Eliminations Growth-----10.07%30.88%-21.47%-3.27%-17.16%-5.25%
Aerospace Systems---13.1B------
Aerospace Systems Growth----------
Technology Services2.84B4.83B4.75B4.3B------
Technology Services Growth-70.01%-1.55%-9.54%------
Innovation Systems---3.28B------
Innovation Systems Growth----------
Electronic Systems6.84B---------
Electronic Systems Growth----------
Information Systems5.89B---------
Information Systems Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES---25.66B28.69B31.61B30.68B31.75B34.38B36.03B
UNITED STATES Growth----11.79%10.19%-2.93%3.48%8.29%4.79%
Europe----1.83B2.08B2.11B2.25B2.46B2.84B
Europe Growth-----13.58%1.20%6.88%9.01%15.56%
Asia Pacific---1.67B1.84B1.97B1.94B1.8B1.57B1.55B
Asia Pacific Growth----10.20%7.19%-1.47%-7.07%-12.99%-1.02%
All Other - Geographic Region [Domain]---2.77B1.49B1.14B936M794M882M611M
All Other - Geographic Region [Domain] Growth-----46.35%-23.37%-17.75%-15.17%11.08%-30.73%

Frequently Asked Questions

Valuation & Price

Northrop Grumman Corporation (NOC) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

Northrop Grumman Corporation (NOC) reported $40.93B in revenue for fiscal year 2024. This represents a 55% increase from $26.41B in 2011.

Northrop Grumman Corporation (NOC) grew revenue by 4.4% over the past year. Growth has been modest.

Yes, Northrop Grumman Corporation (NOC) is profitable, generating $4.02B in net income for fiscal year 2024 (10.2% net margin).

Dividend & Returns

Yes, Northrop Grumman Corporation (NOC) pays a dividend with a yield of 1.23%. This makes it attractive for income-focused investors.

Northrop Grumman Corporation (NOC) has a return on equity (ROE) of 27.7%. This is excellent, indicating efficient use of shareholder capital.

Northrop Grumman Corporation (NOC) generated $1.83B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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