Northrop Grumman Corporation (NOC) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Aerospace & Defense
EV/EBITDA
↑
16.46
-3% vs avg
5yr avg: 16.97
30Y Low4.1·High24.8
P/FCF
↓
24.00
↓-30% vs avg
5yr avg: 34.38
30Y Low4.4·High182.7
P/B Ratio
↑
4.82
-2% vs avg
5yr avg: 4.92
30Y Low0.7·High8.0
ROE
↓
26.2%
-19% vs avg
5yr avg: 32.4%
30Y Low-9%·High60%
Debt/EBITDA
↑
3.43
↓-1% vs avg
5yr avg: 3.47
30Y Low1.0·High6.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NOC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Northrop Grumman Corporation trades at 19.2x earnings, roughly in line with its 5-year average of 19.4x, sitting at the 72nd percentile of its historical range. Compared to the Industrials sector median P/E of 25.9x, the stock trades at a discount of 26%. On a free-cash-flow basis, the stock trades at 24.0x P/FCF, 30% below the 5-year average of 34.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $79.4B | $82.0B | $69.1B | $71.2B | $84.9B | $62.3B | $51.1B | $58.5B | $42.8B | $53.9B | $42.0B |
| Enterprise Value | $94.7B | $97.3B | $85.0B | $86.0B | $99.1B | $75.0B | $64.1B | $73.1B | $55.6B | $57.9B | $46.5B |
| P/E Ratio → | 19.21 | 19.61 | 16.56 | 34.60 | 17.34 | 8.89 | 16.01 | 26.02 | 13.24 | 26.76 | 19.08 |
| P/S Ratio | 1.89 | 1.95 | 1.68 | 1.81 | 2.32 | 1.75 | 1.39 | 1.73 | 1.42 | 2.09 | 1.71 |
| P/B Ratio | 4.82 | 4.92 | 4.52 | 4.81 | 5.54 | 4.82 | 4.83 | 6.63 | 5.22 | 7.65 | 7.98 |
| P/FCF | 24.00 | 24.79 | 26.37 | 33.88 | 57.91 | 28.94 | 17.70 | 19.28 | 16.59 | 31.98 | 22.18 |
| P/OCF | 16.68 | 17.24 | 15.75 | 18.36 | 29.26 | 17.46 | 11.86 | 13.61 | 11.17 | 20.63 | 14.92 |
P/E links to full P/E history page with 30-year chart
NOC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Northrop Grumman Corporation's enterprise value stands at 16.5x EBITDA, roughly in line with its 5-year average of 17.0x. The Industrials sector median is 13.9x, placing the stock at a 19% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.32 | 2.07 | 2.19 | 2.71 | 2.10 | 1.74 | 2.16 | 1.85 | 2.25 | 1.90 |
| EV / EBITDA | 16.46 | 16.92 | 14.80 | 22.19 | 20.06 | 10.88 | 12.02 | 13.96 | 12.14 | 15.35 | 12.75 |
| EV / EBIT | 22.12 | 16.98 | 15.54 | 29.74 | 15.63 | 10.01 | 14.84 | 24.61 | 12.91 | 13.01 | 15.60 |
| EV / FCF | — | 29.43 | 32.42 | 40.95 | 67.63 | 34.85 | 22.22 | 24.09 | 21.56 | 34.38 | 24.57 |
NOC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Northrop Grumman Corporation earns an operating margin of 10.2%, above the Industrials sector average of 4.9%. Operating margins have expanded from 6.5% to 10.2% over the past 3 years, signaling improving operational efficiency. ROE of 26.2% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 10.2% represents solid returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.8% | 19.8% | 20.4% | 16.7% | 20.4% | 20.4% | 20.3% | 21.5% | 22.6% | 23.1% | 23.6% |
| Operating Margin | 10.2% | 10.2% | 10.7% | 6.5% | 9.8% | 15.8% | 11.0% | 11.7% | 12.6% | 12.8% | 13.0% |
| Net Profit Margin | 10.0% | 10.0% | 10.2% | 5.2% | 13.4% | 19.6% | 8.7% | 6.6% | 10.7% | 7.8% | 9.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.2% | 26.2% | 27.7% | 13.7% | 34.7% | 59.6% | 32.9% | 26.4% | 42.4% | 32.7% | 40.8% |
| ROA | 8.3% | 8.3% | 8.7% | 4.6% | 11.3% | 16.1% | 7.5% | 5.7% | 8.9% | 6.7% | 8.8% |
| ROIC | 10.2% | 10.2% | 10.8% | 6.4% | 9.8% | 17.2% | 13.0% | 13.4% | 17.7% | 23.7% | 24.6% |
| ROCE | 11.8% | 11.8% | 12.5% | 7.6% | 11.0% | 16.6% | 12.2% | 13.0% | 13.2% | 13.8% | 16.4% |
NOC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Northrop Grumman Corporation carries a Debt/EBITDA ratio of 3.4x, which is moderately leveraged (8% above the sector average of 3.2x). Net debt stands at $15.3B ($19.7B total debt minus $4.4B cash). Interest coverage of 8.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.18 | 1.18 | 1.32 | 1.21 | 1.10 | 1.26 | 1.70 | 1.91 | 1.76 | 2.17 | 1.34 |
| Debt / EBITDA | 3.43 | 3.43 | 3.52 | 4.63 | 3.40 | 2.36 | 3.37 | 3.22 | 3.14 | 4.05 | 1.94 |
| Net Debt / Equity | — | 0.92 | 1.04 | 1.00 | 0.93 | 0.98 | 1.23 | 1.65 | 1.57 | 0.57 | 0.86 |
| Net Debt / EBITDA | 2.67 | 2.67 | 2.76 | 3.83 | 2.88 | 1.85 | 2.45 | 2.79 | 2.80 | 1.07 | 1.24 |
| Debt / FCF | — | 4.64 | 6.04 | 7.06 | 9.72 | 5.91 | 4.52 | 4.81 | 4.97 | 2.40 | 2.39 |
| Interest Coverage | 8.62 | 8.62 | 8.81 | 5.30 | 12.53 | 13.48 | 7.29 | 5.62 | 7.66 | 12.37 | 9.91 |
NOC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.09x means Northrop Grumman Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.00 | 1.13 | 1.06 | 1.28 | 1.58 | 1.12 | 1.17 | 2.38 | 1.22 |
| Quick Ratio | 0.99 | 0.99 | 0.89 | 1.04 | 0.98 | 1.20 | 1.50 | 1.04 | 1.09 | 2.27 | 1.07 |
| Cash Ratio | 0.32 | 0.32 | 0.31 | 0.26 | 0.22 | 0.37 | 0.51 | 0.24 | 0.19 | 1.61 | 0.45 |
| Asset Turnover | — | 0.82 | 0.83 | 0.84 | 0.84 | 0.84 | 0.83 | 0.82 | 0.80 | 0.74 | 0.96 |
| Inventory Turnover | 25.70 | 25.70 | 22.45 | 29.52 | 29.78 | 35.02 | 38.63 | 33.95 | 35.63 | 25.45 | 22.95 |
| Days Sales Outstanding | — | 76.93 | 68.47 | 80.33 | 74.73 | 71.22 | 65.87 | 71.83 | 78.52 | 63.92 | 49.13 |
NOC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Northrop Grumman Corporation returns 3.7% to shareholders annually — split between a 1.6% dividend yield and 2.0% buyback yield. The payout ratio of 30.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.6% | 1.7% | 1.6% | 1.2% | 1.6% | 1.9% | 1.5% | 1.9% | 1.3% | 1.5% |
| Payout Ratio | 30.9% | 30.9% | 28.4% | 54.3% | 21.5% | 14.0% | 29.9% | 39.1% | 25.4% | 34.2% | 29.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 5.1% | 6.0% | 2.9% | 5.8% | 11.2% | 6.2% | 3.8% | 7.6% | 3.7% | 5.2% |
| FCF Yield | 4.2% | 4.0% | 3.8% | 3.0% | 1.7% | 3.5% | 5.6% | 5.2% | 6.0% | 3.1% | 4.5% |
| Buyback Yield | 2.0% | 2.0% | 3.6% | 2.1% | 1.8% | 5.9% | 1.0% | 1.4% | 3.0% | 0.7% | 3.7% |
| Total Shareholder Yield | 3.7% | 3.6% | 5.4% | 3.7% | 3.0% | 7.5% | 2.8% | 2.9% | 4.9% | 2.0% | 5.2% |
| Shares Outstanding | — | $144M | $147M | $152M | $156M | $161M | $168M | $170M | $175M | $176M | $181M |
Peer Comparison
Compare NOC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NOCYou | $79B | 19.2 | 16.5 | 24.0 | 19.8% | 10.2% | 26.2% | 10.2% | 3.4 |
 LMT | $119B | 23.9 | 16.1 | 17.2 | 10.2% | 10.3% | 76.9% | 23.9% | 2.6 |
 RTX | $238B | 35.6 | 21.0 | 30.0 | 20.1% | 10.0% | 10.4% | 6.7% | 3.1 |
 GD | $94B | 22.5 | 16.8 | 23.7 | 15.1% | 10.2% | 17.7% | 12.5% | 1.6 |
 BA | $181B | 92.7 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 HII | $13B | 20.8 | 16.0 | 15.8 | 12.7% | 4.9% | 12.4% | 6.2% | 3.4 |
 LHX | $56B | 35.4 | 19.3 | 21.0 | 25.7% | 10.0% | 8.2% | 5.4% | 3.1 |
 BAH | $13B | 10.5 | 10.6 | 14.2 | 54.8% | 11.4% | 91.2% | 24.3% | 2.7 |
 SAIC | $4B | 12.3 | 6.4 | 7.4 | 12.0% | 7.1% | 23.3% | 14.2% | 0.3 |
 LDOS | $17B | 12.1 | 9.0 | 10.5 | 17.7% | 12.3% | 30.9% | 17.1% | 2.5 |
 DRS | $11B | 40.6 | 24.8 | 49.0 | 23.2% | 9.5% | 10.5% | 10.5% | 1.1 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Full NOC Stock Analysis
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Start ComparisonNOC — Frequently Asked Questions
Quick answers to the most common questions about buying NOC stock.
What is Northrop Grumman Corporation's P/E ratio?
Northrop Grumman Corporation's current P/E ratio is 19.2x. The historical average is 16.5x. This places it at the 72th percentile of its historical range.
What is Northrop Grumman Corporation's EV/EBITDA?
Northrop Grumman Corporation's current EV/EBITDA is 16.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
What is Northrop Grumman Corporation's ROE?
Northrop Grumman Corporation's return on equity (ROE) is 26.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.6%.
Is NOC stock overvalued?
Based on historical data, Northrop Grumman Corporation is trading at a P/E of 19.2x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Northrop Grumman Corporation's dividend yield?
Northrop Grumman Corporation's current dividend yield is 1.61% with a payout ratio of 30.9%.
What are Northrop Grumman Corporation's profit margins?
Northrop Grumman Corporation has 19.8% gross margin and 10.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Northrop Grumman Corporation have?
Northrop Grumman Corporation's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.