Overview
NORTHROP GRUMMAN CORP /DE/
Latest 10-K: FY2025, filed Jan 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $41.95B
- 2.2%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $4.51B
- 3.2%YoYup from FY2024
- OperatingIncome
- Net income
- $4.18B
- 0.2%YoYup from FY2024
- NetIncome
- Diluted EPS
- $29.08
- 2.6%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 143.8M
- 2.4%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- NORTHROP GRUMMAN CORP /DE/ reported revenue of $41.95B for fiscal 2025, up 2.2% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 1 of the last 5 fiscal years.
Profitability
- Operating margin was 10.8% and net margin was 10.0%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $29.08, up 2.6% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 24, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $41.95B2.2%up S&P 500 6.4% | $41.03B4.4%up S&P 500 4.5% | $39.29B7.3%up S&P 500 4.8% | $36.60B2.6%up S&P 500 10.3% | $35.67B3.1%down S&P 500 13.8% | 4.1% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $4.51B3.2%up S&P 500 7.3% | $4.37B72.3%up S&P 500 7.4% | $2.54B29.5%down S&P 500 4.9% | $3.60B36.3%down S&P 500 7.5% | $5.65B39.0%up S&P 500 23.5% | -5.5% S&P 500 7.2% |
| Net Income | $4.18B0.2%up S&P 500 4.8% | $4.17B103.0%up S&P 500 5.7% | $2.06B58.0%down S&P 500 1.9% | $4.90B30.1%down S&P 500 1.3% | $7.00B119.7%up S&P 500 33.9% | -12.1% S&P 500 4.1% |
| EPS (Diluted) | $29.082.6%up S&P 500 6.2% | $28.34109.5%up S&P 500 7.9% | $13.5357.0%down S&P 500 1.9% | $31.4727.7%down S&P 500 1.5% | $43.54128.8%up S&P 500 34.8% | -9.6% S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $51.38B4.1%up S&P 500 5.6% | $49.36B6.0%up S&P 500 3.4% | $46.54B6.4%up S&P 500 4.1% | $43.76B2.8%up S&P 500 2.2% | $42.58B4.3%down S&P 500 6.7% | 4.8% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | $34.70B1.9%up S&P 500 6.4% | $34.07B7.3%up S&P 500 1.9% | $31.75B11.6%up S&P 500 2.9% | $28.44B4.1%down S&P 500 2.0% | $29.65B12.5%down S&P 500 5.2% | 4.0% S&P 500 4.4% |
| Stockholders' Equity | $16.67B9.1%up S&P 500 6.8% | $15.29B3.3%up S&P 500 5.4% | $14.79B3.4%down S&P 500 7.3% | $15.31B18.5%up S&P 500 2.5% | $12.93B22.2%up S&P 500 9.0% | 6.6% S&P 500 6.1% |
| Cash & Equivalents | $4.40B1.1%up S&P 500 5.2% | $4.35B40.0%up S&P 500 1.9% | $3.11B20.6%up S&P 500 6.7% | $2.58B27.0%down S&P 500 -8.6% | $3.53B28.1%down S&P 500 -2.9% | 5.7% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $15.70B3.6%down S&P 500 2.3% | $16.27B17.5%up S&P 500 0.1% | $13.86B7.6%up S&P 500 0.1% | $12.88B0.7%up S&P 500 0.1% | $12.78B14.8%down S&P 500 0.0% | 5.3% S&P 500 3.7% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.76B8.4%up S&P 500 6.3% | $4.39B13.2%up S&P 500 4.8% | $3.88B33.6%up S&P 500 9.9% | $2.90B18.7%down S&P 500 -0.7% | $3.57B17.1%down S&P 500 10.7% | 7.5% S&P 500 7.0% |
| Capital Expenditures | $1.45B17.9%down S&P 500 5.4% | $1.77B0.5%down S&P 500 2.8% | $1.77B23.7%up S&P 500 11.3% | $1.44B1.4%up S&P 500 14.0% | $1.42B0.4%down S&P 500 8.1% | 0.6% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $3.31B26.2%up S&P 500 7.3% | $2.62B24.8%up S&P 500 6.1% | $2.10B43.2%up S&P 500 8.8% | $1.47B31.9%down S&P 500 -11.3% | $2.15B25.4%down S&P 500 10.2% | 11.3% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.1%
Wall Street
on net earnings
FY2024 6.0%
4.0%
Value investor
on free cash flow
FY2024 3.8%
Gap −1.1 pts: Value-investor figure 1.1 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 19.6×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.4%
Wall Street
on EBITDA
FY2024 7.1%
4.8%
Value investor
on EBIT
FY2024 5.4%
Gap −1.6 pts: Value-investor figure 1.6 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 15.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
20.3%
Wall Street
on book equity
FY2024 22.1%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 4.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
26.2%
Wall Street
ROE: net income ÷ equity
FY2024 27.7%
11.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 9.9%
Gap −15.1 pts: Value-investor figure 15.1 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
14.3%
Wall Street
EBITDA margin
FY2024 14.0%
7.9%
Value investor
Free-cash-flow margin
FY2024 6.4%
Gap −6.4 pts: Value-investor figure 6.4 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.10×
Wall Street
Current ratio
FY2024 1.01×
1.01×
Value investor
Quick ratio, inventory excluded
FY2024 0.91×
Gap −0.09×: Value-investor figure 0.09 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.38×
Wall Street
EBITDA ÷ total debt
FY2024 0.35×
0.21×
Value investor
FCF ÷ total debt
FY2024 0.16×
Gap −0.17×: Value-investor figure 0.17 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.89×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on NOC yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on NOC and publish the result to your public profile.
Cite this page
Data as of Oct 24, 2026. Canonical address: https://valuein.biz/data/NOC
Valuein. (2026, October 24). NORTHROP GRUMMAN CORP /DE/ (NOC) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/NOC
@misc{valuein_noc_2026,
author = {{Valuein}},
title = {NORTHROP GRUMMAN CORP /DE/ (NOC) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/NOC}},
note = {Data as of 2026-10-24; source: SEC EDGAR filings}
}10-K filed Jan 27, 2026 · accession 0001133421-26-000003
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing