# Northrop Grumman Corporation (NOC)

> Source: Nexqual · https://nexqual.com/NOC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Northrop Grumman Corporation (NOC), nexqual.com/NOC" · informational, not investment advice.

**Price:** USD 552.35 (+2.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 539.31 · day 542.5–556.56 · 52w 470.06–774 · market cap $78.5B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $43.6B, net income $4.52B (10.4% margin), free cash flow $3.83B (SEC filings).
- Valuation: P/E 17.4x (avg 23.6x at the last 3 fiscal year-ends), EV/EBITDA 14.6x, net debt $11.5B.
- 2 of 80 tracked superinvestors hold NOC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $106K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -7.3% vs S&P 500 +14.9%; 5Y +47.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 7.93, revenue estimate $12.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $35.7B | $36.6B | $39.3B | $41.0B | $42.0B | $43.6B |
| Operating income | $5.65B | $3.60B | $2.54B | $4.37B | $4.51B | $4.63B |
| Net income | $7.00B | $4.90B | $2.06B | $4.17B | $4.18B | $4.52B |
| EPS (diluted) | $43.54 | $31.47 | $13.53 | $28.34 | $29.08 | — |
| Free cash flow | $2.15B | $1.47B | $2.10B | $2.62B | $3.31B | $3.83B |
| Operating margin | 15.8% | 9.8% | 6.5% | 10.6% | 10.8% | 10.6% |
| Net margin | 19.6% | 13.4% | 5.2% | 10.2% | 10.0% | 10.4% |
| Revenue growth | -3.1% | +2.6% | +7.3% | +4.4% | +2.2% | — |
| Cash + short-term investments | $3.53B | $2.58B | $3.11B | $4.35B | $4.40B | — |
| Total debt | $12.8B | $12.9B | $13.9B | $16.3B | $15.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 17.4x · P/S 1.8x · EV/EBITDA 14.6x · EV/Sales 2.1x · P/FCF 20.5x · P/B 4.2x · FCF yield 4.88% · Earnings yield 5.76% · Dividend yield (paid, TTM) 1.74% · Buyback yield (TTM) 0.67% · Net debt $11.5B · EV $89.9B
P/E at fiscal year-ends: Dec 2025 19.6x, Dec 2024 16.6x, Dec 2023 34.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold NOC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 1.24% | $101M | Added +1.7% |
| Torray Funds |  | 0.06% | $452K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-03 | Welsh Mark A Iii | Director | 95 | $52K | 2.1% | Yes (adopted August 23, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Welsh Mark A Iii | Director | 95 | $54K | 2.3% | Yes (adopted August 23, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Barclays | Target raised | Underweight | $419 → $430 |
| 2026-10-21 | UBS | Target raised | Buy | $694 → $698 |
| 2026-10-21 | BNP Paribas | Target raised | Outperform | $540 → $600 |
| 2026-10-21 | Morgan Stanley | Target raised | Overweight | $745 → $765 |
| 2026-10-21 | Guggenheim | Target raised | Buy | $612 → $640 |
| 2026-10-21 | RBC Capital | Target raised | Sector Perform | $525 → $550 |
| 2026-10-21 | Baird | Upgrade | Neutral → Outperform | $550 → $675 |
| 2026-10-14 | Bernstein | Target lowered | Market Perform | $620 → $556 |
| 2026-10-09 | TD Cowen | Target lowered | Hold | $590 → $540 |
| 2026-10-09 | Barclays | Initiated | Underweight | $419 |
| 2026-10-06 | Rothschild & Co | Initiated | Buy | $680 |
| 2026-10-02 | RBC Capital | Downgrade | Outperform → Sector Perform | $640 → $525 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -7.3% | +47.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.3% | +8.1% |
| Volatility (annualized) | 28.3% | 27.6% |
| Max drawdown | -37.8% (Mar 2026→Oct 2026) | -36.2% (Mar 2026→Sep 2026) |

## Peers (Aerospace & Defense)
HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · GD (General Dynamics Corporation) USD 350.79 +1.76% · TDG (Transdigm Group Incorporated) USD 1,141.74 +1.09% · HONA (Honeywell Aerospace Inc.) USD 163.02 +0.34% · LHX (L3Harris Technologies, Inc.) USD 254.23 +2.70% · LMT (Lockheed Martin Corporation) USD 589.91 +6.96%

## More
Full page: https://nexqual.com/NOC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NOC's own 10-K filed 2026-01-27 (https://www.sec.gov/Archives/edgar/data/1133421/000113342126000003/noc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Northrop Grumman | "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 fu…" |
| Competitor | Boeing (BA) | "We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corpora…" |
| Competitor | Lockheed Martin (LMT) | "We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corpora…" |
| Competitor | RTX (Raytheon) (RTX) | "We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corpora…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Aeronautics Systems | $3.58B | 32.1% | +13.8% | $377.0M | 10.5% |
| Mission Systems | $3.15B | 28.4% | +2.0% | $500.0M | 15.8% |
| Space Systems | $2.75B | 24.7% | +1.9% | $312.0M | 11.3% |
| Defense Systems | $2.31B | 20.7% | +12.0% | $250.0M | 10.8% |
| Total revenue | $11.12B | 100% | — | $1.27B | 11.4% |
The lines above cover 106% of total revenue.

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $9.10B | 81.8% | +8.7% |
| Service | $2.02B | 18.2% | -1.5% |
| Total revenue | $11.12B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $9.64B | 86.7% | +9.3% |
| Europe | $810.0M | 7.3% | -11.8% |
| Asia/Pacific | $483.0M | 4.3% | -4.2% |
| All other | $190.0M | 1.7% | +5.0% |
| Total revenue | $11.12B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $7.93 | $8.01 | -1.0% | $12.21B | 15 |
| Next quarter (ends 2027-03-31) | $6.48 | $6.63 | -2.3% | $10.37B | 9 |
| Current fiscal year (ends 2026-12-31) | $29.75 | $28.96 | +2.7% | $44.06B | 18 |
| Next fiscal year (ends 2027-12-31) | $30.07 | $30.36 | -1.0% | $46.86B | 24 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.6% | ±6.7% |
| 2026-12-18 | 56 | 28.0% | ±8.9% |
| 2027-01-15 | 84 | 27.4% | ±10.6% |
| 2027-02-19 | 119 | 28.7% | ±13.1% |
| 2027-03-19 | 147 | 28.6% | ±14.4% |
| 2027-05-21 | 210 | 28.5% | ±17.3% |
| 2027-06-17 | 237 | 28.5% | ±18.2% |
| 2027-09-17 | 329 | 28.7% | ±21.5% |