Northrop Grumman Corp
NOC—
Build a strategy around NOC
Northrop Grumman Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 17.4B is 109% of equity (15.9B) - tangible book value is NEGATIVE (-1.7B), creating material impairment risk[Goodwill]
- Operating margin TTM 10% vs industry median 5.1% - 2x advantage despite defense sector cost pressures[Operating Margin TTM]
- ROE TTM 26.2% vs industry median 8.4% - 3x capital efficiency driven by leverage (1.06 debt/equity)[ROE TTM]
Watch Triggers
- Goodwill: Any impairment charge announced — At 109% of equity, even 10% impairment would reduce book value by 11%
- Free Cash Flow TTM: Falls below 1.5B or FCF margin below 3.5% — Would threaten dividend coverage (1.3B annual) and debt paydown
- Operating Margin TTM: Drops below 8% — Signals cost overruns or contract repricing pressure
Bull Case
Defense prime with 40.9B TTM revenue (10x industry median) and sticky government contracts creates durable moat with 10% operating margins
Total Revenue TTMOperating Margin TTM
Shareholder returns via 8.74 dividend (4.2% yield) plus debt reduction while maintaining ROIC of 12.5% vs industry 4%
Dividends Paid Per Share TTMROIC TTM
Bear Case
Negative tangible book (-1.7B) with goodwill at 109% of equity - any impairment directly erodes already-leveraged balance sheet
Tangible Book ValueGoodwillDebt to Equity
FCF margin only 4.5% (1.8B/40.9B) limits buyback capacity and debt reduction speed given 17B total debt load
Free Cash Flow TTMTotal Debt
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
Leverage NOC's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
FCF conversion to improve as capex cycle matures - currently 1.8B FCF on 3.4B operating cash flow
1-3ymed
- Capex at 1.6B (4% of revenue) elevated vs peers
- PPE base of 12.3B approaching steady-state
- Debt paydown of 566M signals capital discipline
FCF TTM 1.8B vs OCF 3.4B = 54% conversionNet debt 13.2B declining with paydownsROIC 12.5% exceeds cost of capital
Valuation Context
Caveats
Public Strategies Rankings
See how Northrop Grumman Corp ranks across different investment strategies.
Leverage NOC's top insights and create a custom strategy in seconds. Our AI editor does it all — in one click.
NOC Fundamentals
Administrative and Support and Waste Management and Remediation Services → Administrative and Support Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$98.67B | — | ||
$111.29B | — | ||
24 | — | ||
$41.95B | +2.2% | — | |
$29.08 | -2.1% | — | |
10.2% | -0.4% | — | |
9.97% | -0.2% | — | |
$3.31B | +26.2% | — | |
26.2% | -1.6% | — | |
Beta 5Y (Monthly) | unknown | — |
NOC Dividend History
105 dividends
2026
$2.310002/23/26$2.3100
2025
$8.990012/01/25$2.3100
09/02/25$2.3100
06/02/25$2.3100
03/03/25$2.0600
2024
$8.050012/02/24$2.0600
09/03/24$2.0600
05/24/24$2.0600
02/23/24$1.8700
2023
$7.340011/24/23$1.8700
08/25/23$1.8700
05/26/23$1.8700
02/24/23$1.7300
2022
$6.760011/25/22$1.7300
08/26/22$1.7300
05/27/22$1.7300
02/25/22$1.5700
2021
$6.160011/26/21$1.5700
08/27/21$1.5700
05/28/21$1.5700
02/26/21$1.4500
2020
$5.670011/27/20$1.4500
08/28/20$1.4500
05/29/20$1.4500
02/21/20$1.3200
2019
$5.160011/29/19$1.3200
09/06/19$1.3200
05/31/19$1.3200
02/22/19$1.2000
2018
$4.700011/30/18$1.2000
08/24/18$1.2000
06/01/18$1.2000
03/02/18$1.1000
2017
$3.900012/01/17$1.0000
08/24/17$1.0000
06/01/17$1.0000
03/02/17$0.9000
2016
$3.500012/01/16$0.9000
08/25/16$0.9000
06/02/16$0.9000
02/25/16$0.8000
2015
$3.100011/25/15$0.8000
08/27/15$0.8000
05/28/15$0.8000
02/26/15$0.7000
2014
$2.710011/26/14$0.7000
08/28/14$0.7000
05/29/14$0.7000
02/27/14$0.6100
2013
$2.380011/27/13$0.6100
08/29/13$0.6100
05/23/13$0.6100
02/28/13$0.5500
2012
$2.150011/21/12$0.5500
08/23/12$0.5500
05/23/12$0.5500
02/23/12$0.5000
2011
$1.970011/23/11$0.5000
08/25/11$0.5000
05/26/11$0.5000
02/24/11$0.4700
2010
$1.840011/24/10$0.4700
08/26/10$0.4700
05/27/10$0.4700
02/25/10$0.4300
2009
$1.690011/25/09$0.4300
08/27/09$0.4300
05/28/09$0.4300
02/26/09$0.4000
2008
$1.570011/26/08$0.4000
08/21/08$0.4000
05/29/08$0.4000
02/28/08$0.3700
2007
$1.480011/21/07$0.3700
08/23/07$0.3700
05/24/07$0.3700
03/01/07$0.3700
2006
$1.160011/22/06$0.3000
08/24/06$0.3000
05/25/06$0.3000
02/23/06$0.2600
2005
$1.010011/23/05$0.2600
08/25/05$0.2600
05/26/05$0.2600
02/24/05$0.2300
2004
$0.890011/24/04$0.2300
08/26/04$0.2300
05/20/04$0.2300
02/26/04$0.2000
2003
$0.800011/26/03$0.2000
08/29/03$0.2000
05/30/03$0.2000
02/27/03$0.2000
2002
$0.800011/27/02$0.2000
08/29/02$0.2000
05/23/02$0.2000
02/28/02$0.2000
2001
$0.800011/29/01$0.2000
08/23/01$0.2000
05/24/01$0.2000
03/01/01$0.2000
2000
$0.800011/22/00$0.2000
08/24/00$0.2000
05/25/00$0.2000
02/24/00$0.2000
NOC Stock Splits
1 stock split
06/22/040.5:1 split
NOC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/27/26 | 12/31/25 | 10-K | |
10/21/25 | 09/30/25 | 10-Q | |
07/22/25 | 06/30/25 | 10-Q | |
04/22/25 | 03/31/25 | 10-Q | |
01/30/25 | 12/31/24 | Unknown | |
10/24/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
01/25/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
01/26/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
01/27/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
01/28/21 | 12/31/20 | 10-K | |
10/22/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
01/30/20 | 12/31/19 | 10-K | |
10/24/19 | 09/30/19 | 10-Q | |
07/24/19 | 06/30/19 | 10-Q | |
04/24/19 | 03/31/19 | 10-Q | |
01/31/19 | 12/31/18 | 10-K | |
10/24/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/25/18 | 03/31/18 | 10-Q | |
01/29/18 | 12/31/17 | 10-K | |
10/25/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
01/30/17 | 12/31/16 | 10-K | |
10/26/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
04/27/16 | 03/31/16 | 10-Q | |
02/01/16 | 12/31/15 | 10-K | |
10/28/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
04/29/15 | 03/31/15 | 10-Q | |
02/02/15 | 12/31/14 | 10-K | |
10/22/14 | 09/30/14 | 10-Q | |
07/23/14 | 06/30/14 | 10-Q | |
04/23/14 | 03/31/14 | 10-Q | |
02/03/14 | 12/31/13 | 10-K | |
10/23/13 | 09/30/13 | 10-Q | |
07/24/13 | 06/30/13 | 10-Q | |
04/24/13 | 03/31/13 | 10-Q | |
02/05/13 | 12/31/12 | 10-K | |
10/24/12 | 09/30/12 | 10-Q | |
07/25/12 | 06/30/12 | 10-Q | |
04/25/12 | 03/31/12 | 10-Q | |
02/08/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
07/27/11 | 06/30/11 | 10-Q | |
04/27/11 | 03/31/11 | 10-Q | |
02/09/11 | 12/31/10 | 10-K | |
10/27/10 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
04/28/10 | 03/31/10 | 10-Q | |
02/09/10 | 12/31/09 | 10-K | |
10/21/09 | 09/30/09 | 10-Q | |
07/23/09 | 06/30/09 | 10-Q | |
04/22/09 | 03/30/09 | 10-Q | |
02/10/09 | 12/31/08 | 4 | |
10/22/08 | 09/30/08 | 4 | |
07/29/08 | 06/30/08 | 4 | |
04/24/08 | 03/30/08 | Unknown | -- |
02/20/08 | 12/31/07 | 4 | |
10/24/07 | 09/30/07 | 10-Q | |
07/24/07 | 06/30/07 | 4 | |
04/24/07 | 03/31/07 | 4 | |
02/21/07 | 12/31/06 | 10-K | |
10/24/06 | 09/30/06 | 10-Q | |
07/27/06 | 06/30/06 | 4 | |
04/25/06 | 03/30/06 | Unknown | -- |
02/17/06 | 12/31/05 | 4 | |
10/25/05 | 09/30/05 | 4 | |
07/28/05 | 06/30/05 | 10-Q | |
04/28/05 | 03/30/05 | Unknown | -- |
03/04/05 | 12/31/04 | 10-K | |
10/27/04 | 09/30/04 | 10-Q | |
07/29/04 | 06/30/04 | 10-Q | |
05/04/04 | 03/30/04 | Unknown | -- |
03/10/04 | 12/31/03 | 10-K | |
11/06/03 | 09/30/03 | 10-Q | |
08/06/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/24/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
07/30/02 | 06/30/02 | 10-Q | |
05/10/02 | 03/30/02 | Unknown | -- |
03/22/02 | 12/31/01 | 10-K405 | |
11/05/01 | 09/30/01 | 10-Q | |
08/09/01 | 06/30/01 | 10-Q | |
05/10/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |