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Northrop Grumman (NOC) Financials

Northrop Grumman logo
$599.45 -2.55 (-0.42%)
Closing price 10/21/2025 03:59 PM Eastern
Extended Trading
$594.90 -4.55 (-0.76%)
As of 04:04 AM Eastern
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Annual Income Statements for Northrop Grumman

Annual Income Statements for Northrop Grumman

This table shows Northrop Grumman's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
2,069 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174
Consolidated Net Income / (Loss)
2,069 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174
Net Income / (Loss) Continuing Operations
2,069 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174
Total Pre-Tax Income
2,937 2,790 2,681 4,229 3,742 2,548 3,728 8,938 5,836 2,346 5,016
Total Operating Income
3,196 3,076 3,277 3,218 3,780 3,969 4,065 5,651 3,601 2,537 4,370
Total Gross Profit
5,601 5,642 5,909 5,930 6,791 7,259 7,478 7,268 7,474 6,551 8,362
Total Revenue
23,979 23,526 24,706 26,004 30,095 33,841 36,799 35,667 36,602 39,290 41,033
Operating Revenue
23,979 23,526 24,706 26,004 30,095 33,841 36,799 35,667 36,602 39,290 41,033
Total Cost of Revenue
18,378 17,884 18,797 20,074 23,304 26,582 29,321 28,399 29,128 32,739 32,671
Operating Cost of Revenue
18,378 17,884 18,797 20,074 23,304 26,582 29,321 28,399 29,128 32,739 32,671
Total Operating Expenses
2,405 2,566 2,632 2,712 3,011 3,290 3,413 1,617 3,873 4,014 3,992
Selling, General & Admin Expense
2,405 2,566 2,632 2,712 3,011 3,290 3,413 3,597 3,873 4,014 3,992
Total Other Income / (Expense), net
-259 -286 -596 1,011 -38 -1,421 -337 3,268 2,235 -191 646
Interest Expense
282 301 301 360 562 528 1,627 556 506 967 621
Other Income / (Expense), net
23 15 -295 1,371 524 -893 1,290 3,824 2,741 776 1,267
Income Tax Expense
868 800 638 1,360 513 300 539 1,933 940 290 842
Basic Earnings per Share
$9.91 $10.51 $11.42 $16.45 $18.59 $13.28 $19.08 $43.70 $31.61 $13.57 $28.39
Weighted Average Basic Shares Outstanding
208.80M 189.40M 178.90M 174.40M 173.70M 169.30M 167.10M 160.30M 154.90M 151.50M 147M
Diluted Earnings per Share
$9.75 $10.39 $11.32 $16.34 $18.49 $13.22 $19.03 $43.54 $31.47 $13.53 $28.34
Weighted Average Diluted Shares Outstanding
212.10M 191.60M 180.50M 175.60M 174.60M 170M 167.60M 160.90M 155.60M 152M 147.30M
Weighted Average Basic & Diluted Shares Outstanding
208.80M 189.30M 182.60M 176.10M -6.09B 167.64M 333.44M 312.20M 153.05M 150.04M 144.76M
Cash Dividends to Common per Share
$2.71 $3.10 $3.50 $3.90 $4.70 $5.16 $5.67 $6.16 $6.76 $7.34 $8.05

Quarterly Income Statements for Northrop Grumman

This table shows Northrop Grumman's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders
842 812 937 -535 944 940 1,026 1,264 481 1,174 1,100
Consolidated Net Income / (Loss)
842 812 937 -535 944 940 1,026 1,264 481 1,174 1,100
Net Income / (Loss) Continuing Operations
842 812 937 -535 944 940 1,026 1,264 481 1,174 1,100
Total Pre-Tax Income
998 987 1,118 -757 1,131 1,146 1,188 1,551 578 1,427 1,323
Total Operating Income
947 967 1,016 -393 1,071 1,090 1,120 1,089 573 1,425 1,242
Total Gross Profit
1,985 2,040 2,041 485 2,133 2,191 2,106 1,932 1,580 2,210 2,227
Total Revenue
9,301 9,576 9,775 10,638 10,133 10,218 9,996 10,686 9,468 10,351 10,423
Operating Revenue
9,301 9,576 9,775 10,638 10,133 10,218 9,996 10,686 9,468 10,351 10,423
Total Cost of Revenue
7,316 7,536 7,734 10,153 8,000 8,027 7,890 8,754 7,888 8,141 8,196
Operating Cost of Revenue
7,316 7,536 7,734 10,153 8,000 8,027 7,890 8,754 7,888 8,141 8,196
Total Operating Expenses
1,038 1,073 1,025 878 1,062 1,101 986 843 1,007 785 985
Selling, General & Admin Expense
1,038 1,073 1,025 878 1,062 1,101 986 843 1,007 1,016 985
Restructuring Charge
- - - - - 0.00 0.00 - - -231 0.00
Total Other Income / (Expense), net
51 20 102 -364 60 56 68 462 5.00 2.00 81
Interest Expense
129 147 141 550 146 154 161 160 156 173 161
Other Income / (Expense), net
180 167 243 186 206 210 229 622 161 175 242
Income Tax Expense
156 175 181 -222 187 206 162 287 97 253 223
Basic Earnings per Share
$5.52 $5.35 $6.20 ($3.50) $6.34 $6.37 $7.02 $8.66 $3.33 $8.17 $7.69
Weighted Average Basic Shares Outstanding
152.60M 151.70M 151.20M 151.50M 148.90M 147.50M 146.20M 147M 144.60M 143.70M 143.10M
Diluted Earnings per Share
$5.50 $5.34 $6.18 ($3.49) $6.32 $6.36 $7.00 $8.66 $3.32 $8.15 $7.67
Weighted Average Diluted Shares Outstanding
153.20M 152.20M 151.70M 152M 149.30M 147.70M 146.50M 147.30M 144.90M 144M 143.50M
Weighted Average Basic & Diluted Shares Outstanding
151.86M 151.30M 150.79M 150.04M 147.99M 146.25M 145.70M 144.76M 143.93M 143.18M 142.72M

Annual Cash Flow Statements for Northrop Grumman

This table details how cash moves in and out of Northrop Grumman's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
-1,287 -1,544 222 8,684 5,668 666 2,662 -1,377 -953 532 1,244
Net Cash From Operating Activities
2,593 2,162 2,813 2,613 3,827 4,297 4,305 3,567 2,901 3,875 4,388
Net Cash From Continuing Operating Activities
2,593 2,162 2,813 2,613 3,827 4,823 4,305 3,567 2,901 3,875 4,388
Net Income / (Loss) Continuing Operations
2,069 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174
Consolidated Net Income / (Loss)
2,069 1,990 2,043 2,869 3,229 2,248 3,189 7,005 4,896 2,056 4,174
Depreciation Expense
462 467 456 475 800 1,265 1,267 1,239 1,342 1,338 1,370
Non-Cash Adjustments To Reconcile Net Income
-16 -40 918 -485 712 1,691 -588 -5,461 -2,416 1,613 -848
Changes in Operating Assets and Liabilities, net
78 -255 -604 -246 -914 -381 437 784 -921 -1,132 -308
Net Cash From Investing Activities
-645 -431 -805 -889 -8,878 -1,207 -1,211 2,058 -1,241 -1,582 -1,749
Net Cash From Continuing Investing Activities
-645 -431 -805 -889 6,436 -1,207 -1,211 2,058 -1,241 -1,582 -1,749
Purchase of Property, Plant & Equipment
-561 -471 -920 -928 -1,249 -1,264 -1,420 -1,415 -1,435 -1,775 -1,767
Sale and/or Maturity of Investments
- - - - - - - 0.00 0.00 197 0.00
Other Investing Activities, net
-84 40 115 39 28 57 209 73 194 -4.00 18
Net Cash From Financing Activities
-3,235 -3,275 -1,786 6,960 -4,595 -2,424 -432 -7,002 -2,613 -1,761 -1,395
Net Cash From Continuing Financing Activities
-3,235 -3,275 -1,786 6,960 -4,595 -2,424 -432 -7,002 -2,613 -1,761 -1,395
Repayment of Debt
123 96 -195 -111 -2,426 -506 -1,162 -2,280 -7.00 -1,088 -132
Repurchase of Common Equity
-2,668 -3,182 -1,547 -393 -1,263 -744 -490 -3,705 -1,504 -1,500 -2,514
Payment of Dividends
-563 -603 -640 -689 -821 -880 -953 -983 -1,052 -1,116 -1,186
Issuance of Debt
0.00 600 749 8,245 0.00 -229 2,239 0.00 0.00 1,995 2,495
Other Financing Activities, net
-127 -186 -153 -92 -85 -65 -66 -34 -50 -52 -58

Quarterly Cash Flow Statements for Northrop Grumman

This table details how cash moves in and out of Northrop Grumman's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Change in Cash & Equivalents
-82 889 -1,302 1,027 -48 211 54 1,027 -2,668 214 58
Net Cash From Operating Activities
-702 919 1,228 2,430 -706 1,425 1,091 2,578 -1,565 868 1,557
Net Cash From Continuing Operating Activities
-702 919 1,228 2,430 -706 1,425 1,091 2,578 -1,565 868 1,557
Net Income / (Loss) Continuing Operations
842 812 937 -535 944 940 1,026 1,264 481 1,174 1,100
Consolidated Net Income / (Loss)
842 812 937 -535 944 940 1,026 1,264 481 1,174 1,100
Depreciation Expense
298 323 317 400 299 326 331 414 337 350 379
Non-Cash Adjustments To Reconcile Net Income
-344 323 -296 1,930 -893 -81 -561 687 -684 -594 -40
Changes in Operating Assets and Liabilities, net
-1,498 -539 270 635 -1,056 240 295 213 -1,699 -62 118
Net Cash From Investing Activities
-309 -303 -200 -770 -269 -321 -361 -798 -252 61 -300
Net Cash From Continuing Investing Activities
-309 -303 -200 -770 -269 -321 -361 -798 -252 61 -300
Purchase of Property, Plant & Equipment
-309 -304 -359 -803 -270 -320 -361 -816 -256 -231 -301
Other Investing Activities, net
0.00 1.00 2.00 -7.00 1.00 -1.00 - 18 4.00 -41 1.00
Net Cash From Financing Activities
929 273 -2,330 -633 927 -893 -676 -753 -851 -715 -1,199
Net Cash From Continuing Financing Activities
929 273 -2,330 -633 927 -893 -676 -753 -851 -715 -1,199
Repayment of Debt
-26 768 -1,826 -4.00 -40 -26 -54 -12 -1,505 -62 -26
Repurchase of Common Equity
-723 -208 -223 -346 -1,190 -562 -321 -441 -480 -411 -277
Payment of Dividends
-270 -284 -280 -282 -283 -303 -301 -299 -302 -332 -330
Issuance of Debt
1,995 - - - 2,495 - - - 1,474 90 -566

Annual Balance Sheets for Northrop Grumman

This table presents Northrop Grumman's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
26,572 24,424 25,614 35,128 37,653 41,089 44,469 42,579 43,755 46,544 49,359
Total Current Assets
7,780 6,334 6,856 16,587 9,680 10,685 15,344 12,426 12,488 13,706 14,274
Cash & Equivalents
3,863 2,319 2,541 11,225 1,579 2,245 4,907 3,530 2,577 3,109 4,353
Accounts Receivable
- - - 4,519 6,474 6,660 6,641 6,959 7,494 7,147 7,180
Inventories, net
742 807 816 398 654 783 759 811 978 1,109 1,455
Other Current Assets
369 367 200 445 973 997 1,402 1,126 1,439 2,341 1,286
Plant, Property, & Equipment, net
2,991 3,064 3,588 4,225 6,372 6,912 7,071 7,894 8,800 9,653 10,536
Total Noncurrent Assets
15,801 15,026 15,170 14,316 21,601 23,492 22,054 22,259 22,467 23,185 24,549
Goodwill
12,466 12,460 12,450 12,455 18,672 18,708 17,518 17,515 17,516 17,517 17,512
Intangible Assets
- - - 52 1,372 1,040 783 578 384 305 254
Noncurrent Deferred & Refundable Income Taxes
2,026 1,409 1,462 447 94 508 311 200 162 1,020 1,599
Employee Benefit Assets
- - - - - - - - - 1,331 2,184
Other Noncurrent Operating Assets
1,309 1,157 1,258 1,362 1,463 3,236 3,442 3,966 4,405 3,012 3,000
Total Liabilities & Shareholders' Equity
26,572 24,424 25,614 35,128 37,653 41,089 44,469 42,579 43,755 46,544 49,359
Total Liabilities
19,337 18,902 20,355 27,996 29,466 32,270 33,890 29,653 28,443 31,749 34,069
Total Current Liabilities
5,892 5,457 5,630 7,092 8,274 9,434 9,580 9,530 11,587 11,942 14,128
Accounts Payable
1,305 1,282 1,554 1,661 2,182 2,226 1,806 2,197 2,587 2,110 2,599
Current Deferred Revenue
1,713 1,537 1,471 1,761 1,917 2,237 2,517 3,026 3,609 4,193 4,070
Current Employee Benefit Liabilities
1,441 1,195 1,342 1,382 1,676 1,865 1,997 1,993 2,057 2,251 2,271
Other Current Liabilities
1,433 1,443 1,263 2,288 2,499 3,106 3,002 2,314 3,334 3,388 5,188
Total Noncurrent Liabilities
13,445 13,445 14,725 20,904 21,192 22,836 24,310 20,123 16,856 19,807 19,941
Long-Term Debt
5,925 6,386 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692
Noncurrent Employee Benefit Liabilities
6,555 6,172 6,818 5,511 5,755 6,979 6,498 3,269 1,188 1,290 1,120
Other Noncurrent Operating Liabilities
965 887 849 994 1,446 3,087 3,551 3,587 3,863 4,731 4,129
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
7,235 5,522 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290
Total Preferred & Common Equity
7,235 5,522 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
7,235 5,522 5,259 7,132 8,187 8,819 10,579 12,926 15,312 14,795 15,290
Common Stock
199 181 175 218 171 168 225 156 153 150 145
Retained Earnings
12,392 10,661 10,630 6,913 8,068 8,748 10,482 12,913 15,312 14,773 15,297
Accumulated Other Comprehensive Income / (Loss)
-5,356 -5,320 -5,546 1.00 -52 -97 -128 -143 -153 -128 -152

Quarterly Balance Sheets for Northrop Grumman

This table presents Northrop Grumman's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets
44,244 45,609 44,896 46,544 47,818 47,670 48,289 49,359 48,468 49,451 49,300
Total Current Assets
12,810 13,869 13,150 13,706 14,796 14,267 14,332 14,274 13,267 14,026 14,105
Cash & Equivalents
2,495 3,384 2,082 3,109 3,061 3,272 3,326 4,353 1,685 1,899 1,957
Accounts Receivable
8,276 7,966 8,034 7,147 8,282 8,128 1,609 7,180 8,662 9,329 9,013
Inventories, net
1,115 1,287 1,355 1,109 1,370 1,504 1,646 1,455 1,578 1,553 1,615
Other Current Assets
924 1,232 1,679 2,341 2,083 1,363 7,751 1,286 1,342 1,245 1,520
Plant, Property, & Equipment, net
8,838 8,976 9,173 9,653 9,690 9,771 10,078 10,536 10,522 10,537 10,542
Total Noncurrent Assets
22,596 22,764 22,573 23,185 23,332 23,632 23,879 24,549 24,679 24,888 24,653
Goodwill
17,516 17,517 17,514 17,517 17,515 17,516 17,517 17,512 17,434 17,435 17,436
Intangible Assets
364 344 324 305 290 282 268 254 242 231 220
Noncurrent Deferred & Refundable Income Taxes
234 452 330 1,020 1,123 1,250 1,407 1,599 1,633 1,713 1,255
Employee Benefit Assets
- - - 1,331 - - - 2,184 2,285 2,393 2,501
Other Noncurrent Operating Assets
4,482 4,451 4,405 3,012 4,404 4,584 4,687 3,000 3,085 3,116 3,241
Total Liabilities & Shareholders' Equity
44,244 45,609 44,896 46,544 47,818 47,670 48,289 49,359 48,468 49,451 49,300
Total Liabilities
29,108 30,123 28,968 31,749 33,595 33,369 33,541 34,069 33,484 33,980 33,312
Total Current Liabilities
10,483 11,557 10,305 11,942 13,132 12,908 13,101 14,128 13,969 13,459 12,718
Accounts Payable
2,136 2,056 2,260 2,110 2,580 2,352 2,518 2,599 2,501 2,592 2,797
Current Deferred Revenue
3,211 3,397 3,458 4,193 3,530 3,292 3,157 4,070 3,710 3,997 3,562
Current Employee Benefit Liabilities
1,646 1,878 1,927 2,251 1,701 1,903 1,924 2,271 1,598 1,856 1,946
Other Current Liabilities
3,490 4,226 2,660 3,388 5,321 5,361 5,502 5,188 6,160 5,014 4,413
Total Noncurrent Liabilities
18,625 18,566 18,663 19,807 20,463 20,461 20,440 19,941 19,515 20,521 20,594
Long-Term Debt
13,770 13,796 13,793 13,786 14,742 14,706 14,689 14,692 14,167 15,160 15,162
Noncurrent Employee Benefit Liabilities
1,173 1,161 1,147 1,290 1,250 1,211 1,186 1,120 1,115 1,108 1,100
Other Noncurrent Operating Liabilities
3,682 3,609 3,723 4,731 4,471 4,544 4,565 4,129 4,233 4,253 4,332
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
15,136 15,486 15,928 14,795 14,223 14,301 14,748 15,290 14,984 15,471 15,988
Total Preferred & Common Equity
15,136 15,486 15,928 14,795 14,223 14,301 14,748 15,290 14,984 15,471 15,988
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
15,136 15,486 15,928 14,795 14,223 14,301 14,748 15,290 14,984 15,471 15,988
Common Stock
152 151 151 150 148 146 146 145 144 143 143
Retained Earnings
15,135 15,485 15,924 14,773 14,218 14,301 14,738 15,297 14,982 15,452 15,968
Accumulated Other Comprehensive Income / (Loss)
-151 -150 -147 -128 -143 -146 -136 -152 -142 -124 -123

Annual Metrics And Ratios for Northrop Grumman

This table displays calculated financial ratios and metrics derived from Northrop Grumman's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-2.77% -1.89% 5.02% 5.25% 15.73% 12.45% 8.74% -3.08% 2.62% 7.34% 4.44%
EBITDA Growth
1.83% -3.34% -3.37% 47.29% 0.79% -14.95% 52.55% 61.79% -28.28% -39.47% 50.66%
EBIT Growth
3.17% -3.98% -3.53% 53.89% -6.21% -28.53% 74.09% 76.94% -33.07% -47.76% 70.15%
NOPAT Growth
5.74% -2.55% 13.82% -12.58% 49.41% 7.35% -0.70% 27.37% -31.79% -26.40% 63.55%
Net Income Growth
5.99% -3.82% 2.66% 40.43% 12.55% -30.38% 41.86% 119.66% -30.11% -58.01% 103.02%
EPS Growth
16.77% 6.56% 8.95% 44.35% 13.16% -28.50% 43.95% 128.80% -27.72% -57.01% 109.46%
Operating Cash Flow Growth
4.43% -16.62% 30.11% -7.11% 46.46% 12.28% 0.19% -17.14% -18.67% 33.57% 13.24%
Free Cash Flow Firm Growth
1,289.37% -56.30% 21.46% -28.44% -518.79% 167.15% -8.25% -80.97% -19.45% 97.46% 169.43%
Invested Capital Growth
-18.43% 3.14% 1.95% 5.42% 98.83% -5.60% -4.07% 19.49% 10.68% 3.80% 0.62%
Revenue Q/Q Growth
-0.20% -1.73% 3.78% -0.17% 5.63% 1.70% 4.22% -4.22% 3.96% 1.56% 0.12%
EBITDA Q/Q Growth
-0.43% -2.23% -3.29% 38.97% -20.62% -17.31% 41.50% 21.94% -9.62% -37.25% 38.07%
EBIT Q/Q Growth
-0.19% -2.49% -3.65% 43.99% -25.07% -24.24% 56.72% 25.78% -12.05% -45.62% 51.57%
NOPAT Q/Q Growth
1.39% -1.84% 7.24% -18.41% 24.72% 8.34% 0.04% -6.82% 7.03% -31.07% 43.57%
Net Income Q/Q Growth
1.37% -2.31% -4.26% 29.47% -17.08% -25.39% 30.16% 51.46% -11.40% -55.98% 75.75%
EPS Q/Q Growth
3.83% 0.00% -3.41% 29.58% -16.79% -25.31% 29.81% 52.99% -10.37% -55.55% 75.05%
Operating Cash Flow Q/Q Growth
12.40% 7.08% -3.50% 3.00% 25.19% 2.07% -16.68% -4.29% 38.67% 4.84% 3.49%
Free Cash Flow Firm Q/Q Growth
2,930.55% -50.34% 10.03% -42.69% 16.66% 81.16% -30.91% -81.33% 158.32% 487.29% -14.32%
Invested Capital Q/Q Growth
-25.13% -11.39% -11.54% -4.94% -5.85% -13.76% -5.96% 10.12% 1.91% -7.84% -1.85%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
23.36% 23.98% 23.92% 22.80% 22.57% 21.45% 20.32% 20.38% 20.42% 16.67% 20.38%
EBITDA Margin
15.35% 15.12% 13.92% 19.47% 16.96% 12.83% 18.00% 30.04% 20.99% 11.84% 17.08%
Operating Margin
13.33% 13.07% 13.26% 12.38% 12.56% 11.73% 11.05% 15.84% 9.84% 6.46% 10.65%
EBIT Margin
13.42% 13.14% 12.07% 17.65% 14.30% 9.09% 14.55% 26.57% 17.33% 8.43% 13.74%
Profit (Net Income) Margin
8.63% 8.46% 8.27% 11.03% 10.73% 6.64% 8.67% 19.64% 13.38% 5.23% 10.17%
Tax Burden Percent
70.45% 71.33% 76.20% 67.84% 86.29% 88.23% 85.54% 78.37% 83.89% 87.64% 83.21%
Interest Burden Percent
91.24% 90.26% 89.91% 92.16% 86.94% 82.83% 69.62% 94.33% 92.02% 70.81% 88.98%
Effective Tax Rate
29.55% 28.67% 23.80% 32.16% 13.71% 11.77% 14.46% 21.63% 16.11% 12.36% 16.79%
Return on Invested Capital (ROIC)
21.76% 23.23% 25.79% 21.74% 21.18% 17.58% 18.35% 21.75% 12.93% 8.89% 14.23%
ROIC Less NNEP Spread (ROIC-NNEP)
8.91% 16.58% 15.21% 39.58% 20.76% 6.60% 15.23% 51.66% 33.23% 7.21% 19.35%
Return on Net Nonoperating Assets (RNNOA)
1.42% 7.96% 12.11% 24.57% 20.97% 8.86% 14.53% 37.86% 21.74% 4.77% 13.52%
Return on Equity (ROE)
23.18% 31.20% 37.90% 46.31% 42.16% 26.44% 32.88% 59.60% 34.68% 13.66% 27.75%
Cash Return on Invested Capital (CROIC)
42.06% 20.14% 23.86% 16.46% -44.96% 23.34% 22.51% 3.99% 2.80% 5.16% 13.62%
Operating Return on Assets (OROA)
12.16% 12.12% 11.92% 15.11% 11.83% 7.81% 12.52% 21.77% 14.69% 7.34% 11.76%
Return on Assets (ROA)
7.81% 7.80% 8.17% 9.45% 8.87% 5.71% 7.45% 16.09% 11.34% 4.55% 8.70%
Return on Common Equity (ROCE)
23.18% 31.20% 37.90% 46.31% 42.16% 26.44% 32.88% 59.60% 34.68% 13.66% 27.75%
Return on Equity Simple (ROE_SIMPLE)
0.00% 36.04% 38.85% 40.23% 39.44% 25.49% 30.14% 54.19% 31.97% 13.90% 27.30%
Net Operating Profit after Tax (NOPAT)
2,251 2,194 2,497 2,183 3,262 3,502 3,477 4,429 3,021 2,223 3,636
NOPAT Margin
9.39% 9.33% 10.11% 8.40% 10.84% 10.35% 9.45% 12.42% 8.25% 5.66% 8.86%
Net Nonoperating Expense Percent (NNEP)
12.85% 6.66% 10.58% -17.84% 0.42% 10.98% 3.12% -29.91% -20.30% 1.68% -5.12%
Return On Investment Capital (ROIC_SIMPLE)
17.11% 18.42% 20.27% 10.14% 14.78% 16.22% 14.00% 17.23% 11.14% 7.78% 12.13%
Cost of Revenue to Revenue
76.64% 76.02% 76.08% 77.20% 77.43% 78.55% 79.68% 79.62% 79.58% 83.33% 79.62%
SG&A Expenses to Revenue
10.03% 10.91% 10.65% 10.43% 10.01% 9.72% 9.27% 10.09% 10.58% 10.22% 9.73%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
10.03% 10.91% 10.65% 10.43% 10.01% 9.72% 9.27% 4.53% 10.58% 10.22% 9.73%
Earnings before Interest and Taxes (EBIT)
3,219 3,091 2,982 4,589 4,304 3,076 5,355 9,475 6,342 3,313 5,637
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
3,681 3,558 3,438 5,064 5,104 4,341 6,622 10,714 7,684 4,651 7,007
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
3.47 5.38 6.83 6.66 4.69 6.03 4.48 4.51 5.28 4.67 4.45
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
1.05 1.26 1.45 1.83 1.28 1.57 1.29 1.63 2.21 1.76 1.66
Price to Earnings (P/E)
12.12 14.92 17.58 16.55 11.89 23.65 14.86 8.32 16.52 33.62 16.31
Dividend Yield
2.18% 1.90% 1.72% 1.43% 2.13% 1.64% 1.99% 1.68% 1.29% 1.60% 1.72%
Earnings Yield
8.25% 6.70% 5.69% 6.04% 8.41% 4.23% 6.73% 12.02% 6.05% 2.97% 6.13%
Enterprise Value to Invested Capital (EV/IC)
2.92 3.52 4.14 4.92 2.47 3.29 3.06 3.04 3.67 3.13 3.06
Enterprise Value to Revenue (EV/Rev)
1.13 1.43 1.64 1.95 1.68 1.88 1.54 1.89 2.46 2.03 1.91
Enterprise Value to EBITDA (EV/EBITDA)
7.37 9.49 11.76 10.01 9.93 14.67 8.57 6.30 11.73 17.16 11.19
Enterprise Value to EBIT (EV/EBIT)
8.43 10.92 13.56 11.04 11.78 20.71 10.60 7.12 14.21 24.08 13.91
Enterprise Value to NOPAT (EV/NOPAT)
12.05 15.38 16.19 23.21 15.54 18.19 16.32 15.24 29.83 35.89 21.56
Enterprise Value to Operating Cash Flow (EV/OCF)
10.47 15.61 14.37 19.39 13.25 14.82 13.18 18.93 31.06 20.59 17.87
Enterprise Value to Free Cash Flow (EV/FCFF)
6.24 17.75 17.50 30.65 0.00 13.70 13.30 83.15 137.80 61.79 22.53
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.82 1.16 1.34 2.02 1.70 1.45 1.35 0.99 0.77 0.93 0.96
Long-Term Debt to Equity
0.82 1.16 1.34 2.02 1.70 1.45 1.35 0.99 0.77 0.93 0.96
Financial Leverage
0.16 0.48 0.80 0.62 1.01 1.34 0.95 0.73 0.65 0.66 0.70
Leverage Ratio
2.97 4.00 4.64 4.90 4.75 4.63 4.41 3.70 3.06 3.00 3.19
Compound Leverage Factor
2.71 3.61 4.17 4.52 4.13 3.84 3.07 3.49 2.81 2.12 2.84
Debt to Total Capital
45.02% 53.63% 57.30% 66.88% 62.90% 59.15% 57.41% 49.71% 43.53% 48.23% 49.00%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
45.02% 53.63% 57.30% 66.88% 62.90% 59.15% 57.41% 49.71% 43.53% 48.23% 49.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
54.98% 46.37% 42.70% 33.12% 37.10% 40.85% 42.59% 50.29% 56.47% 51.77% 51.00%
Debt to EBITDA
1.61 1.79 2.05 2.84 2.72 2.94 2.15 1.19 1.54 2.96 2.10
Net Debt to EBITDA
0.56 1.14 1.31 0.63 2.41 2.42 1.41 0.86 1.20 2.30 1.48
Long-Term Debt to EBITDA
1.61 1.79 2.05 2.84 2.72 2.94 2.15 1.19 1.54 2.96 2.10
Debt to NOPAT
2.63 2.91 2.83 6.60 4.26 3.65 4.10 2.88 3.91 6.20 4.04
Net Debt to NOPAT
0.92 1.85 1.81 1.45 3.77 3.01 2.69 2.09 3.05 4.80 2.84
Long-Term Debt to NOPAT
2.63 2.91 2.83 6.60 4.26 3.65 4.10 2.88 3.91 6.20 4.04
Altman Z-Score
2.82 2.98 3.05 2.79 2.30 2.39 2.55 3.26 3.54 2.88 2.84
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.32 1.16 1.22 2.34 1.17 1.13 1.60 1.30 1.08 1.15 1.01
Quick Ratio
1.13 0.95 1.04 2.22 0.97 0.94 1.21 1.10 0.87 0.86 0.82
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
4,352 1,902 2,310 1,653 -6,923 4,649 4,265 812 654 1,291 3,479
Operating Cash Flow to CapEx
462.21% 459.02% 305.76% 281.57% 306.41% 339.95% 303.17% 252.08% 202.16% 218.31% 248.33%
Free Cash Flow to Firm to Interest Expense
15.43 6.32 7.68 4.59 -12.32 8.80 2.62 1.46 1.29 1.34 5.60
Operating Cash Flow to Interest Expense
9.20 7.18 9.35 7.26 6.81 8.14 2.65 6.42 5.73 4.01 7.07
Operating Cash Flow Less CapEx to Interest Expense
7.21 5.62 6.29 4.68 4.59 5.74 1.77 3.87 2.90 2.17 4.22
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.91 0.92 0.99 0.86 0.83 0.86 0.86 0.82 0.85 0.87 0.86
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 5.48 5.15 5.53 5.25 5.07 5.37 5.73
Inventory Turnover
25.53 23.09 23.16 33.07 44.30 37.00 38.03 36.18 32.56 31.37 25.48
Fixed Asset Turnover
8.27 7.77 7.43 6.66 5.68 5.10 5.26 4.77 4.39 4.26 4.06
Accounts Payable Turnover
14.51 13.83 13.26 12.49 12.13 12.06 14.54 14.19 12.18 13.94 13.88
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 66.66 70.83 65.96 69.59 72.06 68.01 63.72
Days Inventory Outstanding (DIO)
14.30 15.81 15.76 11.04 8.24 9.87 9.60 10.09 11.21 11.63 14.32
Days Payable Outstanding (DPO)
25.16 26.40 27.53 29.23 30.10 30.26 25.10 25.72 29.97 26.18 26.30
Cash Conversion Cycle (CCC)
-10.86 -10.59 -11.78 -18.19 44.81 50.43 50.47 53.95 53.30 53.46 51.74
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
9,297 9,589 9,776 10,306 20,491 19,344 18,556 22,173 24,540 25,472 25,629
Invested Capital Turnover
2.32 2.49 2.55 2.59 1.95 1.70 1.94 1.75 1.57 1.57 1.61
Increase / (Decrease) in Invested Capital
-2,101 292 187 530 10,185 -1,147 -788 3,617 2,367 932 157
Enterprise Value (EV)
27,141 33,752 40,436 50,668 50,696 63,700 56,738 67,507 90,119 79,792 78,407
Market Capitalization
25,079 29,685 35,919 47,494 38,392 53,175 47,384 58,260 80,891 69,115 68,068
Book Value per Share
$35.82 $30.28 $29.84 $40.97 $47.15 $52.33 $63.46 $81.53 $99.49 $98.11 $104.95
Tangible Book Value per Share
($25.90) ($38.04) ($40.80) ($30.88) ($68.29) ($64.85) ($46.32) ($32.59) ($16.81) ($20.07) ($16.99)
Total Capital
13,160 11,908 12,317 21,531 22,070 21,589 24,840 25,703 27,117 28,581 29,982
Total Debt
5,925 6,386 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692
Total Long-Term Debt
5,925 6,386 7,058 14,399 13,883 12,770 14,261 12,777 11,805 13,786 14,692
Net Debt
2,062 4,067 4,517 3,174 12,304 10,525 9,354 9,247 9,228 10,677 10,339
Capital Expenditures (CapEx)
561 471 920 928 1,249 1,264 1,420 1,415 1,435 1,775 1,767
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-1,975 -1,442 -1,315 -1,730 -173 -994 857 -634 -1,676 -1,345 -4,207
Debt-free Net Working Capital (DFNWC)
1,888 877 1,226 9,495 1,406 1,251 5,764 2,896 901 1,764 146
Net Working Capital (NWC)
1,888 877 1,226 9,495 1,406 1,251 5,764 2,896 901 1,764 146
Net Nonoperating Expense (NNE)
182 204 454 -686 33 1,254 288 -2,576 -1,875 167 -538
Net Nonoperating Obligations (NNO)
2,062 4,067 4,517 3,174 12,304 10,525 7,977 9,247 9,228 10,677 10,339
Total Depreciation and Amortization (D&A)
462 467 456 475 800 1,265 1,267 1,239 1,342 1,338 1,370
Debt-free, Cash-free Net Working Capital to Revenue
-8.24% -6.13% -5.32% -6.65% -0.57% -2.94% 2.33% -1.78% -4.58% -3.42% -10.25%
Debt-free Net Working Capital to Revenue
7.87% 3.73% 4.96% 36.51% 4.67% 3.70% 15.66% 8.12% 2.46% 4.49% 0.36%
Net Working Capital to Revenue
7.87% 3.73% 4.96% 36.51% 4.67% 3.70% 15.66% 8.12% 2.46% 4.49% 0.36%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$9.91 $10.51 $12.30 $11.55 $18.59 $13.28 $19.08 $43.70 $31.61 $13.57 $28.39
Adjusted Weighted Average Basic Shares Outstanding
208.80M 189.40M 178.90M 174.40M 173.70M 169.30M 167.10M 160.30M 154.90M 151.50M 147M
Adjusted Diluted Earnings per Share
$9.75 $10.39 $12.19 $11.47 $18.49 $13.22 $19.03 $43.54 $31.47 $13.53 $28.34
Adjusted Weighted Average Diluted Shares Outstanding
212.10M 191.60M 180.50M 175.60M 174.60M 170M 167.60M 160.90M 155.60M 152M 147.30M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
198.41M 180.94M 174.60M 174.09M 169.74M 167.64M 166.72M 156.10M 153.05M 150.04M 144.76M
Normalized Net Operating Profit after Tax (NOPAT)
2,251 2,194 2,497 2,183 3,262 3,502 3,477 2,877 3,021 2,223 3,636
Normalized NOPAT Margin
9.39% 9.33% 10.11% 8.40% 10.84% 10.35% 9.45% 8.07% 8.25% 5.66% 8.86%
Pre Tax Income Margin
12.25% 11.86% 10.85% 16.26% 12.43% 7.53% 10.13% 25.06% 15.94% 5.97% 12.22%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
11.41 10.27 9.91 12.75 7.66 5.83 3.29 17.04 12.53 3.43 9.08
NOPAT to Interest Expense
7.98 7.29 8.30 6.06 5.80 6.63 2.14 7.97 5.97 2.30 5.86
EBIT Less CapEx to Interest Expense
9.43 8.70 6.85 10.17 5.44 3.43 2.42 14.50 9.70 1.59 6.23
NOPAT Less CapEx to Interest Expense
5.99 5.72 5.24 3.49 3.58 4.24 1.26 5.42 3.13 0.46 3.01
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
27.21% 30.30% 31.33% 24.02% 25.43% 39.15% 29.88% 14.03% 21.49% 54.28% 28.41%
Augmented Payout Ratio
156.16% 190.20% 107.05% 37.71% 64.54% 72.24% 45.25% 66.92% 52.21% 127.24% 88.64%

Quarterly Metrics And Ratios for Northrop Grumman

This table displays calculated financial ratios and metrics derived from Northrop Grumman's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
5.73% 8.81% 8.96% 6.03% 8.95% 6.70% 2.26% 0.45% -6.56% 1.30% 4.27%
EBITDA Growth
-9.81% -9.56% 2.40% -93.47% 10.60% 11.60% 6.60% 1,001.04% -32.04% 19.93% 10.89%
EBIT Growth
-11.75% -11.48% 3.88% -108.05% 13.31% 14.64% 7.15% 926.57% -42.52% 23.08% 10.01%
NOPAT Growth
6.70% 1.37% 20.19% -135.79% 11.88% 12.38% 13.59% 422.61% -46.66% 31.13% 6.76%
Net Income Growth
-11.83% -14.16% 2.40% -125.72% 12.11% 15.76% 9.50% 336.26% -49.05% 24.89% 7.21%
EPS Growth
-9.84% -11.88% 4.92% -126.01% 14.91% 19.10% 13.27% 348.14% -47.47% 28.14% 9.57%
Operating Cash Flow Growth
-43.85% 566.50% -8.02% 7.95% -0.57% 55.06% -11.16% 6.09% -121.67% -39.09% 42.71%
Free Cash Flow Firm Growth
51.01% 104.71% 16.32% 24.48% 183.69% 395.01% 192.16% 160.52% -177.46% -272.61% -182.13%
Invested Capital Growth
10.33% 2.30% 14.78% 3.80% -1.92% -0.63% -5.53% 0.62% 6.03% 11.65% 11.80%
Revenue Q/Q Growth
-7.30% 2.96% 2.08% 8.83% -4.75% 0.84% -2.17% 6.90% -11.40% 9.33% 0.70%
EBITDA Q/Q Growth
-51.76% 2.25% 8.17% -87.75% 716.58% 3.17% 3.32% 26.49% -49.60% 82.07% -4.46%
EBIT Q/Q Growth
-56.18% 0.62% 11.02% -116.44% 716.91% 1.80% 3.77% 26.83% -57.10% 117.98% -7.25%
NOPAT Q/Q Growth
3.96% -0.43% 7.04% -132.31% 424.94% 0.02% 8.19% -8.25% -46.27% 145.86% -11.92%
Net Income Q/Q Growth
-59.52% -3.56% 15.39% -157.10% 276.45% -0.42% 9.15% 23.20% -61.95% 144.07% -6.30%
EPS Q/Q Growth
-59.02% -2.91% 15.73% -156.47% 281.09% 0.63% 10.06% 23.71% -61.66% 145.48% -5.89%
Operating Cash Flow Q/Q Growth
-131.19% 230.91% 33.62% 97.88% -129.05% 301.84% -23.44% 136.30% -160.71% 155.46% 79.38%
Free Cash Flow Firm Q/Q Growth
-4.73% 112.76% -1,367.87% 55.42% 216.06% -24.54% 136.06% -70.73% -248.55% -68.15% -12.31%
Invested Capital Q/Q Growth
7.62% -1.94% 6.72% -7.84% 1.70% -0.65% 1.46% -1.85% 7.17% 4.61% 1.60%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
21.34% 21.30% 20.88% 4.56% 21.05% 21.44% 21.07% 18.08% 16.69% 21.35% 21.37%
EBITDA Margin
15.32% 15.22% 16.12% 1.81% 15.55% 15.91% 16.81% 19.89% 11.31% 18.84% 17.87%
Operating Margin
10.18% 10.10% 10.39% -3.69% 10.57% 10.67% 11.20% 10.19% 6.05% 13.77% 11.92%
EBIT Margin
12.12% 11.84% 12.88% -1.95% 12.60% 12.72% 13.50% 16.01% 7.75% 15.46% 14.24%
Profit (Net Income) Margin
9.05% 8.48% 9.59% -5.03% 9.32% 9.20% 10.26% 11.83% 5.08% 11.34% 10.55%
Tax Burden Percent
84.37% 82.27% 83.81% 70.67% 83.47% 82.02% 86.36% 81.50% 83.22% 82.27% 83.14%
Interest Burden Percent
88.55% 87.04% 88.80% 365.70% 88.57% 88.15% 88.07% 90.65% 78.75% 89.19% 89.15%
Effective Tax Rate
15.63% 17.73% 16.19% 0.00% 16.53% 17.98% 13.64% 18.50% 16.78% 17.73% 16.86%
Return on Invested Capital (ROIC)
12.66% 12.29% 13.03% -4.06% 13.53% 13.82% 14.76% 13.34% 7.62% 16.84% 14.66%
ROIC Less NNEP Spread (ROIC-NNEP)
13.05% 12.44% 13.81% -6.67% 13.97% 14.24% 15.27% 16.92% 7.65% 16.86% 15.21%
Return on Net Nonoperating Assets (RNNOA)
10.07% 9.42% 10.10% -4.41% 10.92% 10.44% 11.48% 11.82% 6.33% 13.98% 12.16%
Return on Equity (ROE)
22.73% 21.71% 23.14% -8.48% 24.45% 24.26% 26.24% 25.16% 13.95% 30.83% 26.82%
Cash Return on Invested Capital (CROIC)
2.37% 9.76% -1.29% 5.16% 10.79% 9.98% 15.11% 13.62% 6.21% 1.84% 1.75%
Operating Return on Assets (OROA)
10.44% 10.25% 11.37% -1.69% 10.98% 11.12% 11.87% 13.70% 6.50% 12.89% 11.94%
Return on Assets (ROA)
7.80% 7.34% 8.46% -4.38% 8.12% 8.04% 9.03% 10.12% 4.26% 9.46% 8.85%
Return on Common Equity (ROCE)
22.73% 21.71% 23.14% -8.48% 24.45% 24.26% 26.24% 25.16% 13.95% 30.83% 26.82%
Return on Equity Simple (ROE_SIMPLE)
31.60% 30.02% 29.33% 0.00% 15.17% 15.98% 16.10% 0.00% 24.77% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
799 796 852 -275 894 894 967 887 477 1,172 1,033
NOPAT Margin
8.59% 8.31% 8.71% -2.59% 8.82% 8.75% 9.68% 8.31% 5.04% 11.33% 9.91%
Net Nonoperating Expense Percent (NNEP)
-0.39% -0.15% -0.78% 2.61% -0.44% -0.42% -0.51% -3.58% -0.03% -0.01% -0.55%
Return On Investment Capital (ROIC_SIMPLE)
2.76% 2.72% 2.87% -0.96% 3.09% 3.08% 3.29% 2.96% 1.64% 3.83% 3.32%
Cost of Revenue to Revenue
78.66% 78.70% 79.12% 95.44% 78.95% 78.56% 78.93% 81.92% 83.31% 78.65% 78.63%
SG&A Expenses to Revenue
11.16% 11.21% 10.49% 8.25% 10.48% 10.78% 9.86% 7.89% 10.64% 9.82% 9.45%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
11.16% 11.21% 10.49% 8.25% 10.48% 10.78% 9.86% 7.89% 10.64% 7.58% 9.45%
Earnings before Interest and Taxes (EBIT)
1,127 1,134 1,259 -207 1,277 1,300 1,349 1,711 734 1,600 1,484
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
1,425 1,457 1,576 193 1,576 1,626 1,680 2,125 1,071 1,950 1,863
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
4.51 4.34 4.08 4.67 4.99 4.45 5.19 4.45 4.95 4.65 5.46
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
1.84 1.77 1.68 1.76 1.77 1.56 1.87 1.66 1.84 1.78 2.13
Price to Earnings (P/E)
14.28 14.46 13.90 33.62 32.88 27.87 32.24 16.31 19.97 18.24 21.71
Dividend Yield
1.55% 1.60% 1.68% 1.60% 1.59% 1.78% 1.50% 1.72% 1.61% 1.70% 1.43%
Earnings Yield
7.00% 6.92% 7.19% 2.97% 3.04% 3.59% 3.10% 6.13% 5.01% 5.48% 4.61%
Enterprise Value to Invested Capital (EV/IC)
3.01 3.00 2.77 3.13 3.19 2.92 3.37 3.06 3.15 2.97 3.44
Enterprise Value to Revenue (EV/Rev)
2.15 2.05 1.98 2.03 2.06 1.84 2.15 1.91 2.15 2.10 2.45
Enterprise Value to EBITDA (EV/EBITDA)
10.57 10.52 10.34 17.16 17.21 15.12 17.32 11.19 13.32 12.48 14.33
Enterprise Value to EBIT (EV/EBIT)
12.85 12.84 12.58 24.08 23.86 20.71 23.64 13.91 17.00 15.80 18.17
Enterprise Value to NOPAT (EV/NOPAT)
25.94 25.19 23.77 35.89 35.68 31.15 34.71 21.56 26.90 24.36 28.17
Enterprise Value to Operating Cash Flow (EV/OCF)
29.62 20.41 20.74 20.59 21.35 17.17 20.74 17.87 24.54 28.68 29.22
Enterprise Value to Free Cash Flow (EV/FCFF)
133.54 31.05 0.00 61.79 29.27 29.17 21.65 22.53 52.24 169.95 207.56
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.91 0.89 0.87 0.93 1.04 1.03 1.00 0.96 0.95 0.98 0.95
Long-Term Debt to Equity
0.91 0.89 0.87 0.93 1.04 1.03 1.00 0.96 0.95 0.98 0.95
Financial Leverage
0.77 0.76 0.73 0.66 0.78 0.73 0.75 0.70 0.83 0.83 0.80
Leverage Ratio
3.03 3.00 2.93 3.00 3.14 3.13 3.04 3.19 3.30 3.26 3.18
Compound Leverage Factor
2.68 2.61 2.61 10.97 2.78 2.76 2.68 2.89 2.60 2.91 2.83
Debt to Total Capital
47.64% 47.11% 46.41% 48.23% 50.90% 50.70% 49.90% 49.00% 48.60% 49.49% 48.67%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
47.64% 47.11% 46.41% 48.23% 50.90% 50.70% 49.90% 49.00% 48.60% 49.49% 48.67%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
52.36% 52.89% 53.59% 51.77% 49.10% 49.30% 50.10% 51.00% 51.40% 50.51% 51.33%
Debt to EBITDA
1.83 1.87 1.86 2.96 3.07 2.96 2.89 2.10 2.18 2.22 2.16
Net Debt to EBITDA
1.50 1.41 1.58 2.30 2.43 2.30 2.24 1.48 1.92 1.94 1.88
Long-Term Debt to EBITDA
1.83 1.87 1.86 2.96 3.07 2.96 2.89 2.10 2.18 2.22 2.16
Debt to NOPAT
4.49 4.48 4.28 6.20 6.36 6.10 5.80 4.04 4.40 4.33 4.25
Net Debt to NOPAT
3.67 3.38 3.63 4.80 5.04 4.74 4.49 2.84 3.88 3.79 3.70
Long-Term Debt to NOPAT
4.49 4.48 4.28 6.20 6.36 6.10 5.80 4.04 4.40 4.33 4.25
Altman Z-Score
2.87 2.79 2.87 2.63 2.65 2.54 2.77 2.58 2.63 2.65 2.99
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.22 1.20 1.28 1.15 1.13 1.11 1.09 1.01 0.95 1.04 1.11
Quick Ratio
1.03 0.98 0.98 0.86 0.86 0.88 0.38 0.82 0.74 0.83 0.86
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-1,674 214 -2,707 -1,207 1,401 1,057 2,495 730 -1,085 -1,825 -2,049
Operating Cash Flow to CapEx
-227.18% 302.30% 342.06% 302.62% -261.48% 445.31% 302.22% 315.93% -611.33% 375.76% 517.28%
Free Cash Flow to Firm to Interest Expense
-12.98 1.45 -19.20 -2.19 9.60 6.86 15.50 4.57 -6.96 -10.55 -12.73
Operating Cash Flow to Interest Expense
-5.44 6.25 8.71 4.42 -4.84 9.25 6.78 16.11 -10.03 5.02 9.67
Operating Cash Flow Less CapEx to Interest Expense
-7.84 4.18 6.16 2.96 -6.68 7.18 4.53 11.01 -11.67 3.68 7.80
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.86 0.87 0.88 0.87 0.87 0.87 0.88 0.86 0.84 0.83 0.84
Accounts Receivable Turnover
4.61 4.57 4.72 5.37 4.85 5.07 8.50 5.73 4.76 4.64 7.71
Inventory Turnover
30.23 27.52 26.28 31.37 26.90 24.30 22.71 25.48 22.09 21.38 20.23
Fixed Asset Turnover
4.40 4.43 4.42 4.26 4.33 4.35 4.26 4.06 3.99 3.99 3.97
Accounts Payable Turnover
14.10 14.55 13.40 13.94 14.17 15.39 14.26 13.88 12.82 13.22 12.41
Days Sales Outstanding (DSO)
79.22 79.80 77.37 68.01 75.32 72.05 42.94 63.72 76.60 78.66 47.36
Days Inventory Outstanding (DIO)
12.07 13.26 13.89 11.63 13.57 15.02 16.08 14.32 16.52 17.08 18.05
Days Payable Outstanding (DPO)
25.88 25.09 27.23 26.18 25.75 23.72 25.59 26.30 28.48 27.62 29.41
Cash Conversion Cycle (CCC)
65.41 67.97 64.03 53.46 63.13 63.35 33.42 51.74 64.65 68.12 36.00
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
26,411 25,898 27,639 25,472 25,904 25,735 26,111 25,629 27,466 28,732 29,193
Invested Capital Turnover
1.47 1.48 1.50 1.57 1.53 1.58 1.53 1.61 1.51 1.49 1.48
Increase / (Decrease) in Invested Capital
2,473 582 3,559 932 -507 -163 -1,528 157 1,562 2,997 3,082
Enterprise Value (EV)
79,595 77,620 76,659 79,792 82,639 75,140 87,923 78,407 86,598 85,222 100,449
Market Capitalization
68,320 67,208 64,948 69,115 70,958 63,706 76,560 68,068 74,116 71,961 87,244
Book Value per Share
$98.89 $101.98 $105.27 $98.11 $95.52 $96.63 $100.84 $104.95 $103.51 $107.49 $111.66
Tangible Book Value per Share
($17.93) ($15.64) ($12.62) ($20.07) ($24.06) ($23.63) ($20.77) ($16.99) ($18.60) ($15.25) ($11.65)
Total Capital
28,906 29,282 29,721 28,581 28,965 29,007 29,437 29,982 29,151 30,631 31,150
Total Debt
13,770 13,796 13,793 13,786 14,742 14,706 14,689 14,692 14,167 15,160 15,162
Total Long-Term Debt
13,770 13,796 13,793 13,786 14,742 14,706 14,689 14,692 14,167 15,160 15,162
Net Debt
11,275 10,412 11,711 10,677 11,681 11,434 11,363 10,339 12,482 13,261 13,205
Capital Expenditures (CapEx)
309 304 359 803 270 320 361 816 256 231 301
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-168 -1,072 763 -1,345 -1,397 -1,913 -2,095 -4,207 -2,387 -1,332 -570
Debt-free Net Working Capital (DFNWC)
2,327 2,312 2,845 1,764 1,664 1,359 1,231 146 -702 567 1,387
Net Working Capital (NWC)
2,327 2,312 2,845 1,764 1,664 1,359 1,231 146 -702 567 1,387
Net Nonoperating Expense (NNE)
-43 -16 -85 260 -50 -46 -59 -377 -4.16 -1.65 -67
Net Nonoperating Obligations (NNO)
11,275 10,412 11,711 10,677 11,681 11,434 11,363 10,339 12,482 13,261 13,205
Total Depreciation and Amortization (D&A)
298 323 317 400 299 326 331 414 337 350 379
Debt-free, Cash-free Net Working Capital to Revenue
-0.45% -2.83% 1.97% -3.42% -3.48% -4.69% -5.11% -10.25% -5.91% -3.29% -1.39%
Debt-free Net Working Capital to Revenue
6.27% 6.10% 7.35% 4.49% 4.15% 3.33% 3.00% 0.36% -1.74% 1.40% 3.39%
Net Working Capital to Revenue
6.27% 6.10% 7.35% 4.49% 4.15% 3.33% 3.00% 0.36% -1.74% 1.40% 3.39%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$5.52 $5.35 $6.20 ($3.50) $6.34 $6.37 $7.02 $8.66 $3.33 $8.17 $7.69
Adjusted Weighted Average Basic Shares Outstanding
152.60M 151.70M 151.20M 151.50M 148.90M 147.50M 146.20M 147M 144.60M 143.70M 143.10M
Adjusted Diluted Earnings per Share
$5.50 $5.34 $6.18 ($3.49) $6.32 $6.36 $7.00 $8.66 $3.32 $8.15 $7.67
Adjusted Weighted Average Diluted Shares Outstanding
153.20M 152.20M 151.70M 152M 149.30M 147.70M 146.50M 147.30M 144.90M 144M 143.50M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
151.86M 151.30M 150.79M 150.04M 147.99M 146.25M 145.70M 144.76M 143.93M 143.18M 142.72M
Normalized Net Operating Profit after Tax (NOPAT)
799 796 852 -275 894 894 967 887 477 982 1,033
Normalized NOPAT Margin
8.59% 8.31% 8.71% -2.59% 8.82% 8.75% 9.68% 8.31% 5.04% 9.49% 9.91%
Pre Tax Income Margin
10.73% 10.31% 11.44% -7.12% 11.16% 11.22% 11.88% 14.51% 6.10% 13.79% 12.69%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
8.74 7.71 8.93 -0.38 8.75 8.44 8.38 10.69 4.71 9.25 9.22
NOPAT to Interest Expense
6.19 5.41 6.04 -0.50 6.12 5.81 6.01 5.55 3.06 6.78 6.41
EBIT Less CapEx to Interest Expense
6.34 5.65 6.38 -1.84 6.90 6.36 6.14 5.59 3.06 7.91 7.35
NOPAT Less CapEx to Interest Expense
3.80 3.34 3.49 -1.96 4.27 3.73 3.77 0.45 1.42 5.44 4.54
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
22.39% 23.38% 23.55% 54.28% 52.32% 50.22% 49.22% 28.41% 32.47% 31.28% 31.43%
Augmented Payout Ratio
62.30% 61.99% 58.81% 127.24% 143.47% 151.75% 151.07% 88.64% 81.08% 73.18% 71.46%

Financials Breakdown Chart

Key Financial Trends

Northrop Grumman (NYSE: NOC) has demonstrated solid financial performance and a generally positive trend over the last four years based on the available quarterly financial statements. Below is an analysis focused on the major financial metrics and trends observed from Q3 2022 through Q3 2025.

  • Consistent Revenue Growth: Operating revenue grew from approximately $8.97 billion in Q3 2022 to over $10.4 billion by Q3 2025, indicating steady top-line growth.
  • Rising Net Income: Net income improved significantly, from a loss of $535 million in Q4 2023 to strong positive earnings consistently thereafter, reaching about $1.1 billion in Q3 2025.
  • Improved Operating Income: After facing operating losses in late 2023, operating income rebounded to over $1.24 billion by Q3 2025, showing operational efficiency improvements.
  • Strong Cash Flow From Operations: Net cash from continuing operating activities strengthened, with $1.56 billion reported in Q3 2025 compared to variability in previous years.
  • Robust Balance Sheet: Total assets increased steadily, reaching about $49.3 billion by Q3 2025, supported by growth in goodwill and plant property and equipment.
  • Stable Dividend Payments: Dividends per share have shown a consistent increase from $1.73 in early 2022 to approximately $2.31 by Q3 2025, signaling shareholder returns.
  • Share Repurchases: The company has consistently repurchased common equity, which may support earnings per share but also reduces cash reserves.
  • Debt Levels: Long-term debt remains high but relatively stable, approximately $15.2 billion at Q3 2025. Debt management appears consistent but is a key metric to watch.
  • Inventories and Receivables Growth: Accounts receivable and inventories have both increased over time, reflecting business expansion but potentially affecting working capital requirements.
  • Costs Pressure in 2023: Q4 2023 showed a significant operating loss and net loss, primarily due to unusually high costs and expenses, which were recovered in subsequent periods.

Summary: Northrop Grumman has shown strong recovery and growth momentum since the challenged Q4 2023 quarter, with increasing revenues, net income, and operating cash flow. The company maintains a healthy balance sheet with elevated but stable debt and continues to return value to shareholders via increasing dividends and share repurchases. Investors should monitor costs stability and any changes in debt levels in future quarters.

10/22/25 02:11 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Northrop Grumman's Financials

When does Northrop Grumman's financial year end?

According to the most recent income statement we have on file, Northrop Grumman's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Northrop Grumman's net income changed over the last 10 years?

Northrop Grumman's net income appears to be on an upward trend, with a most recent value of $4.17 billion in 2024, rising from $2.07 billion in 2014. The previous period was $2.06 billion in 2023. Check out Northrop Grumman's forecast to explore projected trends and price targets.

What is Northrop Grumman's operating income?
Northrop Grumman's total operating income in 2024 was $4.37 billion, based on the following breakdown:
  • Total Gross Profit: $8.36 billion
  • Total Operating Expenses: $3.99 billion
How has Northrop Grumman's revenue changed over the last 10 years?

Over the last 10 years, Northrop Grumman's total revenue changed from $23.98 billion in 2014 to $41.03 billion in 2024, a change of 71.1%.

How much debt does Northrop Grumman have?

Northrop Grumman's total liabilities were at $34.07 billion at the end of 2024, a 7.3% increase from 2023, and a 76.2% increase since 2014.

How much cash does Northrop Grumman have?

In the past 10 years, Northrop Grumman's cash and equivalents has ranged from $1.58 billion in 2018 to $11.23 billion in 2017, and is currently $4.35 billion as of their latest financial filing in 2024.

How has Northrop Grumman's book value per share changed over the last 10 years?

Over the last 10 years, Northrop Grumman's book value per share changed from 35.82 in 2014 to 104.95 in 2024, a change of 193.0%.



This page (NYSE:NOC) was last updated on 10/22/2025 by MarketBeat.com Staff
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