NOC
Northrop Grumman Corporation
NOC's fundamentals are mixed: free cash flow more than doubled, while its operating margin held steady at 11%. At 17x earnings, it's trading right at its usual valuation. Analysts expect earnings growth.
NOC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Healthy |
NOC's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
NOC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $427 | -22% |
| Fair | 17x | $548 | -0.3% |
| Current | 17x | $549 | — |
| Forward | 19x | $549 | — |
| Expensive | 25x | $802 | +46% |
Historical ranges are pointers, not guarantees.
NOC's PE is in its fair range at 17x. On analysts' estimates for next year's earnings, today's price would be 19x.
NOC Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for NOC, with profitability holding steady.
NOC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.44 | -7% |
| Q3 2026 | $31.65 | +14% |
| Q2 2026 | $31.43 | +16% |
| Q1 2026 | $31.90 | +26% |
| Q4 2025 | $29.08 | +2.6% |
| Q3 2025 | $27.80 | +72% |
| Q2 2025 | $27.13 | +77% |
| Q1 2025 | $25.34 | +77% |
| Q4 2024 | $28.34 | +109% |
NOC's earnings per share have fallen from their peak: $31.65 over the past year, against $43.54 in late 2021.
NOC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11.1B | +6.7% |
| Q2 2026 | $10.9B | +5.1% |
| Q1 2026 | $9.9B | +4.4% |
| Q4 2025 | $11.7B | +9.6% |
| Q3 2025 | $10.4B | +4.3% |
| Q2 2025 | $10.4B | +1.3% |
| Q1 2025 | $9.5B | -6.6% |
| Q4 2024 | $10.7B | +0.5% |
NOC's revenue has grown year over year for six quarters in a row: $11.1B last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -0.5 points |
| Q2 2026 | 10% | -3.7 points |
| Q1 2026 | 10% | +4 points |
| Q4 2025 | 11% | +0.7 points |
| Q3 2025 | 12% | +0.7 points |
| Q2 2025 | 14% | +3.1 points |
| Q1 2025 | 6% | -4.5 points |
| Q4 2024 | 10% | +14 points |
NOC's operating margin was 11% last quarter, down 0.5 points from the same quarter a year ago.
NOC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +15% |
| Q2 2026 | $978M | +54% |
| Q1 2026 | -$1.8B | -$2M |
| Q4 2025 | $3.2B | +84% |
| Q3 2025 | $1.3B | +72% |
| Q2 2025 | $637M | -42% |
| Q1 2025 | -$1.8B | -$845M |
| Q4 2024 | $1.8B | +8.3% |
NOC generated $3.8B in free cash flow over the past year, up 109% from the year before.
NOC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.8% | -1.1M shares |
| 3 years | -6.1% | -9.3M shares |
| 5 years | -11% | -18M shares |
| Available history | -15% | -26M shares |
NOC has 142M diluted shares, down 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $68M |
| Q4 2025 | $456M |
| Q3 2025 | $277M |
| Q2 2025 | $411M |
| Q1 2025 | $480M |
| Q4 2024 | $441M |
NOC spent $524M buying back its own shares over the past year, down 67% from the year before.
NOC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 2.0x | Moderate |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.1x | Moderate |
NOC's net debt is about 1.9 years of its operating earnings (EBITDA), down from 2.4 years a year ago.
NOC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.5 | Neutral |
| Stochastic | 59.3 | Neutral |
NOC's weekly RSI is 51 (neutral) and its Stochastic is 59 (neutral).
NOC PE vs Industrials Sector
| Metric | NOC | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 24x | 28% below |
| PE % | 50 | 58 | 8 pts below |
NOC is trading at 17x earnings, a 28% discount to the Industrials sector's median of 24x.
NOC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $521.5 | 5.3% above |
| 20 week MA | $534.1 | 2.8% above |
| 50 week MA | $588.6 | 6.7% below |
| 100 week MA | $556.4 | 1.3% below |
| 200 week MA | $511.3 | 7.4% above |
NOC's trend is mixed: it's above three of its five weekly moving averages, and 7.4% above its 200-week average.
NOC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $346.4 | $299.6 | -14% |
| 2021 | $299.6 | $381.2 | +27% |
| 2022 | $381.2 | $534.8 | +40% |
| 2023 | $534.8 | $468.1 | -12% |
| 2024 | $468.1 | $471.4 | +0.7% |
| 2025 | $471.4 | $577.4 | +22% |
| 2026 YTD | $577.4 | $549.1 | -4.9% |
NOC has finished higher in four of the last six years. It's down 4.9% so far in 2026.