Northrop Grumman (NOC) stock
Industrials · Aerospace & Defense
Northrop Grumman (NOC) is an Aerospace & Defense company in the Industrials sector, headquartered in West Falls Church, Virginia[2]. As of October 23, 2026, NOC closed at $551.44, a market capitalization of $78.34 billion, the 164th largest company in the S&P 500. Over the last twelve months it generated $43.59 billion in revenue (+7% year over year) and $3.65 billion in free cash flow. The stock trades at 17.4x trailing earnings and 18.4x forward earnings.
- 1-year total return: -7.5% (dividends reinvested)
- 5-year return: +8.0% a year
- 52-week range: $470.06 – $774.00
- Gross margin 20.0%, operating margin 12.9%
- Dividend yield: 1.79%, 22 straight years of increases
- FI Handbook report card: C+ across 10 metrics
- 24th largest of 83 Industrials stocks in the S&P 500
NOC price chart
1Y price change: -9.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| NOC | +7.2% | -2.1% | -7.5% | +6.4% | +8.0% | +11.6% | +12.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1981.
NOC key statistics
- Market cap
- $78.3B
- #164 in S&P 500
- P/E (TTM)
- 17.4x
- Forward P/E
- 18.4x
- EPS (TTM)
- $31.68
- Revenue (TTM)
- $43.6B
- +7%
- Free cash flow
- $3.6B
- Gross margin
- 20.0%
- Operating margin
- 12.9%
- Return on equity
- 26.1%
- Dividend yield
- 1.79%
- 52-week range
- $470.06 – $774.00
- Beta
- -0.11
- Price / sales
- 1.8x
- EV / EBITDA
- 12.6x
- Debt / equity
- 0.93x
- Employees
- 95,000
NOC report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth6.7%C
- Gross margin20.0%D
- Operating margin12.9%C
- FCF margin8.4%C
- Return on equity26.1%A
- Net debt / EBITDA1.9xC
- Forward P/E18.4xB
- PEG ratio3.4xF
- Shareholder yield3.9%B
- Share count change / yr-3.0%A
Northrop Grumman financials
Revenue went from $24.7B in fiscal 2016 to $42.0B in fiscal 2025, growing 6.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.7B | $26.0B | $30.1B | $33.8B | $36.8B | $35.7B | $36.6B | $39.3B | $41.0B | $42.0B |
| Gross profit | $13.7B | $13.7B | — | — | — | — | — | — | — | — |
| Operating income | $3.3B | $3.2B | $3.8B | $4.0B | $4.1B | $5.7B | $3.6B | $2.5B | $4.4B | $4.5B |
| Net income | $2.0B | $2.9B | $3.2B | $2.2B | $3.2B | $7.0B | $4.9B | $2.1B | $4.2B | $4.2B |
| EPS (diluted) | $11.32 | $16.34 | $18.49 | $13.22 | $19.03 | $43.54 | $31.47 | $13.53 | $28.34 | $29.08 |
| Free cash flow | $1.9B | $1.7B | $2.6B | $3.0B | $2.9B | $2.2B | $1.5B | $2.1B | $2.6B | $3.3B |
| Buybacks | $1.5B | $393.0M | $1.3B | $744.0M | $490.0M | $3.7B | $1.5B | $1.5B | $2.5B | $1.6B |
| Dividends paid | $640.0M | $689.0M | $821.0M | $880.0M | $953.0M | $983.0M | $1.1B | $1.1B | $1.2B | $1.3B |
| Diluted shares | 180.5M | 175.6M | 174.6M | 170.0M | 167.6M | 160.9M | 155.6M | 152.0M | 147.3M | 143.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into NOC?
A reverse DCF asks what growth the current price requires. With an enterprise value of $92.0B and $3.6B of trailing free cash flow, Northrop Grumman needs to grow free cash flow about 16.4% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 2.8% a year over the last five years.
P/E ratio history
Current 19.0x vs. median 17.0x (10th–90th percentile 9.0x–25.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
NOC dividend
- Dividend yield
- 1.79%
- Annual dividend
- $9.88
- Years of increases
- 22
- 5-yr dividend growth
- 9.7%
- per year
- Payout ratio
- 30%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
NOC analyst price targets
24 analysts' average 12-month target is $631.67 (+15% vs. $551.44). Targets range from $430.00 to $815.00. 58% rate it a buy.
NOC earnings
Next report: January 26, 2027. Northrop Grumman has beaten EPS estimates 6 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 20, 2026 | $7.18 | $7.89 | +9.9% |
| Jul 21, 2026 | $6.82 | $7.68 | +12.7% |
| Apr 21, 2026 | $6.06 | $6.14 | +1.3% |
| Jan 27, 2026 | $6.96 | $7.23 | +3.8% |
| Oct 21, 2025 | $6.46 | $7.67 | +18.8% |
| Jul 22, 2025 | $6.80 | $8.15 | +19.9% |
| Apr 22, 2025 | $6.26 | $3.32 | -47.0% |
| Jan 30, 2025 | $6.35 | $6.39 | +0.7% |
Stocks like NOC
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
 RTX RTX | -1.90% | +8% | $257.8B | 31.1x | Compare |
 BA Boeing | +0.43% | -14% | $148.9B | 67.3x | Compare |
 LMT Lockheed Martin | +2.42% | +27% | $139.6B | 21.5x | Compare |
 GD General Dynamics | -0.41% | +4% | $94.5B | 21.3x | Compare |
 HWM Howmet Aerospace | -3.82% | -7% | $74.1B | 40.1x | Compare |
 TDG Transdigm | -3.23% | -18% | $61.1B | 33.5x | Compare |
 HONA Honeywell Aerospace | +0.18% | — | $51.8B | 49.8x | Compare |
NOC news
- Northrop Grumman (NOC), What Is Behind The Fresh Attention? · Oct 24, 2026
- AUSA: Northrop Grumman's Kenneth Todorov · Oct 22, 2026
- Quantum Stocks: Defense Giants Northrop, Lockheed Take Aim At Frontier Technologies · Oct 22, 2026
- Lockheed Martin Rises 9% as Record Backlog Lifts Outlook; RTX Gains 2%, Northrop Grumman Advances 3% · Oct 22, 2026
- Electronic Warfare Systems Market Size, Share, Growth Analysis, and Forecast, 2026-2035 | AI-Enabled, Multi-Domain Defense Demand to Drive 12.8% CAGR and USD 55.8 Billion by 2035 · Oct 22, 2026
NOC stock FAQ
What is NOC's market cap?
Northrop Grumman's market capitalization is $78.34 billion as of October 23, 2026, ranking 164th in the S&P 500.
What is NOC's P/E ratio?
NOC trades at a trailing price-to-earnings ratio of 17.4x and a forward P/E of 18.4x. Its median P/E over the period we track is 17.0x.
Does NOC pay a dividend?
Yes. Northrop Grumman pays $9.88 per share a year, a 1.79% yield. It has raised its dividend 22 years in a row. Dividends grew 9.7% a year over the last five years.
How much has NOC stock returned?
Including reinvested dividends, NOC returned -7.5% over one year, +8.0% a year over five years, +11.6% a year over ten years through October 23, 2026.
Is NOC stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Northrop Grumman must grow free cash flow about 16% a year for the next decade. Its free cash flow grew 3% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the NOC price target?
24 analysts cover NOC with an average 12-month price target of $631.67, +15% from the current price. 58% of them rate it a buy.
When does NOC report earnings?
Northrop Grumman is expected to report earnings on January 26, 2027. It has beaten EPS estimates 6 quarters in a row.
How many employees does Northrop Grumman have?
Northrop Grumman has about 95,000 full-time employees, or $458,853 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology