Northrop Grumman Corporation

NOCUS

Northrop Grumman Corporation is a leading global player in the aerospace and defense sectors. Its Aeronautics Systems division is responsible for the full lifecycle of aircraft, from design and development to production, integration, and ongoing maintenance. This includes a diverse portfolio of crewed and uncrewed aerial platforms: advanced strategic long-range strike aircraft, tactical fighter and air superiority jets, and sophisticated airborne systems for battle management and command and control. Additionally, it specializes in autonomous uncrewed aircraft systems, such as high-altitude, long-endurance strategic intelligence, surveillance, and reconnaissance (ISR) platforms, alongside vertical take-off and landing tactical ISR systems. The Defense Systems segment focuses on creating and delivering a wide array of weapons and mission technologies. Its offerings encompass integrated battle management solutions, various weapons platforms, and specialized aircraft. Key products include command and control systems, munitions, and missiles, alongside precision strike capabilities. The segment is also at the forefront of propulsion technologies, offering both air-breathing and advanced hypersonic systems, as well as sophisticated gun systems and precision munitions. Beyond products, it provides comprehensive life-cycle support, including software services, ongoing maintenance, logistics, operational assistance, and modernization efforts for air, sea, and ground-based defense systems. Within its Mission Systems division, Northrop Grumman delivers critical capabilities spanning cybersecurity, C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance). This includes developing advanced sensing technologies such as radar, electro-optical/infrared, and acoustic sensors, alongside electronic warfare systems. The division also provides cutting-edge communications and networking solutions, intelligence processing, navigation systems, and maritime power, propulsion, and payload launch systems. Furthermore, it supplies airborne multifunction sensors, integrated maritime and land-based systems, targeting and survivability solutions, and robust networked information platforms. The Space Systems segment is a key provider of space-based solutions, delivering satellites and their associated payloads, along with essential ground control systems. It specializes in missile defense systems, including interceptors, and offers a range of launch vehicles with their propulsion components, as well as strategic missile technologies. Established in 1939, the corporation maintains its headquarters in Falls Church, Virginia.

Founded1939IPO year1981As of2026-08-04
Market Cap
$78.73B
Enterprise Value
$92.72B
EV / LTM Revenue
2.2x
EV / NTM Revenue
2.0x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
2.0x
Gross Profit
10.1x
EBITDA
11.2x
Classification
Sector
Industrial, Aerospace & Defense
Sub-sector
Aerospace & Defense
Listing
NOC
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY3%7%4%2%5%7%
Revenue$35.67B$36.60B$39.29B$41.03B$41.95B$44.03B$47.07B
Gross Profit$7.27B$7.47B$6.55B$8.36B$8.31B
Gross Profit Margin20.4%20.4%16.7%20.4%19.8%
EBITDA$8.77B$7.68B$4.23B$6.93B$7.21B$7.93B$8.48B
EBITDA Margin24.6%21.0%10.8%16.9%17.2%18.0%18.0%
EBIT$5.65B$3.60B$2.54B$4.37B$4.28B$6.40B$6.84B
Net Income$7.00B$4.90B$2.06B$4.17B$4.18B$4.12B$4.29B
Free Cash Flow$2.15B$1.47B$2.10B$2.62B$3.31B
FCF Margin6.0%4.0%5.3%6.4%7.9%
Short-Term Debt$290M$1.37B$370M$1.91B$865M
Long-Term Debt$14.37B$13.63B$15.68B$16.49B$17.02B
Cash & Cash Equivalents$3.53B$2.58B$3.11B$4.35B$4.40B
Net Debt$11.13B$12.42B$12.94B$14.04B$13.48B
Net Debt / EBITDA1.3x1.6x3.1x2.0x1.9x
Rule of 406.6%12.7%10.8%10.1%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.