NOCNorthrop Grumman
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.3×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 25% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NOC?
Northrop Grumman earns 12% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 3.3 points above what the capital costs: growth creates value
- Operating margin
- 11%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q3 2026
- Cash conversion
- 1.32×
Cash conversion · 0.96× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.77%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 16% |
| FY2022 | 9.8% |
| FY2023 | 6.5% |
| FY2024 | 11% |
| FY2025 | 11% |
Details›
- Operating margin12 months to Q3 2026
- 11%
- Net margin12 months to Q3 2026
- 10%
- Free cash flow margin
- 8.8%
- Revenue, trailing twelve months
- $43.6B
- Free cash flow, trailing twelve months
- $3.83B
- Net income, trailing twelve months
- $4.52B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NOC and who it buys from, as the companies report it.
- U.S. government84%
Share of revenue · FY2025 10-K
- MRCYMercury Systems, Inc.10%
NOC is 10% of its revenue · FY2026 10-K
- DCODucommun Incorporated5.8%
NOC is 5.8% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NOC’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Aerospace & Defense
The closest names by size in the same industry