Northrop Grumman Corporation (NOC) Key Metrics
NOC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $73.85B
- Enterprise value
- $87.06B
- P/E (TTM)
- 16.5 10-yr median 18.2
- Forward P/E
- 17.0
- PEG ratio
- 3.41
- Price / sales
- 1.7 10-yr median 1.7
- Price / book
- 4.1 10-yr median 5.1
- EV / EBITDA
- 11.7 10-yr median 12.7
- Dividend yield
- 1.90% $9.88 a year
- Beta
- −0.11
NOC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNOC valuation Price multiples at each fiscal year-end price.
NOC returns How much profit the business earns on the capital it uses.
NOC per-share figures Results divided by the shares outstanding at year-end.
NOC financial health Debt, liquidity and how easily interest is covered.
NOC efficiency & capital use Working capital cycle and where the cash goes.
NOC valuation history
NOC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NOC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NOC cash returned to shareholders
NOC price vs earnings per share
NOC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $82.00B | $69.13B | $71.16B | $84.90B | $62.28B | $51.07B | $58.47B | $42.76B | $53.89B | $41.98B |
| Enterprise value | $97.33B | $84.97B | $85.99B | $99.14B | $75.00B | $64.12B | $70.86B | $56.74B | $58.45B | $47.84B |
| P/E ratio | 19.6 | 16.6 | 34.6 | 17.3 | 8.9 | 16.0 | 26.0 | 13.2 | 26.7 | 19.1 |
| Price / sales | 2.0 | 1.7 | 1.8 | 2.3 | 1.7 | 1.4 | 1.7 | 1.4 | 2.1 | 1.7 |
| Price / book | 4.9 | 4.5 | 4.8 | 5.5 | 4.8 | 4.8 | 6.6 | 5.2 | 7.6 | 8.0 |
| Price / free cash flow | 24.8 | 26.4 | 33.9 | 57.9 | 28.9 | 17.7 | 19.3 | 16.6 | 32.0 | 22.2 |
| Price / operating cash flow | 17.2 | 15.8 | 18.4 | 29.3 | 17.5 | 11.9 | 13.6 | 11.2 | 20.6 | 14.9 |
| EV / sales | 2.3 | 2.1 | 2.2 | 2.7 | 2.1 | 1.7 | 2.1 | 1.9 | 2.3 | 2.0 |
| EV / EBITDA | 13.5 | 12.4 | 33.9 | 12.9 | 8.6 | 11.5 | 16.7 | 11.1 | 11.9 | 14.1 |
| EV / free cash flow | 29.4 | 32.4 | 40.9 | 67.6 | 34.8 | 22.2 | 23.4 | 22.0 | 34.7 | 25.3 |
| Earnings yield | 5.1% | 6.0% | 2.9% | 5.8% | 11.2% | 6.2% | 3.8% | 7.6% | 3.7% | 5.2% |
| Free cash flow yield | 4.0% | 3.8% | 3.0% | 1.7% | 3.5% | 5.6% | 5.2% | 6.0% | 3.1% | 4.5% |
| Dividend yield | 1.6% | 1.7% | 1.6% | 1.2% | 1.6% | 1.9% | 1.5% | 1.9% | 1.3% | 1.5% |
| Shareholder yield (dividends + buybacks) | 3.6% | 5.4% | 3.7% | 3.0% | 7.5% | 2.8% | 2.8% | 4.9% | 2.0% | 5.2% |
| Share price at fiscal year-end | $570.21 | $469.29 | $468.14 | $545.61 | $387.07 | $304.72 | $343.97 | $244.90 | $306.91 | $232.58 |
| Per share | ||||||||||
| Revenue per share | $291.75 | $278.57 | $258.49 | $235.23 | $221.67 | $219.56 | $199.06 | $172.37 | $146.94 | $135.78 |
| Earnings per share | $29.08 | $28.34 | $13.53 | $31.47 | $43.54 | $19.03 | $13.22 | $18.49 | $11.47 | $12.19 |
| Operating cash flow per share | $33.08 | $29.79 | $25.49 | $18.64 | $22.17 | $25.69 | $25.28 | $21.92 | $14.88 | $15.58 |
| Free cash flow per share | $23.00 | $17.79 | $13.82 | $9.42 | $13.37 | $17.21 | $17.84 | $14.77 | $9.60 | $10.49 |
| Cash per share | $30.62 | $29.55 | $20.45 | $16.56 | $21.94 | $29.28 | $13.21 | $9.04 | $63.92 | $14.08 |
| Book value per share | $115.95 | $103.80 | $97.34 | $98.41 | $80.34 | $63.12 | $51.88 | $46.89 | $40.14 | $29.14 |
| Tangible book value per share | −$6.75 | −$16.81 | −$19.91 | −$16.63 | −$32.11 | −$46.07 | −$64.29 | −$67.91 | −$31.09 | −$40.18 |
| Dividends per share | $8.99 | $8.05 | $7.34 | $6.76 | $6.11 | $5.69 | $5.18 | $4.70 | $3.92 | $3.55 |
| Capex per share | $10.08 | $12.00 | $11.68 | $9.22 | $8.79 | $8.47 | $7.44 | $7.15 | $5.28 | $5.10 |
| Debt per share | $137.28 | $137.09 | $118.03 | $108.12 | $100.98 | $107.11 | $86.09 | $89.11 | $89.87 | $46.54 |
| Shares outstanding | 143.8M | 147.3M | 152.0M | 155.6M | 160.9M | 167.6M | 170.0M | 174.6M | 175.6M | 180.5M |
| Change in shares outstanding | −2.4% | −3.1% | −2.3% | −3.3% | −4.0% | −1.4% | −2.6% | −0.6% | −2.7% | −5.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 26.2% | 27.7% | 13.7% | 34.7% | 59.6% | 32.9% | 26.4% | 42.4% | 32.7% | 40.8% |
| Return on invested capital (ROIC) | 11.2% | 12.0% | 7.5% | 10.9% | 18.0% | 15.5% | 16.1% | 19.3% | 19.2% | 21.9% |
| Return on assets (ROA) | 8.3% | 8.7% | 4.6% | 11.3% | 16.1% | 7.5% | 5.7% | 8.9% | 6.7% | 8.8% |
| Return on tangible assets | 12.4% | 13.2% | 7.2% | 18.9% | 28.6% | 12.2% | 10.5% | 18.3% | 9.0% | 16.8% |
| Free cash flow margin | 7.9% | 6.4% | 5.3% | 4.0% | 6.0% | 7.8% | 9.0% | 8.6% | 6.5% | 7.7% |
| Income quality (OCF / net income) | 1.14 | 1.05 | 1.88 | 0.59 | 0.51 | 1.35 | 1.91 | 1.19 | 1.30 | 1.28 |
| Financial health | ||||||||||
| Total debt | $19.74B | $20.19B | $17.94B | $16.82B | $16.25B | $17.95B | $14.63B | $15.56B | $15.78B | $8.40B |
| Cash & short-term investments | $4.40B | $4.35B | $3.11B | $2.58B | $3.53B | $4.91B | $2.25B | $1.58B | $11.22B | $2.54B |
| Net debt | $15.34B | $15.84B | $14.83B | $14.25B | $12.72B | $13.04B | $12.39B | $13.98B | $4.56B | $5.86B |
| Debt / equity | 1.18 | 1.32 | 1.21 | 1.10 | 1.26 | 1.70 | 1.66 | 1.90 | 2.24 | 1.60 |
| Debt / assets | 0.38 | 0.41 | 0.39 | 0.38 | 0.38 | 0.40 | 0.36 | 0.41 | 0.45 | 0.33 |
| Net debt / EBITDA | 2.13 | 2.32 | 5.85 | 1.85 | 1.46 | 2.33 | 2.93 | 2.74 | 0.92 | 1.73 |
| Current ratio | 1.09 | 1.00 | 1.13 | 1.06 | 1.28 | 1.58 | 1.13 | 1.17 | 2.35 | 1.22 |
| Quick ratio | 0.99 | 0.89 | 1.04 | 0.98 | 1.20 | 1.50 | 1.05 | 1.09 | 2.24 | 1.07 |
| Interest coverage | 6.4 | 7.0 | 4.7 | 7.1 | 10.2 | 6.9 | 7.5 | 6.7 | 9.2 | 10.6 |
| Working capital | $1.22B | −$40.0M | $1.56B | $721.0M | $2.71B | $5.55B | $1.25B | $1.41B | $9.38B | $1.23B |
| Invested capital | $32.01B | $31.13B | $29.63B | $29.56B | $25.64B | $23.62B | $21.21B | $22.17B | $11.60B | $11.12B |
| Tangible asset value | −$971.0M | −$2.48B | −$3.03B | −$2.59B | −$5.17B | −$7.72B | −$10.93B | −$11.86B | −$5.46B | −$7.25B |
| Net current asset value | −$19.61B | −$19.98B | −$18.25B | −$16.14B | −$17.41B | −$18.76B | −$21.59B | −$19.79B | −$11.52B | −$13.50B |
| Graham number | $275.45 | $257.26 | $172.11 | $263.95 | $280.52 | $164.39 | $124.24 | $139.68 | $101.80 | $89.39 |
| Graham net-net per share | −$160.04 | −$157.61 | −$142.11 | −$126.97 | −$127.40 | −$140.95 | −$144.93 | −$130.04 | −$75.58 | −$82.72 |
| Capital allocation | ||||||||||
| Dividends paid | $1.29B | $1.19B | $1.12B | $1.05B | $983.0M | $953.0M | $880.0M | $821.0M | $689.0M | $640.0M |
| Share buybacks (net) | $1.62B | $2.51B | $1.50B | $1.50B | $3.71B | $490.0M | $744.0M | $1.26B | $393.0M | $1.55B |
| Dividend payout ratio | 30.9% | 28.4% | 54.3% | 21.5% | 14.0% | 29.9% | 39.1% | 25.4% | 34.2% | 29.1% |
| Dividends + buybacks / free cash flow | 88.2% | 141.2% | 124.6% | 174.4% | 217.8% | 50.0% | 53.5% | 80.8% | 64.2% | 115.5% |
| Capex / revenue | 3.5% | 4.3% | 4.5% | 3.9% | 4.0% | 3.9% | 3.7% | 4.2% | 3.6% | 3.8% |
| Capex / operating cash flow | 30.5% | 40.3% | 45.8% | 49.5% | 39.7% | 33.0% | 29.4% | 32.6% | 35.5% | 32.7% |
| Capex / depreciation | 0.99 | 1.29 | 1.33 | 1.07 | 1.14 | 1.12 | 1.24 | 1.56 | 1.95 | 2.02 |
| Stock-based compensation / revenue | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% | 0.4% | 0.3% | 0.4% | 0.4% |
| R&D / revenue | 2.6% | 2.7% | 3.1% | 3.3% | 3.1% | 3.0% | 2.8% | 2.5% | 2.5% | 2.9% |
| SG&A / revenue | 9.6% | 9.7% | 10.2% | 10.6% | 10.1% | 9.3% | 9.7% | 10.0% | 10.5% | 10.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 71.9 | 72.7 | 75.0 | 72.1 | 69.6 | 66.0 | 70.8 | 63.4 | 51.5 | 45.7 |
| Days of inventory on hand | 15.0 | 14.3 | 12.4 | 11.2 | 10.1 | 9.6 | 9.9 | 11.2 | 14.7 | 15.8 |
| Days payables outstanding | 31.7 | 26.3 | 27.8 | 30.0 | 25.7 | 25.1 | 30.3 | 30.1 | 29.6 | 27.6 |
| Cash conversion cycle (days) | 55.3 | 60.7 | 59.5 | 53.3 | 54.0 | 50.5 | 50.4 | 44.5 | 36.6 | 33.9 |
| Receivables turnover | 5.07 | 5.02 | 4.87 | 5.06 | 5.25 | 5.53 | 5.15 | 5.76 | 7.09 | 7.98 |
| Payables turnover | 11.52 | 13.88 | 13.11 | 12.18 | 14.19 | 14.54 | 12.06 | 12.13 | 12.35 | 13.21 |
| Inventory turnover | 24.34 | 25.48 | 29.51 | 32.56 | 36.18 | 38.03 | 37.00 | 32.50 | 24.87 | 23.08 |
| Asset turnover | 0.83 | 0.86 | 0.87 | 0.85 | 0.82 | 0.86 | 0.86 | 0.83 | 0.85 | 0.98 |
| Average receivables | $8.27B | $8.17B | $8.07B | $7.23B | $6.80B | $6.65B | $6.57B | $5.22B | $3.64B | $3.07B |
| Average payables | $2.92B | $2.35B | $2.35B | $2.39B | $2.00B | $2.02B | $2.20B | $1.92B | $1.61B | $1.42B |
| Average inventory | $1.38B | $1.28B | $1.04B | $894.5M | $785.0M | $771.0M | $718.5M | $717.0M | $798.0M | $811.5M |
| Intangibles / total assets | 34.3% | 36.0% | 38.3% | 40.9% | 42.5% | 41.2% | 48.1% | 53.2% | 35.8% | 48.8% |
Computed from NOC's annual financial statements (latest annual report filed January 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NOC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Northrop Grumman traded at 19.6 times earnings, against a 10-year median of 18.2. Based on the latest twelve months, the trailing P/E is 16.5 and the forward P/E is 17.0. Northrop Grumman earned a return on equity of 26.2% and a return on invested capital of 11.2% in fiscal 2025. It ended the year with $19.7 billion of debt and $4.4 billion in cash and short-term investments, net debt of $15.3 billion. It returned $2.9 billion to shareholders: $1.3 billion in dividends and $1.6 billion in share buybacks, 88% of free cash flow. The share count fell 20.3% from 180.5M to 143.8M over 9 years.
See the NOC income statement, the NOC chart for price history, or the NOC stock overview for the latest quote and news.
NOC key metrics FAQ
What is Northrop Grumman's P/E ratio?
Northrop Grumman's trailing P/E ratio is 16.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.0. At the end of fiscal 2025 it was 19.6, compared with a 10-year median of 18.2.
What is Northrop Grumman's EV/EBITDA?
Northrop Grumman's enterprise value was 13.5 times EBITDA at the end of fiscal 2025 (enterprise value $97.3 billion, EBITDA $7.2 billion); the current EV/EBITDA is 11.7.
What is Northrop Grumman's return on equity?
Northrop Grumman's return on equity (ROE) was 26.2% in fiscal 2025: net income of $4.2 billion on average shareholders' equity of $16.0 billion.
What is Northrop Grumman's ROIC?
Northrop Grumman's return on invested capital was 11.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Northrop Grumman have?
Northrop Grumman had total debt of $19.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.18 and $15.3 billion of net debt (2.13 times EBITDA).
What is Northrop Grumman's dividend yield?
Northrop Grumman's forward dividend yield is 1.90%. Northrop Grumman paid $1.3 billion in dividends in fiscal 2025 ($8.99 per share), a payout ratio of 30.9%.
Does Northrop Grumman buy back its shares?
Yes. Northrop Grumman spent $1.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.4% over the year, to 143.8M..
What is Northrop Grumman's free cash flow yield?
Northrop Grumman generated $3.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.0% on its market value at year-end ($82.0 billion).
What is Northrop Grumman's current ratio?
Northrop Grumman's current ratio was 1.09 at the end of fiscal 2025: current assets were 1.09 times current liabilities.