NOCNorthrop Grumman

Industrials · Defense Electronics · NYSE

Northrop Grumman Corporation (herein referred to as “Northrop Grumman,” the “company,” “we,” “us,” or “our”) is a leading global aerospace and defense technology company. 10-K, Item 1

Employees: 95,000
Headquarters: Falls Church, VA
Next results: around Jan 26, 2027

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NOC and 9 peers, year by year

The 9 Industrials companies closest to NOC in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
NOC Northrop Grumman	FY2025	$42.0B	+2.2%	-	10.8%	10.0%	7.9%	25.1%	0.94
GEV GE Vernova	FY2025	$38.1B	+9.0%	19.8%	3.6%	12.8%	9.7%	43.7%	0.03
DE Deere & Company	FY2025	$45.7B	−11.7%	-	-	11.0%	13.4%	19.4%	0.53
HON Honeywell Technologies	FY2025	$37.4B	+7.8%	-	21.7%	12.6%	14.5%	34.0%	2.49
PWR Quanta Services	FY2025	$28.5B	+20.3%	15.0%	5.7%	3.6%	5.7%	11.5%	0.67
CMI Cummins	FY2025	$33.7B	−1.3%	25.3%	12.0%	8.4%	7.1%	23.0%	0.59
GE GE Aerospace	FY2025	$45.9B	+18.5%	-	-	19.0%	15.8%	46.6%	1.10
FERG Ferguson Enterprises	FY2025	$30.8B	+3.8%	30.7%	8.5%	6.0%	5.2%	31.8%	0.72
ETN Eaton Corporation	FY2025	$27.4B	+10.3%	-	-	14.9%	12.9%	21.0%	0.51
LUV Southwest Airlines	FY2025	$28.1B	+2.1%	-	1.5%	1.6%	−3.0%	5.5%	0.62

Revenuepeer median $33.7B

Sales growthpeer median +7.8%

Gross marginpeer median 22.5%

FERG 30.7%
CMI 25.3%
GEV 19.8%
PWR 15.0%
NOC -
DE -
HON -
GE -
ETN -
LUV -

Operating marginpeer median 7.1%

HON 21.7%
CMI 12.0%
NOC 10.8%
FERG 8.5%
PWR 5.7%
GEV 3.6%
LUV 1.5%
DE -
GE -
ETN -

Net marginpeer median 11.0%

FCF marginpeer median 9.7%

Return on equitypeer median 23.0%

Debt / equitypeer median 0.62

HON 2.49
GE 1.10
NOC 0.94
FERG 0.72
PWR 0.67
LUV 0.62
CMI 0.59
DE 0.53
ETN 0.51
GEV 0.03

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	$24.7B	$26.0B	$30.1B	$33.8B	$36.8B	$35.7B	$36.6B	$39.3B	$41.0B	$42.0B
GEV Dec	-	-	-	-	-	-	$29.7B	$33.2B	$34.9B	$38.1B
DE Nov	$26.6B	$29.7B	$37.4B	$39.3B	$35.5B	$44.0B	$52.6B	$61.3B	$51.7B	$45.7B
HON Dec	$39.3B	$40.5B	$41.8B	$36.7B	$34.4B	-	$35.5B	$33.0B	$34.7B	$37.4B
PWR Dec	$7.7B	$9.5B	$11.2B	$12.1B	$11.2B	$13.0B	$17.1B	$20.9B	$23.7B	$28.5B
CMI Dec	$17.5B	$20.4B	$23.8B	$23.6B	$19.8B	$24.0B	$28.1B	$34.1B	$34.1B	$33.7B
GE Dec	$119.5B	$113.2B	$113.5B	$90.2B	$75.8B	$56.5B	$29.1B	$35.3B	$38.7B	$45.9B
FERG Jul	-	-	-	-	-	-	$28.6B	$29.7B	$29.6B	$30.8B
ETN Dec	$19.7B	$20.4B	$21.6B	$21.4B	$17.9B	$19.6B	$20.8B	$23.2B	$24.9B	$27.4B
LUV Dec	$20.4B	$21.2B	$22.0B	$22.4B	$9.0B	$15.8B	$23.8B	$26.1B	$27.5B	$28.1B
Peer median	$20.4B	$21.2B	$23.8B	$23.6B	$19.8B	$21.8B	$28.6B	$33.0B	$34.1B	$33.7B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	+4.2%	+5.3%	+15.7%	+12.4%	+8.7%	−3.1%	+2.6%	+7.3%	+4.4%	+2.2%
GEV Dec	-	-	-	-	-	-	-	+12.1%	+5.1%	+9.0%
DE Nov	-	+11.6%	+25.6%	+5.1%	−9.5%	+23.9%	+19.4%	+16.5%	−15.6%	−11.7%
HON Dec	+1.9%	+3.1%	+3.1%	−12.2%	+5.4%	-	+3.1%	+3.4%	+5.2%	+7.8%
PWR Dec	-	+23.7%	+18.0%	+8.4%	−7.5%	+15.9%	+31.5%	+22.3%	+13.4%	+20.3%
CMI Dec	−8.4%	+16.7%	+16.4%	−0.8%	−16.0%	+21.3%	+16.9%	+21.3%	+0.1%	−1.3%
GE Dec	+5.4%	+0.7%	−2.3%	−1.9%	−15.9%	−2.2%	+2.9%	+21.3%	+9.5%	+18.5%
FERG Jul	-	-	-	-	-	-	-	+4.1%	−0.3%	+3.8%
ETN Dec	−5.3%	+3.3%	+5.9%	−1.0%	−16.5%	+9.9%	+5.7%	+11.8%	+7.3%	+10.3%
LUV Dec	+3.1%	+4.2%	+3.9%	+2.1%	−59.7%	+74.5%	+50.8%	+9.6%	+5.3%	+2.1%
Peer median	+1.9%	+4.2%	+5.9%	−0.8%	−15.9%	+18.6%	+16.9%	+12.1%	+5.2%	+7.8%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	-	-	-	-	-	-	-	-	-	-
GEV Dec	-	-	-	-	-	-	11.7%	14.5%	17.4%	19.8%
DE Nov	-	-	-	-	-	-	-	-	-	-
HON Dec	30.9%	30.6%	30.5%	33.7%	-	-	-	-	-	-
PWR Dec	13.3%	13.1%	13.2%	13.2%	14.8%	15.0%	14.8%	14.1%	14.8%	15.0%
CMI Dec	25.5%	25.0%	24.1%	25.4%	24.7%	23.7%	23.9%	24.2%	24.7%	25.3%
GE Dec	-	-	-	-	-	-	-	-	-	-
FERG Jul	-	-	-	-	-	-	30.7%	30.4%	30.5%	30.7%
ETN Dec	-	-	-	-	-	-	-	-	-	-
LUV Dec	-	-	-	-	-	-	-	-	-	-
Peer median	25.5%	25.0%	24.1%	25.4%	-	-	19.4%	19.4%	21.1%	22.5%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	13.3%	12.4%	12.6%	11.7%	11.0%	15.8%	9.8%	6.5%	10.6%	10.8%
GEV Dec	-	-	-	-	-	-	−9.7%	−2.8%	1.3%	3.6%
DE Nov	9.7%	12.0%	12.0%	11.2%	12.1%	18.2%	18.1%	21.2%	17.5%	-
HON Dec	-	-	-	-	-	-	22.6%	22.9%	22.1%	21.7%
PWR Dec	4.2%	4.0%	4.8%	4.6%	5.5%	5.1%	5.1%	5.4%	5.7%	5.7%
CMI Dec	10.7%	11.4%	11.7%	11.5%	11.5%	11.3%	10.4%	5.2%	11.0%	12.0%
GE Dec	-	-	-	-	-	-	-	-	-	-
FERG Jul	-	-	-	-	-	-	9.9%	8.9%	8.9%	8.5%
ETN Dec	15.0%	15.8%	16.8%	17.2%	-	-	-	-	-	-
LUV Dec	17.2%	16.1%	14.6%	13.2%	−42.2%	10.9%	4.3%	0.9%	1.2%	1.5%
Peer median	10.7%	12.0%	12.0%	11.5%	8.5%	11.1%	9.9%	5.4%	8.9%	7.1%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	8.3%	11.0%	10.7%	6.6%	8.7%	19.6%	13.4%	5.2%	10.2%	10.0%
GEV Dec	-	-	-	-	-	-	−9.2%	−1.3%	4.4%	12.8%
DE Nov	5.7%	7.3%	6.3%	8.3%	7.7%	13.5%	13.6%	16.6%	13.7%	11.0%
HON Dec	12.2%	3.8%	16.2%	16.7%	16.1%	-	14.0%	17.1%	16.4%	12.6%
PWR Dec	2.6%	3.3%	2.6%	3.3%	4.0%	3.7%	2.9%	3.6%	3.8%	3.6%
CMI Dec	8.0%	4.9%	9.0%	9.6%	9.0%	8.9%	7.7%	2.2%	11.6%	8.4%
GE Dec	6.3%	−7.5%	−19.7%	−5.5%	7.5%	−11.2%	1.2%	26.8%	16.9%	19.0%
FERG Jul	-	-	-	-	-	-	7.4%	6.4%	5.9%	6.0%
ETN Dec	9.7%	14.6%	9.9%	10.3%	7.9%	10.9%	11.9%	13.9%	15.3%	14.9%
LUV Dec	10.7%	15.9%	11.2%	10.3%	−34.0%	6.2%	2.3%	1.8%	1.7%	1.6%
Peer median	8.0%	4.9%	9.0%	9.6%	7.7%	7.5%	7.4%	6.4%	11.6%	11.0%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	$1.9B	$1.7B	$2.6B	$3.0B	$2.9B	$2.2B	$1.5B	$2.1B	$2.6B	$3.3B
GEV Dec	-	-	-	-	-	-	−$627.0M	$442.0M	$1.7B	$3.7B
DE Nov	$3.1B	$1.6B	$926.0M	$2.3B	$6.7B	$6.9B	$3.6B	$7.1B	$7.6B	$6.1B
HON Dec	$4.4B	$4.9B	$5.6B	$6.1B	$5.1B	-	$4.5B	$4.6B	$5.2B	$5.4B
PWR Dec	$178.2M	$127.2M	$65.2M	$264.8M	$855.9M	$196.5M	$702.7M	$1.1B	$1.5B	$1.6B
CMI Dec	$1.4B	$1.8B	$1.7B	$2.5B	$2.2B	$1.5B	$1.0B	$2.8B	$279.0M	$2.4B
GE Dec	−$6.0B	−$88.0M	−$1.6B	$6.5B	$2.0B	$2.2B	$4.5B	$4.3B	$3.7B	$7.3B
FERG Jul	-	-	-	-	-	-	$859.0M	$2.3B	$1.5B	$1.6B
ETN Dec	$2.1B	$2.1B	$2.1B	$2.9B	$2.6B	$1.6B	$1.9B	$2.9B	$3.5B	$3.6B
LUV Dec	$2.3B	$1.8B	$3.0B	$3.0B	−$1.6B	$1.8B	−$134.0M	−$356.0M	−$1.6B	−$831.0M
Peer median	$2.1B	$1.8B	$1.7B	$2.9B	$2.2B	$1.7B	$1.0B	$2.8B	$1.7B	$3.6B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	7.7%	6.5%	8.6%	9.0%	7.8%	6.0%	4.0%	5.3%	6.4%	7.9%
GEV Dec	-	-	-	-	-	-	−2.1%	1.3%	4.9%	9.7%
DE Nov	11.7%	5.4%	2.5%	5.8%	18.7%	15.6%	6.8%	11.6%	14.7%	13.4%
HON Dec	11.2%	12.2%	13.4%	16.5%	15.0%	-	12.7%	13.9%	15.1%	14.5%
PWR Dec	2.3%	1.3%	0.6%	2.2%	7.6%	1.5%	4.1%	5.5%	6.2%	5.7%
CMI Dec	8.0%	8.7%	7.0%	10.5%	11.1%	6.3%	3.7%	8.1%	0.8%	7.1%
GE Dec	−5.1%	−0.1%	−1.5%	7.2%	2.6%	4.0%	15.6%	12.2%	9.5%	15.8%
FERG Jul	-	-	-	-	-	-	3.0%	7.7%	5.1%	5.2%
ETN Dec	10.5%	10.5%	9.7%	13.4%	14.3%	8.1%	9.3%	12.4%	14.1%	12.9%
LUV Dec	11.0%	8.5%	13.5%	13.2%	−18.1%	11.5%	−0.6%	−1.4%	−5.8%	−3.0%
Peer median	10.5%	8.5%	7.0%	10.5%	11.1%	7.2%	4.1%	8.1%	6.2%	9.7%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	38.1%	40.2%	39.4%	25.5%	30.1%	54.2%	32.0%	13.9%	27.3%	25.1%
GEV Dec	-	-	-	-	-	-	−23.6%	−5.9%	16.3%	43.7%
DE Nov	23.4%	22.6%	21.0%	28.5%	21.3%	32.4%	35.2%	46.7%	31.1%	19.4%
HON Dec	24.8%	9.4%	37.2%	33.2%	29.8%	-	29.7%	35.7%	30.6%	34.0%
PWR Dec	5.9%	8.3%	8.1%	9.9%	10.3%	9.5%	9.1%	11.9%	12.4%	11.5%
CMI Dec	20.3%	13.8%	29.1%	30.1%	22.2%	26.2%	24.0%	8.3%	38.4%	23.0%
GE Dec	10.7%	−15.1%	−72.2%	−17.6%	16.0%	−19.8%	1.0%	34.6%	33.9%	46.6%
FERG Jul	-	-	-	-	-	-	45.5%	37.5%	30.9%	31.8%
ETN Dec	12.8%	17.3%	13.3%	13.7%	9.4%	13.1%	14.5%	16.9%	20.5%	21.0%
LUV Dec	28.0%	34.8%	25.0%	23.4%	−34.6%	9.4%	5.0%	4.4%	4.5%	5.5%
Peer median	20.3%	13.8%	21.0%	23.4%	16.0%	11.3%	14.5%	16.9%	30.6%	23.0%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	1.32	2.14	1.76	1.57	1.42	0.99	0.84	0.94	1.06	0.94
GEV Dec	-	-	-	-	-	-	-	0.02	0.01	0.03
DE Nov	3.64	2.71	2.41	2.65	3.19	2.38	0.62	0.82	0.59	0.53
HON Dec	0.81	1.08	0.89	0.87	1.06	-	1.17	1.29	1.67	2.49
PWR Dec	0.11	0.18	0.31	0.34	0.27	0.73	0.69	0.67	0.57	0.67
CMI Dec	0.26	0.27	0.33	0.30	0.50	0.49	0.85	0.72	0.65	0.59
GE Dec	1.94	2.37	3.28	3.21	2.11	1.10	0.71	0.80	1.00	1.10
FERG Jul	-	-	-	-	-	-	-	0.75	0.70	0.72
ETN Dec	0.55	0.45	0.47	0.52	0.54	0.52	0.51	0.49	0.50	0.51
LUV Dec	0.44	0.38	0.34	0.27	1.16	1.03	0.76	0.76	0.65	0.62
Peer median	0.55	0.45	0.47	0.52	1.06	0.88	0.71	0.75	0.65	0.62

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NOC Dec	$11.32	$16.34	$18.49	$13.22	$19.03	$43.54	$31.47	$13.53	$28.34	$29.08
GEV Dec	-	-	-	-	-	-	−$10.00	−$1.60	$5.58	$17.69
DE Nov	$4.81	$6.68	$7.24	$10.15	$8.69	$18.99	$23.28	$34.63	$25.62	$18.50
HON Dec	$12.42	$4.00	$17.96	$16.82	$15.82	-	$14.54	$16.94	$17.42	$14.72
PWR Dec	$1.26	$2.00	$1.90	$2.73	$3.07	$3.34	$3.32	$5.00	$6.03	$6.80
CMI Dec	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37	$20.50
GE Dec	$6.00	−$8.24	−$20.96	−$4.99	$4.63	−$6.00	$0.05	$8.36	$5.99	$8.14
FERG Jul	-	-	-	-	-	-	$9.69	$9.12	$8.53	$9.32
ETN Dec	$4.20	$6.68	$4.91	$5.25	$3.49	$5.34	$6.14	$8.02	$9.50	$10.45
LUV Dec	$3.45	$5.57	$4.29	$4.27	−$5.44	$1.61	$0.87	$0.76	$0.76	$0.79
Peer median	$4.81	$5.57	$4.91	$5.25	$4.63	$4.34	$6.14	$8.02	$8.53	$10.45

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out NOC and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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