Northrop Grumman

Industrials Aerospace & Defense West Falls Church, Virginia Last filing Jan 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$42.0B
                    3y CAGR +4.7%
                    
                    P44
                    
                    +2.2%
                    
                    Net income
                    FY2025
                
$4.2B
                    Net margin +10.0%
                    
                    P36
                    
                    +0.2%
                    
                    Total assets
                    FY2025
                
$51.4B
                    ROA +8.1%
                    
                    P50
                    
                    +4.1%
                    
                    Operating cash flow
                    FY2025
                
$4.8B
                    FCF margin +7.9%
                    
                    P24
                    
                    +8.4%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $51.4B

Total liabilities $34.7B

Shareholders equity $16.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	8.6%	8.8%	6.7%
Short Term Investments	0.9%	0.7%	0.7%
Accounts Receivable	2.7%	2.6%	3.1%
Inventory	2.5%	2.9%	2.4%
Prepaid Expenses	3.2%	2.6%	5.0%
Other Current Assets	3.2%	2.6%	5.0%
Total Current Assets	29.8%	28.9%	29.4%
Property,Plant and Equipment	21.4%	21.3%	20.7%
Operating Lease Assets	3.6%	3.6%	3.9%
Goodwill	33.9%	35.5%	37.6%
Intangible Assets	0.0%	0.5%	0.7%
Deferred Tax Assets	2.0%	3.2%	2.2%
Other Noncurrent Assets	3.1%	2.5%	5.4%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	6.3%	5.3%	4.5%
Accrued Liabilities	8.3%	10.5%	7.3%
Deferred Revenue	8.0%	8.2%	9.0%
Current Portion of Long Term Debt	1.0%	3.2%	0.2%
Other Current Liabilities	8.3%	10.5%	7.3%
Total Current Liabilities	27.0%	28.6%	25.7%
Long Term Debt	29.5%	29.8%	29.6%
Operating Lease Liabilities Noncurrent	3.6%	3.6%	4.1%
Deferred Tax Liabilities	0.0%	10.1%	9.7%
Other Noncurrent Liabilities	5.2%	4.7%	6.1%
Total Liabilities	67.5%	69.0%	68.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.3%	0.3%	0.3%
Additional Paid In Capital	0.0%	0.0%	0.0%
Retained Earnings	32.4%	31.0%	31.7%
Accumulated Other Comprehensive Income	-0.2%	-0.3%	-0.3%
Total Stockholders Equity	32.5%	31.0%	31.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $42.0B

Operating income $4.5B

Net income $4.2B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	81.7%	83.1%	84.4%
Expenses Research and Development	2.1%	2.2%	2.6%
Expenses Selling,General and Administrative	7.8%	8.1%	8.6%
Expenses Depreciation and Amortization	2.9%	2.8%	2.9%
Expenses Share Based Compensation	0.2%	0.2%	0.2%
Expenses Operating Expenses	73.3%	74.3%	79.0%
Other Income Expense Operating Income	8.8%	8.9%	5.5%
Other Income Expense Interest Expense	1.3%	1.3%	1.2%
Other Income Expense Other Income/expense	0.3%	0.3%	0.5%
Other Income Expense Income Before Tax	9.9%	10.2%	5.0%
Income Tax Income Tax Expense	1.7%	1.7%	0.6%
net Income net Income	8.1%	8.5%	4.4%
net Income Comprehensive Income	8.2%	8.4%	4.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.3%	0.3%	0.3%
Earnings Per Share Weighted Average Shares Diluted	0.3%	0.3%	0.3%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $4.8B

Investing cash flow $-1.2B

Financing cash flow $-3.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	8.1%	8.5%	4.4%
Operating Activities Depreciation and Amortization	2.9%	2.8%	2.9%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%
Operating Activities Changes In Operating Assets and Liabilities	1.3%	1.0%	0.8%
Operating Activities net Cash From Operating Activities	9.3%	8.9%	8.3%
Investing Activities Capital Expenditures	2.8%	3.6%	3.8%
Investing Activities Other Investing Activities	0.1%	-0.0%	0.0%
Investing Activities net Cash From Investing Activities	-2.2%	-3.5%	-3.4%
Financing Activities Proceeds From Debt	1.9%	5.1%	4.3%
Financing Activities Repayment of Debt	2.9%	0.0%	2.3%
Financing Activities Repurchase of Common Stock	3.2%	5.1%	3.2%
Financing Activities Dividends Paid	2.5%	2.4%	2.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.2%	-0.3%	-0.1%
Financing Activities net Cash From Financing Activities	-6.9%	-2.8%	-3.8%
Cash Reconciliation Effect of Exchange Rate On Cash	8.6%	8.8%	6.7%
Cash Reconciliation net Change In Cash	0.1%	2.5%	1.1%
Cash Reconciliation Cash At Beginning of Period	8.6%	8.8%	6.7%
Cash Reconciliation Cash At End of Period	8.6%	8.8%	6.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+10.8%	+10.6%	+6.5%
Net margin	+10.0%	+10.2%	+5.2%
FCF margin	+7.9%	+6.4%	+5.3%
Growth
Revenue CAGR (3y)	+4.7%	+4.8%	+2.2%
Returns
ROE	+25.1%	+27.3%	+13.9%
ROA	+8.1%	+8.5%	+4.4%
ROIC	+13.3%	+13.4%	+8.7%
Liquidity
Current ratio	1.10x	1.01x	1.15x
Quick ratio	0.42x	0.40x	0.38x
Leverage
D/E	2.08x	2.23x	2.15x
Interest coverage	6.78x	7.04x	4.66x
Efficiency
Asset turnover	0.82x	0.83x	0.84x
Cash conversion cycle	—	—	—

Valuation

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Northrop Grumman

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