NORTHROP GRUMMAN CORP /DE/
NOC · Search, Detection, Navigation, Guidance, Aeronautical Sys · 142.0M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $1.4B (gross $1.5B, SBC $87M)
Reference price $566.60 · est. market cap ~$80.5B — last insider sale, 2026-05-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Defense prime with strong returns and $3.3B of free cash flow; low margins and leverage are structural.
Strengths
- Strong returns and FCF — ROE 25.1% (87th), ROA 8.1% (87th), FCF $3.31B (100th)
- Steady, backlog-supported revenue — +2.2%
- Profitable — operating margin 10.8%, net margin 10.0%
Risks
- Heavy U.S. government concentration — per 10-K
- Leverage and thin liquidity — D/E 0.91 (80th), current ratio 1.10 (12th)
- Fixed-price-program execution risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Buying back stockNet buyback — share count -3%/yr over 4y
- Strong balance sheetStrong balance sheet — $4.4B cash & investments
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 22→23 QoQ (2025-12-31→2026-03-31)
- Insider sellingInsider selling — 43 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$26M, last 6mo) Form 4 ↗
- Revenue declineRevenue -15.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
10.8%
Net margin
10.0%
Return on equity
25.1%
Return on assets
8.1%
ROIC
11.2%
Revenue growth (QoQ)
-15.6%
Net-income growth
0.2%
Debt / equity
0.9×
Net debt / EBITDA
1.8×
Current ratio
1.1×
Free cash flow
$3.3B
EBITDA
$6.0B
Tangible book value
-$971M
Cash & investments
$4.4B
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | WELSH MARK A III | Grant | 349 | $552.17 |
| 2026-05-20 | WINSTON MARY A | Grant | 349 | $552.17 |
| 2026-05-20 | Turley James S | Grant | 349 | $552.17 |
| 2026-05-20 | SCHOEWE THOMAS M | Grant | 349 | $552.17 |
| 2026-05-20 | ROUGHEAD GARY | Grant | 349 | $552.17 |
| 2026-05-20 | Ross Kimberly A. | Grant | 349 | $552.17 |
| 2026-05-20 | KRISHNA ARVIND | Grant | 349 | $552.17 |
| 2026-05-20 | Grady Christopher W. | Grant | 349 | $552.17 |
| 2026-05-20 | Brown Marianne Catherine | Grant | 349 | $552.17 |
| 2026-05-20 | ABNEY DAVID P | Grant | 349 | $552.17 |
| 2026-05-04 | WELSH MARK A III | Sell | 1 | $566.60 |
| 2026-05-04 | WELSH MARK A III | Sell | 5 | $568.75 |
| 2026-05-04 | WELSH MARK A III | Sell | 9 | $569.49 |
| 2026-05-04 | WELSH MARK A III | Sell | 43 | $570.47 |
| 2026-05-04 | WELSH MARK A III | Sell | 3 | $571.74 |
| 2026-05-04 | WELSH MARK A III | Sell | 6 | $572.72 |
| 2026-05-04 | WELSH MARK A III | Sell | 14 | $573.51 |
| 2026-05-04 | WELSH MARK A III | Sell | 2 | $574.51 |
| 2026-05-04 | WELSH MARK A III | Sell | 4 | $575.59 |
| 2026-05-04 | WELSH MARK A III | Sell | 7 | $576.38 |
| 2026-05-04 | WELSH MARK A III | Sell | 1 | $577.05 |
| 2026-03-31 | Brown Marianne Catherine | Grant | 68 | $682.24 |
| 2026-03-31 | KRISHNA ARVIND | Grant | 53 | $682.24 |
| 2026-03-02 | Simpson Kathryn G | Sell | 873 | $745.00 |
| 2026-02-27 | ROEDER ROSHAN S | Sell | 1.8K | $720.00 |
| 2026-02-19 | ROEDER ROSHAN S | Sell | 512 | $727.62 |
| 2026-02-19 | Hardesty Michael A | Sell | 147 | $732.98 |
| 2026-02-19 | Simpson Kathryn G | Sell | 194 | $727.62 |
| 2026-02-18 | Davies Benjamin R. | Sell | 2.2K | $719.61 |
| 2026-02-17 | Fleming Robert J. | Tax withheld | 85 | $701.12 |
| 2026-02-17 | Hardesty Michael A | Option exercise | 538 | — |
| 2026-02-17 | Hardesty Michael A | Tax withheld | 243 | $701.12 |
| 2026-02-17 | Hardesty Michael A | Sell | 716 | $700.63 |
| 2026-02-17 | Jones Thomas H | Option exercise | 2.2K | — |
| 2026-02-17 | Davies Benjamin R. | Option exercise | 274 | — |
| 2026-02-17 | Davies Benjamin R. | Tax withheld | 123 | $701.12 |
| 2026-02-17 | Fleming Robert J. | Option exercise | 264 | — |
| 2026-02-17 | ROEDER ROSHAN S | Option exercise | 2.0K | — |
| 2026-02-17 | ROEDER ROSHAN S | Tax withheld | 992 | $701.12 |
| 2026-02-17 | ROEDER ROSHAN S | Sell | 318 | $702.56 |
| 2026-02-17 | Jones Thomas H | Tax withheld | 1.0K | $701.12 |
| 2026-02-17 | Warden Kathy J | Option exercise | 11K | — |
| 2026-02-17 | Warden Kathy J | Tax withheld | 4.9K | $701.12 |
| 2026-02-17 | Simpson Kathryn G | Option exercise | 387 | — |
| 2026-02-17 | Simpson Kathryn G | Tax withheld | 193 | $701.12 |
| 2026-02-17 | Simpson Kathryn G | Sell | 779 | $702.56 |
| 2026-02-13 | Hardesty Michael A | Sell | 783 | $702.43 |
| 2026-02-13 | Hardesty Michael A | Sell | 1 | $703.21 |
| 2026-02-12 | Grady Christopher W. | Grant | 71 | $695.06 |
| 2026-02-11 | Warden Kathy J | Option exercise | 35K | — |
| 2026-02-11 | Hardesty Michael A | Option exercise | 1.7K | — |
| 2026-02-11 | Hardesty Michael A | Tax withheld | 566 | $678.83 |
| 2026-02-11 | Jones Thomas H | Option exercise | 6.9K | — |
| 2026-02-11 | Jones Thomas H | Tax withheld | 3.1K | $678.83 |
| 2026-02-11 | Simpson Kathryn G | Option exercise | 1.3K | — |
| 2026-02-11 | Simpson Kathryn G | Tax withheld | 461 | $678.83 |
| 2026-02-11 | Warden Kathy J | Tax withheld | 15K | $678.83 |
| 2026-02-11 | Davies Benjamin R. | Option exercise | 3.2K | — |
| 2026-02-11 | Davies Benjamin R. | Tax withheld | 1.2K | $678.83 |
| 2026-02-11 | Fleming Robert J. | Option exercise | 913 | — |
| 2026-02-11 | Fleming Robert J. | Tax withheld | 300 | $678.83 |
| 2026-02-11 | ROEDER ROSHAN S | Option exercise | 6.5K | — |
| 2026-02-11 | ROEDER ROSHAN S | Tax withheld | 3.0K | $678.83 |
| 2026-02-06 | Warden Kathy J | Sell | 5.7K | $709.49 |
| 2026-02-06 | Warden Kathy J | Sell | 3.6K | $710.36 |
| 2026-02-06 | Warden Kathy J | Sell | 1.3K | $711.14 |
| 2026-02-06 | Warden Kathy J | Sell | 214 | $705.84 |
| 2026-02-06 | Warden Kathy J | Sell | 2.2K | $706.65 |
| 2026-02-06 | Warden Kathy J | Sell | 4.7K | $707.45 |
| 2026-02-06 | Warden Kathy J | Sell | 2.3K | $708.63 |
| 2026-02-02 | WELSH MARK A III | Sell | 7 | $684.67 |
| 2026-02-02 | WELSH MARK A III | Sell | 10 | $685.33 |
| 2026-02-02 | WELSH MARK A III | Sell | 11 | $686.43 |
| 2026-02-02 | WELSH MARK A III | Sell | 8 | $687.64 |
| 2026-02-02 | WELSH MARK A III | Sell | 5 | $689.31 |
| 2026-02-02 | WELSH MARK A III | Sell | 10 | $688.51 |
| 2026-02-02 | WELSH MARK A III | Sell | 2 | $676.14 |
| 2026-02-02 | WELSH MARK A III | Sell | 2 | $677.43 |
| 2026-02-02 | WELSH MARK A III | Sell | 4 | $680.49 |
| 2026-02-02 | WELSH MARK A III | Sell | 8 | $681.68 |
| 2026-02-02 | WELSH MARK A III | Sell | 22 | $682.47 |
| 2026-02-02 | WELSH MARK A III | Sell | 6 | $683.79 |
| 2026-01-06 | Warden Kathy J | Sell | 3.0K | $615.00 |
| 2026-01-05 | Warden Kathy J | Sell | 7.0K | $600.00 |
| 2025-12-31 | KRISHNA ARVIND | Grant | 64 | $570.21 |
| 2025-12-31 | Brown Marianne Catherine | Grant | 81 | $570.21 |
| 2025-12-09 | ROEDER ROSHAN S | Sell | 84 | $555.35 |
| 2025-12-05 | ROEDER ROSHAN S | Tax withheld | 159 | $548.97 |
| 2025-12-05 | ROEDER ROSHAN S | Option exercise | 328 | — |
| 2025-11-24 | WELSH MARK A III | Sell | 6 | $561.51 |
| 2025-11-24 | WELSH MARK A III | Sell | 7 | $562.52 |
| 2025-11-24 | WELSH MARK A III | Sell | 9 | $563.62 |
| 2025-11-24 | WELSH MARK A III | Sell | 61 | $564.36 |
| 2025-11-24 | WELSH MARK A III | Sell | 1 | $566.15 |
| 2025-11-24 | WELSH MARK A III | Sell | 12 | $565.31 |
| 2025-11-24 | WELSH MARK A III | Sell | 1 | $560.39 |
| 2025-09-30 | Brown Marianne Catherine | Grant | 76 | $609.32 |
| 2025-09-30 | KRISHNA ARVIND | Grant | 59 | $609.32 |
| 2025-07-17 | Jones Thomas H | Sell | 729 | $525.00 |
| 2025-07-07 | WELSH MARK A III | Sell | 1 | $503.59 |
| 2025-07-07 | WELSH MARK A III | Sell | 3 | $507.25 |
| 2025-07-07 | WELSH MARK A III | Sell | 21 | $506.36 |
| 2025-07-07 | WELSH MARK A III | Sell | 5 | $508.17 |
| 2025-07-07 | WELSH MARK A III | Sell | 1 | $509.59 |
| 2025-07-07 | WELSH MARK A III | Sell | 2 | $505.44 |
| 2025-06-30 | Brown Marianne Catherine | Grant | 93 | $499.98 |
| 2025-06-30 | KRISHNA ARVIND | Grant | 73 | $499.98 |
| 2025-06-16 | Jones Thomas H | Gift | 616 | — |
| 2025-06-13 | Warden Kathy J | Sell | 7.5K | $505.77 |
| 2025-06-13 | Fleming Robert J. | Sell | 3.5K | $505.77 |
| 2025-06-13 | Jones Thomas H | Sell | 729 | $505.77 |
| 2025-06-12 | Warden Kathy J | Sell | 3.8K | $495.00 |
| 2025-06-05 | WELSH MARK A III | Sell | 3 | $486.43 |
| 2025-06-05 | WELSH MARK A III | Sell | 1 | $485.67 |
| 2025-06-05 | WELSH MARK A III | Sell | 6 | $487.37 |
| 2025-06-05 | WELSH MARK A III | Sell | 16 | $488.88 |
| 2025-06-05 | WELSH MARK A III | Sell | 3 | $489.26 |
| 2025-06-05 | WELSH MARK A III | Sell | 3 | $490.13 |
| 2025-06-05 | WELSH MARK A III | Sell | 1 | $491.07 |
| 2025-06-04 | ROEDER ROSHAN S | Sell | 991 | $490.00 |
| 2025-05-30 | Jones Thomas H | Sell | 729 | $480.00 |
| 2025-05-21 | Ross Kimberly A. | Grant | 385 | $473.90 |
| 2025-05-21 | WELSH MARK A III | Grant | 385 | $473.90 |
| 2025-05-21 | Turley James S | Grant | 385 | $473.90 |
| 2025-05-21 | SCHOEWE THOMAS M | Grant | 385 | $473.90 |
| 2025-05-21 | ROUGHEAD GARY | Grant | 385 | $473.90 |
| 2025-05-21 | KRISHNA ARVIND | Grant | 385 | $473.90 |
| 2025-05-21 | KLEINER MADELEINE | Grant | 385 | $473.90 |
| 2025-05-21 | FUDGE ANN M | Grant | 385 | $473.90 |
| 2025-05-21 | Brown Marianne Catherine | Grant | 385 | $473.90 |
| 2025-05-21 | ABNEY DAVID P | Grant | 385 | $473.90 |
| 2025-05-21 | WINSTON MARY A | Grant | 385 | $473.90 |
| 2025-05-05 | WELSH MARK A III | Sell | 1 | $489.64 |
| 2025-05-05 | WELSH MARK A III | Sell | 1 | $490.28 |
| 2025-05-05 | WELSH MARK A III | Sell | 3 | $491.47 |
| 2025-05-05 | WELSH MARK A III | Sell | 2 | $492.79 |
| 2025-05-05 | WELSH MARK A III | Sell | 10 | $493.60 |
| 2025-05-05 | WELSH MARK A III | Sell | 13 | $494.64 |
| 2025-05-05 | WELSH MARK A III | Sell | 3 | $495.53 |
| 2025-04-07 | WELSH MARK A III | Sell | 1 | $474.60 |
| 2025-04-07 | WELSH MARK A III | Sell | 1 | $475.46 |
| 2025-04-07 | WELSH MARK A III | Sell | 5 | $476.28 |
| 2025-04-07 | WELSH MARK A III | Sell | 2 | $477.49 |
| 2025-04-07 | WELSH MARK A III | Sell | 4 | $478.51 |
| 2025-04-07 | WELSH MARK A III | Sell | 1 | $479.93 |
| 2025-04-07 | WELSH MARK A III | Sell | 7 | $480.56 |
| 2025-04-07 | WELSH MARK A III | Sell | 2 | $481.51 |
| 2025-04-07 | WELSH MARK A III | Sell | 2 | $482.69 |
| 2025-04-07 | WELSH MARK A III | Sell | 6 | $483.42 |
| 2025-04-07 | WELSH MARK A III | Sell | 1 | $484.55 |
| 2025-04-07 | WELSH MARK A III | Sell | 1 | $492.12 |
| 2025-03-31 | Robinson Graham | Grant | 43 | $512.01 |
| 2025-03-31 | KRISHNA ARVIND | Grant | 71 | $512.01 |
| 2025-03-31 | Brown Marianne Catherine | Grant | 90 | $512.01 |
| 2025-03-06 | Warden Kathy J | Sell | 3.8K | $475.65 |
| 2025-03-05 | WELSH MARK A III | Sell | 2 | $467.74 |
| 2025-03-05 | WELSH MARK A III | Sell | 3 | $468.10 |
| 2025-03-05 | WELSH MARK A III | Sell | 1 | $469.54 |
| 2025-03-05 | WELSH MARK A III | Sell | 2 | $470.90 |
| 2025-03-05 | WELSH MARK A III | Sell | 3 | $471.21 |
| 2025-03-05 | WELSH MARK A III | Sell | 1 | $473.50 |
| 2025-03-05 | WELSH MARK A III | Sell | 14 | $475.19 |
| 2025-03-05 | WELSH MARK A III | Sell | 4 | $476.38 |
| 2025-03-05 | WELSH MARK A III | Sell | 2 | $477.39 |
| 2025-03-05 | WELSH MARK A III | Sell | 1 | $479.50 |
| 2025-02-28 | Davies Benjamin R. | Sell | 464 | $460.75 |
| 2025-02-24 | Hardesty Michael A | Sell | 1.9K | $453.58 |
| 2025-02-20 | Simpson Kathryn G | Sell | 1.0K | $429.08 |
| 2025-02-20 | Davies Benjamin R. | Sell | 192 | $429.08 |
| 2025-02-18 | Warden Kathy J | Option exercise | 27K | — |
| 2025-02-18 | Warden Kathy J | Tax withheld | 12K | $441.36 |
| 2025-02-18 | Warden Kathy J | Option exercise | 12K | — |
| 2025-02-18 | Warden Kathy J | Tax withheld | 4.9K | $441.36 |
| 2025-02-18 | Simpson Kathryn G | Option exercise | 1.1K | — |
| 2025-02-18 | Simpson Kathryn G | Tax withheld | 366 | $441.36 |
| 2025-02-18 | Simpson Kathryn G | Option exercise | 468 | — |
| 2025-02-18 | Simpson Kathryn G | Tax withheld | 163 | $441.36 |
| 2025-02-18 | Simpson Kathryn G | Sell | 889 | $445.35 |
| 2025-02-18 | ROEDER ROSHAN S | Option exercise | 685 | — |
| 2025-02-18 | ROEDER ROSHAN S | Tax withheld | 229 | $441.36 |
| 2025-02-18 | ROEDER ROSHAN S | Option exercise | 292 | — |
| 2025-02-18 | ROEDER ROSHAN S | Tax withheld | 104 | $441.36 |
| 2025-02-18 | Jones Thomas H | Option exercise | 5.8K | — |
| 2025-02-18 | Jones Thomas H | Tax withheld | 2.9K | $441.36 |
| 2025-02-18 | Jones Thomas H | Option exercise | 2.5K | — |
| 2025-02-18 | Jones Thomas H | Tax withheld | 915 | $441.36 |
| 2025-02-18 | Hardesty Michael A | Option exercise | 1.5K | — |
| 2025-02-18 | Hardesty Michael A | Tax withheld | 463 | $441.36 |
| 2025-02-18 | Hardesty Michael A | Option exercise | 655 | — |
| 2025-02-18 | Hardesty Michael A | Tax withheld | 209 | $441.36 |
| 2025-02-18 | Fleming Robert J. | Option exercise | 621 | — |
| 2025-02-18 | Fleming Robert J. | Tax withheld | 210 | $441.36 |
| 2025-02-18 | Fleming Robert J. | Option exercise | 265 | — |
| 2025-02-18 | Fleming Robert J. | Tax withheld | 96 | $441.36 |
| 2025-02-18 | Davies Benjamin R. | Option exercise | 685 | — |
| 2025-02-18 | Davies Benjamin R. | Tax withheld | 220 | $441.36 |
| 2025-02-18 | Davies Benjamin R. | Option exercise | 292 | — |
| 2025-02-18 | Davies Benjamin R. | Tax withheld | 100 | $441.36 |
| 2025-02-18 | Davies Benjamin R. | Sell | 293 | $445.35 |
| 2025-02-18 | Crews Kenneth B. | Option exercise | 594 | — |
| 2025-02-18 | Crews Kenneth B. | Tax withheld | 184 | $441.36 |
| 2025-02-18 | Crews Kenneth B. | Option exercise | 253 | — |
| 2025-02-18 | Crews Kenneth B. | Tax withheld | 84 | $441.36 |
| 2025-02-05 | WELSH MARK A III | Sell | 3 | $474.83 |
| 2025-02-05 | WELSH MARK A III | Sell | 3 | $475.66 |
| 2025-02-05 | WELSH MARK A III | Sell | 3 | $476.40 |
| 2025-02-05 | WELSH MARK A III | Sell | 2 | $477.50 |
| 2025-02-05 | WELSH MARK A III | Sell | 3 | $478.33 |
| 2025-02-05 | WELSH MARK A III | Sell | 2 | $479.55 |
| 2025-02-05 | WELSH MARK A III | Sell | 1 | $480.06 |
| 2025-02-05 | WELSH MARK A III | Sell | 2 | $481.34 |
| 2025-02-05 | WELSH MARK A III | Sell | 4 | $482.21 |
| 2025-02-05 | WELSH MARK A III | Sell | 4 | $483.48 |
| 2025-02-05 | WELSH MARK A III | Sell | 5 | $484.37 |
| 2025-02-05 | WELSH MARK A III | Sell | 1 | $485.43 |
| 2025-01-06 | WELSH MARK A III | Sell | 14 | $454.26 |
| 2025-01-06 | WELSH MARK A III | Sell | 1 | $455.31 |
| 2025-01-06 | WELSH MARK A III | Sell | 3 | $456.65 |
| 2025-01-06 | WELSH MARK A III | Sell | 3 | $457.54 |
| 2025-01-06 | WELSH MARK A III | Sell | 5 | $458.60 |
| 2025-01-06 | WELSH MARK A III | Sell | 4 | $459.34 |
| 2025-01-06 | WELSH MARK A III | Sell | 2 | $460.21 |
| 2025-01-06 | WELSH MARK A III | Sell | 1 | $463.99 |
| 2024-12-31 | Brown Marianne Catherine | Grant | 99 | $469.29 |
| 2024-12-31 | KRISHNA ARVIND | Grant | 77 | $469.29 |
| 2024-12-31 | Robinson Graham | Grant | 46 | $469.29 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- U.S. government 84% of rev
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-21 | Shareholder vote | filing ↗ |
| 2026-04-21 | ResultsExhibits | filing ↗ |
| 2026-02-13 | Exec/director changeExhibits | filing ↗ |
| 2026-01-27 | ResultsExhibits | filing ↗ |
| 2025-11-06 | Exec/director changeExhibits | filing ↗ |
| 2025-10-21 | ResultsExhibits | filing ↗ |
| 2025-09-02 | Material agreementExhibits | filing ↗ |
| 2025-07-22 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-21 | 2026-05-20 | 0001628280-26-037375 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001133421-26-000015 ↗ |
| 10-Q | 2026-04-21 | 2026-03-31 | 0001133421-26-000016 ↗ |
| 8-K | 2026-02-13 | 2026-02-11 | 0001628280-26-008140 ↗ |
| 10-K | 2026-01-27 | 2025-12-31 | 0001133421-26-000003 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001133421-26-000002 ↗ |
| 8-K | 2025-11-06 | 2025-11-03 | 0001628280-25-050297 ↗ |
| 10-Q | 2025-10-21 | 2025-09-30 | 0001133421-25-000053 ↗ |
| 8-K | 2025-10-21 | 2025-10-21 | 0001133421-25-000052 ↗ |
| 8-K | 2025-09-02 | 2025-09-02 | 0001193125-25-193991 ↗ |
| 10-Q | 2025-07-22 | 2025-06-30 | 0001133421-25-000049 ↗ |
| 8-K | 2025-07-22 | 2025-07-22 | 0001133421-25-000047 ↗ |