Financials Northrop Grumman Corporation

Equities

NOC

US6668071029

Aerospace & Defense

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
470.2 ^USD	-0.10%		-0.96%	+0.44%

May. 16	Northrop Grumman Signs Deal to Use Nvidia AI Software	MT
May. 14	Northrop Grumman Raises Quarterly Dividend to $2.06 a Share, Payable June 12 to Shareholders of Record May 28	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	57,970	50,802	61,365	83,976	70,592	69,588	-	-
Enterprise Value (EV) ¹	68,495	60,156	70,612	93,204	81,269	80,616	80,751	80,773
P/E ratio	26 x	16 x	8.89 x	17.3 x	34.6 x	19 x	17.1 x	16.2 x
Yield	1.5%	1.86%	1.59%	1.24%	-	1.67%	1.81%	1.96%
Capitalization / Revenue	1.71 x	1.38 x	1.72 x	2.29 x	1.8 x	1.69 x	1.61 x	1.54 x
EV / Revenue	2.02 x	1.63 x	1.98 x	2.55 x	2.07 x	1.96 x	1.87 x	1.79 x
EV / EBITDA	13.7 x	11.3 x	10.2 x	18.9 x	15.2 x	14.3 x	13.2 x	12.7 x
EV / FCF	22.6 x	20.9 x	32.8 x	63.6 x	38.7 x	33.3 x	27.3 x	25 x
FCF Yield	4.43%	4.8%	3.05%	1.57%	2.58%	3%	3.66%	4.01%
Price to Book	6.55 x	4.8 x	4.67 x	5.46 x	4.75 x	4.61 x	4.28 x	3.96 x
Nbr of stocks (in thousands)	168,533	166,716	158,538	153,912	150,793	147,990	-	-
Reference price ²	344.0	304.7	387.1	545.6	468.1	470.2	470.2	470.2
Announcement Date	1/30/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,841	36,799	35,667	36,602	39,290	41,097	43,104	45,196
EBITDA ¹	4,987	5,332	6,890	4,943	5,330	5,635	6,105	6,340
EBIT ¹	3,969	4,065	5,651	3,601	3,992	4,265	4,667	4,861
Operating Margin	11.73%	11.05%	15.84%	9.84%	10.16%	10.38%	10.83%	10.75%
Earnings before Tax (EBT) ¹	2,548	3,728	8,938	5,836	2,346	4,419	4,812	4,994
Net income ¹	2,248	3,189	7,005	4,896	2,056	3,670	3,986	4,134
Net margin	6.64%	8.67%	19.64%	13.38%	5.23%	8.93%	9.25%	9.15%
EPS ²	13.22	19.03	43.54	31.47	13.53	24.76	27.45	29.08
Free Cash Flow ¹	3,033	2,885	2,152	1,466	2,100	2,420	2,954	3,237
FCF margin	8.96%	7.84%	6.03%	4.01%	5.34%	5.89%	6.85%	7.16%
FCF Conversion (EBITDA)	60.82%	54.11%	31.23%	29.66%	39.4%	42.94%	48.39%	51.05%
FCF Conversion (Net income)	134.92%	90.47%	30.72%	29.94%	102.14%	65.93%	74.12%	78.29%
Dividend per Share ²	5.160	5.670	6.160	6.760	-	7.848	8.529	9.212
Announcement Date	1/30/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,639	8,797	8,801	8,971	10,033	9,301	9,576	9,775	10,638	10,133	10,026	10,159	10,839	10,535	10,514
EBITDA ¹	1,073	1,200	1,284	1,171	1,288	1,245	1,290	1,333	1,462	1,370	1,360	1,384	1,509	1,450	1,458
EBIT ¹	742	897	954	844	906	947	967	1,016	1,062	1,071	1,030	1,043	1,133	1,114	1,124
Operating Margin	8.59%	10.2%	10.84%	9.41%	9.03%	10.18%	10.1%	10.39%	9.98%	10.57%	10.28%	10.26%	10.46%	10.58%	10.69%
Earnings before Tax (EBT) ¹	3,345	1,144	1,150	1,090	2,452	998	987	1,118	-757	1,131	1,063	1,074	1,160	1,159	1,175
Net income ¹	2,710	955	946	915	2,080	842	812	937	-535	944	881.1	892.8	963.4	959.4	973.3
Net margin	31.37%	10.86%	10.75%	10.2%	20.73%	9.05%	8.48%	9.59%	-5.03%	9.32%	8.79%	8.79%	8.89%	9.11%	9.26%
EPS ²	17.14	6.100	6.060	5.890	13.46	5.500	5.340	6.180	-3.540	6.320	5.941	6.049	6.566	6.550	6.679
Dividend per Share ²	1.570	1.570	1.730	1.730	1.730	1.730	1.870	-	-	-	1.975	1.975	1.975	2.007	2.106
Announcement Date	1/27/22	4/28/22	7/28/22	10/27/22	1/26/23	4/27/23	7/27/23	10/26/23	1/25/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,525	9,354	9,247	9,228	10,677	11,028	11,164	11,185
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.11 x	1.754 x	1.342 x	1.867 x	2.003 x	1.957 x	1.828 x	1.764 x
Free Cash Flow ¹	3,033	2,885	2,152	1,466	2,100	2,420	2,954	3,237
ROE (net income / shareholders' equity)	26.4%	32.9%	35.1%	28.1%	13.7%	24.6%	25.7%	25.6%
ROA (Net income/ Total Assets)	5.71%	7.5%	9.47%	9.21%	5.37%	7.57%	8.31%	8.82%
Assets ¹	39,371	42,520	73,948	53,182	38,266	48,480	47,984	46,847
Book Value Per Share ²	52.50	63.50	82.90	100.0	98.60	102.0	110.0	119.0
Cash Flow per Share ²	17.80	17.20	13.40	18.60	13.80	22.30	25.50	28.90
Capex ¹	1,264	1,420	1,415	1,435	1,775	1,794	1,628	1,501
Capex / Sales	3.74%	3.86%	3.97%	3.92%	4.52%	4.37%	3.78%	3.32%
Announcement Date	1/30/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Northrop Grumman Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

470.2 USD

Average target price

501.5 USD

Spread / Average Target

+6.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aerospace & Defense

	1st Jan change	Capi.
NORTHROP GRUMMAN CORPORATION	+0.44%	69.59B
RTX CORPORATION	+23.82%	138B
GENERAL DYNAMICS CORPORATION	+15.15%	81.91B
BAE SYSTEMS PLC	+22.60%	52.08B
ROLLS-ROYCE HOLDINGS PLC	+39.51%	44.43B
L3HARRIS TECHNOLOGIES, INC.	+6.15%	42.41B
HINDUSTAN AERONAUTICS LIMITED	+68.71%	36.38B
RHEINMETALL AG	+78.40%	24.17B
AXON ENTERPRISE, INC.	+11.79%	21.79B
BHARAT ELECTRONICS LIMITED	+40.60%	21.78B

Other Aerospace & Defense