{"schemaVersion":1,"research":true,"symbol":"noc","name":"Northrop Grumman","topic":"moat","path":"/stock/noc/moat","status":"published","version":3,"updatedAt":"2026-10-17T23:35:26.397Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Northrop Grumman has a narrow moat from embedded positions in long-lived defense programs and specialized technical capabilities supported by cleared personnel. Continuing production, sustainment work and additional Sentinel authorization demonstrate current customer dependence. Pricing power is constrained: negotiated contracts, government termination rights and realized B-21 losses limit value capture. Competition and procurement reform prevent a wide-moat conclusion.","advantages":[{"mechanism":"switching_costs","claim":"Existing aircraft production, modernization and sustainment roles create program-specific switching friction. Continuing program volumes and additional Sentinel authorization support an incumbent advantage, although replacement costs are not quantified.","durability":"Long operating cycles and continuing work support persistence within awarded programs. The $95.7 billion year-end 2025 backlog provides contracted visibility, subject to termination and funding. Durability beyond current programs is less established.","risks":"Government concentration creates buyer leverage. Programs can end, be restructured or be terminated, and incumbency does not ensure new awards. Fixed-price execution losses can impair the economic benefit of retained work.","invalidation":"Repeated replacement of Northrop Grumman on incumbent production or sustainment work, cancellation of major programs without replacement demand, or sustained backlog contraction accompanied by lost follow-on work would undermine this advantage.","competitors":["The Boeing Company","General Dynamics Corporation","L3Harris Technologies, Inc.","Lockheed Martin Corporation","RTX Corporation"],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]},{"mechanism":"intangible_assets","claim":"Demonstrated roles in advanced military aircraft and strategic deterrence, together with requirements for specialized personnel, security clearances and program access, support a technical and institutional capability barrier. These disclosures do not establish exclusive technology or superiority across the portfolio.","durability":"Existing development, production and sustainment responsibilities support a current capability advantage. Maintaining it requires continued technical execution, investment and access to qualified personnel; exceptional long-term durability is not demonstrated.","risks":"Established peers possess competing capabilities. Procurement changes have increased access for emerging entrants, while competition for cleared talent and realized supplier problems can erode execution.","invalidation":"Repeated technical disqualification, loss of sensitive program access, inability to staff critical programs, or successful substitution by competitors across several core programs would invalidate the capability advantage.","competitors":["The Boeing Company","General Dynamics Corporation","L3Harris Technologies, Inc.","Lockheed Martin Corporation","RTX Corporation"],"evidenceIds":["e1","e4","e11","e12"],"counterEvidenceIds":["e7","e10","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Aeronautics Systems / key programs","excerpt":"Air Force B-21 Raider long-range strike aircraft that define sixth-generation technologies; •Modernization and sustainment services for the B-2 Spirit stealth aircraft; •Development and production of the E-130J Phoenix II nuclear command, control and communications (NC3) aircraft for the U.S."},{"id":"e2","sourceId":"filing-1","location":"Business / Competitive Conditions / operating cycles and bidding","excerpt":"Key characteristics of our industry include long operating cycles and intense competition, which is evident through the number of competitors bidding on program opportunities and the number of competitor protests of U.S."},{"id":"e3","sourceId":"filing-1","location":"Business / Backlog / December 31, 2025 remaining performance obligations","excerpt":"BACKLOG At December 31, 2025, total backlog, which is equivalent to the company’s remaining performance obligations, was $95.7 billion as compared with $91.5 billion at December 31, 2024."},{"id":"e4","sourceId":"filing-1","location":"MD&A / Aeronautics Systems / 2025 sales and operating results","excerpt":"Year Ended December 31 % Change in $ in millions 2025 2024 2023 2025 2024 Sales $ 12,992 $ 12,396 $ 11,164 5 % 11 % Operating income (loss) 813 1,236 (416) (34) % NM Operating margin rate 6.3 % 10.0 % (3.7) % Sales 2025 sales increased $596 million, or 5 percent, primarily due to a $385 million increase on F-35 largely driven by material volume, a $379 million increase on TACAMO as that program ramps, and higher volume on the E-2 and B-21 programs."},{"id":"e5","sourceId":"filing-2","location":"MD&A / Sentinel / second-quarter 2026 authorization and backlog","excerpt":"Air Force. These efforts, which included requirements and design maturation, risk reduction activities, and evaluation of options to accelerate fielding of initial capability, have resulted in further definition and authorization of elements of the program execution plan, resulting in a $7.6 billion increase in program backlog."},{"id":"e6","sourceId":"filing-1","location":"Business / customer concentration / government sales","excerpt":"government accounted for 84 percent, 87 percent and 86 percent of sales during the years ended December 31, 2025, 2024 and 2023, respectively."},{"id":"e7","sourceId":"filing-1","location":"Business / Competitive Conditions / named competitors","excerpt":"COMPETITIVE CONDITIONS We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corporation, as well as, increasingly, new entrants and startups."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors / government termination rights","excerpt":"The U.S. government has the ability to terminate contracts, in whole or in part, for its convenience or for default of contract terms."},{"id":"e9","sourceId":"filing-1","location":"MD&A / Aeronautics Systems / final F/A-18 production deliveries","excerpt":"These increases were partially offset by lower sales on other restricted programs and a $106 million decrease on F/A-18 as final production deliveries were completed."},{"id":"e10","sourceId":"filing-1","location":"MD&A / Aeronautics Systems / B-21 loss provision","excerpt":"Operating Income 2025 operating income decreased $423 million and operating margin rate decreased to 6.3 percent primarily due to a $477 million loss provision recorded on the LRIP phase of the B-21 program in the first quarter of 2025."},{"id":"e11","sourceId":"filing-1","location":"Business / Aeronautics Systems / restricted programs","excerpt":"Approximately 40 percent of this business is performed through restricted programs."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors / qualified personnel, clearances and program access","excerpt":"Our operating results and growth opportunities are heavily dependent upon our ability to attract and retain sufficient qualified personnel who are or can reasonably obtain requisite security clearances and program access, who have the requisite skills in multiple areas, including science, technology, engineering and math, and who share our values and are able to operate effectively consistent with our culture."},{"id":"e13","sourceId":"filing-1","location":"Risk Factors / acquisition reform and increased competition","excerpt":"government’s continued emphasis on reforming its acquisition processes, including procuring commercial products and services and utilizing non-Federal Acquisition Regulation-based procurement methods, such as Other Transaction Authority (OTA) agreements and other contract types, has facilitated, and may continue to facilitate, participation by new and emerging market entrants, which has increased and may in the future further increase competition for the programs we pursue, which could result in reduced contract opportunities, increased pricing pressure, and/or demands to accept less favorable terms."},{"id":"e14","sourceId":"filing-1","location":"Risk Factors / realized talent competition and wage pressure","excerpt":"We continue to face increased competition for talent with traditional defense companies, new entrants in our markets and commercial companies, globally, with increasing wage rates and, in some cases, greater flexibility around working conditions."},{"id":"e15","sourceId":"filing-1","location":"Risk Factors / realized and potential supplier impacts","excerpt":"Disruptions, performance problems or other issues with our suppliers, including unanticipated cost growth, failure to meet regulatory or contractual requirements, and/or unethical or illegal behavior, or a misalignment between our contractual obligations to our customers and our agreements with our suppliers, have had and may continue to have various adverse impacts on the company, including on our ability to meet our commitments to customers and financial expectations."},{"id":"e16","sourceId":"filing-1","location":"Business / contract types / cost reimbursement and fees","excerpt":"Cost-type contracts generally provide for reimbursement of a contractor’s allowable costs incurred plus fee."},{"id":"e17","sourceId":"filing-1","location":"Business / contract types / fixed-price adjustment restrictions","excerpt":"Fixed-price contracts – Firm fixed-price contracts include a specified scope of work for a price that is a pre-determined, negotiated amount and not typically subject to adjustment regardless of costs incurred by the contractor, absent changes by the customer."},{"id":"e18","sourceId":"filing-2","location":"MD&A / Sentinel / achieved contract incentives","excerpt":"We also reviewed our estimated profitability on the program and recognized a favorable earnings adjustment related to our recent achievement of certain contract incentives."},{"id":"e19","sourceId":"filing-2","location":"MD&A / consolidated and segment operating results / quarter and first half 2026","excerpt":"Three Months Ended June 30 % Six Months Ended June 30 % $ in millions 2026 2025 Change 2026 2025 Change Operating income $ 1,096 $ 1,425 (23) % $ 2,085 $ 1,998 4 % Operating margin rate 10.1 % 13.8 % 10.0 % 10.1 % Reconciliation to segment operating income: CAS pension expense (60) (117) (49) % (120) (234) (49) % FAS pension service expense 53 54 (2) % 106 108 (2) % FAS/CAS operating adjustment (7) (63) (89) % (14) (126) (89) % Gain on sale of business — (231) NM — (231) NM Training services divestiture – unallowable state taxes and transaction costs — 19 NM — 20 NM Intangible asset amortization and PP&E step-up depreciation 17 21 (19) % 38 42 (10) % Other unallocated corporate expense 52 48 8 % 121 84 44 % Unallocated corporate expense (income) 69 (143) NM 159 (85) NM Segment operating income $ 1,158 $ 1,219 (5) % $ 2,230 $ 1,787 25 % Segment operating margin rate 10.6 % 11.8 % 10.7 % 9.0 % -27- Table of Contents NORTHROP GRUMMAN CORPORATION Current Quarter Second quarter 2026 segment operating income decreased $61 million, or 5 percent, primarily due to $97 million of lower operating income at Defense Systems and $44 million of lower operating income at Space Systems, partially offset by $60 million of higher operating income at Mission Systems and $41 million of higher operating income at Aeronautics Systems."},{"id":"e20","sourceId":"filing-3","location":"Board letter / 2025 operating and free cash flow","excerpt":"Ending the year with a record backlog of $95.7 billion, we generated approximately $4.8 billion in operating cash flow and $3.3 billion in free cash flow*, reflecting an increase of 8 percent and 26 percent, respectively."},{"id":"e21","sourceId":"filing-1","location":"MD&A / financing cash flow / shareholder distributions","excerpt":"Cash returned to shareholders through share repurchases and dividends totaled $2.9 billion in 2025 and $3.7 billion in 2024."},{"id":"e22","sourceId":"filing-2","location":"Financial statements / first-half 2026 cash flows","excerpt":"-2- Table of Contents NORTHROP GRUMMAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30 $ in millions 2026 2025 Operating activities Net earnings $ 1,969 $ 1,655 Adjustments to reconcile to net cash used in operating activities: Depreciation and amortization 739 687 Stock-based compensation 49 40 Deferred income taxes 453 (114) B-21 loss provision — 477 Gain on sale of business — (231) Net periodic pension and OPB income (240) (169) Pension and OPB contributions (63) (62) Changes in assets and liabilities: Accounts receivable, net (936) (929) Unbilled receivables, net (860) (1,343) Inventoried costs, net (118) (102) Prepaid expenses and other assets 141 21 Trade accounts payable (345) (2) Advance payments and billings in excess of costs incurred (263) (70) Other liabilities (836) (420) Income taxes payable, net (38) (145) Other operating activities (28) 10 Net cash used in operating activities (376) (697) Investing activities Capital expenditures (469) (487) Proceeds from sale of investment 107 — Divestiture of training services business — 333 Other investing activities (2) (37) Net cash used in investing activities (364) (191) Financing activities Net proceeds from issuance of long-term debt — 998 Payments of long-term debt (527) (1,500) Net borrowings on commercial paper — 566 Common stock repurchases (68) (891) Cash dividends paid (684) (634) Payments of employee taxes withheld from share-based awards (58) (38) Other financing activities (19) (67) Net cash used in financing activities (1,356) (1,566) Decrease in cash and cash equivalents (2,096) (2,454) Cash and cash equivalents, beginning of year 4,403 4,353 Cash and cash equivalents, end of period $ 2,307 $ 1,899 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation / ownership, holding, recoupment and hedging policies","excerpt":"Examples include: •Double-trigger provisions for change in control situations, and no excise tax gross-ups for payments upon termination after a change in control; •A recoupment policy applicable to performance based or time-based long-term cash and equity incentive compensation payments; •Stock ownership guidelines of 7x base salary for the CEO and 3x base salary for other NEOs, and stock holding requirements of three years from the date paid for 50% of all net after-tax shares received; and •Prohibitions on hedging or pledging of Company stock."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation / 2025 incentive structure and metrics","excerpt":"Compensation Element CEO Other NEOs (Average) Purpose Key Characteristics Fixed 8% 16% Base Salary Compensate equitably and competitively •Determined by level of responsibility, competitive market pay assessment and individual performance Variable 92% 84% Annual Incentive Plan (AIP) Motivate and reward achievement of annual business objectives •90% Financial Metrics •35% Adjusted Cash Flow from Operations* •35% Adjusted Segment Operating Income* Growth •20% Adjusted Operating Margin Rate* •10% Non-financial Metrics Long-Term Incentive Plan (LTIP) Restricted Stock Rights (RSRs) Tie our executive officers’ priorities to shareholders’ and retain executive talent •30% of annual LTIP grant •Three-year cliff vesting LTIP Restricted Performance Stock Rights (RPSRs) Link the interests of our executive officers to those of our shareholders, motivate and reward achievement of long-term strategic goals and retain executive talent •70% of annual LTIP grant •Three-year performance period •Equally weighted metrics of Adjusted Cumulative Free Cash Flow* (Adjusted Cumulative FCF*), Return on Invested Capital* (ROIC*) and relative TSR * This metric is a non-GAAP financial measure."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / adjustments to performance measures","excerpt":"Both metrics include an adjustment for the impact of the Q4 2023 charge on the low-rate initial production phase of the B-21 program and other approved adjustments."},{"id":"e26","sourceId":"filing-2","location":"Note 9 / actual first-half 2026 stock grants and vesting terms","excerpt":"STOCK COMPENSATION PLANS AND OTHER COMPENSATION ARRANGEMENTS Stock Awards The following table presents the number of restricted stock rights (RSRs) and restricted performance stock rights (RPSRs) granted to employees under the company’s long-term incentive stock plan and the grant date aggregate fair value of those stock awards for the periods presented: Six Months Ended June 30 in millions 2026 2025 RSRs granted 0.1 0.1 RPSRs granted 0.1 0.1 Grant date aggregate fair value $ 142 $ 104 RSRs typically vest on the third anniversary of the grant date, while RPSRs generally vest and pay out based on the achievement of certain performance metrics and market conditions over a three-year period."},{"id":"e27","sourceId":"filing-3","location":"Corporate Governance / board independence","excerpt":"The Board consists entirely of independent directors, other than Ms."},{"id":"e28","sourceId":"filing-3","location":"Corporate Governance / independent committees and lead director","excerpt":"Warden, and continues to exercise a comprehensive, independent oversight function, with fully independent Board committees and a strong Lead Independent Director with clearly articulated responsibilities."},{"id":"e29","sourceId":"filing-3","location":"Executive compensation / combined chair, CEO and president roles","excerpt":"Warden Chair, Chief Executive Officer and President Kenneth B."},{"id":"e30","sourceId":"filing-2","location":"Legal proceedings / closure of criminal pension-accounting inquiry","excerpt":"On May 20, 2026, DOJ confirmed that, based on the information it has learned to date, the Criminal Division has closed its inquiry into this matter."},{"id":"e31","sourceId":"filing-2","location":"Legal proceedings / continuing civil and DCMA inquiries","excerpt":"The company continues to engage with the government in relation to the CID and the DCMA inquiry."},{"id":"e32","sourceId":"filing-3","location":"Shareholder proposal supporting statement / claimed NGI competitive setback","excerpt":"NOC lost the bid for the Next Generation Interceptor (NGI) anti-missile contract (an estimated $17 billion program) to Lockheed Martin, which was viewed as a competitive setback."},{"id":"e33","sourceId":"filing-2","location":"MD&A / Sentinel / continuation following Nunn-McCurdy breach review","excerpt":"In July 2024, the Sentinel program was certified for continuation by the DoW upon completion of the Nunn-McCurdy breach review."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: January 27, April 3 and July 21, 2026; they are not retrieval dates.","Most evidence is issuer disclosure. Program roles, financial results and contractual terms carry more weight than leadership, growth or governance effectiveness assertions.","Named competitors are disclosed, but program-by-program competitive coverage, relative costs, market shares and quantified switching costs are missing. Emerging competitors are described generically.","The NGI loss statement appears in a shareholder proposal's supporting argument, rather than an issuer operating-results disclosure; it receives limited corroborative weight.","No direct price-change series or quantified customer replacement costs are supplied. Pricing outcomes and retention are assessed partly through contract economics, continuing program work and backlog.","Proxy passages disclose incentive design and ownership requirements, but actual executive ownership compliance and detailed realized payouts are absent. Proposed votes and conditional director succession are not treated as completed actions.","The passages do not establish network effects, a relative cost advantage or efficient scale. Backlog is terminable and does not guarantee future revenue or profit."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Existing advanced-aircraft production and sustainment roles, restricted programs and clearance requirements demonstrate specialized incumbent capabilities. Relative technical superiority and exclusive rights remain unproven.","evidenceIds":["e1","e4","e11","e12"]},{"criterion":"durability","grade":2,"rationale":"Long operating cycles, substantial backlog and additional Sentinel authorization support persistence. Government termination rights, program completion and restructuring limit confidence beyond awarded work.","evidenceIds":["e2","e3","e5","e8","e9","e33"]},{"criterion":"customer_dependency","grade":3,"rationale":"Production, modernization, sustainment and expanded Sentinel work support strong program-specific dependency. This is an inference from operating responsibilities and continued authorization, not a measured switching-cost estimate.","evidenceIds":["e1","e4","e5"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Backlog and continuing authorizations show resilience, but procurement reform has increased competition, supplier problems have affected commitments, and B-21 losses demonstrate economic vulnerability. Generic risks alone are not treated as realized erosion.","evidenceIds":["e3","e5","e10","e13","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"The B-21 loss provision demonstrates inadequate realized contract economics on that phase, consistent with limited fixed-price adjustment rights. Achieved Sentinel incentives provide a positive counterexample. This assesses observed price-versus-cost outcomes; price increases or cuts are not separately disclosed.","evidenceIds":["e10","e17","e18"]},{"criterion":"retention","grade":3,"rationale":"Existing sustainment roles, rising volumes on multiple aircraft programs, year-end backlog growth and additional Sentinel authorization demonstrate continuing demand. Retention is assessed indirectly from operating evidence; backlog is not a renewal rate and remains terminable.","evidenceIds":["e1","e3","e4","e5","e8"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 segment profitability improved, but second-quarter segment margin declined and the prior-year B-21 charge materially hurt Aeronautics. Cost reimbursement offers some protection; the mixed results do not establish strong pricing power.","evidenceIds":["e10","e16","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Fixed prices are negotiated and generally cannot adjust for contractor cost growth; cost-type contracts reimburse allowable costs plus fees. Government termination rights further constrain control over terms and economics.","evidenceIds":["e8","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported 2025 operating cash flow of approximately $4.8 billion and free cash flow of $3.3 billion supported $2.9 billion of distributions. First-half 2026 operating cash outflow and capital spending consumed cash, while repurchases fell sharply and debt was repaid. This demonstrates mixed but responsive allocation; investment returns are not established.","evidenceIds":["e20","e21","e22"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual grants, multiyear performance awards, cash-flow/ROIC/relative-return metrics, holding requirements and anti-hedging policies support alignment. Adjustments excluding B-21 charges weaken accountability, and actual ownership compliance and realized executive payouts are not supplied.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":2,"rationale":"Aircraft growth, further Sentinel authorization and achieved incentives demonstrate delivery progress. B-21 losses, supplier impacts and Sentinel's breach-related restructuring show meaningful execution weaknesses. The assessment uses disclosed operating outcomes, not management's self-description.","evidenceIds":["e4","e5","e10","e15","e18","e33"]},{"criterion":"governance","grade":2,"rationale":"Disclosed board independence, independent committees and lead-director oversight support formal safeguards. Combined chair/CEO/president roles concentrate authority. Closure of the criminal inquiry is favorable, while remaining civil and DCMA inquiries are unresolved and do not establish misconduct.","evidenceIds":["e27","e28","e29","e30","e31"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"603355c16a14f084696c3025bcdb3dac27f7e71e71a081556c43f4d2846d05e5","updatedAt":"2026-10-17T23:35:26.397Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1133421/000113342126000003/noc-20251231.htm","publishedAt":"2026-01-27","sha256":"24f4e839f21e0028e8e7ae71825945a377a167a12b13faeac77b41286b21a524","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1133421/000113342126000034/noc-20260630.htm","publishedAt":"2026-07-21","sha256":"9ba3ca34bb6d0cf5d508f29a832d2942edfbd43c47bf39683e85b172f33b7b0b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1133421/000113342126000007/noc-20260401.htm","publishedAt":"2026-04-03","sha256":"cc18c7564c5f8ff515cea358c828d90830ed291ec3d9dd2818e5aad3a0842175","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c265b5d06801374bd3985069e2b903ed09fdd67cef33b56138e73c5528ce86bd","usage":{"input_tokens":52395,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3902,"reasoning_output_tokens":86}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":15.843777160961112,"roic":20.669583569864564,"fcf_margin":6.033588471135784,"sbc_revenue":0.26354893879496455},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":9.838260204360418,"roic":12.642504735140953,"fcf_margin":4.005245614993716,"sbc_revenue":0.2704770231134911},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":6.457113769406973,"roic":8.692925672744996,"fcf_margin":5.3448714685670655,"sbc_revenue":0.2214303894120641},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":10.649964662588648,"roic":13.786663863436749,"fcf_margin":6.387541734701338,"sbc_revenue":0.2461433480369459},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":10.752252466987654,"roic":13.492247218966714,"fcf_margin":7.882442675311055,"sbc_revenue":0.2836439910378033},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1133421/000113342126000003/noc-20251231.htm","publishedAt":"2026-01-27","sha256":"24f4e839f21e0028e8e7ae71825945a377a167a12b13faeac77b41286b21a524","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1133421/000113342126000034/noc-20260630.htm","publishedAt":"2026-07-21","sha256":"9ba3ca34bb6d0cf5d508f29a832d2942edfbd43c47bf39683e85b172f33b7b0b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1133421/000113342126000007/noc-20260401.htm","publishedAt":"2026-04-03","sha256":"cc18c7564c5f8ff515cea358c828d90830ed291ec3d9dd2818e5aad3a0842175","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}