Northrop Grumman
Northrop Grumman returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 13.09% | 12.53% | 29.02% | 26.96% | 8.97% | 5.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 14.02% | 13.75% | 40.74% | 28.51% | 9.29% | 6.3 pp |
| FY 2025 Q4 | Dec 31, 2025 | 13.49% | 12.41% | 11.37% | 26.17% | 8.3% | 5.8 pp |
| FY 2025 Q3 | Sep 30, 2025 | 12.42% | 12.06% | 50.99% | 26.15% | 8.24% | 4.7 pp |
| FY 2025 Q2 | Jun 30, 2025 | 12.36% | 11.89% | 55.46% | 26.5% | 8.12% | 4.7 pp |
| FY 2025 Q1 | Mar 31, 2025 | 11.59% | 11.19% | 154.38% | 25.41% | 7.71% | 3.9 pp |
| FY 2024 Q4 | Dec 31, 2024 | 13.79% | 12.52% | 84.66% | 27.75% | 8.7% | 6.1 pp |
| FY 2024 Q3 | Sep 30, 2024 | 9.14% | 8.28% | — | 15.48% | 5.1% | 1.4 pp |
| FY 2024 Q2 | Jun 30, 2024 | 8.88% | 8.09% | -202.86% | 15.35% | 4.9% | 1.2 pp |
| FY 2024 Q1 | Mar 31, 2024 | 8.43% | 7.78% | — | 14.7% | 4.69% | 0.7 pp |
| FY 2023 Q4 | Dec 31, 2023 | 8.69% | 7.6% | — | 13.66% | 4.55% | 1 pp |
| FY 2023 Q3 | Sep 30, 2023 | 12.21% | 11.53% | 15.78% | 31.27% | 10.66% | 4.5 pp |
| FY 2023 Q2 | Jun 30, 2023 | 11.78% | 10.94% | 5.89% | 31.91% | 10.62% | 4.1 pp |
| FY 2023 Q1 | Mar 31, 2023 | 11.93% | 10.93% | 0.82% | 33.66% | 11.1% | 4.2 pp |
| FY 2022 Q4 | Dec 31, 2022 | 12.64% | 11.04% | -41.01% | 34.68% | 11.34% | 4.9 pp |
| FY 2022 Q3 | Sep 30, 2022 | 12.46% | 10.5% | -38.55% | 43.58% | 12.99% | 4.8 pp |
| FY 2022 Q2 | Jun 30, 2022 | 13.16% | 10.94% | -32.49% | 45.72% | 13.5% | 5.5 pp |
| FY 2022 Q1 | Mar 31, 2022 | 13.89% | 11.27% | -40.76% | 48.42% | 13.84% | 6.2 pp |
| FY 2021 Q4 | Dec 31, 2021 | 20.67% | 16.64% | 63.27% | 59.6% | 16.09% | 13 pp |
| FY 2021 Q3 | Sep 30, 2021 | 22.81% | 17.78% | — | 42.27% | 10.62% | 15.1 pp |
| FY 2021 Q2 | Jun 30, 2021 | 22.67% | 17.84% | — | 43.55% | 10.62% | 15 pp |
| FY 2021 Q1 | Mar 31, 2021 | 22.66% | 18.02% | — | 46.11% | 10.67% | 15 pp |
| FY 2020 Q4 | Dec 31, 2020 | 16.91% | 12.22% | -11% | 32.88% | 7.45% | 9.2 pp |
| FY 2020 Q3 | Sep 30, 2020 | 15.65% | 12.12% | — | 24.26% | 5.74% | 8 pp |
| FY 2020 Q2 | Jun 30, 2020 | 15.81% | 12.32% | — | 25.33% | 5.77% | 8.1 pp |
| FY 2020 Q1 | Mar 31, 2020 | 15.39% | 12.41% | — | 25.31% | 5.43% | 7.7 pp |
| FY 2019 Q4 | Dec 31, 2019 | 16.89% | 13.01% | — | 26.44% | 5.71% | 9.2 pp |
| FY 2019 Q3 | Sep 30, 2019 | 14.05% | 12.17% | 501.42% | 32% | 7.68% | 6.3 pp |
| FY 2019 Q2 | Jun 30, 2019 | 15.4% | 13.13% | 153.18% | 36.97% | 8.38% | 7.7 pp |
| FY 2019 Q1 | Mar 31, 2019 | 18.54% | 13.08% | 10.19% | 37.18% | 8.19% | 10.8 pp |
| FY 2018 Q4 | Dec 31, 2018 | 20.32% | 13.19% | 10.9% | 42.39% | 8.9% | 12.6 pp |
| FY 2018 Q3 | Sep 30, 2018 | 15.87% | 14.45% | 1.66% | 35.27% | 8.53% | 8.2 pp |
| FY 2018 Q2 | Jun 30, 2018 | 13.78% | 13.38% | -1.74% | 31.83% | 7.12% | 6.1 pp |
| FY 2018 Q1 | Mar 31, 2018 | 18.73% | 13.66% | -19.32% | 31.94% | 7.02% | 11 pp |
| FY 2017 Q4 | Dec 31, 2017 | 20.89% | 13.76% | -17.14% | 32.75% | 6.66% | 13.2 pp |
| FY 2017 Q3 | Sep 30, 2017 | — | 17.16% | — | 38.53% | 9.33% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 17.32% | — | 39.98% | 9.3% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 16.76% | — | 40.86% | 9.26% | — |
| FY 2016 Q4 | Dec 31, 2016 | 24.63% | 16.38% | 354.62% | 40.81% | 8.79% | 16.9 pp |
| FY 2016 Q3 | Sep 30, 2016 | — | 16.13% | — | 37.23% | 8.88% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 15.73% | — | 34.56% | 8.42% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 15.58% | — | 33.34% | 8.38% | — |
| FY 2015 Q4 | Dec 31, 2015 | 23.06% | 15.51% | -13.39% | 31.2% | 7.8% | 15.4 pp |
| FY 2015 Q3 | Sep 30, 2015 | — | 16.42% | — | 26.13% | 8.31% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 15.88% | — | 24.26% | 7.99% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 15.56% | — | 22.8% | 7.77% | — |
| FY 2014 Q4 | Dec 31, 2014 | 21.75% | 15.5% | — | 23.18% | 7.81% | 14.1 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 15.55% | — | 21.21% | 7.78% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 15.42% | — | 20.83% | 7.81% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 15.8% | — | 20.38% | 7.94% | — |
| FY 2013 Q4 | Dec 31, 2013 | 20.29% | 15.21% | 2.27% | 19.39% | 7.38% | 12.6 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 15.43% | — | 19.77% | 7.62% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 15.06% | — | 19.42% | 7.47% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | — | — | — | — | — |
| FY 2012 Q4 | Dec 31, 2012 | 20.02% | 15.74% | — | 19.93% | 7.61% | 12.3 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 15.94% | — | 17.41% | 7.91% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 16.3% | — | 17.97% | 8.12% | — |
| FY 2011 Q4 | Dec 31, 2011 | 17.08% | 15.49% | — | 17.73% | 7.45% | 9.4 pp |
| FY 2011 Q3 | Sep 30, 2011 | 15.91% | 15.63% | — | 15.48% | 7.04% | 8.2 pp |
| FY 2011 Q2 | Jun 30, 2011 | 15.3% | 15.58% | — | 15.35% | 6.98% | 7.6 pp |
| FY 2011 Q1 | Mar 31, 2011 | 17.65% | 14.53% | — | 16.7% | 7.48% | 9.9 pp |
| FY 2010 Q4 | Dec 31, 2010 | 17% | 13.26% | 70.07% | 15.65% | 6.66% | 9.3 pp |
| FY 2010 Q3 | Sep 30, 2010 | 15.02% | 12.67% | — | 16.31% | 6.85% | 7.3 pp |
| FY 2010 Q2 | Jun 30, 2010 | 15.01% | 12.32% | — | 16.6% | 6.96% | 7.3 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · NOC, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.