Northrop Grumman Corporation (NOC)

Executive Summary

Northrop Grumman is, in our view at T&T Capital Management, one of the most strategically positioned U.S. defense primes — with the rare combination of stealth-bomber expertise (B-2 + B-21 Raider), ICBM modernization (Sentinel/GBSD), space systems leadership (commercial + classified satellites), and mission-systems integration. At $545.20 per share the stock trades at approximately 21 times consensus FY2026 EPS — modest premium to defense peers reflecting both the B-21 production ramp and the long-cycle Sentinel ICBM program. Defense spending is structurally rising across the developed world; the U.S. FY2026 defense budget is approximately $895 billion. Kathy Warden became CEO in January 2019 after a long internal tenure.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers