Lockheed Martin vs Northrop Grumman
Lockheed Martin reported revenue of $75.0 billion in fiscal 2025, 1.8 times Northrop Grumman's $42.0 billion in fiscal 2025. Lockheed Martin's revenue grew 5.6% in its latest year, and Northrop Grumman's grew 2.2%. Lockheed Martin had an operating margin of 10.3%, against 10.8% at Northrop Grumman. Free cash flow was $6.9 billion at Lockheed Martin and $3.3 billion at Northrop Grumman.
Side by side
| Lockheed Martin | Northrop Grumman | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $75.0B | $42.0B |
| Revenue growth | 5.6% | 2.2% |
| Revenue growth a year, last 5 years | 2.8% | 2.7% |
| Gross margin | 10.2% | — |
| Operating margin | 10.3% | 10.8% |
| Net margin | 6.7% | 10.0% |
| Free cash flow | $6.9B | $3.3B |
| Free cash flow margin | 9.2% | 7.9% |
| Return on capital | 27.1% | 13.5% |
| Net debt to EBITDA | 1.9x | 1.9x |
| Dividends and buybacks | $6.1B | $2.9B |
| Change in diluted share count | −2.4% | −2.4% |
| Last close | $635.20 | $565.41 |
| P/E at the last close | 22.6× | 17.9× |
| Insider trades, last 12 months | sold $124,284 | sold $26.4 million |
| Piotroski F-score | 5 of 9 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Lockheed MartinNorthrop Grumman
Operating margin
Percent of revenue
Lockheed MartinNorthrop Grumman
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Lockheed MartinNorthrop Grumman
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Lockheed Martin and Northrop Grumman pages.