Analysis for NOC

📈 Growth & Financial Trajectory

Over the 8 quarters, revenues move from start $10.218B (2024-Q2) to end $9.881B (2026-Q1), a modest decline of about 3%. Net income declines from $0.940B to $0.875B, down roughly 7%. The trend is flat with volatility: stronger prints in 2024-Q4 and 2025-Q4, but a material dip in 2025-Q1. Overall the trajectory is range-bound with limited growth, suggesting a cautious Growth score.

💰 Margins & Cash Flow

Operating margins have hovered around the low-to-mid teens, roughly around 11% on average; net income margins fluctuated from about 5% (2025-Q1) to ~12% in several quarters. In cash flow, quarters show variability: net cash from operating activities was positive in late 2024/2025 (e.g., +$1.56B in Q4 2025, +$1.09B in Q3 2025) but turned negative in 2026-Q1 (≈ -$1.66B). Investing/financing cash flows swing as well, yielding a mixed but generally cash-flow-neutral to negative pattern.

🛡️ Balance Sheet & Liquidity

Assets run near $49-51B across filings; Liabilities around $33-34B with equity of about $15-17B. Long-term debt sits around $16-17B, indicating a solid but leveraged base. Current assets generally cover current liabilities, with a modest to healthy liquidity cushion (current ratio typically around 1.1–1.2).

⚠️ Key Drivers & Risks

• Drivers: Defense program momentum and related aerospace systems demand; potential AI/data-center initiatives.
• Risks: Budget cyclicality and program mix sensitivity; pronounced quarterly cash-flow swings that can pressure near-term liquidity.