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NOC (Northrop Grumman) Piotroski F-Score : 6 (As of Jul. 24, 2025)


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What is Northrop Grumman Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Northrop Grumman has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Northrop Grumman's Piotroski F-Score or its related term are showing as below:

NOC' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Northrop Grumman was 9. The lowest was 4. And the median was 6.


Northrop Grumman Piotroski F-Score Historical Data

The historical data trend for Northrop Grumman's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Northrop Grumman Piotroski F-Score Chart

Northrop Grumman Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 6.00 6.00 7.00

Northrop Grumman Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 7.00 6.00 6.00

Competitive Comparison of Northrop Grumman's Piotroski F-Score

For the Aerospace & Defense subindustry, Northrop Grumman's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Northrop Grumman's Piotroski F-Score Distribution in the Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Northrop Grumman's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Northrop Grumman's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun25) TTM:Last Year (Jun24) TTM:
Net Income was 1026 + 1264 + 481 + 1174 = $3,945 Mil.
Cash Flow from Operations was 1091 + 2578 + -1565 + 868 = $2,972 Mil.
Revenue was 9996 + 10686 + 9468 + 10351 = $40,501 Mil.
Gross Profit was 2106 + 1932 + 1580 + 2210 = $7,828 Mil.
Average Total Assets from the begining of this year (Jun24)
to the end of this year (Jun25) was
(47670 + 48289 + 49359 + 48468 + 49451) / 5 = $48647.4 Mil.
Total Assets at the begining of this year (Jun24) was $47,670 Mil.
Long-Term Debt & Capital Lease Obligation was $16,965 Mil.
Total Current Assets was $14,026 Mil.
Total Current Liabilities was $13,459 Mil.
Net Income was 937 + -535 + 944 + 940 = $2,286 Mil.

Revenue was 9775 + 10638 + 10133 + 10218 = $40,764 Mil.
Gross Profit was 2041 + 485 + 2133 + 2191 = $6,850 Mil.
Average Total Assets from the begining of last year (Jun23)
to the end of last year (Jun24) was
(45609 + 44896 + 46544 + 47818 + 47670) / 5 = $46507.4 Mil.
Total Assets at the begining of last year (Jun23) was $45,609 Mil.
Long-Term Debt & Capital Lease Obligation was $16,576 Mil.
Total Current Assets was $14,267 Mil.
Total Current Liabilities was $12,908 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Northrop Grumman's current Net Income (TTM) was 3,945. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Northrop Grumman's current Cash Flow from Operations (TTM) was 2,972. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun24)
=3945/47670
=0.08275645

ROA (Last Year)=Net Income/Total Assets (Jun23)
=2286/45609
=0.05012169

Northrop Grumman's return on assets of this year was 0.08275645. Northrop Grumman's return on assets of last year was 0.05012169. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Northrop Grumman's current Net Income (TTM) was 3,945. Northrop Grumman's current Cash Flow from Operations (TTM) was 2,972. ==> 2,972 <= 3,945 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun24 to Jun25
=16965/48647.4
=0.34873395

Gearing (Last Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=16576/46507.4
=0.3564164

Northrop Grumman's gearing of this year was 0.34873395. Northrop Grumman's gearing of last year was 0.3564164. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun25)=Total Current Assets/Total Current Liabilities
=14026/13459
=1.04212794

Current Ratio (Last Year: Jun24)=Total Current Assets/Total Current Liabilities
=14267/12908
=1.10528355

Northrop Grumman's current ratio of this year was 1.04212794. Northrop Grumman's current ratio of last year was 1.10528355. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Northrop Grumman's number of shares in issue this year was 144. Northrop Grumman's number of shares in issue last year was 147.7. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=7828/40501
=0.19327918

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6850/40764
=0.16804043

Northrop Grumman's gross margin of this year was 0.19327918. Northrop Grumman's gross margin of last year was 0.16804043. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun24)
=40501/47670
=0.84961192

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun23)
=40764/45609
=0.89377097

Northrop Grumman's asset turnover of this year was 0.84961192. Northrop Grumman's asset turnover of last year was 0.89377097. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+1+0+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Northrop Grumman has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Northrop Grumman  (NYSE:NOC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Northrop Grumman Piotroski F-Score Related Terms

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Northrop Grumman Business Description

Address
2980 Fairview Park Drive, Falls Church, VA, USA, 22042
Northrop Grumman is a diversified defense contractor providing aeronautics, defense, and space systems. The company's aerospace segment creates the fuselage for the massive F-35 program, produces autonomous and piloted aircraft such as Global Hawk drones and the new B-21 bomber, and maintains and upgrades numerous military aircraft. Defense systems makes artillery and missile ammunition and guidance systems, long-range missiles, and missile defense systems. Mission systems creates and integrates a variety of radar, navigation, and communication systems for avionics, weapons control, and countermeasures on a range of platforms from helicopters to destroyers. Space systems produces satellites, sensors, space structures, and rocket motors.
Executives
Welsh Mark A Iii director 6020 AUGUSTA CIRCLE, COLLEGE STATION TX 77845
Kathy J Warden officer: Corp VP & Pres Info Syst 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Michael A Hardesty officer: Corp VP, Controller & CAO 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Kathryn G Simpson officer: Corp VP & General Counsel 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Thomas H Jones officer: CVP & Pres Aeronautics Systems 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Roshan S Roeder officer: CVP & Pres. Defense Systems 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Mark A Caylor officer: Corp VP & Pres ESS 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Robert J. Fleming officer: CVP and Pres. Space Systems 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Kimberly A. Ross director C/O AVON PRODUCTS,INC., 1345 AVENUE OF THE AMERICAS`, NEW YORK NY 10105-0196
Mary A Winston director 557 BROADWAY, C/O SCHOLASTIC CORP, NEW YORK NY 10012
David T Perry officer: CVP Chief Global Bus Dev Off 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Lucy C Ryan officer: Corp VP, Communications 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Mary D Petryszyn officer: CVP, Pres, Defense Systems 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Sheila C. Cheston officer: Corp. VP & General Counsel C/O NORTHROP GRUMMAN CORPORATION, 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042
Stephen F. O'bryan officer: CVP Global Bus Dev Officer 2980 FAIRVIEW PARK DRIVE, FALLS CHURCH VA 22042