Lockheed Martin vs Northrop Grumman Corp /de/ (LMT vs NOC)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Lockheed Martin is the larger company by revenue ($75.0B vs $42.0B) and market value ($117.7B vs $68.6B). Northrop Grumman Corp /de/ has grown revenue faster over the last 4 fiscal years (+17.6% cumulative vs +11.9%). Northrop Grumman Corp /de/ trades at the lower trailing P/E (15.1x vs 18.7x).
About Lockheed Martin
Lockheed Martin is a global aerospace and defense technology company serving U.S. government agencies and allied international customers. It operates through four main segments: Aeronautics, which develops military aircraft including the F-35 fighter; Missiles and Fire Control, which provides missile defense and precision strike systems; Rotary and Mission Systems, which offers military helicopters, missile defense systems, and command and control solutions; and Space, which designs satellites, space transportation, and strategic defense systems. The company focuses on integrated defense solutions across air, land, sea, and space domains.
About Northrop Grumman Corp /de/
Northrop Grumman Corporation is a global aerospace and defense technology company that provides products and services primarily to the U.S. Department of War and intelligence community, as well as international customers. Its main offerings include space systems, military aircraft, missile defense, advanced weapons, mission systems, networking and communications, and strategic deterrence systems. The company operates through four sectors: Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems, serving military and government clients with advanced technology solutions.
Head to head (LMT FY2025 vs NOC FY2025)
| Metric | LMTFY2025 | NOCFY2025 |
|---|---|---|
| Revenue | $75.05B | $41.95B |
| Revenue growth (YoY) | 5.6% | 2.2% |
| Gross margin | 10.2% | — |
| Operating margin | 10.3% | 10.8% |
| Net margin | 6.7% | 10.0% |
| Net income | $5.02B | $4.18B |
| Diluted EPS | $21.49 | $29.08 |
| FCF margin | 9.2% | 7.9% |
| ROE | 74.6% | 25.1% |
| Long-term debt / equity | 3.05× | 0.91× |
| Market cap | $117.73B | $68.63B |
| P/E | 18.7× | 15.1× |
Fundamentals are from each company’s SEC filings (LMT FY2025, NOC FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| LMT | $67.04B | $65.98B | $67.57B | $71.04B | $75.05B |
| NOC | $35.67B | $36.60B | $39.29B | $41.03B | $41.95B |
Peer standing
Where each company ranks among the 684 Industrials companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | LMT | NOC |
|---|---|---|
| Operating margin | 10.3%67th percentile of 605 | 10.8%69th percentile of 605 |
| Net margin | 6.7%64th percentile of 644 | 10.0%75th percentile of 644 |
| FCF margin | 9.2%68th percentile of 561 | 7.9%63rd percentile of 561 |
| Revenue growth (YoY) | +5.6%54th percentile of 668 | +2.2%41st percentile of 668 |
| ROE | 74.6%98th percentile of 600 | 25.1%88th percentile of 600 |
| P/E | 18.7×37th percentile of 435 | 15.1×25th percentile of 435 |
| Long-term debt / equity | 3.05×95th percentile of 407 | 0.91×73rd percentile of 407 |
| Short interest (days to cover) | 2.14d26th percentile of 676 | 2.76d33rd percentile of 676 |
Short interest
| FINRA settlement data | LMT | NOC |
|---|---|---|
| Shares sold short | 2.4M | 2.2M |
| Change vs prior settlement | -10.4% | -5.9% |
| Days to cover | 2.14 | 2.76 |
| As of settlement | 2026-09-15 | 2026-09-15 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | LMT | NOC |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 9 ($117,623) | 10 ($52,015) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
9 tracked 13F managers hold both Lockheed Martin and Northrop Grumman Corp /de/ as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Renaissance Technologies, Two Sigma Investments, Yacktman Asset Management. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.