Northrop Grumman (NOC) Stock Hits All-Time High After Record Backlog and Navy Contract Win

TLDR

• Northrop Grumman hit an all-time high of $748.19, giving it a market cap of $105.7 billion
• The stock is up 60% over the past year, though InvestingPro flags it as overvalued
• The company reported a record backlog of ~$95.68 billion and issued 2026 revenue guidance of $43.5–$44.0 billion
• NOC was awarded a $225.11M Navy contract for E-130J training weapons systems
• The B-21 Raider program is accelerating, with the first aircraft targeting delivery to Ellsworth AFB by 2027

Northrop Grumman hit an all-time high of $748.19 on March 3, 2026, pushing its market cap to $105.7 billion.

Northrop Grumman Corporation, NOC

The stock is up roughly 60% over the past year, making it one of the stronger performers in the defense sector.

The rally comes off the back of a strong Q4 2025 earnings report, released in late January, which showed higher adjusted earnings and revenue growth across all major business segments.

The company also reported a record order backlog of approximately $95.68 billion — a number that signals long-term demand from U.S. and allied defense customers.

For 2026, Northrop guided for revenues of $43.5 to $44.0 billion and adjusted earnings per share of $27.40 to $27.90.

That guidance points to continued growth from 2025’s trailing twelve-month revenue of $42 billion.

B-21 Raider and Digital Engineering Drive the Narrative

A big part of the investment story right now centers on the B-21 Raider stealth bomber program.

The U.S. Air Force and Northrop are pushing to accelerate production, backed by more than $5 billion in digital engineering and manufacturing infrastructure investment.

The target is to deliver the first aircraft to Ellsworth Air Force Base by 2027.

The company’s heavy focus on digital engineering is seen as a differentiator, supporting both the B-21 and newer satellite contracts in its pipeline.

Analysts at Simply Wall St project revenues reaching $47.5 billion and earnings of $4.4 billion by 2028, which would require roughly 5.5% annual revenue growth.

Their fair value estimate sits at $724.39 — about 6% below where the stock is currently trading.

InvestingPro also lists NOC on its Most Overvalued list, with a P/E ratio of 24.89.

Navy Contract and Board Changes Add to the Picture

On March 2, Northrop was awarded a $225.11 million modification to an existing Navy contract.

The deal covers design, development, and delivery of E-130J training weapons systems and courseware under the Take Charge and Move Out recapitalization program.

Work is expected to be completed by March 2027, with $54.9 million in fiscal 2026 R&D funds obligated at award.

On the governance side, the company elected Admiral Christopher Grady — former vice chairman of the Joint Chiefs of Staff — to its board of directors.

A quarterly dividend of $2.31 per share was also announced, payable March 11, 2026, to shareholders of record as of February 23.

Community fair value estimates range widely, from $528.73 to $724.39 per share, reflecting differing views on how concentrated program risk — especially around the B-21 and Sentinel — could affect long-term returns.

The stock was trading up 6.02% on March 3, 2026.

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