NOC
You’ve read what changed. Here’s whether the market is confirming it.
Market read
NOC accounts for 2.9% of the group's measured movement across 4.3 effective names. raw member direction is mixed; 9 of 12 session-normalized paths align to the downside. Capital-flow agreement is 13%, so confirmation is not yet clean. No verified headline preceded the measured group move.
LHX moved materially before NOC. NOC crossed its material path threshold at 11:30 ET. HII, DRS, KRMN followed.
5 of 12 members in Aerospace & Defense are active. 0 of 8 disclosed connections are confirming.
Invalidation: The live read weakens if participation falls to 4 of 12 members or fewer.
Research brief
NOC accounts for 2.9% of the group's measured movement across 4.3 effective names. raw member direction is mixed; 9 of 12 session-normalized paths align to the downside. Capital-flow agreement is 13%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“The table below reconciles net cash used in operating activities to adjusted free cash flow: Six Months Ended June 30 % $ in millions 2026 2025 Change Net cash used in operating activities $ (376) $ (697) 46 % Capital expenditures (469) (487) (4) % Adjusted f…”10-Q · Jul 21, 2026 ↗
“Some of the Administration’s executive orders are subject to ongoing court challenges.”10-Q · Jul 21, 2026 ↗
“Financing Cash Flow Year to date 2026 net cash used in financing activities decreased $210 million, or 13 percent, as compared with the same period in 2025, primarily due to an $823 million decrease in share repurchases, partially offset by $566 million in ne…”10-Q · Jul 21, 2026 ↗
“Non-divestiture-related unallocated corporate expense increased primarily due to higher deferred state tax expense largely related to the repeal of mandatory capitalization of research and development expenditures under IRC Section 174.”10-K · Jan 27, 2026 ↗
Valuation discipline
Price/sales 1.8× · EV/sales 2.0×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 10:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for NOC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-Q filed 2026-04-21 against the comparable filing from 2025-04-22.
“DEFENSE SYSTEMS Three Months Ended March 31 % $ in millions 2026 2025 Change Sales $ 1,899 $ 1,805 5 % Less: Training services sales — (72) Organic sales $ 1,899 $ 1,733 10 % Operating income $ 184 $ 179 3 % Operating margin rate 9.7 % 9.9 % Sales First quarter 2026 sales increased $94 million, or 5 percent, primarily due to higher volume on Sentinel as that program continues to ramp, as well as higher volume on tactical solid rocket motor programs and across the Integrated Battle Command System (IBCS) portfolio.”
“MISSION SYSTEMS Three Months Ended March 31 % $ in millions 2026 2025 Change Sales $ 2,861 $ 2,807 2 % Operating income 433 361 20 % Operating margin rate 15.1 % 12.9 % Sales First quarter 2026 sales increased $54 million, or 2 percent, primarily due to ramp-up on restricted airborne radar programs and higher volume on marine systems programs, partially offset by lower volume on the Scalable Agile Beam Radar program and airborne electronic warfare programs.”
“SPACE SYSTEMS Three Months Ended March 31 % $ in millions 2026 2025 Change Sales $ 2,480 $ 2,568 (3) % Operating income 235 283 (17) % Operating margin rate 9.5 % 11.0 % Sales First quarter 2026 sales decreased $88 million, or 3 percent, primarily due to wind-down of work on the NGI program, which reduced sales by $98 million, as well as lower sales on the GEM 63XL program related to the unfavorable EAC adjustment described below.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“COMPETITIVE CONDITIONS We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corporation, as well as…”
“COMPETITIVE CONDITIONS We compete with many companies in the defense, intelligence and federal civil markets, including The Boeing Company, General Dynamics Corporation, L3Harris Technologies, Inc., Lockheed Martin Corporation, and RTX Corporation, as well as…”
Depended on by
“Our collaborations with leading national security agencies and aerospace companies, such as Lockheed Martin Corporation, Northrop Grumman, L3Harris, the U.S.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 31 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
NOC is currently a Participant in the organic co-movement group Aerospace & Defense. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
No durable theme membership has been observed for this name yet.