AI-assembled from public SEC filings
Defense and aerospace primes peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates.
Methodology
The cluster starts from public SEC SIC 3760 and 3812 companies already present in grepcent's processed universe, then retains RTX, GD, HII, and TXT as disclosed requested aerospace-defense prime peers with adjacent cached SEC aerospace/shipbuilding SICs rather than relabeling them. BA is excluded. The review publishes no proprietary index-membership labels.
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; code-computed comparisons below only use calendar-aligned periods.
| Metric | LMT | RTX | NOC | GD | LHX | HII | TXT |
|---|---|---|---|---|---|---|---|
| Revenue | 75,048,000,000 source · NUM_LMT_REVENUE_FY2025 | 88,603,000,000 source · NUM_RTX_REVENUE_FY2025 | 41,954,000,000 source · NUM_NOC_REVENUE_FY2025 | 52,550,000,000 source · NUM_GD_REVENUE_FY2025 | 21,325,000,000 source · NUM_LHX_REVENUE_FY2025 Non-aligned period: 2025-Q1; row majority 2025-Q4. | 12,484,000,000 source · NUM_HII_REVENUE_FY2025 | 14,799,000,000 source · NUM_TXT_REVENUE_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Operating margin | 10.30% source · NUM_LMT_OPERATING_MARGIN_FY2025 | 10.50% source · NUM_RTX_OPERATING_MARGIN_FY2025 | 10.75% source · NUM_NOC_OPERATING_MARGIN_FY2025 | 10.19% source · NUM_GD_OPERATING_MARGIN_FY2025 | Not available. | 5.26% source · NUM_HII_OPERATING_MARGIN_FY2025 | Not available. |
| Net margin | 6.69% source · NUM_LMT_NET_MARGIN_FY2025 | 7.60% source · NUM_RTX_NET_MARGIN_FY2025 | 9.97% source · NUM_NOC_NET_MARGIN_FY2025 | 8.01% source · NUM_GD_NET_MARGIN_FY2025 | Not available. | 4.85% source · NUM_HII_NET_MARGIN_FY2025 | 6.22% source · NUM_TXT_NET_MARGIN_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| R&D expense | 2,000,000,000 source · NUM_LMT_RESEARCH_AND_DEVELOPMENT_FY2025 | 2,807,000,000 source · NUM_RTX_RESEARCH_AND_DEVELOPMENT_FY2025 | 1,100,000,000 source · NUM_NOC_RESEARCH_AND_DEVELOPMENT_FY2025 | Not available. | Not available. | 26,000,000 source · NUM_HII_RESEARCH_AND_DEVELOPMENT_FY2025 | 521,000,000 source · NUM_TXT_RESEARCH_AND_DEVELOPMENT_FY2025 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Capital expenditures | 1,649,000,000 source · NUM_LMT_CAPEX_FY2025 | 2,627,000,000 source · NUM_RTX_CAPEX_FY2025 | 1,450,000,000 source · NUM_NOC_CAPEX_FY2025 | 1,161,000,000 source · NUM_GD_CAPEX_FY2025 | 424,000,000 source · NUM_LHX_CAPEX_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. | 402,000,000 source · NUM_HII_CAPEX_FY2025 | 383,000,000 source · NUM_TXT_CAPEX_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Free cash flow | 6,908,000,000 source · NUM_LMT_FREE_CASH_FLOW_FY2025 | 7,940,000,000 source · NUM_RTX_FREE_CASH_FLOW_FY2025 | 3,307,000,000 source · NUM_NOC_FREE_CASH_FLOW_FY2025 | 3,959,000,000 source · NUM_GD_FREE_CASH_FLOW_FY2025 | 2,682,000,000 source · NUM_LHX_FREE_CASH_FLOW_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. | 794,000,000 source · NUM_HII_FREE_CASH_FLOW_FY2025 | 929,000,000 source · NUM_TXT_FREE_CASH_FLOW_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| FCF / revenue | 9.20% source · NUM_LMT_FCF_MARGIN_FY2025 | 8.96% source · NUM_RTX_FCF_MARGIN_FY2025 | 7.88% source · NUM_NOC_FCF_MARGIN_FY2025 | 7.53% source · NUM_GD_FCF_MARGIN_FY2025 | Not available. | 6.36% source · NUM_HII_FCF_MARGIN_FY2025 | 6.28% source · NUM_TXT_FCF_MARGIN_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Total debt | 21,700,000,000 source · NUM_LMT_TOTAL_DEBT_FY2025 | 41,078,000,000 source · NUM_RTX_TOTAL_DEBT_FY2024 Non-aligned period: 2024-Q4; row majority 2025-Q4. | 15,696,000,000 source · NUM_NOC_TOTAL_DEBT_FY2025 | 8,074,000,000 source · NUM_GD_TOTAL_DEBT_FY2025 | Not available. | Not available. | Not available. |
| Liabilities / equity leverage | 7.90 source · NUM_LMT_LIABILITIES_TO_EQUITY_FY2025 | 1.59 source · NUM_RTX_LIABILITIES_TO_EQUITY_FY2025 | 2.08 source · NUM_NOC_LIABILITIES_TO_EQUITY_FY2025 | Not available. | 1.10 source · NUM_LHX_LIABILITIES_TO_EQUITY_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. | 1.51 source · NUM_HII_LIABILITIES_TO_EQUITY_FY2025 | 1.30 source · NUM_TXT_LIABILITIES_TO_EQUITY_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Dividends paid | 3,131,000,000 source · NUM_LMT_DIVIDENDS_PAID_FY2025 | 3,574,000,000 source · NUM_RTX_DIVIDENDS_PAID_FY2025 | 1,293,000,000 source · NUM_NOC_DIVIDENDS_PAID_FY2025 | 1,593,000,000 source · NUM_GD_DIVIDENDS_PAID_FY2025 | 903,000,000 source · NUM_LHX_DIVIDENDS_PAID_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. | 213,000,000 source · NUM_HII_DIVIDENDS_PAID_FY2025 | 18,000,000 source · NUM_TXT_DIVIDENDS_PAID_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Share buybacks | 3,000,000,000 source · NUM_LMT_SHARE_BUYBACKS_FY2025 | 50,000,000 source · NUM_RTX_SHARE_BUYBACKS_FY2025 | 1,624,000,000 source · NUM_NOC_SHARE_BUYBACKS_FY2025 | 637,000,000 source · NUM_GD_SHARE_BUYBACKS_FY2025 | 1,154,000,000 source · NUM_LHX_SHARE_BUYBACKS_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. | 162,000,000 source · NUM_HII_SHARE_BUYBACKS_FY2024 Non-aligned period: 2024-Q4; row majority 2025-Q4. | 822,000,000 source · NUM_TXT_SHARE_BUYBACKS_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. |
| Cash and equivalents | 4,121,000,000 source · NUM_LMT_CASH_FY2025 | 7,435,000,000 source · NUM_RTX_CASH_FY2025 | 4,403,000,000 source · NUM_NOC_CASH_FY2025 | 2,333,000,000 source · NUM_GD_CASH_FY2025 | 1,069,000,000 source · NUM_LHX_CASH_FY2026 Non-aligned period: 2026-Q1; row majority 2025-Q4. | Not available. | Not available. |
| Backlog | Quarantined: Only 0 of 7 companies have a verified fact; threshold is 3. | ||||||
| Book-to-bill | Quarantined: Only 0 of 7 companies have a verified fact; threshold is 3. | ||||||
Code-computed comparisons
- grepcent-computed FCF margin range: range endpoints are HII (6.36%) and LMT (9.20%).
- Reported net margin range: range endpoints are HII (4.85%) and NOC (9.97%).
Narrative Matrix
| Dimension | LMT | RTX | NOC | GD | LHX | HII | TXT |
|---|---|---|---|---|---|---|---|
| Business model | In its latest annual MD&A, LMT describes this business model item. [FACT:Q_LMT_BUSINESS_MODEL_1] Our four business areas – Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space – work as one company offering integrated solutions, at scale, across all warfighting domains. company page · source filing · fact Q_LMT_BUSINESS_MODEL_1 · filed 2026-01-29 | In its latest annual MD&A, RTX describes this business model item. [FACT:Q_RTX_BUSINESS_MODEL_1] We operate in three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon. company page · source filing · fact Q_RTX_BUSINESS_MODEL_1 · filed 2026-02-06 | In its latest annual MD&A, NOC describes this business model item. [FACT:Q_NOC_BUSINESS_MODEL_3] The company is aligned in four operating sectors, which also comprise our reportable segments: Aeronautics Systems, Defense Systems, Mission Systems and Space Systems. company page · source filing · fact Q_NOC_BUSINESS_MODEL_3 · filed 2026-01-27 | In its latest annual MD&A, GD describes this business model item. [FACT:Q_GD_BUSINESS_MODEL_6] The Marine Systems segment’s backlog consists of very long-term submarine and surface ship construction programs, as well as numerous engineering and repair contracts. company page · source filing · fact Q_GD_BUSINESS_MODEL_6 · filed 2026-01-30 | In its latest annual MD&A, LHX describes this business model item. [FACT:Q_LHX_BUSINESS_MODEL_3] Our SAS segment includes satellites and space payloads, sensors and full-mission solutions; classified intelligence and cyber; airborne combat systems, and mission networks for air traffic management operations. company page · source filing · fact Q_LHX_BUSINESS_MODEL_3 · filed 2026-02-12 | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Geographic and customer exposure | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Capital allocation | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Stated strategy in filings | In its latest annual MD&A, LMT describes this stated strategy in filings item. [FACT:Q_LMT_STATED_STRATEGY_1] Our RMS business segment continues to experience international interest in the Aegis Ballistic Missile Defense System (Aegis) for which we perform activities in the development, production, modernization, ship integration, test and lifetime support for ships of international customers such as Japan, Spain, the Republic of Korea and Australia. company page · source filing · fact Q_LMT_STATED_STRATEGY_1 · filed 2026-01-29 | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, NOC describes this stated strategy in filings item. [FACT:Q_NOC_STATED_STRATEGY_1] Air Force awarded Northrop Grumman the B-21 contract, which includes a base contract for engineering and manufacturing development (EMD) and five low-rate initial production (LRIP) options for a baseline total of 21 aircraft. company page · source filing · fact Q_NOC_STATED_STRATEGY_1 · filed 2026-01-27 | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, LHX describes this stated strategy in filings item. [FACT:Q_LHX_STATED_STRATEGY_1] Our AR segment includes missile solutions with propulsion technologies for strategic defense, missile defense, hypersonic, tactical and fuzing systems; and space propulsion and power systems for national security space and exploration missions. company page · source filing · fact Q_LHX_STATED_STRATEGY_1 · filed 2026-02-12 | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Idiosyncratic risks in filings | In its latest annual MD&A, LMT describes this idiosyncratic risks in filings item. [FACT:Q_LMT_IDIOSYNCRATIC_RISKS_1] Higher product sales at Aeronautics were due to higher volume on F-35 production contracts, partially offset by the unfavorable cumulative adjustment to sales driven by recognizing a reach-forward loss on a classified contract in the second quarter of 2025. company page · source filing · fact Q_LMT_IDIOSYNCRATIC_RISKS_1 · filed 2026-01-29 | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, NOC describes this idiosyncratic risks in filings item. [FACT:Q_NOC_IDIOSYNCRATIC_RISKS_1] During the fourth quarter of 2025, we reviewed our estimated profitability on the Sentinel program and made no significant changes. company page · source filing · fact Q_NOC_IDIOSYNCRATIC_RISKS_1 · filed 2026-01-27 | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Recent narrative change | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
Gate summary
Quarantined quantitative rows
- backlog: Only 0 of 7 companies have a verified fact; threshold is 3.
- book_to_bill: Only 0 of 7 companies have a verified fact; threshold is 3.
Quarantined dimensions
- geographic_customer_exposure: No verified cells survived the gate.
- capital_allocation: No verified cells survived the gate.
- recent_narrative_change: No verified cells survived the gate.
Quarantined cells
- HII / business_model: No direct dimension-relevant quote survived the evidence gate.
- TXT / business_model: No direct dimension-relevant quote survived the evidence gate.
- LMT / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- RTX / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- NOC / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- GD / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- LHX / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- HII / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- TXT / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- LMT / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- RTX / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- NOC / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- GD / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- LHX / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- HII / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- TXT / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- RTX / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- GD / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- HII / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- TXT / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- RTX / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- GD / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- LHX / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- HII / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.