AI-assembled from public SEC filings
Defense and aerospace primes peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
Descriptive comparison — not investment advice. 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. See Disclaimer.
Methodology
Mechanical defense-prime cluster: large aerospace and defense prime contractors in the existing grepcent universe, selected from SEC SIC 3760 Guided Missiles and Space Vehicles, SEC SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical, and Nautical Systems, and disclosed requested aerospace-defense primes with adjacent aerospace/shipbuilding SICs. BA is explicitly excluded because its commercial-aircraft mix and recent losses place it in a different tier for this review.
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.
Provenance
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; comparability markers use day-level period ends and reported XBRL source concepts.
| Metric | LMT | RTX | NOC | GD | LHX | HII | TXT |
|---|---|---|---|---|---|---|---|
| Revenue Mixed reporting concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: GD -> us-gaap:Revenues; HII -> us-gaap:Revenues; LHX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LMT -> us-gaap:Revenues; NOC -> us-gaap:Revenues; RTX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; TXT -> us-gaap:Revenues. | 75,048,000,000 source | 88,603,000,000 source | 41,954,000,000 source | 52,550,000,000 source | 21,325,000,000 source Day-level period offset: different fiscal year (362 days before row reference) vs row reference 2025-12-31; offset. | 12,484,000,000 source | 14,799,000,000 source |
| Operating margin Mixed reporting concepts: us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: GD -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; HII -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; LMT -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; NOC -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; RTX -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. | 10.30% source | 10.50% source | 10.75% source | 10.19% source | Not available. | 5.26% source | Not available. |
| Net margin Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: GD -> us-gaap:NetIncomeLoss + us-gaap:Revenues; HII -> us-gaap:NetIncomeLoss + us-gaap:Revenues; LMT -> us-gaap:NetIncomeLoss + us-gaap:Revenues; NOC -> us-gaap:NetIncomeLoss + us-gaap:Revenues; RTX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; TXT -> us-gaap:NetIncomeLoss + us-gaap:Revenues. | 6.69% source | 7.60% source | 9.97% source | 8.01% source | Not available. | 4.85% source | 6.22% source |
| R&D expense | 2,000,000,000 source | 2,807,000,000 source | 1,100,000,000 source | Not available. | Not available. | 26,000,000 source | 521,000,000 source |
| Capital expenditures Mixed reporting concepts: us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: GD -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; HII -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LHX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LMT -> us-gaap:PaymentsToAcquireProductiveAssets; NOC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; RTX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; TXT -> us-gaap:PaymentsToAcquireProductiveAssets. | 1,649,000,000 source | 2,627,000,000 source | 1,450,000,000 source | 1,161,000,000 source | 424,000,000 source | 402,000,000 source | 383,000,000 source |
| Free cash flow Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: GD -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; HII -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LHX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LMT -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; NOC -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; RTX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; TXT -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets. | 6,908,000,000 source | 7,940,000,000 source | 3,307,000,000 source | 3,959,000,000 source | 2,682,000,000 source | 794,000,000 source | 929,000,000 source |
| FCF / revenue Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: GD -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; HII -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; LMT -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues; NOC -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; RTX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; TXT -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:Revenues. | 9.20% source | 8.96% source | 7.88% source | 7.53% source | Not available. | 6.36% source | 6.28% source |
| Total debt | 21,700,000,000 source | 41,078,000,000 source Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. | 15,696,000,000 source | 8,074,000,000 source | Not available. | Not available. | Not available. |
| Liabilities / equity leverage | 7.90 source | 1.59 source | 2.08 source | Not available. | 1.10 source | 1.51 source | 1.30 source |
| Dividends paid Mixed reporting concepts: us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: GD -> us-gaap:PaymentsOfDividends; HII -> us-gaap:PaymentsOfDividendsCommonStock; LHX -> us-gaap:PaymentsOfDividendsCommonStock; LMT -> us-gaap:PaymentsOfDividendsCommonStock; NOC -> us-gaap:PaymentsOfDividendsCommonStock; RTX -> us-gaap:PaymentsOfDividendsCommonStock; TXT -> us-gaap:PaymentsOfDividends. | 3,131,000,000 source | 3,574,000,000 source | 1,293,000,000 source | 1,593,000,000 source | 903,000,000 source | 213,000,000 source | 18,000,000 source |
| Share buybacks | 3,000,000,000 source | 50,000,000 source | 1,624,000,000 source | 637,000,000 source | 1,154,000,000 source | 162,000,000 source Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. | 822,000,000 source |
| Cash and equivalents | 4,121,000,000 source | 7,435,000,000 source | 4,403,000,000 source | 2,333,000,000 source | 1,069,000,000 source | Not available. | Not available. |
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%).
Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.
Narrative Matrix
| Dimension | LMT | RTX | NOC | GD | LHX |
|---|---|---|---|---|---|
| Business model | In its latest annual MD&A, LMT describes this business model item. 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 · filed 2026-01-29 | In its latest annual MD&A, RTX describes this business model item. We operate in three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon. company page · source filing · filed 2026-02-06 | In its latest annual MD&A, NOC describes this business model item. 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 · filed 2026-01-27 | In its latest annual MD&A, GD describes this business model item. 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 · filed 2026-01-30 | In its latest annual MD&A, LHX describes this business model item. 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 · filed 2026-02-12 |
| Stated strategy in filings | In its latest annual MD&A, LMT describes this stated strategy in filings item. 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 · filed 2026-01-29 | — | In its latest annual MD&A, NOC describes this stated strategy in filings item. 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 · filed 2026-01-27 | — | In its latest annual MD&A, LHX describes this stated strategy in filings item. 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 · filed 2026-02-12 |
| Idiosyncratic risks in filings | In its latest annual MD&A, LMT describes this idiosyncratic risks in filings item. 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 · filed 2026-01-29 | — | In its latest annual MD&A, NOC describes this idiosyncratic risks in filings item. During the fourth quarter of 2025, we reviewed our estimated profitability on the Sentinel program and made no significant changes. company page · source filing · filed 2026-01-27 | — | — |
Provenance
Withheld 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.
Withheld dimensions
- geographic_customer_exposure: No quote passed the evidence checks.
- capital_allocation: No quote passed the evidence checks.
- recent_narrative_change: No quote passed the evidence checks.
Withheld cells
- HII / business_model: no quote passed the evidence checks
- TXT / business_model: no quote passed the evidence checks
- LMT / geographic_customer_exposure: no quote passed the evidence checks
- RTX / geographic_customer_exposure: no quote passed the evidence checks
- NOC / geographic_customer_exposure: no quote passed the evidence checks
- GD / geographic_customer_exposure: no quote passed the evidence checks
- LHX / geographic_customer_exposure: no quote passed the evidence checks
- HII / geographic_customer_exposure: no quote passed the evidence checks
- TXT / geographic_customer_exposure: no quote passed the evidence checks
- LMT / capital_allocation: no quote passed the evidence checks
- RTX / capital_allocation: no quote passed the evidence checks
- NOC / capital_allocation: no quote passed the evidence checks
- GD / capital_allocation: no quote passed the evidence checks
- LHX / capital_allocation: no quote passed the evidence checks
- HII / capital_allocation: no quote passed the evidence checks
- TXT / capital_allocation: no quote passed the evidence checks
- RTX / stated_strategy: no quote passed the evidence checks
- GD / stated_strategy: no quote passed the evidence checks
- HII / stated_strategy: no quote passed the evidence checks
- TXT / stated_strategy: no quote passed the evidence checks
- RTX / idiosyncratic_risks: no quote passed the evidence checks
- GD / idiosyncratic_risks: no quote passed the evidence checks
- LHX / idiosyncratic_risks: no quote passed the evidence checks
- HII / idiosyncratic_risks: no quote passed the evidence checks