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Huntington Ingalls Industries

HII NYSE Aerospace & Defense Financials FY2016–FY2025

Huntington Ingalls Industries' revenue rose 8.2% to $12.5 billion in fiscal 2025. Its operating margin was 5.3%, up from 4.6% a year earlier. Free cash flow was $794 million, up 2953.8%. It paid out $213 million in dividends and buybacks, 27% of free cash flow. The diluted share count fell 0.2%.

Last close · Oct 23, 2026

$274.08

1.7%
Value it Compare
Revenue Total sales reported in the income statement.
$12.5B
8.2% vs prior year
Operating margin Operating income as a share of revenue.
5.3%
0.6 pts
Net income Profit after all expenses, interest and tax.
$605M
10.0%
Free cash flow Cash from operations minus capital spending.
$794M
2,953.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.3%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$10.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.3x
On $16.78 EPS (TTM)

What Huntington Ingalls Industries does

Huntington Ingalls Industries builds ships and offers technology services, mostly for the U.S. government. It is based in Newport News, Virginia, and employs over 44,000 people. It says its two shipyards have built more ships in more ship classes than any other U.S. naval shipbuilder. Most of its business is with the U.S. government, mainly the Department of War.

It has three segments. Ingalls Shipbuilding, in Pascagoula, Mississippi, builds non-nuclear ships for the Navy and Coast Guard: amphibious assault ships, guided missile destroyers and Coast Guard cutters. It is the only builder of the Navy's amphibious assault ships and one of two builders of its destroyers. Newport News Shipbuilding, in Virginia, designs and builds nuclear ships, including aircraft carriers and submarines, and does refueling, overhaul and repair work. Mission Technologies sells communications, cyber, intelligence, unmanned systems, training and electronic warfare products and services.

In 2025 the company agreed with the Coast Guard to end production of the 11th and last national security cutter.

Legal name
HUNTINGTON INGALLS INDUSTRIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 5, 2026
Accession · CIK
0001501585-26-000006
0001501585

Revenue and margins

Huntington Ingalls Industries had $12.5B of revenue in fiscal 2025, up 8.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 2.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $794M in fiscal 2025, 6.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Huntington Ingalls Industries returned $213M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Huntington Ingalls Industries yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.9B and divides by 39.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.3x · peers 33.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Huntington Ingalls Industries can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $627M$467M$430M$831M$774M
Debt incl. finance leases $3.3B$2.9B$2.4B$3.2B$2.7B
Net debt / EBITDA 3.3x2.6x1.8x2.8x2.0x
Debt / equity 1.2x0.8x0.6x0.7x0.5x
Interest coverage 5.8x5.5x8.2x5.6x6.3x
Current ratio 1.2x1.0x1.0x1.1x1.1x
Quick ratio 1.1x0.9x0.9x1.0x1.1x
Total assets $10.6B$10.9B$11.2B$12.1B$12.7B
Total liabilities $7.8B$7.4B$7.1B$7.5B$7.7B
Shareholders' equity $2.8B$3.5B$4.1B$4.7B$5.1B
Net debt (− = net cash) $2.7B$2.4B$2.0B$2.4B$1.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$18.6M

8 insiders

Of sales under plans

49%

$9.1M

DateInsiderTradeSharesPriceValueFiling
Aug 10, 2026 Christopher D KastnerDirector, President & CEO, Director Sold plan 13,070 $324.92 $4.2M Form 4
Aug 7, 2026 Victoria D HarkerDirector Sold 723 $333.17 $0.2M Form 4
May 28, 2026 Edmond E. Hughes Jr.Ex VP & Chief HR Officer Sold 3,500 $319.58 $1.1M Form 4
Mar 6, 2026 Thomas E. StiehleEx. VP and CFO Sold 4,500 $430.54 $1.9M Form 4
Mar 5, 2026 Chad N. BoudreauxEx VP & Chief Legal Officer Sold 4,400 $422.45 $1.9M Form 4
Mar 4, 2026 Eric D. ChewningEVP, Maritime Sys & Corp STR Sold 1,700 $433.44 $0.7M Form 4
Mar 2, 2026 Edgar A Green IIIEx VP, Pres. HII Mission Tech Sold 4,448 $457.74 $2.0M Form 4
Mar 2, 2026 Nicolas G SchuckCorp VP, Controller & CAO Sold 1,720 $457.39 $0.8M Form 4
Nov 26, 2025 Chad N. BoudreauxEx VP & Chief Legal Officer Sold 787 $314.17 $0.2M Form 4
Nov 20, 2025 Edmond E. Hughes Jr.Ex VP & Chief HR Officer Sold 850 $315.44 $0.3M Form 4
Nov 12, 2025 Christopher D KastnerDirector, President & CEO, Director Sold plan 15,000 $321.06 $4.8M Form 4
Nov 4, 2025 Victoria D HarkerDirector Sold 1,000 $316.61 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 84 / 87 / 8
Accruals ratio −2.6%1.3%−4.8%
Altman Z'' 2.362.452.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Huntington Ingalls Industries HII $10.8B 8.2% 5.3% 6.4% 7.3% 16.3x 7
Textron TXT $13.4B 8.0% — 6.3% — 14.5x — Compare →
TransDigm Group TDG $63.4B 11.2% 47.2% 20.6% 22.5% 33.5x 4 Compare →
Howmet Aerospace HWM $74.7B 11.1% 24.8% 17.3% 22.4% 40.1x 7 Compare →
Elbit Systems ESLT $34.5B 16.3% 8.5% 7.0% 18.0% — 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.1B $7.4B $8.2B $8.9B $9.4B $9.5B $10.7B $11.5B $11.5B $12.5B
Gross profit $2.7B $3.0B — — — — — — — —
Research and development $19.0M $17.0M $25.0M $23.0M $31.0M $34.0M $40.0M $35.0M $27.0M $26.0M
Operating income $876M $881M $951M $736M $799M $513M $565M $781M $535M $657M
Interest expense $74.0M $94.0M $58.0M $70.0M $114M $89.0M $102M $95.0M $95.0M $105M
Pretax income $784M $772M $971M $683M $810M $622M $719M $853M $643M $777M
Income tax $211M $293M $135M $134M $114M $78.0M $140M $172M $93.0M $172M
Net income $573M $479M $836M $549M $696M $544M $579M $681M $550M $605M
Diluted EPS $12.14 $10.46 $19.09 $13.26 $17.14 $13.50 $14.44 $17.07 $13.96 $15.39
Diluted shares 0.05B 0.05B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $822M $814M $914M $896M $1.1B $760M $766M $970M $393M $1.2B
Capital expenditure $285M $382M $463M $530M $353M $331M $284M $292M $367M $402M
Free cash flow $537M $432M $451M $366M $740M $429M $482M $678M $26.0M $794M
Depreciation and amortization $186M $205M $203M $227M $247M $293M $358M $347M $326M $329M
Stock-based compensation $36.0M $34.0M $36.0M $30.0M $23.0M $33.0M $36.0M $34.0M $23.0M $54.0M
Acquisitions $372M $3.0M $77.0M $195M $417M $1.6B $0.0M $0.0M $0.0M $132M
Share buybacks $194M $286M $742M $262M $84.0M $101M $52.0M $75.0M $162M $0.0M
Dividends paid $98.0M $115M $132M $149M $172M $186M $192M $200M $206M $213M
Dividends and buybacks $292M $401M $874M $411M $256M $287M $244M $275M $368M $213M
Balance sheet
Cash and short-term investments $720M $701M $240M $75.0M $512M $627M $467M $430M $831M $774M
Total debt $1.3B $1.3B $1.3B $1.3B $1.7B $3.3B $2.9B $2.4B $3.2B $2.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $12.0M $9.0M $0.0M
Current assets $2.1B $2.2B $1.7B $1.8B $2.4B $2.8B $2.7B $2.9B $3.2B $3.5B
Current liabilities $1.3B $1.4B $1.8B $1.9B $2.2B $2.4B $2.9B $3.0B $3.0B $3.0B
Inventory $210M $183M $128M $136M $137M $161M $183M $186M $208M $219M
Property and equipment, net $2.0B $2.2B $2.5B $2.8B $3.0B $3.1B $3.2B $3.3B $3.5B $3.7B
Total assets $6.4B $6.4B $6.4B $7.0B $8.2B $10.6B $10.9B $11.2B $12.1B $12.7B
Total liabilities $4.7B $4.6B $4.9B $5.4B $6.3B $7.8B $7.4B $7.1B $7.5B $7.7B
Shareholders' equity $1.7B $1.8B $1.5B $1.6B $1.9B $2.8B $3.5B $4.1B $4.7B $5.1B
Margins
Gross margin 38.0% 40.3% — — — — — — — —
Operating margin 12.4% 11.8% 11.6% 8.3% 8.5% 5.4% 5.3% 6.8% 4.6% 5.3%
EBITDA margin 15.0% 14.6% 14.1% 10.8% 11.2% 8.5% 8.7% 9.9% 7.5% 7.9%
Net margin 8.1% 6.4% 10.2% 6.2% 7.4% 5.7% 5.4% 6.0% 4.8% 4.9%
FCF margin 7.6% 5.8% 5.5% 4.1% 7.9% 4.5% 4.5% 5.9% 0.2% 6.4%
Returns
Return on capital 31.4% 24.0% 33.5% 22.1% 23.4% 10.5% 8.0% 10.4% 7.0% 7.3%
Return on capital employed 18.0% 17.6% 19.9% 15.2% 14.4% 7.3% 7.0% 9.7% 6.2% 7.0%
Return on equity 36.5% 28.1% 51.1% 35.4% 39.9% 23.1% 18.4% 18.0% 12.6% 12.4%
Return on assets 9.3% 7.5% 13.1% 8.2% 9.2% 5.8% 5.4% 6.2% 4.7% 4.9%
Growth
Revenue growth 0.7% 5.3% 9.9% 8.8% 5.2% 1.7% 12.1% 7.3% 0.7% 8.2%
Net income growth 41.8% −16.4% 74.5% −34.3% 26.8% −21.8% 6.4% 17.6% −19.2% 10.0%
EPS growth 45.2% −13.8% 82.5% −30.5% 29.3% −21.2% 7.0% 18.2% −18.2% 10.2%
FCF growth −20.2% −19.6% 4.4% −18.9% 102.2% −42.0% 12.4% 40.7% −96.2% 2,953.9%
Share count change −2.3% −3.0% −4.4% −5.5% −1.9% −0.7% −0.5% −0.5% −1.3% −0.3%
Financial health
Net debt / EBITDA 0.5x 0.5x 0.9x 1.3x 1.1x 3.3x 2.6x 1.8x 2.8x 2.0x
Debt / equity 0.8x 0.7x 0.9x 0.8x 0.9x 1.2x 0.8x 0.6x 0.7x 0.5x
Interest coverage 11.8x 9.4x 16.4x 10.5x 7.0x 5.8x 5.5x 8.2x 5.6x 6.3x
Current ratio 1.6x 1.6x 1.0x 0.9x 1.1x 1.2x 1.0x 1.0x 1.1x 1.1x
Quick ratio 1.4x 1.5x 0.9x 0.9x 1.0x 1.1x 0.9x 0.9x 1.0x 1.1x
Capital allocation
Capex / revenue 4.0% 5.1% 5.7% 6.0% 3.8% 3.5% 2.7% 2.6% 3.2% 3.2%
Stock comp / revenue 0.5% 0.5% 0.4% 0.3% 0.3% 0.4% 0.3% 0.3% 0.2% 0.4%
Payouts / FCF 54.4% 92.8% 193.8% 112.3% 34.6% 66.9% 50.6% 40.6% 1,415.4% 26.8%
Quality scores
Piotroski F-score 7.0 6.0 6.0 6.0 6.0 5.0 5.0 8.0 4.0 7.0
Altman Z'' 2.8 3.0 2.6 2.3 2.6 2.1 2.0 2.4 2.5 2.7
Accruals ratio −4.0% −5.3% −1.2% −5.2% −5.2% −2.3% −1.7% −2.6% 1.3% −4.8%

Source: SEC EDGAR XBRL filings (CIK 0001501585). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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