Northrop Grumman

Few companies build stealth bombers, and Northrop Grumman is one of them. The Virginia-based defense contractor formed in 1994 when Northrop bought Grumman, and it sits among the handful of prime contractors the Pentagon depends on for its most sensitive programs. Its signature project is the B-21 Raider, the next-generation stealth bomber, but the portfolio runs much wider: military aircraft, radar and sensors, missile-defense work, and a large space business that builds satellites and boosters for NASA and national-security launches.

Roughly speaking, the customer is the US government and its allies, which makes revenue unusually predictable and tied to defense budgets rather than the economy. That government dependence cuts both ways. Long program cycles and fixed-price contracts can squeeze margins when costs overrun, but the backlog is deep and the barriers to entry in this industry are close to absolute.

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