Valuation Trends: Val. Trends #929: Flying under (or over) the radar this past week…

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Valuation Trends: Val. Trends #929: Flying under (or over) the radar this past week…

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Valuation Trends

Val. Trends #929: Flying under (or over) the

radar this past week…

Industry Overview

Raider cruising ahead of schedule 11 May 2026

Northrop Grumman (NOC) announced that the B-21 Raider Combined Test Force (NOC + Equity

USAF) completed a developmental flight test campaign originally scheduled for 180 days Americas

in only 73 days, while executing roughly half the planned missions. The accelerated Aerospace/Defense

timeline suggests the aircraft entered testing with mature software and systems Ronald J. Epstein

integration, reducing the need for repeated troubleshooting flights, a stark contrast to Research Analyst

the protracted testing histories of prior stealth platforms like the B-2, F-22 and F-35. BofAS+1 646 855 5695

Current Air Force planning still targets initial operational fielding at Ellsworth Air Force r.epstein@bofa.com

Base in 2027. This is a significant positive for Northrop Grumman, in our view, and Mariana Perez Mora

Research Analyst

signals the program is tracking well ahead of historical norms for a next-generation BofAS

stealth aircraft and bolsters the case for increased volume. +1 646 855 5696

mariana.perezmora@bofa.com

China’s stealth fighter appears on global market JordanResearchLyonnaisAnalyst

China publicly unveiled the export-oriented J-35AE stealth fighter, signaling a direct BofAS

+1 646 855 5204

challenge to the global reach of the F-35 Lightning II. This is potentially a significant jordan.lyonnais@bofa.com

geopolitical development, if China can market a credible stealth fighter to countries Alexander Preston

locked out of F-35 access (due to US foreign policy restrictions), it creates a new Research Analyst BofAS