Northrop Grumman

1. Regulatory and political risks: Northrop Grumman is subject to the risks associated with legislation and regulations of the U.S. federal and state governments, international governments, and related entities. Changes in the existing regulations or enactment of new regulations could have a negative effect on the company's operations, profitability, and financial condition.

2. Market volatility: Northrop Grumman operates in a highly competitive and rapidly changing industry. Changes within the industry as well as in the overall economy can impact the performance and profitability of Northrop Grumman and its stock price.

3. Dependence on Defense Funding: Northrop Grumman is primarily dependent on the Department of Defense for its revenue, and its future profitability will be tied to the federal government’s spending patterns.

4. Cybersecurity Risks: Northrop Grumman's business operations and products rely on the security of its digital networks and data, and it is exposed to the risk of potential cyber-attacks by adversaries.

5. Merger and Acquisition Risks: Northrop Grumman is pursuing a merger and acquisition strategy as a part of its long-term growth strategy. Other risks associated with acquisitions include the possibility of acquisition targets being unable to meet expectations, the potential disruption to operations, and the risk of an unsuccessful integration.