At a glance
Huntington Ingalls Industries Inc is worth $12.36B, about 20 times its fiscal 2025 earnings. Revenue grew 8.2% to $12.48B in fiscal 2025, with 4.8% kept as profit; over 5 years it has grown 5.9% a year. It pays a 1.76% dividend yield, raised every year for at least 9 years, and returned $1.39B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.9% over the past year with dividends reinvested and +11.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.8% in the 2020 crash (S&P 500: 33.7%) and 13.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months and 3 months after the lows.
The business in plain English
Huntington Ingalls Industries (HII) describes itself as America's largest shipbuilder. It designs, builds and repairs Navy and Coast Guard ships and sells defense technology. Substantially all of its 2025 revenue came from one customer, the U.S. government, mainly the Department of War. HII earns money on contracts where it is the main contractor, a subcontractor or a partner. Based in Newport News, Virginia, it employs over 44,000 people.
Newport News Shipbuilding is the biggest segment. It brought in about $6.5 billion of HII's $12.5 billion in revenue in 2025, or about 52%. It is the only designer and builder of the Navy's nuclear-powered aircraft carriers. It is also the only prime contractor for refueling and overhauling them, a job that takes nearly four years per ship. It is one of two U.S. companies able to build nuclear submarines, working alongside General Dynamics' Electric Boat.
Ingalls Shipbuilding in Pascagoula, Mississippi, brought in about $3.1 billion, roughly a quarter. It is the Navy's sole builder of amphibious assault ships, which carry Marines and their aircraft, and one of two builders of Arleigh Burke destroyers. Mission Technologies brought in about $3.0 billion. It sells technology and services such as command-and-control and intelligence systems, cyber and electronic warfare, unmanned vehicles and training. About 65% of revenue came from products and 35% from services.
Price history
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HII -0.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $8.13B | 65.1% |
| Service | $4.35B | 34.9% |
By business segment
| Newport News Shipbuilding | $6.51B | 52.1% |
| Ingalls | $3.08B | 24.7% |
| Mission Technologies | $3.04B | 24.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.54B, up 10.8% from a year earlier, and net income was $217.0M (+49.7%).
- For fiscal 2025, revenue was $12.48B (+8.2% year over year; +5.9% a year from FY2020 to FY2025) with a 4.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Operating margin | 5.3% watch |
| Free cash flow margin | 6.4% watch |
| Return on equity (FY2025) | 11.9% watch |
| Return on assets (FY2025) | 4.7% watch |
| Net cash (cash minus debt) | $-2.32B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.36B | $696.0M | $740.0M |
| FY2021 | $9.52B | $544.0M | $429.0M |
| FY2022 | $10.68B | $579.0M | $482.0M |
| FY2023 | $11.45B | $681.0M | $678.0M |
| FY2024 | $11.54B | $550.0M | $26.0M |
| FY2025 | $12.48B | $605.0M | $794.0M |
Valuation snapshot
| Market value | $12.36B |
|---|---|
| P/E ratio | 20.4 |
| Dividend yield | 1.76% |
Rank among 1514 US companies
Market value at each year end
Huntington Ingalls Industries’s market value went from $8.54B at the end of 2016 to $12.36B on Nov 2, 2026, up 45%; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $12.36B | -7.4% |
| 2025 | $13.34B | +80.5% |
| 2024 | $7.39B | -28.3% |
| 2023 | $10.31B | +12.0% |
| 2022 | $9.20B | +23.0% |
| 2021 | $7.48B | +8.4% |
| 2020 | $6.90B | -32.7% |
| 2019 | $10.26B | +25.5% |
| 2018 | $8.17B | -23.4% |
| 2017 | $10.67B | +24.9% |
| 2016 | $8.54B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HII price data to Nov 2, 2026 | -6.6% | -0.9% | +12.6% | +11.8% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.6% |
| 2025 | +84.2% |
| 2024 | -25.7% |
| 2023 | +15.2% |
| 2022 | +26.3% |
| 2021 | +12.1% |
| 2020 | -30.4% |
| 2019 | +34.0% |
| 2018 | -18.2% |
| 2017 | +29.5% |
| 2016 | +47.2% |
| 2015 | +14.3% |
| 2014 | +26.1% |
| 2013 | +109.3% |
| 2012 | +38.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.4% over that stretch · deepest drop along the way 34.8%, back to its old high 24.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 23.9% over that stretch · deepest drop along the way 13%, back to its old high 2.5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.34% | Mar 31, 2026 |
| BlackRock, Inc. | 7.3% | Mar 31, 2025 |
| STATE STREET CORPORATION | 7.2% | Sep 30, 2025 |
| FMR LLC | 6.8% | Jun 30, 2026 |
| VAN ECK ASSOCIATES CORP | 5.41% | Dec 31, 2024 |
| Vanguard Portfolio Management | 5.16% | Mar 31, 2026 |
ETFs with the most weight in HII
| MVAL VanEck Morningstar Wide Moat Value ETF | 5.16% |
| XAR SPDR S&P Aerospace & Defense ETF | 4.04% |
| AIRR First Trust RBA American Industrial Renaissance ETF | 3.67% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 3.01% |
| MOAT VanEck Morningstar Wide Moat ETF | 2.97% |
| SHLD Global X Defense Tech ETF | 2.29% |
| SAGP Strategas Global Policy Opportunities ETF | 2.28% |
| FTDS First Trust Dividend Strength ETF | 2.16% |
What could go wrong
- Nearly all revenue comes from Washington. Substantially all 2025 revenue came from the U.S. government, which can end contracts with little notice. In 2025, HII and the Coast Guard agreed to end production of the final planned national security cutter.
- Budget delays and government shutdowns. Programs need yearly funding from Congress. Stopgap budgets can limit multi-year deals and new programs. Shutdowns, like the one in October 2025, can delay programs and payments to HII.
- Cost overruns on long, complex ship contracts. Ships take years to build, so profit rests on cost estimates. HII says changing estimates and cost growth have already affected profits, and overruns are not always passed on to the customer.
- Late parts and supplier problems. Profits depend partly on subcontractors and on the price and supply of raw materials and parts. Late material on the carrier Enterprise (CVN 80) has led HII and the Navy to realign its schedule.
- Finding and keeping skilled shipyard workers. HII's growth depends on hiring, training and keeping skilled workers, and on expanding shipyard capacity at a reasonable cost. Failing to reach new union labor agreements could also disrupt work.
- Debt and pension obligations. HII carried about $2.7 billion of debt as of June 30, 2026, which could limit its flexibility. Pension costs can also swing with interest rates and investment returns on plan assets.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
HII pays a modest but growing dividend. Dividends per share rose from $4.23 in 2020 to $5.43 in 2025, about 5.1% a year, and SEC filings show at least nine straight annual increases. In 2025 the dividend used about 35% of earnings and 27% of free cash flow, the cash left after running and investing in the business. Cash coverage has been uneven: in 2024, free cash flow was only $26 million against $206 million of dividends paid. HII also spent $390 million on share buybacks from 2021 through 2025, and its share count fell 1.8% between July 2021 and July 2026. The dividend yield (yearly dividends divided by share price) was 1.98% as of October 28, 2026.
In the 2020 COVID crash, the shares fell 34.8% and took about 25 months to recover. During the 2022 bear market they gained 23.9%, despite a 13% dip along the way. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Huntington Ingalls make money?
Mostly by building and maintaining warships for the U.S. government. HII's revenue was $12.5 billion in 2025. Newport News Shipbuilding, which builds nuclear aircraft carriers and submarines, brought in about $6.5 billion. Ingalls Shipbuilding builds amphibious assault ships and destroyers. Mission Technologies sells defense technology such as cyber, unmanned and command systems. Each of those two brought in about $3 billion. About 65% of revenue came from products and 35% from services.
Does Huntington Ingalls raise its dividend every year?
Yes, so far. SEC data covering fiscal 2016 through 2025 shows an increase every year. That is at least nine straight increases, and the true streak may be longer. Dividends per share grew from $4.23 in 2020 to $5.43 in 2025, about 5.1% a year, and used about 35% of 2025 earnings. The dividend yield was 1.98% as of October 28, 2026. HII's annual report warns it can give no assurance it will keep paying dividends or repurchasing shares.
Who is Huntington Ingalls' biggest customer?
The U.S. government, by a wide margin. Substantially all of HII's 2025 revenue came from U.S. government contracts, mainly with the Department of War, which includes the Navy. That means HII depends on Congress approving money each year, and budget delays or shutdowns can slow payments. The government can also stop work or cancel contracts with little notice. Some contracts are classified, which limits how much investors can see.
Does Huntington Ingalls build nuclear submarines and aircraft carriers?
Yes. Its Newport News shipyard in Virginia is the only designer and builder of the Navy's nuclear-powered aircraft carriers, including the newer Gerald R. Ford class. It is also the only prime contractor for their refueling and complex overhaul, a nearly four-year job. It is one of two U.S. companies able to build nuclear submarines and has delivered 65 since 1960. It builds Virginia class attack submarines with General Dynamics' Electric Boat. It also helps build Columbia class ballistic missile submarines as Electric Boat's subcontractor.
How has Huntington Ingalls stock performed over the long run?
It has grown over time, but with big swings. Based on share prices as of October 28, 2026, the stock returned about 7.8% a year over 10 years and 8.7% a year over five years. It lost 5.1% over the past year. Yearly results vary widely: it rose 84% in 2025 after falling 26% in 2024. Through October 28, 2026, it was down 16.9% year to date. It had dropped as much as 42.8% from its high within the prior 12 months.