Boeing and Northrop Grumman will soon learn which of them has secured a big fighter jet contract from the U.S. Navy. The winner could see a nice boost to its stock.

On Wednesday, the Military Times reported that the Navy has decided which of the two bidders will make its next-generation stealth fighter jet, and will make an announcement within coming weeks. The development program, currently dubbed F/A-XX, will produce the Navy's sixth-generation fighter jet.

Neither Boeing nor Northrop immediately responded to a request for comment. It's unlikely they will say much until a decision is announced.

"Generation" refers to the level of technology and capabilities of certain planes; the F-35 and F-22 are fifth-generation fighters. Russia and China have produced fifth-generation fighters, and China is believed to be developing a sixth-generation jet.

More-advanced jets have better weapons, range, software, maneuverability, and stealth technology. They are also expensive. The F-35 can cost more than $100 million to purchase, and another $500 million to $700 million to maintain and operate over its multidecade service life. A sixth-generation jet would likely be more costly.

For the Navy, a new jet will extend the fighting range of its carrier-launched fleet. The F/A-XX will likely replace the F-18 Super Hornet, which is built by Boeing. (Tom Cruise flew an F-18 in Top Gun: Maverick.)

A loss for Boeing would hurt, but it is already in the sixth-generation fighter game. In 2025, Boeing scored a surprise win over Lockheed Martin to supply the Air Force's sixth-generation fighter jet, which is now dubbed the F-47.

A decision about the Navy's sixth-generation jet was supposed to follow shortly after, but it never came. At the time, Wall Street believed that Northop was the likely winner, mainly because the military would prefer to have two suppliers.

Boeing's F-47 will replace the F-22, of which the Air Force has almost 200. The Navy has more than 500 F-18 Super Hornets.

After Boeing's win, Jefferies analyst Sheila Kahyaoglu wrote that it was worth about $200 million in annual earnings. Using that as a guide, and adjusting for the number of Hornets, a similarly sized win for either company could be worth $500 million in earnings. That works out to about $3.50 a share for Northop and 60 cents a share for Boeing.

Northrop is expected to make about $29 a share in 2026. The F/A-XX bump would be worth about $60 a share at the company's current valuation multiple, or about 11% of the recent stock price. Of course, those earnings are down the road. The jets won't be delivered for years and won't be generating full service revenues for years after that.

The math for Boeing is a little harder. It is expected to lose money in 2026. Earnings are still depressed after years of problems from Covid-19 and the 737 MAX jet. A win might be worth $10 a share, or about 5% of the current share price.

Whatever happens, Boeing will continue to focus on boosting output of commercial jets, and Northop will remain a key supplier of stealth, missile, drone, space, and electronics technology.