A nickel-cobalt material and component includes a thermally stabilized nickel-cobalt alloy. The nickel-cobalt alloy disclosed herein includes nanocrystalline grain structures, pinning, such as Zener pinning, and intragranular twinning. The nickel-cobalt alloy disclosed herein exhibits multiple properties including an improved fracture toughness, an increased thermal stability, and an improved ultimate tensile strength.