GE vs NOC: GE Aerospace and Northrop Grumman compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- GE Aerospace is the larger company, worth $329.7B, about 4.9 times Northrop Grumman.
- GE Aerospace grew revenue faster over the last year (+21.1% vs +5.1%).
- GE Aerospace keeps more of each dollar of revenue as operating profit (18.1% vs 10.7%).
- On earnings, Northrop Grumman is the cheaper stock (14.8x vs 39.2x).
- GE Aerospace's price assumes faster free cash flow growth: about 16% a year, against 5% for Northrop Grumman (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GE | NOC |
|---|---|---|
| Market cap | $329.7B | $66.9B |
| Share price | $308.20 | $480.72 |
| Revenue (last fiscal year) | $45.9B | $42.0B |
| Free cash flow (last fiscal year) | $7.3B | $3.3B |
| Revenue growth, last year | +21.1% | +5.1% |
| Revenue growth per year, last 5 fiscal years | -5.1% | +4.1% |
| Operating margin | 18.1% | 10.7% |
| Net margin | 17.7% | 10.5% |
| Return on equity | 50.9% | 25.1% |
| P/E (trailing) | 39.2x | 14.8x |
| Price / free cash flow | 45.4x | 20.2x |
| EV / EBITDA | 30.1x | 11.1x |
| FCF growth the price implies | 15.7% | 5.1% |
| Dividend yield | 0.50% | 1.9% |
| Debt / equity | 6.22x | 1.84x |
| Fundamental grade | C | C |
| Superinvestors holding it | 9 | 5 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
GE Aerospace
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $56.5B | $2.1B | -14.9% |
| 2022 | $29.1B | $4.4B | 2.4% |
| 2023 | $35.3B | $4.3B | 10.5% |
| 2024 | $38.7B | $3.7B | 13.8% |
| 2025 | $45.9B | $7.3B | 18.6% |
Northrop Grumman
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $35.7B | $2.2B | 15.8% |
| 2022 | $36.6B | $1.5B | 9.8% |
| 2023 | $39.3B | $2.1B | 6.5% |
| 2024 | $41.0B | $2.6B | 10.6% |
| 2025 | $42.0B | $3.3B | 10.8% |
Where the revenue comes from
GE Aerospace · by segments, 2025
Commercial Engines & Services$33.3B76%
Defense & Propulsion Technologies$10.6B24%
Northrop Grumman · by segments, 2023
Space Systems$13.9B39%
Mission Systems$10.9B31%
Aeronautics Systems$10.8B30%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open GE in InvestinglyQuestions
Which is bigger, GE Aerospace or Northrop Grumman?
GE Aerospace (GE), at $329.7B against $66.9B.
Is GE or NOC cheaper?
By trailing P/E, Northrop Grumman (14.8x) is cheaper than GE Aerospace (39.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, GE or NOC?
GE Aerospace: revenue grew +21.1% over the last year, against +5.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.