LHX vs NOC: L3Harris Technologies 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.
- Northrop Grumman is the larger company, worth $66.9B, about 1.5 times L3Harris Technologies.
- L3Harris Technologies grew revenue faster over the last year (+8.4% vs +5.1%).
- Northrop Grumman keeps more of each dollar of revenue as operating profit (10.7% vs 10.3%).
- On earnings, Northrop Grumman is the cheaper stock (14.8x vs 26.0x).
- Northrop Grumman's price assumes faster free cash flow growth: about 5% a year, against 3% for L3Harris Technologies (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 | LHX | NOC |
|---|---|---|
| Market cap | $44.6B | $66.9B |
| Share price | $236.97 | $480.72 |
| Revenue (last fiscal year) | — | $42.0B |
| Free cash flow (last fiscal year) | $2.7B | $3.3B |
| Revenue growth, last year | +8.4% | +5.1% |
| Revenue growth per year, last 5 fiscal years | — | +4.1% |
| Operating margin | 10.3% | 10.7% |
| Net margin | 4.8% | 10.5% |
| Return on equity | 9.4% | 25.1% |
| P/E (trailing) | 26.0x | 14.8x |
| Price / free cash flow | 16.6x | 20.2x |
| EV / EBITDA | 10.8x | 11.1x |
| FCF growth the price implies | 2.6% | 5.1% |
| Dividend yield | 1.2% | 1.9% |
| Debt / equity | 1.11x | 1.84x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 5 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
L3Harris Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.8B | $2.3B | 11.8% |
| 2022 | $17.1B | $1.9B | 6.6% |
| 2023 | $19.4B | $1.6B | 7.3% |
| 2024 | $21.3B | $2.2B | 9.0% |
| 2025 | — | $2.7B | — |
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
L3Harris Technologies · by segments, 2024
SAS$6.9B32%
IMS$6.6B31%
CS$5.5B25%
AR$2.6B12%
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 LHX in InvestinglyQuestions
Which is bigger, L3Harris Technologies or Northrop Grumman?
Northrop Grumman (NOC), at $66.9B against $44.6B.
Is LHX or NOC cheaper?
By trailing P/E, Northrop Grumman (14.8x) is cheaper than L3Harris Technologies (26.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, LHX or NOC?
L3Harris Technologies: revenue grew +8.4% 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.