LMT vs NOC: Lockheed Martin 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.
- Lockheed Martin is the larger company, worth $119.0B, about 1.8 times Northrop Grumman.
- Lockheed Martin grew revenue faster over the last year (+10.5% vs +5.1%).
- Lockheed Martin keeps more of each dollar of revenue as operating profit (11.9% vs 10.7%).
- On earnings, Northrop Grumman is the cheaper stock (14.8x vs 25.0x).
- Northrop Grumman's price assumes faster free cash flow growth: about 5% a year, against 3% for Lockheed Martin (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 | LMT | NOC |
|---|---|---|
| Market cap | $119.0B | $66.9B |
| Share price | $509.59 | $480.72 |
| Revenue (last fiscal year) | $75.0B | $42.0B |
| Free cash flow (last fiscal year) | $6.9B | $3.3B |
| Revenue growth, last year | +10.5% | +5.1% |
| Revenue growth per year, last 5 fiscal years | +2.9% | +4.1% |
| Operating margin | 11.9% | 10.7% |
| Net margin | 8.2% | 10.5% |
| Return on equity | 71.7% | 25.1% |
| P/E (trailing) | 25.0x | 14.8x |
| Price / free cash flow | 17.2x | 20.2x |
| EV / EBITDA | 16.0x | 11.1x |
| FCF growth the price implies | 3.0% | 5.1% |
| Dividend yield | 2.6% | 1.9% |
| Debt / equity | 6.12x | 1.84x |
| Fundamental grade | C | C |
| Superinvestors holding it | 10 | 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.
Lockheed Martin
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $67.0B | $7.7B | 13.6% |
| 2022 | $66.0B | $6.1B | 12.7% |
| 2023 | $67.6B | $6.2B | 12.6% |
| 2024 | $71.0B | $5.3B | 9.9% |
| 2025 | $75.0B | $6.9B | 10.3% |
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
Lockheed Martin · by segments, 2025
Aeronautics$30.3B40%
RMS$17.3B23%
MFC$14.4B19%
Space$13.0B17%
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 LMT in InvestinglyQuestions
Which is bigger, Lockheed Martin or Northrop Grumman?
Lockheed Martin (LMT), at $119.0B against $66.9B.
Is LMT or NOC cheaper?
By trailing P/E, Northrop Grumman (14.8x) is cheaper than Lockheed Martin (25.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, LMT or NOC?
Lockheed Martin: revenue grew +10.5% 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.