NOC vs TDG: Northrop Grumman and Transdigm Group 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, close to Transdigm Group's $62.4B.
- Transdigm Group grew revenue faster over the last year (+22.5% vs +5.1%).
- Transdigm Group keeps more of each dollar of revenue as operating profit (46.0% vs 10.7%).
- On earnings, Northrop Grumman is the cheaper stock (14.8x vs 34.8x).
- Transdigm Group's price assumes faster free cash flow growth: about 12% 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 | NOC | TDG |
|---|---|---|
| Market cap | $66.9B | $62.4B |
| Share price | $480.72 | $1,107.99 |
| Revenue (last fiscal year) | $42.0B | $8.8B |
| Free cash flow (last fiscal year) | $3.3B | $1.8B |
| Revenue growth, last year | +5.1% | +22.5% |
| Revenue growth per year, last 5 fiscal years | +4.1% | +16.5% |
| Operating margin | 10.7% | 46.0% |
| Net margin | 10.5% | 21.3% |
| Return on equity | 25.1% | — |
| P/E (trailing) | 14.8x | 34.8x |
| Price / free cash flow | 20.2x | 34.4x |
| EV / EBITDA | 11.1x | 19.5x |
| FCF growth the price implies | 5.1% | 12.1% |
| Dividend yield | 1.9% | — |
| Debt / equity | 1.84x | — |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 9 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Transdigm Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | $808M | 35.2% |
| 2022 | $5.4B | $829M | 40.8% |
| 2023 | $6.6B | $1.2B | 44.4% |
| 2024 | $7.9B | $1.9B | 44.5% |
| 2025 | $8.8B | $1.8B | 47.2% |
Where the revenue comes from
Northrop Grumman · by segments, 2023
Space Systems$13.9B39%
Mission Systems$10.9B31%
Aeronautics Systems$10.8B30%
Transdigm Group · by segments, 2025
Power & Control$4.6B52%
Airframe$4.1B47%
Non-aviation$160M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NOC in InvestinglyQuestions
Which is bigger, Northrop Grumman or Transdigm Group?
Northrop Grumman (NOC), at $66.9B against $62.4B.
Is NOC or TDG cheaper?
By trailing P/E, Northrop Grumman (14.8x) is cheaper than Transdigm Group (34.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, NOC or TDG?
Transdigm Group: revenue grew +22.5% 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.