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The Boeing Company (BA) vs Northrop Grumman Corporation (NOC)

The Boeing Company and Northrop Grumman Corporation are both Aerospace & Defense companies. The Boeing Company is the larger, with a market value of $149.2B against $71.0B — 2.1× the size. Northrop Grumman Corporation trades at the lower P/E: 16.5× against 71.2×. The Boeing Company grew revenue faster over the last twelve months: 24.8% against 5.90%. Northrop Grumman Corporation has the higher net margin (10.5% vs 2.22%) and the higher return on invested capital (9.58% vs 8.99%). Across the 21 metrics below, Northrop Grumman Corporation leads on 15 and The Boeing Company on 6.

Valuation

Metric BA NOC Aerospace & Defense median
P/E 71.24 16.48 31.81
P/S 1.60 1.72 3.55
P/B 24.61 4.13 2.59
Price to free cash flow n/m 20.26 31.99
EV/EBITDA 25.93 14.05 18.08
EV/Sales 1.88 2.00 3.37
Earnings yield 1.40% 6.07% 1.38%
Free cash flow yield (0.09%) 4.94% 0.21%

Profitability

Metric BA NOC Aerospace & Defense median
Gross margin 4.68% 20.06% 25.48%
Operating margin 4.89% 10.72% 4.54%
Net margin 2.22% 10.48% 2.22%
Free cash flow margin (0.14%) 8.50% 1.43%
Return on equity 148.84% 26.96% 6.43%
Return on assets 1.30% 8.97% 2.70%
Return on invested capital 8.99% 9.58% 1.56%

Growth

Metric BA NOC Aerospace & Defense median
Revenue growth (TTM) 24.78% 5.90% 18.43%
EPS growth (last fiscal year) 113.51% 2.61% 24.27%
Revenue growth, 5-year CAGR 9.00% 2.66% 9.73%
Net income growth, 5-year CAGR 0.00% 5.57% 0.00%

Health

Metric BA NOC Aerospace & Defense median
Debt to equity 7.51 0.81 0.24
Current ratio 1.14 1.17 2.72
Net debt to EBITDA 3.96 1.80 1.12

Dividend

Metric BA NOC Aerospace & Defense median
Dividend yield — 1.84% 0.90%
Payout ratio — 0.30 0.32

Size

Metric BA NOC Aerospace & Defense median
Market cap 149.17b 70.98b 2.19b

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