Question 1

What is Northrop Grumman's P/FCF ratio?

Accepted Answer

Northrop Grumman (NOC) P/FCF ratio is 20.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Northrop Grumman?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Northrop Grumman specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Northrop Grumman's P/FCF ratio high or low?

Accepted Answer

Northrop Grumman's P/FCF ratio of 20.5× is below its own 5-year average of 47.1× and below the sector median of 24.3×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Northrop Grumman's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Northrop Grumman (NOC) P/FCF ratio has ranged from a low of 5.3× in 2008 to a high of 191.3× in 2022. The 5-year average is 47.1× and the 5-year median is 32.3×.

Question 7

What was Northrop Grumman's P/FCF ratio in 2025?

Accepted Answer

Northrop Grumman (NOC) P/FCF ratio at the end of 2025 was 24.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Northrop Grumman's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$81.5B	$3.31B	24.6×	-1.7×	Dec 31, 2025
2024	$69B	$2.62B	26.3×	-7.4×	Dec 31, 2024
2023	$70.7B	$2.1B	33.7×	-23.3×	Dec 31, 2023
2022	$83.6B	$1.47B	57.0×	+28.3×	Dec 31, 2022
2021	$61.9B	$2.15B	28.7×	+11.1×	Dec 31, 2021
2020	$50.8B	$2.89B	17.6×	-1.4×	Dec 31, 2020
2019	$57.7B	$3.03B	19.0×	+2.9×	Dec 31, 2019
2018	$41.6B	$2.58B	16.1×	-15.6×	Dec 31, 2018
2017	$53.4B	$1.69B	31.7×	+10.2×	Dec 31, 2017
2016	$40.7B	$1.89B	21.5×	+1.2×	Dec 31, 2016
2015	$34.2B	$1.69B	20.2×	+5.9×	Dec 31, 2015
2014	$29.1B	$2.03B	14.3×	+2.6×	Dec 31, 2014
2013	$24.8B	$2.12B	11.7×	+4.8×	Dec 31, 2013
2012	$16B	$2.31B	6.9×	-2.2×	Dec 31, 2012
2011	$14.8B	$1.63B	9.1×	-1.1×	Dec 31, 2011
2010	$17.1B	$1.68B	10.2×	-0.6×	Dec 31, 2010
2009	$15.3B	$1.41B	10.9×	+5.6×	Dec 31, 2009
2008	$13.3B	$2.53B	5.3×	-5.7×	Dec 31, 2008
2007	$24.1B	$2.21B	10.9×	-9.9×	Dec 31, 2007
2006	$21.2B	$1.02B	20.8×	+10.4×	Dec 31, 2006
2005	$18.7B	$1.8B	10.4×	-3.7×	Dec 31, 2005
2004	$17.8B	$1.26B	14.1×	-147.4×	Dec 31, 2004
2003	$15.7B	$97M	161.5×	+147.5×	Dec 31, 2003
2002	$16.1B	$1.15B	14.0×	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Northrop Grumman (NOC) 2002-2026

P/FCF Ratio daily chart for Northrop Grumman (NOC)

Historical P/FCF Ratio for Northrop Grumman (NOC) from 2002 to 2025

About P/FCF Ratio at Northrop Grumman (NOC)

Northrop Grumman P/FCF Ratio by Year

Northrop Grumman P/FCF Ratio 2025: 24.6×

Northrop Grumman P/FCF Ratio 2024: 26.3×

Northrop Grumman P/FCF Ratio 2023: 33.7×

Northrop Grumman P/FCF Ratio 2022: 57.0×

Northrop Grumman P/FCF Ratio 2021: 28.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Northrop Grumman (NOC) Key Financials