MDT vs NOC
Medtronic PLC and Northrop Grumman Corp., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | MDT | NOC |
|---|---|---|
| Revenue | $36.4B | $42.0B |
| Net income | $4.8B | $4.2B |
| Gross margin | 65.0% | · |
| Net margin | 13.3% | 10.0% |
| Return on equity | 9.8% | 26.2% |
| Diluted EPS | $3.73 | $29.08 |
| Dividend / share | $2.84 | $8.99 |
| Payout ratio | 75.8% | 30.9% |
| Free cash flow | $5.4B | $3.3B |
| Equity | $49.5B | $16.7B |
| Net debt / equity | 0.53× | 0.68× |
| Current ratio | 2.13× | 1.10× |
| Revenue CAGR 5y | 3.8% | 2.7% |
| Profit CAGR 5y | 5.9% | 5.6% |
NOC bills 1.2× the revenue of MDT, and MDT keeps more of each dollar of revenue as profit (13.3% against 10.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | MDT | NOC |
|---|---|---|
| FY2025 | $36.4B | $42.0B |
| FY2024 | $33.5B | $41.0B |
| FY2023 | $32.4B | $39.3B |
| FY2022 | $31.2B | $36.6B |
| FY2021 | $31.7B | $35.7B |
| FY2020 | $30.1B | $36.8B |
| FY2019 | $28.9B | $33.8B |
| FY2018 | $30.6B | $30.1B |
| FY2017 | $30.0B | $26.0B |
| FY2016 | $29.7B | $24.7B |
Bottom line
| Fiscal year | MDT | NOC |
|---|---|---|
| FY2025 | $4.8B | $4.2B |
| FY2024 | $4.7B | $4.2B |
| FY2023 | $3.7B | $2.1B |
| FY2022 | $3.8B | $4.9B |
| FY2021 | $5.0B | $7.0B |
| FY2020 | $3.6B | $3.2B |
| FY2019 | $4.8B | $2.2B |
| FY2018 | $4.6B | $3.2B |
| FY2017 | $3.1B | $2.9B |
| FY2016 | $4.0B | $2.0B |
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$5,590,000,000 | NOC |
| FY2024 | −$7,496,000,000 | NOC |
| FY2023 | −$6,926,000,000 | NOC |
| FY2022 | −$5,375,000,000 | NOC |
| FY2021 | −$3,981,000,000 | NOC |
| FY2020 | −$6,682,000,000 | NOC |
| FY2019 | −$4,928,000,000 | NOC |
| FY2018 | +$462,000,000 | MDT |
| FY2017 | +$3,949,000,000 | MDT |
| FY2016 | +$5,004,000,000 | MDT |
| FY2015 | +$5,307,000,000 | MDT |
| FY2014 | −$3,718,000,000 | NOC |
| FY2013 | −$7,656,000,000 | NOC |
| FY2012 | −$8,628,000,000 | NOC |
The higher-revenue side has changed between MDT and NOC over this period. The gap has narrowed since the earliest year compared.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +3.3 pp | MDT |
| FY2024 | +3.8 pp | MDT |
| FY2023 | +6.2 pp | MDT |
| FY2022 | −1.3 pp | NOC |
| FY2021 | −3.7 pp | NOC |
| FY2020 | +3.4 pp | MDT |
| FY2019 | +10.0 pp | MDT |
| FY2018 | +4.5 pp | MDT |
| FY2017 | −0.7 pp | NOC |
| FY2016 | +5.3 pp | MDT |
| FY2015 | +3.8 pp | MDT |
| FY2014 | +4.6 pp | MDT |
| FY2013 | +10.1 pp | MDT |
| FY2012 | +13.1 pp | MDT |
The higher net margin has changed hands between MDT and NOC over this period.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NOC's net margin has been more volatile than MDT's over the 14 comparable fiscal years — 3.4 percentage points of standard deviation against 2.8.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between MDT and NOC over these 14 fiscal years — MDT led in 11 and NOC in 3.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NOC's return on equity has been more volatile than MDT's over the 14 comparable fiscal years — 11.6 percentage points of standard deviation against 3.5.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
NOC led in return on equity in every one of the 14 comparable fiscal years — a structural lead, not a recent swing.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.