NOC vs TMO
Northrop Grumman Corp. and Thermo Fisher Scientific Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | NOC | TMO |
|---|---|---|
| Revenue | $42.0B | $44.6B |
| Net income | $4.2B | $6.7B |
| Gross margin | · | · |
| Net margin | 10.0% | 15.1% |
| Return on equity | 26.2% | 13.0% |
| Diluted EPS | $29.08 | $17.74 |
| Dividend / share | $8.99 | $1.72 |
| Payout ratio | 30.9% | 9.5% |
| Free cash flow | $3.3B | $6.3B |
| Equity | $16.7B | $53.4B |
| Net debt / equity | 0.68× | 0.62× |
| Current ratio | 1.10× | 1.89× |
| Revenue CAGR 5y | 2.7% | 6.7% |
| Profit CAGR 5y | 5.6% | · |
NOC and TMO book revenue within 15% of each other, and TMO keeps more of each dollar of revenue as profit (15.1% 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 | NOC | TMO |
|---|---|---|
| FY2025 | $42.0B | $44.6B |
| FY2024 | $41.0B | $42.9B |
| FY2023 | $39.3B | $42.9B |
| FY2022 | $36.6B | $44.9B |
| FY2021 | $35.7B | $39.2B |
| FY2020 | $36.8B | $32.2B |
| FY2019 | $33.8B | $25.5B |
| FY2018 | $30.1B | $24.4B |
| FY2017 | $26.0B | $20.9B |
| FY2016 | $24.7B | $18.3B |
Bottom line
| Fiscal year | NOC | TMO |
|---|---|---|
| FY2025 | $4.2B | $6.7B |
| FY2024 | $4.2B | $6.3B |
| FY2023 | $2.1B | $6.0B |
| FY2022 | $4.9B | $7.0B |
| FY2021 | $7.0B | $7.7B |
| FY2020 | $3.2B | $6.4B |
| FY2019 | $2.2B | $3.7B |
| FY2018 | $3.2B | $2.9B |
| FY2017 | $2.9B | $2.2B |
| FY2016 | $2.0B | $2.0B |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$2,602,000,000 | TMO |
| FY2024 | −$1,846,000,000 | TMO |
| FY2023 | −$3,567,000,000 | TMO |
| FY2022 | −$8,313,000,000 | TMO |
| FY2021 | −$3,544,000,000 | TMO |
| FY2020 | +$4,581,000,000 | NOC |
| FY2019 | +$8,299,000,000 | NOC |
| FY2018 | +$5,737,000,000 | NOC |
| FY2017 | +$5,086,000,000 | NOC |
| FY2016 | +$6,432,000,000 | NOC |
| FY2015 | +$6,561,000,000 | NOC |
| FY2014 | +$7,089,400,000 | NOC |
| FY2013 | +$11,570,700,000 | NOC |
| FY2012 | +$12,708,100,000 | NOC |
| FY2011 | +$14,853,200,000 | NOC |
| FY2010 | +$17,749,900,000 | NOC |
| FY2009 | +$17,738,400,000 | NOC |
| FY2008 | +$21,817,000,000 | NOC |
| FY2007 | +$20,594,600,000 | NOC |
The higher-revenue side has changed between NOC and TMO over this period. The gap has narrowed since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −5.1 pp | TMO |
| FY2024 | −4.6 pp | TMO |
| FY2023 | −8.7 pp | TMO |
| FY2022 | −2.1 pp | TMO |
| FY2021 | −0.1 pp | TMO |
| FY2020 | −11.1 pp | TMO |
| FY2019 | −7.8 pp | TMO |
| FY2013 | −1.8 pp | TMO |
| FY2012 | −1.6 pp | TMO |
| FY2011 | −3.5 pp | TMO |
| FY2010 | −2.7 pp | TMO |
| FY2009 | −2.5 pp | TMO |
| FY2008 | −13.2 pp | TMO |
| FY2007 | −1.8 pp | TMO |
TMO has kept the higher net margin in every one of these 14 fiscal years.
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 TMO's over the 14 comparable fiscal years — 4.9 percentage points of standard deviation against 3.8.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TMO led in net margin 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.
Standard deviation, each side
NOC's return on equity has been more volatile than TMO's over the 19 comparable fiscal years — 14.6 percentage points of standard deviation against 4.3.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between NOC and TMO over these 19 fiscal years — NOC led in 18 and TMO in 1.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.