NOC Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	68.29B EUR	72.35B EUR	96.9B EUR	80.97B EUR
Enterprise Value	83.57B EUR	86.34B EUR	111.13B EUR	93.58B EUR
Valuation Multiples
Trailing P/E	15.28x	16.09x	21.18x	21.88x
Forward P/E	15.81x	--	--	--
Price to Sales	1.59x	1.69x	2.29x	2.49x
Price to Book	3.82x	4.05x	5.66x	4.86x
EV/Revenue	1.95x	2.01x	2.62x	2.88x
EV/EBITDA	11.52x	11.6x	14.88x	15.85x
Price to FCF (P/FCF)	27.56x	19.84x	29.32x	15.79x
EV/FCF	33.73x	23.68x	33.62x	18.25x
FCF Yield	3.63%	5.04%	3.41%	6.33%