NOC is one of the best performing large cap investments of the last decade but has gotten expensive with a PE (fwd) of 21.45x. Despite the optically rich valuation, worries over limited returns in future are not warranted as the business is positioned to continue growing revenues and earnings. NOC is investing in future growth by doubling down its investments in space and ramping up capex to stay competitive through initiatives such as in-house chip fabrication. It has used its strong cash generation to grow dividends for 17 straight years and has also made use of buybacks to reduce its share count and boost EPS. Investors waiting for it to get cheaper might miss the long-term opportunity