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This paper analyzes the steady-state throughput of network coding nodes when data is transmitted based on the stop-and-wait automatic repeat request (SW-ARQ) scheme. The state transition of network coding nodes employing SW-ARQ is analyzed, which shows that the operations of network coding nodes can be modeled by a finite state machine. Therefore, the throughput expressions of network coding nodes can be derived based on the properties of finite state machines. Furthermore, the throughput performance of network coding nodes is investigated either by simulations or by evaluation of the expressions obtained. It can be shown that the simulation results converge closely to the numerical results and justify the effectiveness of our analytical expressions obtained.