Networks-on-chip (NoCs) are used in a growing number of SoCs and multi-core processors. Because messages compete for the NoC’s shared resources, quality of service and resource allocation are major concerns for system designers. In particular, a model for the properties of packet delivery through the network is desirable. We present a methodology for packet-level static timing analysis in NoCs. Our methodology quickly and accurately gauges the performance parameters of a virtual-channel wormhole NoC without simulation. The network model can handle any topology, link capacities, and buffer sizes. It provides per-flow delay analysis that is orders-of-magnitude faster than simulation while being significantly more accurate than prior static modeling techniques. Using a carefully derived and reduced Markov chain, the model can statically represent dynamic network state. Usage of the model in a placement optimization problem is shown as an example application.