Stock Analysis on Net
Stock Analysis on Net

Northrop Grumman Corp. (NYSE:NOC)

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

Common-Size Balance Sheet: Assets

Northrop Grumman Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 5.89 8.29 11.03 5.46 4.19
Accounts receivable, net 3.45 3.45 3.38 3.23 3.85
Unbilled receivables, net 13.67 12.90 11.56 12.98 13.35
Inventoried costs, net 2.24 1.90 1.71 1.91 1.74
Prepaid expenses and other current assets 3.29 2.64 3.15 2.43 2.58
Assets of disposal group held for sale 0.00 0.00 3.68 0.00 0.00
Current assets 28.54% 29.18% 34.50% 26.00% 25.71%
Property, plant and equipment, net of accumulated depreciation 20.11 18.54 15.90 16.82 16.92
Operating lease right-of-use assets 4.14 3.89 3.45 3.68 0.00
Goodwill 40.03 41.14 39.39 45.53 49.59
Intangible assets, net 0.88 1.36 1.76 2.53 3.64
Deferred tax assets 0.37 0.47 0.70 1.24 0.25
Other non-current assets 5.93 5.43 4.29 4.20 3.89
Non-current assets 71.46% 70.82% 65.50% 74.00% 74.29%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset composition of the balance sheet between 2018 and 2022 reveals a gradual shift from a high reliance on intangible value toward a more balanced distribution of tangible operational assets and liquidity.

Liquidity and Current Asset Trends
Current assets experienced a notable peak in 2020 at 34.50% of total assets, before normalizing to 28.54% by 2022. This fluctuation was primarily driven by cash and cash equivalents, which rose from 4.19% in 2018 to 11.03% in 2020, subsequently declining to 5.89% in 2022. Unbilled receivables remained a stable and significant component of the current asset base, fluctuating within a narrow range between 11.56% and 13.67% over the five-year period.
Tangible and Operational Assets
A consistent upward trend is observed in property, plant, and equipment, which increased from 16.92% in 2018 to 20.11% in 2022. Additionally, operating lease right-of-use assets appeared in 2019 and grew steadily to represent 4.14% of total assets by 2022. This suggests a strategic increase in the proportion of physical and leased infrastructure relative to the total asset base.
Intangibles and Goodwill Analysis
Goodwill, while remaining the largest asset category, showed a downward trajectory, decreasing from 49.59% in 2018 to 40.03% in 2022. A more pronounced decline occurred in net intangible assets, which dropped from 3.64% to 0.88% over the same period. These trends indicate a reduction in the relative weight of acquired intangibles, likely due to amortization or impairment.
Non-Current Asset Structure
Non-current assets maintained a dominant position, generally accounting for over 70% of the balance sheet, with a temporary dip to 65.50% in 2020. This decrease in 2020 aligns with the simultaneous spike in cash holdings, indicating a temporary reallocation of asset weight rather than a long-term structural divestment.

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