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Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.
Solvency Ratios (Summary)
Northrop Grumman Corp., solvency ratios
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Northrop Grumman Corp.’s debt to equity ratio improved from 2018 to 2019 and from 2019 to 2020. |
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Northrop Grumman Corp.’s debt to equity ratio (including operating lease liability) improved from 2018 to 2019 and from 2019 to 2020. |
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Northrop Grumman Corp.’s debt to capital ratio improved from 2018 to 2019 and from 2019 to 2020. |
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Northrop Grumman Corp.’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 and from 2019 to 2020. |
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Northrop Grumman Corp.’s debt to assets ratio improved from 2018 to 2019 and from 2019 to 2020. |
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Northrop Grumman Corp.’s debt to assets ratio (including operating lease liability) improved from 2018 to 2019 and from 2019 to 2020. |
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Northrop Grumman Corp.’s financial leverage ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Northrop Grumman Corp.’s interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Northrop Grumman Corp.’s fixed charge coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
Debt to Equity
Northrop Grumman Corp., debt to equity calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current portion of long-term debt | ||||||
Long-term debt, net of current portion | ||||||
Total debt | ||||||
Shareholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity1 | ||||||
Benchmarks | ||||||
Debt to Equity, Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Debt to Equity, Sector | ||||||
Aerospace & Defense | ||||||
Debt to Equity, Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Northrop Grumman Corp.’s debt to equity ratio improved from 2018 to 2019 and from 2019 to 2020. |
Debt to Equity (including Operating Lease Liability)
Northrop Grumman Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current portion of long-term debt | ||||||
Long-term debt, net of current portion | ||||||
Total debt | ||||||
Current operating lease liabilities (included in Other current liabilities) | ||||||
Non-current operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Shareholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Debt to Equity (including Operating Lease Liability), Sector | ||||||
Aerospace & Defense | ||||||
Debt to Equity (including Operating Lease Liability), Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Northrop Grumman Corp.’s debt to equity ratio (including operating lease liability) improved from 2018 to 2019 and from 2019 to 2020. |
Debt to Capital
Northrop Grumman Corp., debt to capital calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current portion of long-term debt | ||||||
Long-term debt, net of current portion | ||||||
Total debt | ||||||
Shareholders’ equity | ||||||
Total capital | ||||||
Solvency Ratio | ||||||
Debt to capital1 | ||||||
Benchmarks | ||||||
Debt to Capital, Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Debt to Capital, Sector | ||||||
Aerospace & Defense | ||||||
Debt to Capital, Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Northrop Grumman Corp.’s debt to capital ratio improved from 2018 to 2019 and from 2019 to 2020. |
Debt to Capital (including Operating Lease Liability)
Northrop Grumman Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current portion of long-term debt | ||||||
Long-term debt, net of current portion | ||||||
Total debt | ||||||
Current operating lease liabilities (included in Other current liabilities) | ||||||
Non-current operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Shareholders’ equity | ||||||
Total capital (including operating lease liability) | ||||||
Solvency Ratio | ||||||
Debt to capital (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Debt to Capital (including Operating Lease Liability), Sector | ||||||
Aerospace & Defense | ||||||
Debt to Capital (including Operating Lease Liability), Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Northrop Grumman Corp.’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 and from 2019 to 2020. |
Debt to Assets
Northrop Grumman Corp., debt to assets calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current portion of long-term debt | ||||||
Long-term debt, net of current portion | ||||||
Total debt | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets1 | ||||||
Benchmarks | ||||||
Debt to Assets, Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Debt to Assets, Sector | ||||||
Aerospace & Defense | ||||||
Debt to Assets, Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Northrop Grumman Corp.’s debt to assets ratio improved from 2018 to 2019 and from 2019 to 2020. |
Debt to Assets (including Operating Lease Liability)
Northrop Grumman Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current portion of long-term debt | ||||||
Long-term debt, net of current portion | ||||||
Total debt | ||||||
Current operating lease liabilities (included in Other current liabilities) | ||||||
Non-current operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Debt to Assets (including Operating Lease Liability), Sector | ||||||
Aerospace & Defense | ||||||
Debt to Assets (including Operating Lease Liability), Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Northrop Grumman Corp.’s debt to assets ratio (including operating lease liability) improved from 2018 to 2019 and from 2019 to 2020. |
Financial Leverage
Northrop Grumman Corp., financial leverage calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Total assets | ||||||
Shareholders’ equity | ||||||
Solvency Ratio | ||||||
Financial leverage1 | ||||||
Benchmarks | ||||||
Financial Leverage, Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Financial Leverage, Sector | ||||||
Aerospace & Defense | ||||||
Financial Leverage, Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Northrop Grumman Corp.’s financial leverage ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Interest Coverage
Northrop Grumman Corp., interest coverage calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net earnings | ||||||
Add: Income tax expense | ||||||
Add: Interest expense | ||||||
Earnings before interest and tax (EBIT) | ||||||
Solvency Ratio | ||||||
Interest coverage1 | ||||||
Benchmarks | ||||||
Interest Coverage, Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Interest Coverage, Sector | ||||||
Aerospace & Defense | ||||||
Interest Coverage, Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Northrop Grumman Corp.’s interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
Fixed Charge Coverage
Northrop Grumman Corp., fixed charge coverage calculation, comparison to benchmarks
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net earnings | ||||||
Add: Income tax expense | ||||||
Add: Interest expense | ||||||
Earnings before interest and tax (EBIT) | ||||||
Add: Lease cost | ||||||
Earnings before fixed charges and tax | ||||||
Interest expense | ||||||
Lease cost | ||||||
Fixed charges | ||||||
Solvency Ratio | ||||||
Fixed charge coverage1 | ||||||
Benchmarks | ||||||
Fixed Charge Coverage, Competitors2 | ||||||
Boeing Co. | ||||||
Lockheed Martin Corp. | ||||||
Raytheon Technologies Corp. | ||||||
Fixed Charge Coverage, Sector | ||||||
Aerospace & Defense | ||||||
Fixed Charge Coverage, Industry | ||||||
Industrials |
Based on: 10-K (filing date: 2021-01-28), 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30).
1 2020 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Northrop Grumman Corp.’s fixed charge coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |