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.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Northrop Grumman Corp., solvency ratios (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Debt Ratios
Debt to equity 0.98 0.84 0.92 0.94 0.97 0.99 1.12 1.14 1.22 1.42 1.53 1.65 1.78 1.57 1.43 1.56 1.65 1.76 1.58 1.84 1.99
Debt to equity (including operating lease liability) 1.10 0.96 1.04 1.06 1.09 1.11 1.24 1.27 1.35 1.55 1.66 1.79 1.92 1.72 1.56 1.68 1.77 1.76 1.58 1.84 1.99
Debt to capital 0.50 0.46 0.48 0.48 0.49 0.50 0.53 0.53 0.55 0.59 0.61 0.62 0.64 0.61 0.59 0.61 0.62 0.64 0.61 0.65 0.67
Debt to capital (including operating lease liability) 0.52 0.49 0.51 0.52 0.52 0.53 0.55 0.56 0.57 0.61 0.62 0.64 0.66 0.63 0.61 0.63 0.64 0.64 0.61 0.65 0.67
Debt to assets 0.34 0.29 0.30 0.31 0.31 0.30 0.30 0.30 0.31 0.34 0.36 0.37 0.37 0.34 0.34 0.36 0.36 0.38 0.38 0.40 0.44
Debt to assets (including operating lease liability) 0.38 0.34 0.34 0.35 0.35 0.34 0.33 0.34 0.34 0.37 0.39 0.40 0.40 0.37 0.37 0.39 0.39 0.38 0.38 0.40 0.44
Financial leverage 2.92 2.86 3.06 3.07 3.15 3.29 3.71 3.77 3.94 4.20 4.28 4.48 4.77 4.66 4.17 4.30 4.55 4.60 4.17 4.54 4.53
Coverage Ratios
Interest coverage 12.33 12.53 13.97 14.07 14.23 17.08 11.12 10.57 10.13 7.29 6.07 6.15 5.98 5.83 7.52 7.96 7.78 7.66

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Northrop Grumman Corp. debt to equity ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Northrop Grumman Corp. debt to equity ratio (including operating lease liability) improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Northrop Grumman Corp. debt to capital ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Debt to capital (including operating lease liability) ratio 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. debt to capital ratio (including operating lease liability) improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Northrop Grumman Corp. debt to assets ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Northrop Grumman Corp. debt to assets ratio (including operating lease liability) improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Northrop Grumman Corp. financial leverage ratio decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Northrop Grumman Corp. interest coverage ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Equity

Northrop Grumman Corp., debt to equity calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current portion of long-term debt 1,082 1,072 1,069 14 7 6 6 6 42 742 1,806 1,803 1,790 1,109 45 545 523 517 517 744 868
Long-term debt, net of current portion 13,770 11,805 11,803 12,834 12,825 12,777 12,774 12,764 12,764 14,261 14,260 14,259 14,299 12,770 13,826 13,838 13,863 13,883 13,889 14,387 14,392
Total debt 14,852 12,877 12,872 12,848 12,832 12,783 12,780 12,770 12,806 15,003 16,066 16,062 16,089 13,879 13,871 14,383 14,386 14,400 14,406 15,131 15,260
 
Shareholders’ equity 15,136 15,312 13,943 13,651 13,287 12,926 11,417 11,172 10,525 10,579 10,467 9,712 9,062 8,819 9,731 9,214 8,739 8,187 9,103 8,227 7,680
Solvency Ratio
Debt to equity1 0.98 0.84 0.92 0.94 0.97 0.99 1.12 1.14 1.22 1.42 1.53 1.65 1.78 1.57 1.43 1.56 1.65 1.76 1.58 1.84 1.99
Benchmarks
Debt to Equity, Competitors2
Boeing Co. 117.95
Caterpillar Inc. 2.04 2.33 2.34 2.35 2.20 2.29 2.21 2.23 2.30 2.42 2.55 2.81 2.61 2.58 2.54 2.45 2.32
Cummins Inc. 0.81 0.88 0.97 0.51 0.49 0.49 0.49 0.50 0.50 0.52 0.53 0.53 0.47 0.32 0.34 0.27 0.31
General Electric Co. 0.71 0.89 0.97 0.94 0.86 0.87 1.68 1.90 2.12 2.11 2.39 2.43 2.41 3.21 3.34 2.95 3.06
Honeywell International Inc. 1.13 1.17 0.96 1.09 1.05 1.06 1.19 1.19 1.19 1.28 1.23 1.22 0.91 0.87 1.03 0.91 0.86
Lockheed Martin Corp. 1.62 1.68 0.96 1.02 1.16 1.07 1.21 1.87 1.93 2.02 2.56 3.38 3.68 4.05 3.48 4.75 5.65
RTX Corp. 0.47 0.44 0.48 0.45 0.43 0.43 0.44 0.44 0.44 0.44 0.48 0.49 1.18 1.04 1.10 1.11 1.14

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 14,852 ÷ 15,136 = 0.98

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. debt to equity ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Debt to Equity (including Operating Lease Liability)

Northrop Grumman Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current portion of long-term debt 1,082 1,072 1,069 14 7 6 6 6 42 742 1,806 1,803 1,790 1,109 45 545 523 517 517 744 868
Long-term debt, net of current portion 13,770 11,805 11,803 12,834 12,825 12,777 12,774 12,764 12,764 14,261 14,260 14,259 14,299 12,770 13,826 13,838 13,863 13,883 13,889 14,387 14,392
Total debt 14,852 12,877 12,872 12,848 12,832 12,783 12,780 12,770 12,806 15,003 16,066 16,062 16,089 13,879 13,871 14,383 14,386 14,400 14,406 15,131 15,260
Non-current operating lease liabilities 1,789 1,824 1,696 1,654 1,661 1,590 1,367 1,389 1,354 1,343 1,292 1,333 1,280 1,308 1,304 1,081 1,098
Total debt (including operating lease liability) 16,641 14,701 14,568 14,502 14,493 14,373 14,147 14,159 14,160 16,346 17,358 17,395 17,369 15,187 15,175 15,464 15,484 14,400 14,406 15,131 15,260
 
Shareholders’ equity 15,136 15,312 13,943 13,651 13,287 12,926 11,417 11,172 10,525 10,579 10,467 9,712 9,062 8,819 9,731 9,214 8,739 8,187 9,103 8,227 7,680
Solvency Ratio
Debt to equity (including operating lease liability)1 1.10 0.96 1.04 1.06 1.09 1.11 1.24 1.27 1.35 1.55 1.66 1.79 1.92 1.72 1.56 1.68 1.77 1.76 1.58 1.84 1.99
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
RTX Corp. 0.50 0.46 0.50 0.47 0.46 0.45 0.46 0.46 0.46 0.46 0.50 0.51 1.23 1.10 1.15 1.17 1.19

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 16,641 ÷ 15,136 = 1.10

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Northrop Grumman Corp. debt to equity ratio (including operating lease liability) improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Debt to Capital

Northrop Grumman Corp., debt to capital calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current portion of long-term debt 1,082 1,072 1,069 14 7 6 6 6 42 742 1,806 1,803 1,790 1,109 45 545 523 517 517 744 868
Long-term debt, net of current portion 13,770 11,805 11,803 12,834 12,825 12,777 12,774 12,764 12,764 14,261 14,260 14,259 14,299 12,770 13,826 13,838 13,863 13,883 13,889 14,387 14,392
Total debt 14,852 12,877 12,872 12,848 12,832 12,783 12,780 12,770 12,806 15,003 16,066 16,062 16,089 13,879 13,871 14,383 14,386 14,400 14,406 15,131 15,260
Shareholders’ equity 15,136 15,312 13,943 13,651 13,287 12,926 11,417 11,172 10,525 10,579 10,467 9,712 9,062 8,819 9,731 9,214 8,739 8,187 9,103 8,227 7,680
Total capital 29,988 28,189 26,815 26,499 26,119 25,709 24,197 23,942 23,331 25,582 26,533 25,774 25,151 22,698 23,602 23,597 23,125 22,587 23,509 23,358 22,940
Solvency Ratio
Debt to capital1 0.50 0.46 0.48 0.48 0.49 0.50 0.53 0.53 0.55 0.59 0.61 0.62 0.64 0.61 0.59 0.61 0.62 0.64 0.61 0.65 0.67
Benchmarks
Debt to Capital, Competitors2
Boeing Co. 1.39 1.39 1.45 1.35 1.36 1.35 1.30 1.36 1.40 1.40 1.24 1.23 1.33 1.46 1.20 1.38 0.99
Caterpillar Inc. 0.67 0.70 0.70 0.70 0.69 0.70 0.69 0.69 0.70 0.71 0.72 0.74 0.72 0.72 0.72 0.71 0.70
Cummins Inc. 0.45 0.47 0.49 0.34 0.33 0.33 0.33 0.33 0.34 0.34 0.35 0.35 0.32 0.24 0.25 0.21 0.24
General Electric Co. 0.41 0.47 0.49 0.48 0.46 0.47 0.63 0.65 0.68 0.68 0.70 0.71 0.71 0.76 0.77 0.75 0.75
Honeywell International Inc. 0.53 0.54 0.49 0.52 0.51 0.51 0.54 0.54 0.54 0.56 0.55 0.55 0.48 0.46 0.51 0.48 0.46
Lockheed Martin Corp. 0.62 0.63 0.49 0.50 0.54 0.52 0.55 0.65 0.66 0.67 0.72 0.77 0.79 0.80 0.78 0.83 0.85
RTX Corp. 0.32 0.31 0.32 0.31 0.30 0.30 0.30 0.31 0.31 0.31 0.32 0.33 0.54 0.51 0.52 0.53 0.53

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,852 ÷ 29,988 = 0.50

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. debt to capital ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Debt to Capital (including Operating Lease Liability)

Northrop Grumman Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current portion of long-term debt 1,082 1,072 1,069 14 7 6 6 6 42 742 1,806 1,803 1,790 1,109 45 545 523 517 517 744 868
Long-term debt, net of current portion 13,770 11,805 11,803 12,834 12,825 12,777 12,774 12,764 12,764 14,261 14,260 14,259 14,299 12,770 13,826 13,838 13,863 13,883 13,889 14,387 14,392
Total debt 14,852 12,877 12,872 12,848 12,832 12,783 12,780 12,770 12,806 15,003 16,066 16,062 16,089 13,879 13,871 14,383 14,386 14,400 14,406 15,131 15,260
Non-current operating lease liabilities 1,789 1,824 1,696 1,654 1,661 1,590 1,367 1,389 1,354 1,343 1,292 1,333 1,280 1,308 1,304 1,081 1,098
Total debt (including operating lease liability) 16,641 14,701 14,568 14,502 14,493 14,373 14,147 14,159 14,160 16,346 17,358 17,395 17,369 15,187 15,175 15,464 15,484 14,400 14,406 15,131 15,260
Shareholders’ equity 15,136 15,312 13,943 13,651 13,287 12,926 11,417 11,172 10,525 10,579 10,467 9,712 9,062 8,819 9,731 9,214 8,739 8,187 9,103 8,227 7,680
Total capital (including operating lease liability) 31,777 30,013 28,511 28,153 27,780 27,299 25,564 25,331 24,685 26,925 27,825 27,107 26,431 24,006 24,906 24,678 24,223 22,587 23,509 23,358 22,940
Solvency Ratio
Debt to capital (including operating lease liability)1 0.52 0.49 0.51 0.52 0.52 0.53 0.55 0.56 0.57 0.61 0.62 0.64 0.66 0.63 0.61 0.63 0.64 0.64 0.61 0.65 0.67
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
RTX Corp. 0.33 0.32 0.33 0.32 0.31 0.31 0.31 0.32 0.32 0.32 0.33 0.34 0.55 0.52 0.54 0.54 0.54

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 16,641 ÷ 31,777 = 0.52

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio 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. debt to capital ratio (including operating lease liability) improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Debt to Assets

Northrop Grumman Corp., debt to assets calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current portion of long-term debt 1,082 1,072 1,069 14 7 6 6 6 42 742 1,806 1,803 1,790 1,109 45 545 523 517 517 744 868
Long-term debt, net of current portion 13,770 11,805 11,803 12,834 12,825 12,777 12,774 12,764 12,764 14,261 14,260 14,259 14,299 12,770 13,826 13,838 13,863 13,883 13,889 14,387 14,392
Total debt 14,852 12,877 12,872 12,848 12,832 12,783 12,780 12,770 12,806 15,003 16,066 16,062 16,089 13,879 13,871 14,383 14,386 14,400 14,406 15,131 15,260
 
Total assets 44,244 43,755 42,733 41,914 41,903 42,579 42,346 42,142 41,423 44,469 44,772 43,475 43,203 41,089 40,553 39,584 39,751 37,653 37,943 37,378 34,795
Solvency Ratio
Debt to assets1 0.34 0.29 0.30 0.31 0.31 0.30 0.30 0.30 0.31 0.34 0.36 0.37 0.37 0.34 0.34 0.36 0.36 0.38 0.38 0.40 0.44
Benchmarks
Debt to Assets, Competitors2
Boeing Co. 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.43 0.42 0.42 0.38 0.38 0.27 0.20 0.19 0.15 0.12
Caterpillar Inc. 0.44 0.45 0.45 0.46 0.46 0.46 0.46 0.46 0.47 0.47 0.50 0.50 0.49 0.48 0.49 0.46 0.45
Cummins Inc. 0.25 0.26 0.27 0.18 0.17 0.18 0.17 0.17 0.18 0.18 0.19 0.19 0.17 0.12 0.13 0.11 0.12
General Electric Co. 0.14 0.17 0.17 0.18 0.18 0.18 0.27 0.27 0.29 0.30 0.31 0.32 0.32 0.34 0.35 0.34 0.34
Honeywell International Inc. 0.32 0.31 0.28 0.31 0.31 0.30 0.33 0.33 0.34 0.35 0.35 0.35 0.28 0.27 0.31 0.28 0.28
Lockheed Martin Corp. 0.29 0.29 0.22 0.22 0.23 0.23 0.23 0.23 0.24 0.24 0.25 0.26 0.26 0.27 0.28 0.28 0.29
RTX Corp. 0.21 0.20 0.21 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.33 0.31 0.32 0.33 0.33

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 14,852 ÷ 44,244 = 0.34

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. debt to assets ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Debt to Assets (including Operating Lease Liability)

Northrop Grumman Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current portion of long-term debt 1,082 1,072 1,069 14 7 6 6 6 42 742 1,806 1,803 1,790 1,109 45 545 523 517 517 744 868
Long-term debt, net of current portion 13,770 11,805 11,803 12,834 12,825 12,777 12,774 12,764 12,764 14,261 14,260 14,259 14,299 12,770 13,826 13,838 13,863 13,883 13,889 14,387 14,392
Total debt 14,852 12,877 12,872 12,848 12,832 12,783 12,780 12,770 12,806 15,003 16,066 16,062 16,089 13,879 13,871 14,383 14,386 14,400 14,406 15,131 15,260
Non-current operating lease liabilities 1,789 1,824 1,696 1,654 1,661 1,590 1,367 1,389 1,354 1,343 1,292 1,333 1,280 1,308 1,304 1,081 1,098
Total debt (including operating lease liability) 16,641 14,701 14,568 14,502 14,493 14,373 14,147 14,159 14,160 16,346 17,358 17,395 17,369 15,187 15,175 15,464 15,484 14,400 14,406 15,131 15,260
 
Total assets 44,244 43,755 42,733 41,914 41,903 42,579 42,346 42,142 41,423 44,469 44,772 43,475 43,203 41,089 40,553 39,584 39,751 37,653 37,943 37,378 34,795
Solvency Ratio
Debt to assets (including operating lease liability)1 0.38 0.34 0.34 0.35 0.35 0.34 0.33 0.34 0.34 0.37 0.39 0.40 0.40 0.37 0.37 0.39 0.39 0.38 0.38 0.40 0.44
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
RTX Corp. 0.22 0.21 0.22 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.35 0.33 0.34 0.34 0.34

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 16,641 ÷ 44,244 = 0.38

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Northrop Grumman Corp. debt to assets ratio (including operating lease liability) improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Financial Leverage

Northrop Grumman Corp., financial leverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Total assets 44,244 43,755 42,733 41,914 41,903 42,579 42,346 42,142 41,423 44,469 44,772 43,475 43,203 41,089 40,553 39,584 39,751 37,653 37,943 37,378 34,795
Shareholders’ equity 15,136 15,312 13,943 13,651 13,287 12,926 11,417 11,172 10,525 10,579 10,467 9,712 9,062 8,819 9,731 9,214 8,739 8,187 9,103 8,227 7,680
Solvency Ratio
Financial leverage1 2.92 2.86 3.06 3.07 3.15 3.29 3.71 3.77 3.94 4.20 4.28 4.48 4.77 4.66 4.17 4.30 4.55 4.60 4.17 4.54 4.53
Benchmarks
Financial Leverage, Competitors2
Boeing Co. 961.67
Caterpillar Inc. 4.61 5.16 5.19 5.16 4.82 5.02 4.85 4.85 4.87 5.11 5.13 5.57 5.35 5.38 5.22 5.34 5.10
Cummins Inc. 3.27 3.38 3.55 2.80 2.86 2.80 2.85 2.87 2.83 2.81 2.80 2.82 2.84 2.63 2.61 2.45 2.54
General Electric Co. 5.20 5.16 5.75 5.35 4.92 4.93 6.33 7.09 7.30 7.13 7.64 7.62 7.43 9.40 9.42 8.71 8.96
Honeywell International Inc. 3.54 3.73 3.40 3.55 3.45 3.47 3.60 3.56 3.53 3.68 3.51 3.50 3.25 3.17 3.32 3.23 3.12
Lockheed Martin Corp. 5.66 5.71 4.35 4.53 5.15 4.64 5.38 7.99 8.15 8.43 10.25 13.22 14.29 15.20 12.66 16.79 19.34
RTX Corp. 2.22 2.19 2.25 2.26 2.20 2.21 2.23 2.23 2.24 2.25 2.37 2.40 3.54 3.34 3.44 3.41 3.46

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 44,244 ÷ 15,136 = 2.92

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. financial leverage ratio decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

Interest Coverage

Northrop Grumman Corp., interest coverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Net earnings 842 2,080 915 946 955 2,710 1,063 1,037 2,195 330 986 1,005 868 (409) 933 861 863 356 1,244 789 840
Add: Income tax expense 156 372 175 204 189 635 212 265 821 (25) 181 198 185 (160) 122 167 171 47 120 187 159
Add: Interest expense 129 120 122 131 133 133 132 136 155 160 154 154 125 130 123 137 138 142 133 144 143
Earnings before interest and tax (EBIT) 1,127 2,572 1,212 1,281 1,277 3,478 1,407 1,438 3,171 465 1,321 1,357 1,178 (439) 1,178 1,165 1,172 545 1,497 1,120 1,142
Solvency Ratio
Interest coverage1 12.33 12.53 13.97 14.07 14.23 17.08 11.12 10.57 10.13 7.29 6.07 6.15 5.98 5.83 7.52 7.96 7.78 7.66
Benchmarks
Interest Coverage, Competitors2
Boeing Co. -0.53 -0.98 -2.54 -1.40 -1.31 -0.88 -2.29 -2.55 -4.26 -5.71 -3.83 -3.86 -6.13 -2.19
Caterpillar Inc. 21.33 20.80 22.05 20.08 19.10 17.88 14.11 11.79 9.28 8.80 9.94 13.07 17.44 19.62
Cummins Inc. 13.16 15.17 19.51 25.97 26.46 25.78 26.19 26.97 24.49 24.38 23.22 23.71 27.44 27.00
General Electric Co. 6.73 1.88 -1.66 -1.16 -1.49 -0.96 2.15 1.11 0.65 2.59 2.16 2.11 2.64 1.27
Honeywell International Inc. 14.34 16.41 20.95 20.60 21.35 22.09 20.98 18.89 16.79 17.75 18.10 20.68 23.18 22.17
Lockheed Martin Corp. 10.58 11.72 13.31 10.88 14.12 14.27 13.67 15.97 15.44 14.93 14.16 13.35 12.63 12.09

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Interest coverage = (EBITQ1 2023 + EBITQ4 2022 + EBITQ3 2022 + EBITQ2 2022) ÷ (Interest expenseQ1 2023 + Interest expenseQ4 2022 + Interest expenseQ3 2022 + Interest expenseQ2 2022)
= (1,127 + 2,572 + 1,212 + 1,281) ÷ (129 + 120 + 122 + 131) = 12.33

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. interest coverage ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.