Stock Analysis on Net

Northrop Grumman Corp. (NYSE:NOC)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Northrop Grumman Corp., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net fixed asset turnover 4.16 4.52 5.20 4.90 4.72
Net fixed asset turnover (including operating lease, right-of-use asset) 3.45 3.74 4.28 4.02 4.72
Total asset turnover 0.84 0.84 0.83 0.82 0.80
Equity turnover 2.39 2.76 3.48 3.84 3.68

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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Northrop Grumman Corp. net fixed asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Northrop Grumman Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2020 to 2021 and from 2021 to 2022.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Northrop Grumman Corp. total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Northrop Grumman Corp. equity turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Net Fixed Asset Turnover

Northrop Grumman Corp., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Sales 36,602 35,667 36,799 33,841 30,095
Property, plant and equipment, net of accumulated depreciation 8,800 7,894 7,071 6,912 6,372
Long-term Activity Ratio
Net fixed asset turnover1 4.16 4.52 5.20 4.90 4.72
Benchmarks
Net Fixed Asset Turnover, Competitors2
Boeing Co. 5.70 4.92 6.12 8.00
Caterpillar Inc. 3.99 3.15 3.93 3.82
General Electric Co. 5.47 1.75 2.02 2.24
Honeywell International Inc. 6.18 5.86 6.89 7.89
Lockheed Martin Corp. 8.27 8.83 9.07 9.07 8.78
Raytheon Technologies Corp. 4.30 3.78 6.04 5.41
Net Fixed Asset Turnover, Sector
Capital Goods 5.32 3.59 4.21 4.28
Net Fixed Asset Turnover, Industry
Industrials 2.39 1.97 2.32 2.45

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).

1 2022 Calculation
Net fixed asset turnover = Sales ÷ Property, plant and equipment, net of accumulated depreciation
= 36,602 ÷ 8,800 = 4.16

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Northrop Grumman Corp. net fixed asset turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Northrop Grumman Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Sales 36,602 35,667 36,799 33,841 30,095
 
Property, plant and equipment, net of accumulated depreciation 8,800 7,894 7,071 6,912 6,372
Operating lease right-of-use assets 1,811 1,655 1,533 1,511
Property, plant and equipment, net of accumulated depreciation (including operating lease, right-of-use asset) 10,611 9,549 8,604 8,423 6,372
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 3.45 3.74 4.28 4.02 4.72
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Boeing Co. 5.04 4.45 5.59 8.00
Caterpillar Inc. 3.79 3.00 3.75 3.82
General Electric Co. 4.55 1.63 1.89 2.24
Honeywell International Inc. 5.28 5.15 6.12 7.89
Lockheed Martin Corp. 7.27 7.54 7.96 7.88 8.78
Raytheon Technologies Corp. 3.80 3.36 5.02 5.41
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Capital Goods 4.64 3.27 3.81 4.28
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials 2.09 1.76 2.16 2.45

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).

1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales ÷ Property, plant and equipment, net of accumulated depreciation (including operating lease, right-of-use asset)
= 36,602 ÷ 10,611 = 3.45

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Northrop Grumman Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2020 to 2021 and from 2021 to 2022.

Total Asset Turnover

Northrop Grumman Corp., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Sales 36,602 35,667 36,799 33,841 30,095
Total assets 43,755 42,579 44,469 41,089 37,653
Long-term Activity Ratio
Total asset turnover1 0.84 0.84 0.83 0.82 0.80
Benchmarks
Total Asset Turnover, Competitors2
Boeing Co. 0.45 0.38 0.57 0.86
Caterpillar Inc. 0.58 0.50 0.65 0.66
General Electric Co. 0.36 0.29 0.33 0.37
Honeywell International Inc. 0.53 0.51 0.63 0.72
Lockheed Martin Corp. 1.25 1.32 1.29 1.26 1.20
Raytheon Technologies Corp. 0.40 0.35 0.55 0.50
Total Asset Turnover, Sector
Capital Goods 0.52 0.45 0.55 0.59
Total Asset Turnover, Industry
Industrials 0.59 0.51 0.62 0.66

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).

1 2022 Calculation
Total asset turnover = Sales ÷ Total assets
= 36,602 ÷ 43,755 = 0.84

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Northrop Grumman Corp. total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Equity Turnover

Northrop Grumman Corp., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Sales 36,602 35,667 36,799 33,841 30,095
Shareholders’ equity 15,312 12,926 10,579 8,819 8,187
Long-term Activity Ratio
Equity turnover1 2.39 2.76 3.48 3.84 3.68
Benchmarks
Equity Turnover, Competitors2
Boeing Co. 298.31
Caterpillar Inc. 2.92 2.55 3.48 3.69
General Electric Co. 1.76 2.05 3.09 3.66
Honeywell International Inc. 1.85 1.86 1.98 2.30
Lockheed Martin Corp. 7.12 6.12 10.87 19.13 38.57
Raytheon Technologies Corp. 0.88 0.78 1.84 1.73
Equity Turnover, Sector
Capital Goods 2.43 2.60 3.96 4.11
Equity Turnover, Industry
Industrials 2.73 2.89 3.80 3.80

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).

1 2022 Calculation
Equity turnover = Sales ÷ Shareholders’ equity
= 36,602 ÷ 15,312 = 2.39

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Northrop Grumman Corp. equity turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.