Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Northrop Grumman Corp. (NYSE:NOC)

Analysis of Long-term (Investment) Activity Ratios

Beginner level

Long-term Activity Ratios (Summary)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net fixed asset turnover 4.90 4.72 6.11 6.83 7.68
Net fixed asset turnover (including operating lease, right-of-use asset) 4.02 4.72 6.11 6.83 7.68
Total asset turnover 0.82 0.80 0.74 0.96 0.96
Equity turnover 3.84 3.68 3.66 4.66 4.26

Based on: 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), 10-K (filing date: 2016-02-01).

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.’s net fixed asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
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.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2017 to 2018 and from 2018 to 2019.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Northrop Grumman Corp.’s total asset turnover ratio improved from 2017 to 2018 and from 2018 to 2019.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Northrop Grumman Corp.’s equity turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Net Fixed Asset Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Sales 33,841  30,095  25,803  24,508  23,526 
Property, plant and equipment, net of accumulated depreciation 6,912  6,372  4,225  3,588  3,064 
Long-term Activity Ratio
Net fixed asset turnover1 4.90 4.72 6.11 6.83 7.68
Benchmarks
Net Fixed Asset Turnover, Competitors2
Boeing Co. 6.12 8.00 7.37 7.38 7.96
General Dynamics Corp. 8.79 8.32 8.81 9.04 9.08
Lockheed Martin Corp. 9.07 8.78 8.84 8.51 8.40
Raytheon Technologies Corp. 6.04 5.41 5.87 6.25 6.42
Net Fixed Asset Turnover, Sector
Aerospace & Defense 6.63 6.88 7.18 7.37 7.72
Net Fixed Asset Turnover, Industry
Industrials 2.59 2.70 2.57 2.54 2.57

Based on: 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), 10-K (filing date: 2016-02-01).

1 2019 Calculation
Net fixed asset turnover = Sales ÷ Property, plant and equipment, net of accumulated depreciation
= 33,841 ÷ 6,912 = 4.90

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.’s net fixed asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

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 LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Sales 33,841  30,095  25,803  24,508  23,526 
 
Property, plant and equipment, net of accumulated depreciation 6,912  6,372  4,225  3,588  3,064 
Operating lease right-of-use assets 1,511  —  —  —  — 
Property, plant and equipment, net of accumulated depreciation (including operating lease, right-of-use asset) 8,423  6,372  4,225  3,588  3,064 
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 4.02 4.72 6.11 6.83 7.68
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Boeing Co. 5.59 8.00 7.37 7.38 7.96
General Dynamics Corp. 6.66 8.32 8.81 9.04 9.08
Lockheed Martin Corp. 7.88 8.78 8.84 8.51 8.40
Raytheon Technologies Corp. 5.02 5.41 5.87 6.25 6.42
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Aerospace & Defense 5.62 6.88 7.18 7.37 7.72
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials 2.42 2.70 2.57 2.54 2.57

Based on: 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), 10-K (filing date: 2016-02-01).

1 2019 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)
= 33,841 ÷ 8,423 = 4.02

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.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2017 to 2018 and from 2018 to 2019.

Total Asset Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Sales 33,841  30,095  25,803  24,508  23,526 
Total assets 41,089  37,653  34,917  25,614  24,454 
Long-term Activity Ratio
Total asset turnover1 0.82 0.80 0.74 0.96 0.96
Benchmarks
Total Asset Turnover, Competitors2
Boeing Co. 0.57 0.86 1.01 1.05 1.02
General Dynamics Corp. 0.81 0.80 0.88 0.95 0.98
Lockheed Martin Corp. 1.26 1.20 1.10 0.99 0.94
Raytheon Technologies Corp. 0.55 0.50 0.62 0.64 0.64
Total Asset Turnover, Sector
Aerospace & Defense 0.70 0.76 0.85 0.89 0.88
Total Asset Turnover, Industry
Industrials 0.63 0.67 0.63 0.62 0.57

Based on: 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), 10-K (filing date: 2016-02-01).

1 2019 Calculation
Total asset turnover = Sales ÷ Total assets
= 33,841 ÷ 41,089 = 0.82

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.’s total asset turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Equity Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Sales 33,841  30,095  25,803  24,508  23,526 
Shareholders’ equity 8,819  8,187  7,048  5,259  5,522 
Long-term Activity Ratio
Equity turnover1 3.84 3.68 3.66 4.66 4.26
Benchmarks
Equity Turnover, Competitors2
Boeing Co. 298.31 263.08 115.75 15.17
General Dynamics Corp. 2.90 3.08 2.71 2.86 2.93
Lockheed Martin Corp. 19.13 38.57 31.27 14.90
Raytheon Technologies Corp. 1.84 1.73 2.02 2.08 2.05
Equity Turnover, Sector
Aerospace & Defense 4.88 4.79 5.47 5.52 4.78
Equity Turnover, Industry
Industrials 3.46 3.55 2.96 2.88 2.51

Based on: 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), 10-K (filing date: 2016-02-01).

1 2019 Calculation
Equity turnover = Sales ÷ Shareholders’ equity
= 33,841 ÷ 8,819 = 3.84

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.’s equity turnover ratio improved from 2017 to 2018 and from 2018 to 2019.