Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Northrop Grumman Corporation
Physical assets are 27.5% of total assets, a light footprint. Capex is 0.99x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 11.0%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.27x.
Physical asset ratio
27.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.83BpropertyPlantEquipmentInventory$1.31BinventoryTotal assets$51.38BtotalAssetsResult 27.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$41.95BtotalRevenueNet PP&E$12.83BpropertyPlantEquipmentResult 3.27x
Revenue per dollar of the physical asset base.
Capex / D&A
0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.45BcapitalExpendituresD&A$1.47BdepreciationAndAmortizationResult 0.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$6.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.38BtotalAssetsGoodwill$17.44BgoodWillIntangibles$208.00MintangibleAssetsLiabilities$34.70BtotalLiabTangible book-$971.00MShares143,800,000commonStockSharesOutstandingResult -$6.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$525.35Latest quoteTangible book / share-$6.752025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $525.35.
Fixed-charge coverage
3.76xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.21BebitdaCapex$1.45BcapitalExpendituresInterest$665.00MinterestExpenseShort-term debt$865.00MshortTermDebtEBITDA − capex$5.76BPrincipal due is short-term debt.Result 3.76x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.31BfreeCashFlowMarket cap$74.63BMarketCapitalizationResult 4.4%
Latest free cash flow divided by current market cap ($74.63B).
ROIC
11.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.28BoperatingIncomeTax expense$886.00MincomeTaxExpensePretax income$5.07BincomeBeforeTaxTax rate17.5%Equity$16.67BtotalStockholderEquityDebt$19.74BshortLongTermDebtTotalCash$4.40BcashAndEquivalentsInvested capital$32.01BResult 11.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.33x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 18.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.37BpropertyPlantEquipmentInventory$654.00MinventoryTotal assets$37.65BtotalAssetsResult 18.7% | 4.72xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.10BtotalRevenueNet PP&E$6.37BpropertyPlantEquipmentResult 4.72x | 1.56xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.25BcapitalExpendituresD&A$800.00MdepreciationAndAmortizationResult 1.56x | -$67.91Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.65BtotalAssetsGoodwill$18.67BgoodWillIntangibles$1.37BintangibleAssetsLiabilities$29.47BtotalLiabTangible book-$11.86BShares174,600,000commonStockSharesOutstandingResult -$67.91 | 3.57xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.10BebitdaCapex$1.25BcapitalExpendituresInterest$562.00MinterestExpenseShort-term debt$517.00MshortLongTermDebtEBITDA − capex$3.86BPrincipal due is the current portion of debt.Result 3.57x | $2.58BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.83BtotalCashFromOperatingActivitiesCapex$1.25BcapitalExpendituresFree cash flow$2.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.58B | 14.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.78BoperatingIncomeTax expense$513.00MincomeTaxExpensePretax income$3.74BincomeBeforeTaxTax rate13.7%Equity$8.19BtotalStockholderEquityDebt$15.56BshortLongTermDebtTotalCash$1.58BcashAndEquivalentsInvested capital$22.17BResult 14.7% | 0.59xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.78BoperatingIncomeNet PP&E$6.37BpropertyPlantEquipmentResult 0.59x |
| 2019 | 22.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.42BpropertyPlantAndEquipmentNetInventory$783.00MinventoryTotal assets$41.09BtotalAssetsResult 22.4% | 4.02xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$33.84BtotalRevenueNet PP&E$8.42BpropertyPlantAndEquipmentNetResult 4.02x | 1.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.26BcapitalExpendituresD&A$1.27BdepreciationAndAmortizationResult 1.00x | -$64.29Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.09BtotalAssetsGoodwill$18.71BgoodWillIntangibles$1.04BintangibleAssetsLiabilities$32.27BtotalLiabTangible book-$10.93BShares170,000,000commonStockSharesOutstandingResult -$64.29 | 1.81xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.23BebitdaCapex$1.26BcapitalExpendituresInterest$528.00MinterestExpenseShort-term debt$1.11BshortLongTermDebtEBITDA − capex$2.97BPrincipal due is the current portion of debt.Result 1.81x | $3.03BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.30BtotalCashFromOperatingActivitiesCapex$1.26BcapitalExpendituresFree cash flow$3.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.03B | 16.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.97BoperatingIncomeTax expense$300.00MincomeTaxExpensePretax income$2.55BincomeBeforeTaxTax rate11.8%Equity$8.82BtotalStockholderEquityDebt$14.64BshortLongTermDebtTotalCash$2.25BcashAndEquivalentsInvested capital$21.21BResult 16.5% | 0.47xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.97BoperatingIncomeNet PP&E$8.42BpropertyPlantAndEquipmentNetResult 0.47x |
| 2020 | 21.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.60BpropertyPlantAndEquipmentNetInventory$759.00MinventoryTotal assets$44.47BtotalAssetsResult 21.1% | 4.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$36.80BtotalRevenueNet PP&E$8.60BpropertyPlantAndEquipmentNetResult 4.28x | 1.12xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.42BcapitalExpendituresD&A$1.27BdepreciationAndAmortizationResult 1.12x | -$46.07Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$44.47BtotalAssetsGoodwill$17.52BgoodWillIntangibles$783.00MintangibleAssetsLiabilities$33.89BtotalLiabTangible book-$7.72BShares167,600,000commonStockSharesOutstandingResult -$46.07 | 3.12xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.59BebitdaCapex$1.42BcapitalExpendituresInterest$593.00MinterestExpenseShort-term debt$742.00MshortLongTermDebtEBITDA − capex$4.17BPrincipal due is the current portion of debt.Result 3.12x | $2.89BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$4.31BtotalCashFromOperatingActivitiesCapex$1.42BcapitalExpendituresFree cash flow$2.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.89B | 14.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.07BoperatingIncomeTax expense$539.00MincomeTaxExpensePretax income$3.73BincomeBeforeTaxTax rate14.5%Equity$10.58BtotalStockholderEquityDebt$17.95BshortLongTermDebtTotalCash$4.91BcashAndEquivalentsInvested capital$23.62BResult 14.7% | 0.47xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.07BoperatingIncomeNet PP&E$8.60BpropertyPlantAndEquipmentNetResult 0.47x |
| 2021 | 24.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.55BpropertyPlantAndEquipmentNetInventory$811.00MinventoryTotal assets$42.58BtotalAssetsResult 24.3% | 3.74xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$35.67BtotalRevenueNet PP&E$9.55BpropertyPlantAndEquipmentNetResult 3.74x | 1.14xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.42BcapitalExpendituresD&A$1.24BdepreciationAndAmortizationResult 1.14x | -$32.11Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.58BtotalAssetsGoodwill$17.52BgoodWillIntangibles$578.00MintangibleAssetsLiabilities$29.65BtotalLiabTangible book-$5.17BShares160,900,000commonStockSharesOutstandingResult -$32.11 | 13.02xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.73BebitdaCapex$1.42BcapitalExpendituresInterest$556.00MinterestExpenseShort-term debt$6.00MshortLongTermDebtEBITDA − capex$7.32BPrincipal due is the current portion of debt.Result 13.02x | $2.15BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.57BtotalCashFromOperatingActivitiesCapex$1.42BcapitalExpendituresFree cash flow$2.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.15B | 17.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.65BoperatingIncomeTax expense$1.93BincomeTaxExpensePretax income$8.94BincomeBeforeTaxTax rate21.6%Equity$12.93BtotalStockholderEquityDebt$16.25BshortLongTermDebtTotalCash$3.53BcashAndEquivalentsInvested capital$25.64BResult 17.3% | 0.59xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$5.65BoperatingIncomeNet PP&E$9.55BpropertyPlantAndEquipmentNetResult 0.59x |
| 2022 | 26.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.61BpropertyPlantAndEquipmentNetInventory$978.00MinventoryTotal assets$43.76BtotalAssetsResult 26.5% | 3.45xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$36.60BtotalRevenueNet PP&E$10.61BpropertyPlantAndEquipmentNetResult 3.45x | 1.07xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.44BcapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 1.07x | -$16.63Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43.76BtotalAssetsGoodwill$17.52BgoodWillIntangibles$384.00MintangibleAssetsLiabilities$28.44BtotalLiabTangible book-$2.59BShares155,600,000commonStockSharesOutstandingResult -$16.63 | 3.96xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.68BebitdaCapex$1.44BcapitalExpendituresInterest$506.00MinterestExpenseShort-term debt$1.07BshortLongTermDebtEBITDA − capex$6.25BPrincipal due is the current portion of debt.Result 3.96x | $1.47BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.90BtotalCashFromOperatingActivitiesCapex$1.44BcapitalExpendituresFree cash flow$1.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.47B | 10.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.60BoperatingIncomeTax expense$940.00MincomeTaxExpensePretax income$5.84BincomeBeforeTaxTax rate16.1%Equity$15.31BtotalStockholderEquityDebt$16.82BshortLongTermDebtTotalCash$2.58BcashAndEquivalentsInvested capital$29.56BResult 10.2% | 0.34xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.60BoperatingIncomeNet PP&E$10.61BpropertyPlantAndEquipmentNetResult 0.34x |
| 2023 | 27.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.47BpropertyPlantEquipmentInventory$1.11BinventoryTotal assets$46.54BtotalAssetsResult 27.0% | 3.43xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$39.29BtotalRevenueNet PP&E$11.47BpropertyPlantEquipmentResult 3.43x | 1.33xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.78BcapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 1.33x | -$19.91Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$46.54BtotalAssetsGoodwill$17.52BgoodWillIntangibles$305.00MintangibleAssetsLiabilities$31.75BtotalLiabTangible book-$3.03BShares152,000,000commonStockSharesOutstandingResult -$19.91 | 0.83xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.54BebitdaCapex$1.78BcapitalExpendituresInterest$545.00MinterestExpenseShort-term debt$370.00MshortTermDebtEBITDA − capex$762.00MPrincipal due is short-term debt.Result 0.83x | $2.10BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.88BtotalCashFromOperatingActivitiesCapex$1.78BcapitalExpendituresFree cash flow$2.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.10B | 7.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.54BoperatingIncomeTax expense$290.00MincomeTaxExpensePretax income$2.35BincomeBeforeTaxTax rate12.4%Equity$14.80BtotalStockholderEquityDebt$17.94BshortLongTermDebtTotalCash$3.11BcashAndEquivalentsInvested capital$29.63BResult 7.5% | 0.22xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.54BoperatingIncomeNet PP&E$11.47BpropertyPlantEquipmentResult 0.22x |
| 2024 | 27.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.31BpropertyPlantEquipmentInventory$1.46BinventoryTotal assets$49.36BtotalAssetsResult 27.9% | 3.33xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$41.03BtotalRevenueNet PP&E$12.31BpropertyPlantEquipmentResult 3.33x | 1.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.77BcapitalExpendituresD&A$1.37BdepreciationAndAmortizationResult 1.29x | -$16.81Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.36BtotalAssetsGoodwill$17.51BgoodWillIntangibles$254.00MintangibleAssetsLiabilities$34.07BtotalLiabTangible book-$2.48BShares147,300,000commonStockSharesOutstandingResult -$16.81 | 2.01xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.84BebitdaCapex$1.77BcapitalExpendituresInterest$621.00MinterestExpenseShort-term debt$1.91BshortTermDebtEBITDA − capex$5.07BPrincipal due is short-term debt.Result 2.01x | $2.62BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.39BtotalCashFromOperatingActivitiesCapex$1.77BcapitalExpendituresFree cash flow$2.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.62B | 11.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.37BoperatingIncomeTax expense$842.00MincomeTaxExpensePretax income$5.02BincomeBeforeTaxTax rate16.8%Equity$15.29BtotalStockholderEquityDebt$20.19BshortLongTermDebtTotalCash$4.35BcashAndEquivalentsInvested capital$31.13BResult 11.7% | 0.36xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.37BoperatingIncomeNet PP&E$12.31BpropertyPlantEquipmentResult 0.36x |
| 2025 | 27.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.83BpropertyPlantEquipmentInventory$1.31BinventoryTotal assets$51.38BtotalAssetsResult 27.5% | 3.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$41.95BtotalRevenueNet PP&E$12.83BpropertyPlantEquipmentResult 3.27x | 0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.45BcapitalExpendituresD&A$1.47BdepreciationAndAmortizationResult 0.99x | -$6.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.38BtotalAssetsGoodwill$17.44BgoodWillIntangibles$208.00MintangibleAssetsLiabilities$34.70BtotalLiabTangible book-$971.00MShares143,800,000commonStockSharesOutstandingResult -$6.75 | 3.76xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.21BebitdaCapex$1.45BcapitalExpendituresInterest$665.00MinterestExpenseShort-term debt$865.00MshortTermDebtEBITDA − capex$5.76BPrincipal due is short-term debt.Result 3.76x | $3.31BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.76BtotalCashFromOperatingActivitiesCapex$1.45BcapitalExpendituresFree cash flow$3.31BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.31B | 11.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.28BoperatingIncomeTax expense$886.00MincomeTaxExpensePretax income$5.07BincomeBeforeTaxTax rate17.5%Equity$16.67BtotalStockholderEquityDebt$19.74BshortLongTermDebtTotalCash$4.40BcashAndEquivalentsInvested capital$32.01BResult 11.0% | 0.33xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$4.28BoperatingIncomeNet PP&E$12.83BpropertyPlantEquipmentResult 0.33x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $12.83B
Inventory: $1.31B
Total assets: $51.38B
Goodwill: $17.44B
Intangibles: $208.00M
Liabilities: $34.70B
Tangible book: -$971.00M
Shares: 143,800,000
Revenue: $41.95B
Capex: $1.45B
D&A: $1.47B
EBITDA: $7.21B
Interest: $665.00M
Short-term debt: $865.00M
Free cash flow: $3.31B
Operating income: $4.28B
Invested capital: $32.01B
Tax rate: 17.5%