NOC balance sheet has been deteriorating very fast under current bad management.
In 2010 NOC still had positive $868 million dollars of net tangible assets left for common stockholders.
By 2011 NOC balance sheet had already deteriorated to NEGATIVE $2 BILLION dollars of net tangible assets. Basically NOC common stock was already totally worthless by 2011.
By 2012 NOC balance sheet further deteriorated to NEGATIVE $2.9 BILLION dollars of net tangible assets.
And it continued to deteriorate in the first quarter this year. And I am sure it will get a whole lot worse after this bad management put on another astonishing $2.85 BILLION dollars of debt this year.
This stock is totally worthless if the investors know how to properly value a stock. If the company were to be liquidated today, the investors would get NOTHING and even the debtors would only get a few cents on each dollar loaned to this careless spender.
The balance sheet of NOC is actually worse than Fannie Mae (FNMA). FNMA balance sheet actually still has positive $62 billion dollars of net tangible assets left for its common stockholders. FNMA stock is trading at less than two dollars now. NOC stock should be trading at less than one dollar if investors know how to properly value a stock. This company is already belonging to debt holders, nothing left for stockholders. It is very silly for any stockholder to still own this totally worthless stock.
At the very minimum both the CEO and CFO should be fired, but no one has the power to fire them because this hopeless company has a totally useless board with the CEO also serving as the Chairman of the board. The result of no separation of board and management is that all insider cronies are creaming money from the company big time. Especially the CEO with ridiculously huge compensation for a very bad performance that has shrinking sales, profits, stockholder equity and growing NEGATIVE net tangible assets every year under his management. This company is already an empty shell. All the money has gone into insider pockets already and the hole is still getting deeper and bigger.