The company maintains a conservative capital structure with a debt-to-equity ratio of 0.57 as of 2026Q1, though the $2.6 billion in goodwill warrants ongoing scrutiny regarding the long-term value realization of its Mission Technologies segment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 3.22B | 3.45B | 3.23B | 2.88B | 2.75B | 2.79B | 2.44B | 1.78B | 1.75B | 2.19B | 2.14B | 2.28B | 2.55B | 2.68B | 2.48B | 2.27B | 1.31B |
| Cash & Short-Term Investments | 216M | 774M | 831M | 430M | 467M | 627M | 512M | 75M | 240M | 701M | 720M | 894M | 990M | 1.04B | 1.06B | 915M | 0 |
| Cash Only | 216M | 774M | 831M | 430M | 467M | 627M | 512M | 75M | 240M | 701M | 720M | 894M | 990M | 1.04B | 1.06B | 915M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 406M | 2.38B | 2.1B | 2.18B | 2.05B | 1.95B | 1.62B | 1.46B | 1.25B | 1.19B | 1.16B | 1.07B | 1.04B | 1.12B | 905M | 711M | 728M |
| Days Sales Outstanding | 53.96 | 69.61 | 66.42 | 69.5 | 69.95 | 74.81 | 63.05 | 59.68 | 56.03 | 58.27 | 60.11 | 55.84 | 54.46 | 60.1 | 49.24 | 39.47 | 39.52 |
| Inventory | 230M | 219M | 208M | 186M | 183M | 161M | 137M | 136M | 128M | 183M | 210M | 285M | 339M | 311M | 288M | 380M | 293M |
| Days Inventory Outstanding | 5.39 | 7.33 | 7.53 | 6.92 | 7.23 | 7.21 | 6.5 | 6.74 | 7.32 | 11.1 | 13.67 | 18.86 | 22.33 | 20.33 | 18.67 | 24.99 | 18.34 |
| Other Current Assets | 2.27B | 77M | 90M | 83M | 50M | 0 | 133M | 95M | 122M | 123M | 48M | 31M | 0 | 170M | 213M | 232M | 284M |
| Total Non-Current Assets | 9.32B | 4.84B | 8.91B | 8.34B | 8.11B | 7.84B | 5.71B | 5.25B | 4.64B | 4.18B | 4.21B | 3.74B | 3.72B | 3.55B | 3.91B | 3.73B | 3.89B |
| Property, Plant & Equipment | 3.74B | 3.73B | 3.69B | 3.56B | 3.48B | 3.35B | 3.17B | 3.03B | 2.52B | 2.21B | 1.99B | 1.83B | 1.79B | 1.9B | 2.03B | 2.03B | 2B |
| Fixed Asset Turnover | 3.33x | 3.35x | 3.13x | 3.22x | 3.07x | 2.84x | 2.95x | 2.93x | 3.25x | 3.36x | 3.56x | 3.84x | 3.88x | 3.60x | 3.30x | 3.23x | 3.37x |
| Goodwill | 2.65B | 2.65B | 2.62B | 2.62B | 2.62B | 2.63B | 1.62B | 1.37B | 1.26B | 1.22B | 1.23B | 956M | 1.03B | 881M | 881M | 844M | 1.13B |
| Intangible Assets | 673M | 694M | 782M | 891M | 1.02B | 1.16B | 512M | 492M | 492M | 508M | 548M | 495M | 547M | 528M | 548M | 567M | 587M |
| Long-Term Investments | 486M | 0 | 233M | 220M | 209M | 343M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.25B | -2.23B | 1.59B | 1.05B | 785M | 359M | 281M | 240M | 203M | 125M | 128M | 126M | 116M | 243M | 116M | 161M | 73M |
| Total Assets | 12.53B | 12.75B | 12.14B | 11.21B | 10.86B | 10.63B | 8.16B | 7.03B | 6.38B | 6.37B | 6.35B | 6.02B | 6.27B | 6.22B | 6.39B | 6B | 5.2B |
| Asset Turnover | 1.03x | 0.98x | 0.95x | 1.02x | 0.98x | 0.90x | 1.15x | 1.27x | 1.28x | 1.17x | 1.11x | 1.17x | 1.11x | 1.10x | 1.05x | 1.10x | 1.29x |
| Asset Growth % | 26.6% | 5.01% | 8.26% | 3.3% | 2.16% | 30.28% | 16.01% | 10.15% | 0.14% | 0.35% | 5.44% | -3.91% | 0.71% | -2.61% | 6.52% | 15.34% | - |
| Total Current Liabilities | 2.7B | 3.04B | 2.99B | 3.03B | 2.9B | 2.43B | 2.23B | 1.89B | 1.83B | 1.39B | 1.34B | 1.27B | 1.31B | 1.39B | 1.38B | 1.37B | 2.23B |
| Accounts Payable | 692M | 556M | 598M | 554M | 642M | 603M | 460M | 497M | 562M | 375M | 316M | 317M | 269M | 337M | 377M | 380M | 274M |
| Days Payables Outstanding | 20.91 | 18.62 | 21.64 | 20.62 | 25.37 | 26.99 | 21.83 | 24.62 | 32.13 | 22.74 | 20.57 | 20.97 | 17.72 | 22.03 | 24.45 | 24.99 | 17.15 |
| Short-Term Debt | 0 | 0 | 503M | 231M | 399M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108M | 79M | 51M | 29M | 715M |
| Deferred Revenue (Current) | 1.79B | 0 | 774M | 1.06B | 766M | 651M | 585M | 373M | 331M | 146M | 166M | 125M | 74M | 115M | 134M | 240M | 0 |
| Other Current Liabilities | 843M | 2.49B | 1.12B | 1.18B | 1.09B | 1.17B | 1.18B | 1.02B | 936M | 870M | 861M | 832M | 861M | 861M | 822M | 862M | 1.24B |
| Current Ratio | 1.19x | 1.13x | 1.08x | 0.95x | 0.95x | 1.15x | 1.10x | 0.94x | 0.95x | 1.58x | 1.59x | 1.79x | 1.94x | 1.92x | 1.79x | 1.65x | 0.59x |
| Quick Ratio | 1.11x | 1.06x | 1.01x | 0.89x | 0.89x | 1.08x | 1.04x | 0.87x | 0.88x | 1.45x | 1.44x | 1.57x | 1.68x | 1.70x | 1.59x | 1.38x | 0.46x |
| Cash Conversion Cycle | 38.43 | 58.33 | 52.3 | 55.81 | 51.81 | 55.03 | 47.72 | 41.79 | 31.22 | 46.63 | 53.21 | 53.72 | 59.07 | 58.4 | 43.47 | 39.47 | 40.71 |
| Total Non-Current Liabilities | 4.68B | 4.63B | 4.48B | 4.09B | 4.47B | 5.39B | 4.03B | 3.55B | 3.04B | 3.23B | 3.36B | 3.26B | 3.59B | 3.31B | 4.34B | 3.76B | 1.56B |
| Long-Term Debt | 2.7B | 2.92B | 2.7B | 2.21B | 2.51B | 3.3B | 1.69B | 1.29B | 1.28B | 1.28B | 1.28B | 1.27B | 1.56B | 1.7B | 1.78B | 1.83B | 105M |
| Capital Lease Obligations | 887M | 223M | 205M | 228M | 246M | 194M | 157M | 164M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.05B | 572M | 378M | 367M | 418M | 313M | 0 | 0 | 393M | 380M | 595M | 0 | 212M | 83M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.14B | 913M | 1.2B | 1.28B | 1.3B | 1.59B | 2.19B | 2.1B | 1.75B | 1.95B | 2.08B | 1.99B | 2B | 1.53B | 2.56B | 2.01B | 1.45B |
| Total Liabilities | 7.39B | 7.68B | 7.47B | 7.12B | 7.37B | 7.82B | 6.26B | 5.44B | 4.87B | 4.62B | 4.7B | 4.53B | 4.9B | 4.7B | 5.72B | 5.13B | 3.79B |
| Total Debt | 2.93B | 3.15B | 3.41B | 2.67B | 3.15B | 3.49B | 1.84B | 1.45B | 1.28B | 1.28B | 1.28B | 1.27B | 1.7B | 1.78B | 1.83B | 1.86B | 820M |
| Net Debt | 2.71B | 2.37B | 2.58B | 2.24B | 2.68B | 2.87B | 1.33B | 1.38B | 1.04B | 578M | 558M | 379M | 710M | 736M | 773M | 944M | 820M |
| Debt / Equity | 0.57x | 0.62x | 0.73x | 0.65x | 0.90x | 1.24x | 0.97x | 0.91x | 0.85x | 0.73x | 0.77x | 0.85x | 1.25x | 1.17x | 2.74x | 2.13x | 0.58x |
| Debt / EBITDA | 3.08x | 3.36x | 3.96x | 2.37x | 3.41x | 4.33x | 1.82x | 1.49x | 1.14x | 1.19x | 1.25x | 1.17x | 1.80x | 2.46x | 3.49x | 3.18x | 1.87x |
| Net Debt / EBITDA | 2.85x | 2.53x | 2.99x | 1.99x | 2.91x | 3.55x | 1.31x | 1.42x | 0.93x | 0.54x | 0.55x | 0.35x | 0.75x | 1.02x | 1.48x | 1.62x | 1.87x |
| Interest Coverage | 8.86x | 8.40x | 7.77x | 9.98x | 8.05x | 7.99x | 7.92x | 10.76x | 17.74x | 8.98x | 11.59x | 5.29x | 4.15x | 4.34x | 3.06x | 1.06x | 6.33x |
| Total Equity | 5.15B | 5.07B | 4.67B | 4.09B | 3.49B | 2.81B | 1.9B | 1.59B | 1.52B | 1.76B | 1.65B | 1.49B | 1.36B | 1.52B | 667M | 872M | 1.42B |
| Equity Growth % | 51.99% | 8.72% | 14% | 17.31% | 24.25% | 47.71% | 19.71% | 4.75% | -13.77% | 6.35% | 10.94% | 9.16% | -10.26% | 128.04% | -23.51% | -38.5% | - |
| Book Value per Share | 130.97 | 129.08 | 118.43 | 102.58 | 87.01 | 69.68 | 46.82 | 38.36 | 34.61 | 38.38 | 35.02 | 30.85 | 27.69 | 30.18 | 13.31 | 17.87 | 29.08 |
| Total Shareholders' Equity | 5.15B | 5.07B | 4.67B | 4.09B | 3.49B | 2.81B | 1.9B | 1.59B | 1.52B | 1.76B | 1.65B | 1.49B | 1.36B | 1.52B | 667M | 872M | 1.42B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 | 1.93B |
| Retained Earnings | 5.58B | 5.49B | 5.1B | 4.75B | 4.28B | 3.89B | 3.53B | 3.01B | 2.61B | 1.69B | 1.32B | 848M | 525M | 236M | 0 | -141M | 0 |
| Treasury Stock | -2.45B | -2.45B | -2.45B | -2.29B | -2.21B | -2.16B | -2.06B | -1.97B | -1.76B | -972M | -684M | -492M | -258M | -120M | -1M | 0 | 0 |
| Accumulated OCI | -52M | -53M | -28M | -422M | -599M | -923M | -1.55B | -1.41B | -1.29B | -900M | -951M | -845M | -862M | -521M | -1.23B | -849M | -515M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital and Labor
According to the provided quarterly data, HII's total assets have expanded from $11.2 billion in 2024Q1 to $12.5 billion in 2026Q1, suggesting a steady accumulation of capital resources despite the inherent lumpiness of long-term defense shipbuilding cycles and periodic fluctuations in working capital requirements.
The growth in the asset base appears driven by the ongoing investment in shipyard infrastructure and the accumulation of contract-related assets. While the trajectory remains positive, the reliance on government-funded milestones means that asset quality is heavily tied to the successful execution of multi-year programs.
As reported in financial statements, HII's current ratio has fluctuated between 0.79 and 1.19 over the last ten quarters, indicating that the company maintains a relatively thin liquidity buffer that warrants close monitoring given the capital-intensive nature of its shipbuilding operations.
The volatility in the current ratio reflects the timing of cash inflows from the U.S. Navy and the corresponding outflows required for labor and material procurement. Investors should note that the company's ability to manage short-term obligations remains highly sensitive to the cadence of contract milestone payments.
Based on reported figures, HII maintains a debt-to-equity ratio that has remained consistently below 0.75 over the past ten quarters, suggesting a conservative capital structure that provides the company with significant financial flexibility to navigate potential operational delays or future investment requirements.
The relatively low leverage profile appears to be a strategic choice, providing a cushion against the inherent risks of fixed-price government contracts. This disciplined approach to debt management may serve as a defensive moat during periods of macroeconomic uncertainty or industry-wide labor cost inflation.
Analysis of the balance sheet reveals that retained earnings have grown from $4.8 billion in 2023Q4 to $5.6 billion in 2026Q1, indicating that the company's equity base is primarily supported by internal profit generation rather than external capital raises or significant dilution.
The steady accumulation of retained earnings suggests that the company is successfully reinvesting in its core business while maintaining a consistent dividend policy. However, the quality of this equity growth remains tethered to the accuracy of long-term project cost estimates and the avoidance of major contract impairments.
As indicated by the balance sheet, goodwill remains a significant component of total assets at $2.6 billion, which warrants further investigation into the long-term value realization of recent acquisitions like Alion Science and Technology within the Mission Technologies segment.
The persistence of this goodwill balance suggests that the company has yet to face significant impairment charges, but it also highlights a potential vulnerability if the expected synergies from service-oriented acquisitions fail to materialize. Analysts should monitor whether these intangible assets remain supported by future contract wins.
Quick answers to the most common questions about buying HII stock.
As of 2025, Huntington Ingalls Industries, Inc. (HII) had total assets of $12.75B including $3.45B in current assets.
Huntington Ingalls Industries, Inc. (HII) carries total debt of $3.15B, offset by $774.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Huntington Ingalls Industries, Inc. (HII) has total shareholders' equity (book value) of $5.07B ($129.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Huntington Ingalls Industries, Inc. (HII) reported a current ratio of 1.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.