BAE Systems plc (BA) — Working Capital to Net Assets Ratio
BAE Systems plc (BA) has a Working Capital to Net Assets ratio of -1.3% as of December 2025. Working capital of GBX-156.00 Million (current assets of GBX12.15 Billion minus current liabilities of GBX12.30 Billion) is measured against net assets of GBX11.94 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See BA FCF to total liabilities ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
BAE Systems plc Working Capital to Net Assets (1985–2025)
This chart shows how BAE Systems plc's Working Capital to Net Assets ratio has evolved across 41 annual periods from 1985 to 2025. As of December 2025, the ratio stands at -1.3%, reflecting working capital of GBX-156.00 Million against net assets of GBX11.94 Billion GBX. See BAE Systems plc liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for BAE Systems plc (1985–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for BAE Systems plc from 1985 to 2025, covering 41 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see BAE Systems plc (BA) market capitalisation.
| Year | WC/NA Ratio | Working Capital (GBX) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -1.3% | GBX-156.00 Million | GBX11.94 Billion | GBX12.15 Billion | GBX12.30 Billion | ▲ +3.7 pp |
| 2024 | -5.0% | GBX-589.00 Million | GBX11.78 Billion | GBX11.75 Billion | GBX12.34 Billion | ▼ -12.7 pp |
| 2023 | 7.7% | GBX830.00 Million | GBX10.72 Billion | GBX11.77 Billion | GBX10.94 Billion | ▲ +1.4 pp |
| 2022 | 6.4% | GBX788.00 Million | GBX12.40 Billion | GBX10.63 Billion | GBX9.85 Billion | ▲ +4.9 pp |
| 2021 | 1.4% | GBX122.00 Million | GBX8.47 Billion | GBX8.82 Billion | GBX8.70 Billion | ▲ +1.0 pp |
| 2020 | 0.4% | GBX23.00 Million | GBX5.60 Billion | GBX9.41 Billion | GBX9.38 Billion | ▼ -1.4 pp |
| 2019 | 1.8% | GBX111.00 Million | GBX6.04 Billion | GBX9.24 Billion | GBX9.13 Billion | ▼ -3.3 pp |
| 2018 | 5.2% | GBX291.00 Million | GBX5.62 Billion | GBX9.58 Billion | GBX9.29 Billion | ▼ -11.4 pp |
| 2017 | 16.6% | GBX789.00 Million | GBX4.75 Billion | GBX8.38 Billion | GBX7.59 Billion | ▲ +24.4 pp |
| 2016 | -7.8% | GBX-270.00 Million | GBX3.46 Billion | GBX7.03 Billion | GBX7.30 Billion | ▲ +19.6 pp |
| 2015 | -27.3% | GBX-821.00 Million | GBX3.00 Billion | GBX6.33 Billion | GBX7.15 Billion | ▲ +82.8 pp |
| 2014 | -110.2% | GBX-2.07 Billion | GBX1.88 Billion | GBX5.98 Billion | GBX8.04 Billion | ▼ -43.6 pp |
| 2013 | -66.6% | GBX-2.28 Billion | GBX3.42 Billion | GBX6.17 Billion | GBX8.45 Billion | ▼ -15.2 pp |
| 2012 | -51.4% | GBX-1.94 Billion | GBX3.77 Billion | GBX6.98 Billion | GBX8.92 Billion | ▲ +39.2 pp |
| 2011 | -90.6% | GBX-3.89 Billion | GBX4.30 Billion | GBX6.38 Billion | GBX10.28 Billion | ▼ -15.8 pp |
| 2010 | -74.8% | GBX-4.04 Billion | GBX5.40 Billion | GBX7.62 Billion | GBX11.66 Billion | ▼ -3.3 pp |
| 2009 | -71.5% | GBX-3.34 Billion | GBX4.66 Billion | GBX8.80 Billion | GBX12.14 Billion | ▼ -34.2 pp |
| 2008 | -37.3% | GBX-2.72 Billion | GBX7.29 Billion | GBX8.07 Billion | GBX10.79 Billion | ▲ +5.3 pp |
| 2007 | -42.6% | GBX-2.56 Billion | GBX6.00 Billion | GBX7.00 Billion | GBX9.55 Billion | ▼ -3.0 pp |
| 2006 | -39.6% | GBX-1.64 Billion | GBX4.13 Billion | GBX6.30 Billion | GBX7.94 Billion | ▲ +77.0 pp |
| 2005 | -116.6% | GBX-3.27 Billion | GBX2.80 Billion | GBX5.65 Billion | GBX8.92 Billion | ▼ -24.9 pp |
| 2004 | -91.7% | GBX-2.44 Billion | GBX2.67 Billion | GBX5.11 Billion | GBX7.55 Billion | ▼ -79.8 pp |
| 2003 | -12.0% | GBX-672.00 Million | GBX5.61 Billion | GBX5.95 Billion | GBX6.62 Billion | ▼ -1.3 pp |
| 2002 | -10.7% | GBX-607.00 Million | GBX5.68 Billion | GBX5.95 Billion | GBX6.56 Billion | ▼ -18.6 pp |
| 2001 | 7.9% | GBX527.00 Million | GBX6.66 Billion | GBX7.06 Billion | GBX6.54 Billion | ▲ +9.7 pp |
| 2000 | -1.7% | GBX-123.00 Million | GBX7.08 Billion | GBX7.02 Billion | GBX7.14 Billion | ▼ -19.8 pp |
| 1999 | 18.1% | GBX1.35 Billion | GBX7.45 Billion | GBX8.24 Billion | GBX6.90 Billion | ▼ -90.3 pp |
| 1998 | 108.3% | GBX2.19 Billion | GBX2.03 Billion | GBX6.53 Billion | GBX4.33 Billion | ▼ -32.6 pp |
| 1997 | 140.9% | GBX2.05 Billion | GBX1.45 Billion | GBX5.66 Billion | GBX3.62 Billion | ▲ +28.0 pp |
| 1996 | 112.9% | GBX1.93 Billion | GBX1.71 Billion | GBX5.62 Billion | GBX3.70 Billion | ▼ -132.6 pp |
| 1995 | 245.5% | GBX2.31 Billion | GBX939.00 Million | GBX5.83 Billion | GBX3.53 Billion | ▼ -33.7 pp |
| 1994 | 279.2% | GBX2.39 Billion | GBX856.00 Million | GBX5.67 Billion | GBX3.28 Billion | ▲ +128.0 pp |
| 1993 | 151.2% | GBX2.34 Billion | GBX1.55 Billion | GBX7.30 Billion | GBX4.96 Billion | ▲ +12.4 pp |
| 1992 | 138.8% | GBX2.80 Billion | GBX2.02 Billion | GBX7.19 Billion | GBX4.39 Billion | ▲ +72.2 pp |
| 1991 | 66.6% | GBX1.97 Billion | GBX2.96 Billion | GBX6.50 Billion | GBX4.52 Billion | ▲ +18.1 pp |
| 1990 | 48.5% | GBX1.38 Billion | GBX2.86 Billion | GBX6.01 Billion | GBX4.62 Billion | ▼ -14.1 pp |
| 1989 | 62.6% | GBX1.56 Billion | GBX2.50 Billion | GBX6.18 Billion | GBX4.62 Billion | ▲ +13.2 pp |
| 1988 | 49.3% | GBX1.04 Billion | GBX2.11 Billion | GBX3.99 Billion | GBX2.94 Billion | ▼ -48.9 pp |
| 1987 | 98.2% | GBX1.00 Billion | GBX1.02 Billion | GBX3.33 Billion | GBX2.33 Billion | ▲ +2.5 pp |
| 1986 | 95.8% | GBX1.17 Billion | GBX1.22 Billion | GBX2.68 Billion | GBX1.51 Billion | ▲ +0.2 pp |
| 1985 | 95.5% | GBX1.13 Billion | GBX1.19 Billion | GBX2.18 Billion | GBX1.05 Billion | — |