EDGAR: Raytheon $($ticker: RTX$)$ and Northrop Grumman $($ticker: NOC$)$

Visit www$.$sec$.$gov$/$edgar and search for the annual reports $(10-$K$)$ of Raytheon$/$ United Technolgies and Northrop Grumman for the year ended December $31,2019,$ using EDGAR $($Electronic Data Gathering, Analysis, and Retrieval system$).$ Locate the balance sheet and income statement of each company.

Required:

Calculate the return on equity $($ROE$)$ for both companies. For Raytheon, use $$Net income attributable to common shareowners$$ and $$Total equity$$ to calculate the ratio. For Northrop Grumman, use $$Net earnings$$ and $$Total shareholders$$ equity$.$ Which company delivers a higher return to shareholders based on ROE?

Calculate the return on assets $($ROA$)$ for both companies. Which company delivers a higher return to shareholders based on ROA?

Explain how a company can have a slightly higher ROA than its competitor, but a much higher ROE.