The debt to equity would be old wounds for sure. The negative debt to equity is just piled on losses from years of bad results, including a lot of programs they've now just gotten rid of.
Debt to EBITDA is probably the better ratio to look at and it's fairly healthy at 1.9x. The company is generating $1 billion+ in free cash flow and the debt is manageable At this point in time it's a healthy, well run business.
Backlog is growing, and overall it looks like there are a ton of tailwinds. It's a business that has kind of gone from "will they survive" to "how much can they earn"
My main concern here though is a lot of forward growth is priced in. There is upside here if they execute and if the global economy doesn't slow to a halt because of this war.