Can Net Operating Assets (NOA) be higher than Sales? This is the beginning of my DCFM for the Nintendo Company; does this look like it could be correct?

WACC 1.27% Growth Rate Sales NOPM NOAT NOA NOPAT Increase in NOA Free Cash Flow to Firm Discount Factor PV of Horizon Sum of Horizon PV of Terminal Total Firm Value Less NNO Less NCI Firm Equity Value Shares Outstanding Stock Value Per Share Discounted Cash Flow Model ($ millions) Reported 2021 $16,534 31.60% 0.8 $20,668 $5,230 2022 3.50% 2023 Horizon 3.50% 2024 3.50% 2025 3.50% Terminal 2% WACC 1.27% Growth Rate Sales NOPM NOAT NOA NOPAT Increase in NOA Free Cash Flow to Firm Discount Factor PV of Horizon Sum of Horizon PV of Terminal Total Firm Value Less NNO Less NCI Firm Equity Value Shares Outstanding Stock Value Per Share Discounted Cash Flow Model ($ millions) Reported 2021 $16,534 31.60% 0.8 $20,668 $5,230 2022 3.50% 2023 Horizon 3.50% 2024 3.50% 2025 3.50% Terminal 2%