For a company in the large shipbuilding industry with no debt, the operating leverage is likely to be:

In the context of a company in the large shipbuilding industry, understanding operating leverage is crucial. Operating leverage measures the proportion of fixed costs to variable costs in a company's cost structure. A company with high operating leverage means that a significant portion of its costs are fixed, resulting in a higher sensitivity of operating income to changes in sales volume.

In the shipbuilding industry, firms typically invest heavily in infrastructure, technology, and skilled labor, which contributes to high fixed costs. These fixed costs remain constant regardless of production levels, meaning that when sales increase, the company can spread these costs over a larger number of units, significantly boosting profit margins.

Since the company mentioned has no debt, financial leverage is not a factor in this scenario. However, the high fixed costs associated with shipbuilding lead to a high degree of operating leverage. This means that any increase in sales can lead to a more than proportional increase in operating income, highlighting the company's high operating leverage.

Thus, the proper understanding of the cost structure in this industry leads to the conclusion that the company is likely to have high operating leverage.