A Business at a Glance
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GENERAL DYNAMICS CORP
GD
$105.4B
Mkt Cap
$386.75
+1.30%
GENERAL DYNAMICS CORP (GD) has a current P/E ratio of 25.0, compared to its historical median P/E of 17.4. The stock is currently considered Expensive based on its historical valuation range.
GENERAL DYNAMICS CORP (GD) has a 5-year average return on invested capital (ROIC) of 13.1%. This indicates solid capital allocation.
GENERAL DYNAMICS CORP (GD) has a market capitalization of $104.6B. It is classified as a large-cap stock.
Yes, GENERAL DYNAMICS CORP (GD) pays a dividend with a trailing twelve-month yield of 1.54%. The company also returns capital through share buybacks, with a buyback yield of 0.24%.
Based on historical P/E analysis, GENERAL DYNAMICS CORP (GD) appears expensive. The current P/E of 25.0 is 44% above its historical median of 17.4. The estimated fair value CAGR (P/E method) is 6.3%.
GENERAL DYNAMICS CORP (GD) operates in the Ship & Boat Building & Repairing industry, within the Industrials sector.
GENERAL DYNAMICS CORP (GD) reported annual revenue of $52.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
General Dynamics is a global aerospace and defense company organized into four operating segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment, comprising Gulfstream and Jet Aviation, designs, manufactures, and services business jets and provides aircraft maintenance, repair, overhaul, and custom completion services through a global network of approximately 30 fixed-base operator facilities on four continents; the segment generates revenue from aircraft manufacturing and aircraft services, with Gulfstream holding more than 350 city-pair speed records and operating an in-service fleet of over 3,000 aircraft worldwide. Marine Systems is the leading designer and builder of nuclear-powered submarines and surface combatants for the U.S. Navy, consisting of Electric Boat (Columbia-class and Virginia-class submarines), Bath Iron Works (Arleigh Burke-class destroyers), and NASSCO (auxiliary ships); the segment has made substantial capital investments to expand facilities, workforce, and supply chain to support significant Navy demand over the next two decades. Combat Systems and Technologies serve defense and government customers with land combat vehicles, weapon systems, munitions, and technology products and services, with Technologies including GDIT and Mission Systems. The company's business model emphasizes long-term customer relationships, substantial capital investment in manufacturing capacity and R&D, and a focus on execution and continuous improvement to deliver superior operating results and returns on capital.
【Strong backlog-driven growth】 Management expects continued robust demand across all segments supported by record backlog of $131 billion and total estimated contract value of $188 billion as of Q1 2026, with particular strength in Marine Systems driven by multi-decade Navy shipbuilding programs and Combat Systems benefiting from international demand. Aerospace is expected to maintain solid execution with second-quarter deliveries similar to first quarter and higher volumes in third and fourth quarters, while supply chain constraints remain the primary limiting factor for production rate increases on long-range and ultra-long-range aircraft. Capital expenditures are expected to increase significantly to between 3.5% and 4% of sales in 2026, with continued heavy investment in shipyards to accelerate production and meet future demand, and the company targets free cash flow conversion of 100% of net income for the full year. Management anticipates margin expansion across segments as production scales and the company transitions from legacy programs to highly differentiated content, with particular confidence in durable and steady margin improvements in Marine Systems and Technologies as operational leverage improves.
| Metric | Target | Period |
|---|---|---|
| EPS | $16.45–$16.55 | FY2026 |
| Revenue | $54.3 billion–$54.8 billion | FY2026 |
| Operating margin | 10.4% | FY2026 |
| Aerospace revenue | ~$13.6 billion | FY2026 |
| Aerospace operating margin | ~14% | FY2026 |
| Combat Systems revenue | $9.6 billion–$9.7 billion | FY2026 |
| Combat Systems operating margin | 14.1% | FY2026 |
| Marine Systems revenue | $17.3 billion–$17.7 billion | FY2026 |
| Technologies revenue | ~$13.8 billion | FY2026 |
| Technologies operating margin | 9.2% | FY2026 |
| Capital expenditures | 3.5%–4% of sales |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Services | $16.04B | $16.39B | $17.68B | $19.08B | $19.53B | 27% |
Nuclear-powered submarines | $7.12B | $7.31B | $8.63B | $10.39B | $12.61B | 17% |
Aircraft manufacturing | $5.86B | $5.88B | $5.71B | $7.81B | $9.41B | 13% |
Information technology (IT) services | $8.07B | $8.20B | $8.46B | $8.76B | $9.06B | 13% |
Military vehicles | $4.70B | $4.58B | $5.04B | $5.10B | $4.97B | 7% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 53.8B | 52.5B | 47.7B | 42.3B | 39.4B | 38.5B |
| Net Income | 4.3B | 4.2B | 3.8B | 3.3B | 3.4B | 3.3B |
| EPS | $16.08 | $15.45 | $13.63 | $12.02 | $12.19 | $11.55 |
| Free Cash Flow | 6.2B | 3.5B | 3.2B | 3.8B | 3.5B | 3.4B |
| ROIC | 15.0% | 12.8% | 12.8% | 12.6% | 13.1% | 14.0% |
| Gross Margin | - | 17.7% | 18.1% | 18.8% | 20.0% | 20.1% |
| Debt/Equity | 0.31 | 0.56 | 0.64 | 0.50 | 0.57 | 0.65 |
| Dividends/Share | $5.97 | $5.85 | $5.51 | $5.18 | $4.92 | $4.66 |
| Operating Income | 5.5B | 5.4B | 4.8B | 4.2B | 4.2B | 4.2B |
| Operating Margin | 10.2% | 10.2% | 10.1% | 10.0% | 10.7% | 10.8% |
| ROE | 16.6% | 17.7% | 17.4% | 16.6% | 18.7% | 19.6% |
| Shares Outstanding | 270M | 272M | 277M | 276M | 278M | 282M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 30.9B | 31.8B | 30.6B | 31.0B | 36.2B | 39.4B | 37.9B | 38.5B | 39.4B | 42.3B | 47.7B | 52.5B | 53.8B |
| Gross Margin | 50.3% | 49.7% | 18.5% | 20.2% | 18.6% | 17.9% | 20.3% | 20.1% | 20.0% | 18.8% | 18.1% | 17.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.0B | 1.9B | 1.9B | 2.0B | 2.3B | 2.4B | 2.2B | 2.2B | 2.4B | 2.4B | 2.6B | 2.6B | 2.7B |
| EBIT | 3.9B | 4.3B | 3.7B | 4.2B | 4.4B | 4.6B | 4.1B | 4.2B | 4.2B | 4.2B | 4.8B | 5.4B | 5.5B |
| Op. Margin | 12.6% | 13.5% | 12.3% | 13.7% | 12.1% | 11.6% | 10.9% | 10.8% | 10.7% | 10.0% | 10.1% | 10.2% | 10.2% |
| Net Income | 2.5B | 3.0B | 2.6B | 2.9B | 3.3B | 3.5B | 3.2B | 3.3B | 3.4B | 3.3B | 3.8B | 4.2B | 4.3B |
| Net Margin | 8.2% | 9.6% | 8.4% | 9.4% | 9.2% | 8.9% | 8.4% | 8.5% | 8.6% | 7.8% | 7.9% | 8.0% | 8.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 37.1% | 40.7% | 30.8% | 27.1% | 19.5% | 15.7% | 15.0% | 14.0% | 13.1% | 12.6% | 12.8% | 12.8% | 15.0% |
| ROE | 19.2% | 27.3% | 24.8% | 26.4% | 28.0% | 26.7% | 21.4% | 19.6% | 18.7% | 16.6% | 17.4% | 17.7% | 16.6% |
| ROA | 7.2% | 8.9% | 7.8% | 8.5% | 8.3% | 7.3% | 6.3% | 6.4% | 6.7% | 6.2% | 6.8% | 7.4% | 7.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.7B | 2.5B | 2.2B | 3.9B | 3.1B | 3.0B | 3.9B | 4.3B | 4.6B | 4.7B | 4.1B | 5.1B | 7.4B |
| Free Cash Flow | 3.2B | 1.9B | 1.8B | 3.4B | 2.5B | 2.0B | 2.9B | 3.4B | 3.5B | 3.8B | 3.2B | 3.5B | 6.2B |
| Owner Earnings | 3.1B | 1.9B | 1.6B | 3.3B | 2.2B | 2.0B | 2.9B | 3.3B | 3.5B | 3.7B | 3.0B | 4.0B | -873M |
| CapEx | 521M | 569M | 392M | 428M | 690M | 987M | 967M | 887M | 1.1B | 904M | 916M | 1.7B | 1.2B |
| Maint. CapEx | 496M | 481M | 453M | 441M | 763M | 829M | 878M | 890M | 884M | 863M | 886M | 924M | 8.1B |
| Growth CapEx | 25M | 88M | 0 | 0 | 0 | 158M | 89M | 0 | 230M | 41M | 30M | 727M | 0 |
| D&A | 496M | 481M | 453M | 441M | 763M | 829M | 878M | 890M | 884M | 863M | 886M | 924M | 8.1B |
| CapEx/OCF | 14.0% | 21.8% | 17.8% | 11.0% | 21.9% | 33.1% | 25.1% | 20.8% | 24.3% | 19.2% | 22.3% | 22.7% | 16.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 822M | 873M | 911M | 986M | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B | 1.4B | 1.5B | 1.6B | 1.6B |
| Dividend Yield | 2.6% | 2.4% | 2.5% | 2.0% | 2.1% | 2.6% | 3.3% | 2.8% | 2.3% | 2.4% | 2.0% | 2.0% | 1.5% |
| Share Buybacks | 3.4B | 3.2B | 2.0B | 1.6B | 1.8B | 231M | 587M | 1.8B | 1.2B | 434M | 1.5B | 637M | 254M |
| Buyback Yield | 8.9% | 8.9% | 4.6% | 3.0% | 4.5% | 0.5% | 1.5% | 3.4% | 1.9% | 0.6% | 2.1% | 0.7% | 0.2% |
| Stock-Based Comp | 128M | 98M | 95M | 123M | 140M | 133M | 128M | 126M | 165M | 181M | 183M | 196M | 202M |
| Debt Repayment | 0 | 500M | 500M | 900M | 0 | 0 | 2.0B | 2.0B | 1.0B | 1.3B | 500M | 1.5B | 1.5B |
| Balance Sheet | |||||||||||||
| Net Debt | -4.9B | -2.2B | -746M | 999M | 12.1B | 10.0B | 10.0B | 9.7B | 9.1B | 8.5B | 12.2B | 11.8B | 4.2B |
| Cash & Equiv. | 4.4B | 2.8B | 2.3B | 3.0B | 963M | 902M | 2.8B | 1.6B | 1.2B | 1.9B | 1.7B | 2.3B | 3.9B |
| Long-Term Debt | 3.4B | 2.9B | 3.0B | 4.0B | 11.4B | 9.0B | 10.0B | 10.5B | 9.2B | 8.8B | 7.3B | 7.0B | 6.3B |
| Debt/Equity | 0.33 | 0.33 | 0.38 | 0.34 | 1.10 | 0.79 | 0.83 | 0.65 | 0.57 | 0.50 | 0.64 | 0.56 | 0.31 |
| Interest Coverage | 37.8 | 43.8 | 37.8 | 36.2 | 11.7 | 9.7 | 8.5 | 9.7 | 10.8 | 10.6 | 12.2 | 13.3 | 125.2 |
| Equity | 11.8B | 10.4B | 10.3B | 11.8B | 12.1B | 14.0B | 15.7B | 17.6B | 18.6B | 21.3B | 22.1B | 25.6B | 26.1B |
| Total Assets | 35.3B | 32.5B | 33.2B | 35.0B | 45.9B | 49.3B | 51.3B | 50.1B | 51.6B | 54.8B | 55.9B | 57.2B | 59.0B |
| Total Liabilities | 23.5B | 22.1B | 22.9B | 23.2B | 33.8B | 35.4B | 35.6B | 32.4B | 33.0B | 33.5B | 33.8B | 31.6B | 1.2B |
| Intangibles | 912M | 763M | 678M | 702M | 2.6B | 2.3B | 2.1B | 2.0B | 1.8B | 1.7B | 1.5B | 1.4B | 1.3B |
| Retained Earnings | 21.1B | 23.2B | 24.5B | 26.4B | 29.3B | 31.6B | 33.5B | 35.4B | 37.4B | 39.3B | 41.5B | 44.1B | 44.8B |
| Working Capital | 3.7B | 2.1B | 3.1B | 5.2B | 3.5B | 3.5B | 5.6B | 6.0B | 5.7B | 7.2B | 6.6B | 7.5B | 7.2B |
| Current Assets | 17.4B | 14.6B | 16.5B | 18.3B | 18.2B | 20.3B | 21.5B | 20.0B | 21.1B | 23.6B | 24.4B | 24.2B | 26.1B |
| Current Liabilities | 13.8B | 12.4B | 13.4B | 13.1B | 14.7B | 16.8B | 16.0B | 14.0B | 15.3B | 16.4B | 17.8B | 16.8B | 18.8B |
| Per Share Data | |||||||||||||
| EPS | 7.42 | 9.29 | 8.29 | 9.56 | 11.18 | 11.98 | 11.00 | 11.55 | 12.19 | 12.02 | 13.63 | 15.45 | 16.08 |
| Owner EPS | 9.09 | 5.88 | 5.21 | 10.87 | 7.50 | 6.94 | 9.91 | 11.54 | 12.69 | 13.29 | 10.97 | 14.68 | -3.23 |
| Book Value | 34.65 | 31.95 | 33.20 | 38.74 | 40.48 | 48.06 | 54.40 | 62.56 | 66.77 | 77.23 | 79.51 | 94.03 | 96.44 |
| Cash Flow/Share | 10.92 | 7.65 | 6.97 | 12.72 | 10.52 | 10.25 | 13.40 | 15.15 | 16.47 | 17.08 | 14.82 | 18.79 | 45.98 |
| Dividends/Share | 2.41 | 2.67 | 2.94 | 3.24 | 3.59 | 3.96 | 4.31 | 4.66 | 4.92 | 5.18 | 5.51 | 5.85 | 5.97 |
| Shares Out. | 341.4M | 326.8M | 310.3M | 304.6M | 299.2M | 290.8M | 287.9M | 282.0M | 278.1M | 275.8M | 277.5M | 272.5M | 270.4M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | 12.3 | 17.0 | 17.7 | 11.7 | 12.8 | 12.0 | 16.4 | 18.9 | 20.5 | 19.1 | 22.1 | 24.1 |
| P/FCF | 11.8 | 18.9 | 24.8 | 15.0 | 16.0 | 22.4 | 13.2 | 15.8 | 18.5 | 17.9 | 22.5 | 26.8 | 16.9 |
| EV/EBIT | 8.6 | 8.3 | 11.8 | 11.7 | 11.4 | 12.6 | 11.7 | 15.1 | 17.4 | 17.4 | 16.5 | 18.2 | 19.7 |
| Price/Book | 3.2 | 3.4 | 4.3 | 4.5 | 3.3 | 3.2 | 2.4 | 3.0 | 3.5 | 3.2 | 3.3 | 3.6 | 4.0 |
| Price/Sales | 1.0 | 1.2 | 1.2 | 1.6 | 1.4 | 1.1 | 1.0 | 1.2 | 1.5 | 1.4 | 1.6 | 1.5 | 1.9 |
| FCF Yield | 8.5% | 5.3% | 4.0% | 6.7% | 6.3% | 4.5% | 7.6% | 6.3% | 5.4% | 5.6% | 4.4% | 3.7% | 5.9% |
| Market Cap | 37.8B | 36.4B | 43.8B | 51.6B | 39.3B | 44.7B | 38.1B | 53.5B | 64.2B | 68.1B | 72.1B | 92.9B | 104.6B |
| Avg. Price | 92.11 | 111.76 | 118.23 | 161.82 | 167.24 | 151.27 | 132.30 | 169.17 | 213.12 | 216.15 | 276.75 | 294.52 | 386.75 |
| Year-End Price | 110.80 | 111.53 | 141.30 | 169.31 | 131.31 | 153.56 | 132.44 | 189.81 | 230.80 | 246.93 | 259.72 | 340.81 | 386.75 |
GENERAL DYNAMICS CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
GENERAL DYNAMICS CORP trades at 25.0x trailing earnings, compared to its 15-year median P/E of 17.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 26.4x vs a median of 18.2x. The company's 5-year average ROIC is 13.1% with a gross margin of 18.9%. Total shareholder yield (dividends + buybacks) is 1.8%. At current prices, the estimated annualized return to fair value is +10.2%.
GENERAL DYNAMICS CORP (GD) has a net profit margin of 8.0%. This is a modest margin.
GENERAL DYNAMICS CORP (GD) generated $3.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GENERAL DYNAMICS CORP (GD) has a debt-to-equity ratio of 0.56. This indicates moderate leverage.
GENERAL DYNAMICS CORP (GD) reported earnings per share (EPS) of $15.45 in its most recent fiscal year.
GENERAL DYNAMICS CORP (GD) has a return on equity (ROE) of 17.7%. This indicates the company generates strong returns for shareholders.
GENERAL DYNAMICS CORP (GD) has a 5-year average gross margin of 18.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for GENERAL DYNAMICS CORP (GD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GENERAL DYNAMICS CORP (GD) has a book value per share of $94.03, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand across all segments supported by record backlog of $131 billion and total estimated contract value of $188 billion as of Q1 2026, with particular strength in Marine Systems driven by multi-decade Navy shipbuilding programs and Combat Systems benefiting from international demand. Aerospace is expected to maintain solid execution with second-quarter deliveries similar to first quarter and higher volumes in third and fourth quarters, while supply chain constraints remain the primary limiting factor for production rate increases on long-range and ultra-long-range aircraft. Capital expenditures are expected to increase significantly to between 3.5% and 4% of sales in 2026, with continued heavy investment in shipyards to accelerate production and meet future demand, and the company targets free cash flow conversion of 100% of net income for the full year. Management anticipates margin expansion across segments as production scales and the company transitions from legacy programs to highly differentiated content, with particular confidence in durable and steady margin improvements in Marine Systems and Technologies as operational leverage improves.
Based on recent SEC filings and earnings calls, GENERAL DYNAMICS CORP (GD) has provided the following forward guidance: EPS: $16.45–$16.55 (FY2026); Revenue: $54.3 billion–$54.8 billion (FY2026); Operating margin: 10.4% (FY2026); Aerospace revenue: ~$13.6 billion (FY2026); Aerospace operating margin: ~14% (FY2026), plus 7 additional metrics.
| FY2026 |
| Free cash flow conversion rate | 100% of net income | FY2026 |
EPS (FY2026): “Our updated guidance for 2026 would be an EPS range of $16.45- $16.55.”
Revenue (FY2026): “So for 2026 company-wide, we expect to see revenue in the range of $54.3 billion-$54.8 billion.”
Operating margin (FY2026): “We anticipate operating margins of 10.4%, up 20 basis points from 2025 actuals.”
Aerospace revenue (FY2026): “In 2026, we expect Aerospace revenue to be about $13.6 billion, up around $500 million over 2025.”
Aerospace operating margin (FY2026): “Operating margin is expected to be increased to around 14%.”
Combat Systems revenue (FY2026): “In Combat Systems, we expect revenue in a range of $9.6 billion-$9.7 billion, coupled with an operating margin of 14.1%.”
Combat Systems operating margin (FY2026): “In Combat Systems, we expect revenue in a range of $9.6 billion-$9.7 billion, coupled with an operating margin of 14.1%.”
Marine Systems revenue (FY2026): “Our outlook for this year anticipates revenue in a range of $17.3 billion-$17.7 billion, with a 30 basis point improvement at the operating margin line.”
No recent press releases.