A Business at a Glance
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ITEM 1. BUSINESS (Dollars in millions, unless otherwise noted) BUSINESS OVERVIEW General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders. Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments.
| 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 | 52.5B | 52.5B | 47.7B | 42.3B | 39.4B | 38.5B |
| Net Income | 4.2B | 4.2B | 3.8B | 3.3B | 3.4B | 3.3B |
| EPS | $15.45 | $15.45 | $13.63 | $12.02 | $12.19 | $11.55 |
| Free Cash Flow | 4.0B | 4.0B | 3.2B | 3.8B | 3.5B | 3.4B |
| ROIC | 13.7% | 15.0% | 13.8% | 13.0% | 12.7% | 13.0% |
| Gross Margin | 46.8% | 46.8% | 49.0% | 51.3% | 51.8% | 51.8% |
| Debt/Equity | 0.35 | 0.35 | 0.47 | 0.46 | 0.63 | 0.71 |
| Dividends/Share | $5.85 | $5.85 | $5.51 | $5.18 | $4.92 | $4.66 |
| Operating Income | 5.4B | 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 | 16.4% | 17.7% | 17.1% | 15.6% | 18.3% | 18.5% |
| Shares Outstanding | 272M | 272M | 277M | 276M | 278M | 282M |
GENERAL DYNAMICS CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
GENERAL DYNAMICS CORP trades at 22.1x 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 23.3x vs a median of 18.2x. The company's 5-year average ROIC is 13.5% with a gross margin of 50.2%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is +10.7%.
GENERAL DYNAMICS CORP (GD) has a current P/E ratio of 22.1, 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 13.5%. This indicates solid capital allocation.
GENERAL DYNAMICS CORP (GD) has a market capitalization of $92.9B. It is classified as a large-cap stock.
Yes, GENERAL DYNAMICS CORP (GD) pays a dividend with a trailing twelve-month yield of 1.72%. The company also returns capital through share buybacks, with a buyback yield of 0.69%.
Based on historical P/E analysis, GENERAL DYNAMICS CORP (GD) appears expensive. The current P/E of 22.1 is 27% above its historical median of 17.4. The estimated fair value CAGR (P/E method) is 6.5%.
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 CORP (GD) has a net profit margin of 8.0%. This is a modest margin.
GENERAL DYNAMICS CORP (GD) generated $4.0 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 0.35. This indicates a conservatively financed balance sheet.
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 50.2%. This high margin suggests strong pricing power and a potential competitive moat.
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.
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