GD
NYSE · USDGeneral Dynamics Corporation
Industrials · Aerospace & Defense
CEO Phebe N. Novakovic
Employees 117,000
R&D / revenue 0.0%
Last price
$344.23+2.14%last session
Market cap
$93.1B
P/E (TTM)
20.7x
From 52w high
−13.9%
From 52w low
+12.2%
1-year return
+4.1%
RSI 14 · vs SMA200
53.1 · −2.9%
IS score
66.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
GD SPY XLI (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe39Profitability
54Growth
52Value
81Momentum
100Risk (safety)
77Quality
71Balance sheet
68Earnings quality
Flags
Strengths
✓ Piotroski 8+✓ FCF yield 5%+
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Altman Z 4.3Beta 0.322 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
0
17 open-market sales, $68.1M
Form 144 notices (12m): 11, $1.4B proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−2
155 new holders, 126 closed
2,224 filers hold 87.5% · 867 added, 844 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+252
962 funds adding shares
710 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
39.6%
20-day avg 38.1%, 50-day avg 44.0%
Latest 1.5 pp over its 20-day average · a flow, not short interest
Key financials · FY2025
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$52.5B
Revenue growth YoY+10.1%
Gross margin15.1%
Operating income$5.4B
Operating margin10.2%
Net income$4.2B
Net margin8.0%
EPS (diluted)$15.46
Cash flow
Operating cash flow$5.1B
Capital expenditure$1.2B
Free cash flow$4.0B
FCF conversion (FCF / OCF)77.3%
Stock-based compensation$196.0M
FCF less SBC$3.8B
Buybacks$637.0M
Dividends$1.6B
Balance sheet & returns
Cash & short-term investments$2.3B
Total debt$8.0B
Net debt$5.7B
Shareholders' equity$25.6B
Goodwill & intangibles$22.4B
Debt / equity0.35
ROE (TTM)17.4%
ROIC (TTM)10.9%
Operating margin by fiscal year
Revenue $38.5B (FY2021) to $52.5B (FY2025), a 8.1% CAGR.
Valuation
P/E (TTM)20.7x
EV / EBITDA14.7x
Price / sales1.70x
Price / FCF14.4x
FCF yield6.92%
Buyback yield0.68%
SBC / revenue0.4%
Price / book3.47x
Forward P/E FY202620.2x
Forward P/E FY202718.5x
Forward P/E FY202817.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $404.50 across 10 analysts last quarter is theirs, not ours.
GD vs industry median
197 companies in Aerospace & Defense
GD (TTM)Industry median
Asset turnover 0.91 vs industry 0.57 · financial leverage 2.24
Earnings delivery
Next report 2026-10-30 · consensus EPS $4.1267%
beat rate, 8 of 12 quarters
+3.2%
median EPS surprise
7
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| GD General Dynamics Corporation | $93.1B | 20.7x | 17.4% | 8.2% | +10.1% | +4.1% |
| HWM Howmet Aerospace Inc. | $88.1B | 47.3x | 34.7% | 21.0% | +18.1% | +15.3% |
| NOC Northrop Grumman Corporation | $73.9B | 16.5x | 27.0% | 10.1% | +5.9% | −12.8% |
| LMT Lockheed Martin Corporation | $127.4B | 20.3x | 89.2% | 9.2% | +7.2% | +12.7% |
| TDG TransDigm Group Incorporated | $63.0B | 34.6x | -28.7% | 19.7% | +16.6% | −8.8% |
| BA The Boeing Company | $150.3B | 71.2x | 173.6% | -1.8% | +24.8% | — |
| ERJ Embraer S.A. | $47.4B | 56.7x | 9.4% | 5.7% | +19.9% | — |
| LHX L3Harris Technologies, Inc. | $46.3B | 25.0x | 9.3% | 10.2% | +7.3% | — |
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.
Recent 8-K filings
2026-10-08Officer/Director Change; Exhibits
2026-08-07Officer/Director Change; Exhibits
2026-08-04Other Events; Exhibits
2026-07-29Earnings Release; Exhibits
2026-04-29Earnings Release; Exhibits
2026-01-28Results of Operations and Financial Condition; Financial Statements and Exhibits
Context
Shares outstanding270,557,000
Free float94.0%
Institutional ownership87.5%
Beta0.32
Dividend yield1.82%
Last dividend$1.59 on 2026-10-09
50 / 200-day average$359.96 / $354.83
Large-cap Industrials median P/E29.8x
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where GD sits among 56 scored companies in Aerospace & Defense (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | GD | Industry percentile |
|---|---|---|
| P/E (TTM) | 20.8x | 15th |
| PEG (P/E ÷ 3-yr EPS CAGR) | 2.03 | 67th |
| Price / sales | 1.7x | 22nd |
| Price / book | 3.5x | 47th |
| Price / tangible book | 22.1x | 68th |
| Price / free cash flow | 14.4x | 11th |
| Price / operating cash flow | 12.1x | 13th |
| Enterprise value | $98.3B | 93rd |
| EV / sales | 1.8x | 16th |
| EV / EBITDA | 15.3x | 29th |
| EV / EBIT | 17.1x | 23rd |
| EV / free cash flow | 15.2x | 11th |
| Earnings yield | 4.8% | 89th |
| FCF yield | 6.9% | 93rd |
| Operating cash flow yield | 8.3% | 91st |
| Graham number (per share) | $190.07 | 95th |
Profitability (TTM)
| Measure | GD | Industry percentile |
|---|---|---|
| Gross margin | 15.4% | 19th |
| EBITDA margin | 11.7% | 45th |
| Operating margin | 10.3% | 58th |
| EBIT margin | 10.5% | 57th |
| Net margin | 8.2% | 64th |
| NOPAT margin | 8.5% | 62nd |
| FCF margin | 11.8% | 77th |
| Operating cash flow margin | 14.0% | 74th |
| R&D / revenue | 0.9% | 42nd |
| SG&A / revenue | 5.0% | 17th |
| Stock comp / revenue | 0.4% | 20th |
| Effective tax rate | 17.6% | 35th |
Returns on capital
| Measure | GD | Industry percentile |
|---|---|---|
| ROE (on average equity) | 17.8% | 71st |
| ROA | 7.7% | 67th |
| ROIC | 14.6% | 76th |
| ROCE | 13.9% | 76th |
| Return on tangible assets | 9.8% | 67th |
| Cash ROIC (OCF / invested capital) | 24.1% | 87th |
| Gross profitability (GP / assets) | 14.0% | 45th |
| ROIC, 3-yr average | 11.5% | 82nd |
| ROIC, 5-yr average | 12.3% | 71st |
| ROE, 5-yr average | 17.3% | 85th |
| Incremental ROIC | 61.7% | 70th |
Growth
| Measure | GD | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 9.1% | 20th |
| Revenue growth (QoQ) | 4.5% | 27th |
| Revenue CAGR, 3 yr | 10.3% | 37th |
| Revenue CAGR, 5 yr | 7.3% | 26th |
| Gross profit CAGR, 3 yr | 8.6% | 31st |
| Operating income CAGR, 3 yr | 10.3% | 29th |
| Net income growth (TTM YoY) | 9.8% | 17th |
| Net income CAGR, 3 yr | 10.0% | 33rd |
| EPS growth (TTM YoY) | 8.7% | 17th |
| EPS CAGR, 3 yr | 10.2% | 37th |
| EPS CAGR, 5 yr | 7.1% | 38th |
| FCF growth (TTM YoY) | 56.1% | 65th |
| FCF CAGR, 3 yr | 28.7% | 64th |
| Operating cash flow CAGR, 3 yr | 23.0% | 52nd |
| Book value CAGR, 3 yr | 11.4% | 59th |
| Dividend CAGR, 3 yr | 1.8% | 34th |
| Sustainable growth rate | 11.3% | 47th |
Margin history & stability
| Measure | GD | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 15.5% | 17th |
| Operating margin, 3-yr average | 10.2% | 63rd |
| Net margin, 3-yr average | 8.1% | 65th |
| FCF margin, 3-yr average | 8.3% | 65th |
| Revenue stability (0-1) | 0.92 | 56th |
| Earnings stability (0-1) | 0.85 | 81st |
| Margin stability (0-1) | 0.96 | 81st |
Liquidity (latest quarter)
| Measure | GD | Industry percentile |
|---|---|---|
| Cash & short-term investments | $4.3B | 95th |
| Net cash (− = net debt) | −$5.1B | 13th |
| Working capital | $8.3B | 98th |
| Current ratio | 1.44 | 18th |
| Quick ratio | 0.96 | 13th |
| Cash ratio (cash + ST investments / current liabilities) | 0.23 | 31st |
| Defensive interval (days) | 2,105 days | 87th |
Leverage & solvency (latest quarter)
| Measure | GD | Industry percentile |
|---|---|---|
| Total debt | $9.5B | 87th |
| Debt / equity | 0.35 | 36th |
| Net debt / equity | 0.19 | 42nd |
| Debt / assets | 15.8% | 33rd |
| Debt / capital | 26.1% | 36th |
| Debt / EBITDA | 1.47 | 21st |
| Net debt / EBITDA | 0.80 | 29th |
| Interest coverage (EBIT / interest) | 22.5x | 94th |
| Cash interest coverage | 30.2x | 96th |
| Debt payback (years of OCF) | 1.2 yrs | 21st |
| Liabilities / assets | 55.4% | 56th |
| IS credit model rating | AA+ | |
| Implied credit spread (bps) | 65 | 5th |
Efficiency
| Measure | GD | Industry percentile |
|---|---|---|
| Asset turnover | 0.94 | 78th |
| Fixed asset turnover | 7.24 | 74th |
| Inventory turnover | 4.9 | 60th |
| Receivables turnover | 18.3 | 98th |
| Days sales outstanding | 20 days | 4th |
| Days inventory outstanding | 75 days | 40th |
| Days payables outstanding | 23 days | 9th |
| Cash conversion cycle (days) | 71 days | 38th |
| Capex / revenue | 2.3% | 26th |
| Capex / depreciation | 1.80 | 74th |
| Operating expense ratio | 5.1% | 2nd |
Cash flow & earnings quality
| Measure | GD | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 1.72 | 79th |
| FCF / net income | 1.44 | 79th |
| FCF / operating cash flow | 83.7% | 66th |
| Capex / operating cash flow | 16.3% | 34th |
| Accruals ratio | -5.5% | 25th |
| Sloan accruals ratio | 1.5% | 64th |
| Earnings quality score (0-1) | 0.75 | 23rd |
Scores & forensic checks
| Measure | GD | Industry percentile |
|---|---|---|
| IS score | 66 | 80th |
| IS profitability | 39 | 64th |
| IS growth | 54 | 24th |
| IS value | 52 | 85th |
| IS momentum | 81 | 53rd |
| IS risk (safety) | 100 | 44th |
| IS quality | 77 | 91st |
| IS balance sheet | 71 | 75th |
| IS earnings quality | 68 | 55th |
| IS cash flow | 75 | 93rd |
| Piotroski F-score (0-9) | 8 | 84th |
| Altman Z-score | 4.3 | 45th |
| Beneish M-score | −2.78 | 22nd |
| Ohlson O-score | −8.85 | 22nd |
| IS credit score | 92 | 89th |
Size (TTM)
| Measure | GD | Industry percentile |
|---|---|---|
| Market cap | $93.1B | 93rd |
| Revenue | $54.9B | 95th |
| EBITDA | $6.4B | 91st |
| Net income | $4.5B | 93rd |
| Free cash flow | $6.4B | 95th |
| Total assets | $60.2B | 93rd |
| Shareholders' equity | $26.8B | 98th |
| Employees | 117,000 | 95th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-09-23 | Steel Robert K Director |
Option exercise | 2,770 | $168.56 | $466,911 | 5,866 |
| 2026-09-23 | Steel Robert K Director |
Open-market sale | 2,770 | $346.08 | $958,644 | 3,096 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 2,190 | $232.90 | $510,051 | 5,286 |
| 2026-09-23 | Steel Robert K Director |
Open-market sale | 2,190 | $346.12 | $758,001 | 3,096 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 1,780 | $227.58 | $405,092 | 4,876 |
| 2026-09-23 | Steel Robert K Director |
Open-market sale | 1,780 | $346.01 | $615,898 | 3,096 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 700 | $274.51 | $192,157 | 3,796 |
| 2026-09-23 | Steel Robert K Director |
Open-market sale | 700 | $345.82 | $242,077 | 3,096 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 2,770 | $168.56 | $466,911 | 0 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 2,190 | $232.90 | $510,051 | 0 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 1,780 | $227.58 | $405,092 | 0 |
| 2026-09-23 | Steel Robert K Director |
Option exercise | 700 | $274.51 | $192,157 | 700 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 16 | 1,434 | $341,875 |
| Gift | Disposed | 2 | 1,628 | — |
| Open-market sale | Disposed | 17 | 186,418 | $68.1M |
| Option exercise | Acquired | 20 | 426,000 | $74.4M |
| Option exercise | Disposed | 19 | 422,110 | $73.0M |
| Tax withholding | Disposed | 9 | 199,249 | $76.6M |
| — | Disposed | 2 | 0 | — |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
12 months: 11 notices · 3,573,604 shares · $1.4B| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| 2026-09-23 | Steel Robert K | 7,440 | $2.6M |
| 2026-08-28 | Longview Asset Management Llc | 3,396,316 | $1.3B |
| 2026-08-10 | Wall Peter A | 1,990 | $788,898 |
| 2026-08-05 | Brady Christopher J | 6,320 | $2.4M |
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 22 trades (12 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-06-10 | Dwight Evans | House | Sale | $1,001 - $15,000 | 2026-06-25 |
| 2026-06-10 | Dwight Evans | House | Sale (Full) | $1,001 - $15,000 | 2026-06-25 |
| 2026-06-09 | Dwight Evans | House | Sale (Full) | $1,001 - $15,000 | 2026-06-25 |
| 2026-03-31 | Jared Moskowitz | House | Purchase | $1,001 - $15,000 | 2026-05-01 |
| 2025-07-31 | John Boozman | Senate | Sale | $1,001 - $15,000 | 2025-08-06 |
| 2025-07-31 | John Boozman | Senate | Sale (Partial) | $1,001 - $15,000 | 2025-08-06 |
| 2025-07-31 | John Boozman | Senate | Sale (Partial) | $1,001 - $15,000 | 2025-08-05 |
| 2025-07-31 | Shelley Moore Capito | Senate | Sale (Partial) | $1,001 - $15,000 | 2025-08-04 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| LONGVIEW ASSET MANAGEMENT, LLC | 27,060,944 | $9.6B | 10.00% |
| BlackRock, Inc. | 19,310,609 | $6.8B | 7.14% |
| VANGUARD CAPITAL MANAGEMENT LLC | 16,670,477 | $5.9B | 6.16% |
| Newport Trust Company, LLC | 13,398,261 | $4.7B | 4.95% |
| STATE STREET CORP | 11,811,099 | $4.2B | 4.37% |
| BANK OF AMERICA CORP /DE/ | 7,349,613 | $2.6B | 2.72% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 6,808,241 | $2.4B | 2.52% |
| GEODE CAPITAL MANAGEMENT, LLC | 6,220,205 | $2.2B | 2.30% |
| JPMORGAN CHASE & CO | 4,749,906 | $1.7B | 1.76% |
| WELLS FARGO & COMPANY/MN | 4,326,856 | $1.5B | 1.60% |
| AMERIPRISE FINANCIAL INC | 4,298,949 | $1.5B | 1.59% |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 4,140,985 | $1.5B | 1.53% |
| FMR LLC | 4,101,398 | $1.5B | 1.52% |
| Capital Research Global Investors | 3,708,400 | $1.3B | 1.37% |
| Sanders Capital, LLC | 3,546,156 | $1.3B | 1.31% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2,224 | 87.5% | 155 | 867 | 844 | 126 |
| 2026-03-31 | 2,226 | 86.7% | 218 | 893 | 763 | 126 |
| 2025-12-31 | 2,166 | 86.5% | 275 | 834 | 696 | 94 |
| 2025-09-30 | 2,029 | 85.7% | 261 | 769 | 647 | 105 |
| 2025-06-30 | 1,904 | 85.7% | 189 | 794 | 625 | 96 |
| 2025-03-31 | 1,835 | 85.8% | 151 | 735 | 653 | 139 |
| 2024-12-31 | 1,850 | 86.8% | 238 | 650 | 684 | 161 |
| 2024-09-30 | 1,805 | 89.6% | 149 | 699 | 644 | 95 |
| 2024-06-30 | 1,774 | 87.5% | 135 | 690 | 631 | 98 |
| 2024-03-31 | 1,763 | 87.1% | 176 | 653 | 630 | 85 |
| 2023-12-31 | 1,693 | 87.5% | 268 | 603 | 595 | 74 |
| 2023-09-30 | 1,523 | 87.4% | 116 | 595 | 548 | 102 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| 2026-10-06 | SCHEDULE 13D/A | Longview Asset Management, LLC | 9.0% | 24,388,917 |
| 2026-08-28 | SCHEDULE 13D/A | Longview Asset Management, LLC | 10.0% | 27,096,788 |
| 2026-07-28 | SCHEDULE 13G/A | BlackRock, Inc. | 6.4% | 17,250,237 |
| 2026-04-29 | SCHEDULE 13G | Vanguard Capital Management | 6.9% | 18,635,779 |
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VITSX | 0.12% | $2.7B |
| VTSAX | 0.12% | $2.7B |
| VSMPX | 0.12% | $2.7B |
| VTI | 0.12% | $2.7B |
| VOO | 0.13% | $2.2B |
| VFINX | 0.13% | $2.2B |
Share structure
Shares outstanding270,557,000
Float254,443,667
Free float94.0%
Income statement
Fiscal years, USD| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $38.5B | $39.4B | $42.3B | $47.7B | $52.5B |
| Cost of revenue | $32.1B | $32.8B | $35.6B | $40.4B | $44.6B |
| Gross profit | $6.4B | $6.6B | $6.7B | $7.4B | $8.0B |
| R&D | $0 | $0 | $0 | $565.0M | $0 |
| SG&A | $2.2B | $2.4B | $2.4B | $2.6B | $2.6B |
| Operating income | $4.2B | $4.2B | $4.2B | $4.8B | $5.4B |
| EBITDA | $5.2B | $5.3B | $5.2B | $5.8B | $6.1B |
| Pretax income | $3.9B | $4.0B | $4.0B | $4.5B | $5.1B |
| Income tax | $616.0M | $646.0M | $669.0M | $758.0M | $893.0M |
| Net income | $3.3B | $3.4B | $3.3B | $3.8B | $4.2B |
| EPS, diluted | $11.55 | $12.19 | $12.02 | $13.63 | $15.46 |
| Diluted shares | 282.0M | 278.2M | 275.7M | 277.5M | 273.9M |
Balance sheet
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $1.6B | $1.2B | $1.9B | $1.7B | $2.3B |
| Receivables | $11.5B | $11.8B | $11.0B | $11.2B | $10.8B |
| Inventory | $5.3B | $6.3B | $8.6B | $9.7B | $9.2B |
| Total current assets | $20.0B | $21.1B | $23.6B | $24.4B | $24.2B |
| PP&E, net | $5.4B | $5.9B | $6.2B | $6.5B | $7.5B |
| Goodwill & intangibles | $22.1B | $22.2B | $22.2B | $22.1B | $22.4B |
| Total assets | $50.1B | $51.6B | $54.8B | $55.9B | $57.2B |
| Accounts payable | $3.2B | $3.4B | $3.1B | $3.3B | $2.7B |
| Total current liabilities | $14.0B | $15.3B | $16.4B | $17.8B | $16.8B |
| Long-term debt | $10.5B | $9.2B | $8.8B | $7.3B | $7.0B |
| Total liabilities | $32.4B | $33.0B | $33.5B | $33.8B | $31.6B |
| Shareholders' equity | $17.6B | $18.6B | $21.3B | $22.1B | $25.6B |
Cash flow statement
Outflows are negative| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | $3.3B | $3.4B | $3.3B | $3.8B | $4.2B |
| Depreciation & amortization | $890.0M | $884.0M | $863.0M | $886.0M | $924.0M |
| Stock-based compensation | $126.0M | $165.0M | $181.0M | $183.0M | $196.0M |
| Change in working capital | $681.0M | $680.0M | $635.0M | −$584.0M | $192.0M |
| Operating cash flow | $4.3B | $4.6B | $4.7B | $4.1B | $5.1B |
| Capital expenditure | −$887.0M | −$1.1B | −$904.0M | −$916.0M | −$1.2B |
| Free cash flow | $3.4B | $3.5B | $3.8B | $3.2B | $4.0B |
| Investing cash flow | −$882.0M | −$1.5B | −$945.0M | −$959.0M | −$1.3B |
| Net debt issued / repaid | −$1.5B | −$1.0B | −$1.2B | −$500.0M | −$753.0M |
| Buybacks | −$1.8B | −$1.2B | −$434.0M | −$1.5B | −$637.0M |
| Dividends paid | −$1.3B | −$1.4B | −$1.4B | −$1.5B | −$1.6B |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross margin | 16.7% | 16.8% | 15.8% | 15.4% | 15.1% |
| Operating margin | 10.8% | 10.7% | 10.0% | 10.1% | 10.2% |
| Net margin | 8.5% | 8.6% | 7.8% | 7.9% | 8.0% |
| FCF margin | 8.8% | 8.8% | 9.0% | 6.7% | 7.5% |
| ROE | 19.6% | 18.7% | 16.6% | 17.4% | 17.7% |
| ROIC | 12.0% | 12.0% | 11.6% | 12.9% | 13.4% |
| ROA | 6.4% | 6.7% | 6.2% | 6.8% | 7.4% |
| Debt / equity | 0.75 | 0.65 | 0.52 | 0.48 | 0.38 |
| Interest coverage | 10.2x | 12.2x | 12.8x | 15.2x | 17.3x |
| Current ratio | 1.43 | 1.37 | 1.44 | 1.37 | 1.44 |
| Revenue growth | +1.4% | +2.4% | +7.3% | +12.9% | +10.1% |
| EPS growth | +5.2% | +5.4% | −1.8% | +13.7% | +12.5% |
| P/E at year end | 16.5x | 19.0x | 20.8x | 18.9x | 21.9x |
| EV / EBITDA at year end | 12.5x | 14.2x | 14.9x | 13.8x | 16.3x |
| FCF yield at year end | 6.30% | 5.37% | 5.53% | 4.47% | 4.29% |
| Dividend payout | 40.4% | 40.4% | 43.1% | 40.4% | 37.8% |
Revenue by segment
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Marine Systems | $10.5B | $11.0B | $12.5B | $14.3B | $16.7B |
| Technologies | $12.5B | $12.5B | $12.9B | $13.1B | $13.5B |
| Aerospace | $8.1B | $8.6B | $8.6B | $11.2B | $13.1B |
| Combat Systems | $7.4B | $7.3B | $8.3B | $9.0B | $9.2B |
Revenue by region · FY2025
North America$45.8B · 47%
UNITED STATES$43.3B · 45%
Europe$3.5B · 4%
Other Africa Middle East$2.0B · 2%
Asia Pacific$2.0B · 2%
South America$432.0M · 0%
Street estimates by fiscal year
Next report 2026-10-30 · consensus EPS $4.12 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $56.0B | $55.7B – $56.4B | $17.01 | $16.82 – $17.23 | 14 | 20.2x |
| 2027 | $58.7B | $58.1B – $59.6B | $18.63 | $17.61 – $19.37 | 15 | 18.5x |
| 2028 | $61.3B | $59.7B – $62.7B | $20.12 | $19.34 – $21.02 | 14 | 17.1x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-07-29 | $3.96 | $4.24 | +7.1% | $13.5B | $14.1B | +4.2% |
| 2026-04-29 | $3.67 | $4.10 | +11.7% | $12.7B | $13.5B | +6.1% |
| 2026-01-28 | $4.11 | $4.17 | +1.5% | $13.8B | $14.4B | +4.2% |
| 2025-10-24 | $3.70 | $3.88 | +4.9% | $12.5B | $12.9B | +3.3% |
| 2025-07-23 | $3.55 | $3.74 | +5.4% | $12.4B | $13.0B | +5.3% |
| 2025-04-23 | $3.49 | $3.66 | +4.9% | $12.0B | $12.2B | +2.0% |
| 2025-01-29 | $4.07 | $4.15 | +2.0% | $12.8B | $13.3B | +4.1% |
| 2024-10-23 | $3.48 | $3.35 | −3.7% | $11.7B | $11.7B | −0.1% |
| 2024-07-24 | $3.27 | $3.26 | −0.3% | $11.5B | $12.0B | +4.5% |
| 2024-04-24 | $2.93 | $2.88 | −1.7% | $10.3B | $10.7B | +4.2% |
| 2024-01-24 | $3.68 | $3.64 | −1.1% | $11.4B | $11.7B | +2.6% |
| 2023-10-25 | $2.91 | $3.04 | +4.5% | $9.5B | $10.6B | +11.5% |
| 2023-07-26 | $2.56 | $2.70 | +5.5% | $9.5B | $10.2B | +7.4% |
| 2023-04-26 | $2.59 | $2.64 | +1.9% | $9.3B | $9.9B | +5.9% |
| 2023-01-25 | $3.54 | $3.58 | +1.1% | $10.7B | $10.9B | +1.6% |
| 2022-10-26 | $3.15 | $3.26 | +3.5% | $9.9B | $10.0B | +0.5% |
| 2022-07-27 | $2.72 | $2.75 | +1.1% | $9.4B | $9.2B | −2.3% |
| 2022-04-27 | $2.51 | $2.61 | +4.0% | $9.0B | $9.4B | +4.4% |
| 2022-01-26 | $3.37 | $3.39 | +0.6% | $10.7B | $10.3B | −3.7% |
| 2021-10-27 | $2.98 | $3.07 | +3.0% | $9.8B | $9.6B | −2.8% |
| 2021-07-28 | $2.55 | $2.61 | +2.4% | $9.8B | $9.2B | −6.4% |
| 2021-04-28 | $2.30 | $2.48 | +7.8% | $8.9B | $9.4B | +5.3% |
| 2021-01-27 | $3.54 | $3.49 | −1.4% | $10.8B | $10.5B | −2.9% |
| 2020-10-28 | $2.86 | $2.90 | +1.4% | $5.4B | $9.4B | +75.3% |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $710.3M | 1,942,080 | 66,176 |
| 2026-08-24 | $430.2M | 1,132,063 | 49,285 |
| 2026-08-17 | $355.9M | 912,820 | 49,416 |
| 2026-08-10 | $298.0M | 756,647 | 41,686 |
| 2026-08-03 | $428.6M | 1,112,114 | 52,512 |
| 2026-07-27 | $800.0M | 2,067,407 | 77,821 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 39.6% | 179,559 | 452,894 |
| 2026-10-14 | 39.9% | 152,515 | 382,029 |
| 2026-10-13 | 41.6% | 213,308 | 512,821 |
| 2026-10-12 | 41.2% | 199,990 | 485,272 |
| 2026-10-09 | 34.9% | 167,585 | 479,839 |
| 2026-10-08 | 42.7% | 258,179 | 604,973 |
| 2026-10-07 | 45.9% | 177,184 | 385,852 |
| 2026-10-06 | 45.3% | 236,042 | 520,790 |
| 2026-10-05 | 38.9% | 204,757 | 526,716 |
| 2026-10-02 | 28.3% | 131,504 | 465,287 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | +1.4% | 55% | 20 |
| Feb | +0.9% | 65% | 20 |
| Mar | +0.1% | 57% | 21 |
| Apr | +2.0% | 60% | 20 |
| May | +0.7% | 65% | 20 |
| Jun | −0.4% | 45% | 20 |
| Jul | +2.3% | 75% | 20 |
| Aug | +0.6% | 75% | 20 |
| Sep | +0.3% | 60% | 20 |
| Oct | +1.8% | 50% | 20 |
| Nov | +1.4% | 60% | 20 |
| Dec | +0.8% | 45% | 20 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1453.1
MFI48.8
ADX56.0
Stochastic %K / %D85.5 / 72.7
Williams %R-3.1
CCI96
TSI / signal-28.1 / -41.2
Chaikin money flow-0.06
ATR$6.29
Bollinger width8.0%
Volume vs 20-day avg0.69x
SupertrendUp
Moving averages and bands
level (price vs level)SMA 20$334.59 (+2.9%)
SMA 50$358.75 (−4.0%)
SMA 200$354.54 (−2.9%)
EMA 21$338.76 (+1.6%)
EMA 50$349.86 (−1.6%)
EMA 200$350.13 (−1.7%)
Bollinger upper$348.02 (−1.1%)
Bollinger lower$321.15 (+7.2%)
Parabolic SAR$324.52 (+6.1%)
Open the live chart, 110+ indicatorsAbout General Dynamics Corporation
General Dynamics Corporation is a global leader in the aerospace and defense industry, with its operations structured across four key divisions: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment focuses on the design, production, and sale of business jets, alongside offering a full suite of aviation services including aircraft maintenance, repair, management, charter services, and ground support. Marine Systems specializes in shipbuilding for the U.S. Navy, constructing nuclear-powered submarines, surface warships, and auxiliary vessels. This division also builds various commercial ships, such as tankers and cargo carriers. Furthermore, it provides extensive maintenance, modernization, and lifecycle support, along with engineering and design services for both naval and commercial fleets. Combat Systems is dedicated to creating land-based defense solutions, manufacturing a diverse range of products including wheeled and tracked combat vehicles (like the Stryker and Piranha), main battle tanks, armored vehicles, weapon systems, munitions, and mobile bridge systems. This segment also delivers modernization programs, engineering expertise, and ongoing sustainment services. The Technologies division offers sophisticated information technology and mission support services, catering primarily to military, intelligence, and federal civilian clients. Its offerings span mobile communication, computing, command-and-control systems, and intelligence, surveillance, and reconnaissance (ISR) capabilities. Additionally, this segment is deeply involved in cutting-edge areas such as cloud computing, artificial intelligence, machine learning, big data analytics, DevOps, software-defined networks, "everything-as-a-service" models, defense enterprise office systems, and the assembly of unmanned undersea vehicles. Established in 1899, General Dynamics Corporation is headquartered in Reston, Virginia.
https://www.gd.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Phebe N. Novakovic | Chairperson & Chief Executive Officer | $8.2M | 1958 |
| Jason W. Aiken | Executive Vice President of Combat & Mission Systems | $3.6M | 1972 |
| Danny Deep | President & Director | $3.5M | 1970 |
| Kimberly A. Kuryea | Senior Vice President & Chief Financial Officer | $3.1M | 1967 |
| Marguerite Amy Gilliland | Executive Vice President | $2.9M | 1975 |
| Mark L. Burns | Executive Vice President | $2.9M | 1960 |
| Robert E. Smith | Executive Vice President of Marine Systems | $2.0M | 1969 |
| Gregory S. Gallopoulos | Senior Vice President, General Counsel & Secretary | $1.8M | 1960 |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| Phebe N. Novakovic Chairman and Chief Executive Officer | 2025 | $1.7M | $12.5M | $5.7M | $25.9M |
| Jason W. Aiken Executive Vice President, Combat Systems and Mission Systems | 2025 | $1.1M | $4.3M | $2.4M | $9.7M |
| Danny Deep President | 2025 | $1.1M | $3.2M | $2.4M | $8.4M |
| Kimberly A. Kuryea Senior Vice President, Chief Financial Officer | 2025 | $987,500 | $3.6M | $2.1M | $8.3M |
| Mark L. Burns Executive Vice President of the company and President, Gulfstream Aerospace | 2025 | $958,303 | $3.8M | $1.9M | $8.3M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| 2026-10-09 | $1.59 | 2026-11-13 |
| 2026-07-02 | $1.59 | 2026-08-07 |
| 2026-04-10 | $1.59 | 2026-05-08 |
| 2026-01-16 | $1.5 | 2026-02-06 |
| 2025-10-10 | $1.5 | 2025-11-14 |
| 2025-07-03 | $1.5 | 2025-08-08 |
| 2025-04-11 | $1.5 | 2025-05-09 |
| 2025-01-17 | $1.42 | 2025-02-07 |
Moat model
Narrow · Efficient Scale · 2026-07-05Cost advantage30
Intangibles42
Switching costs78
Network effect70
Efficient scale90
Our component scores (0-100) and overall 60.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17