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GENERAL DYNAMICS CORP

GD· NYSE· Ship & Boat Building & Repairing

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
7.5%
ROIC, 5 yr avg
13.6%
Revenue, 5 yr CAGR
+6.7%
We record prices for the companies we cover; GD is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
272.4M
Revenue
$52.5B
Free cash flow
$4.0B
Owner earnings
$3.8B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
10.2%
Net
8.0%
Free cash flow
7.5%
Owner earnings
7.2%
Stock pay
0.4%

Returns

ROIC, FY2025
14.6%
ROIC, 5 yr avg
13.6%
ROE, FY2025
16.4%
ROE, 5 yr avg
17.2%

Growth (CAGR)

Revenue, 3 yr
10.1%
Revenue, 5 yr
6.7%
Revenue, 9 yr
6.2%
Diluted EPS, 3 yr
8.2%
Diluted EPS, 5 yr
7.0%
Diluted EPS, 9 yr
7.2%
Free cash flow, 3 yr
4.5%
Free cash flow, 5 yr
6.5%
Free cash flow, 9 yr
9.3%

Financial health · FY2025

Cash and investments
$2.3B
Total debt
$7.0B
Net debt
$4.7B
Debt/Equity
0.3x
Debt/FCF
1.8x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
37.8%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.1%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$52.5B

+6.2% a year over 9 years

FY2016: Revenue $30.6BFY2017: Revenue $31.0BFY2018: Revenue $36.2BFY2019: Revenue $39.4BFY2020: Revenue $37.9BFY2021: Revenue $38.5BFY2022: Revenue $39.4BFY2023: Revenue $42.3BFY2024: Revenue $47.7BFY2025: Revenue $52.5B
FY2016FY2025

Margins

Operating10.2%Net8.0%

FY2025

FY2016: Operating 12.3%, Net 8.4%FY2017: Operating 13.7%, Net 9.4%FY2018: Operating 12.1%, Net 9.2%FY2019: Operating 11.6%, Net 8.9%FY2020: Operating 10.9%, Net 8.4%FY2021: Operating 10.8%, Net 8.5%FY2022: Operating 10.7%, Net 8.6%FY2023: Operating 10.0%, Net 7.8%FY2024: Operating 10.1%, Net 7.9%FY2025: Operating 10.2%, Net 8.0%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$4.0BOwner earnings$3.8B

Free cash flow +9.3% a year

FY2016: Free cash flow $1.8B, Owner earnings $1.7BFY2017: Free cash flow $3.4B, Owner earnings $3.3BFY2018: Free cash flow $2.5B, Owner earnings $2.3BFY2019: Free cash flow $2.0B, Owner earnings $1.9BFY2020: Free cash flow $2.9B, Owner earnings $2.8BFY2021: Free cash flow $3.4B, Owner earnings $3.3BFY2022: Free cash flow $3.5B, Owner earnings $3.3BFY2023: Free cash flow $3.8B, Owner earnings $3.6BFY2024: Free cash flow $3.2B, Owner earnings $3.0BFY2025: Free cash flow $4.0B, Owner earnings $3.8B
FY2016FY2025

Diluted shares

272.4M

-12.2% over 9 years, net buybacks

FY2016: Diluted shares 310.4MFY2017: Diluted shares 304.6MFY2018: Diluted shares 299.2MFY2019: Diluted shares 290.8MFY2020: Diluted shares 287.9MFY2021: Diluted shares 282.0MFY2022: Diluted shares 278.2MFY2023: Diluted shares 275.7MFY2024: Diluted shares 277.5MFY2025: Diluted shares 272.4M
FY2016FY2025

Return on invested capital

14.6%

FY2025

FY2016: ROIC 25.0%FY2017: ROIC 23.6%FY2018: ROIC 16.0%FY2019: ROIC 17.2%FY2020: ROIC 15.3%FY2021: ROIC 13.2%FY2022: ROIC 13.3%FY2023: ROIC 12.6%FY2024: ROIC 14.5%FY2025: ROIC 14.6%
FY2016FY2025

Net debt (below zero)

-$4.7B

$4.7B more debt than cash

FY2016: Net cash -$654.0MFY2017: Net cash -$997.0MFY2018: Net cash -$10.5BFY2019: Net cash -$8.1BFY2020: Net cash -$7.2BFY2021: Net cash -$8.9BFY2022: Net cash -$8.0BFY2023: Net cash -$6.8BFY2024: Net cash -$5.6BFY2025: Net cash -$4.7B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$30.6B$31.0B$36.2B$39.4B$37.9B$38.5B$39.4B$42.3B$47.7B$52.5B
Revenue growth-3.8%1.3%16.9%8.7%-3.6%1.4%2.4%7.3%12.9%10.1%
Gross margin––––––––––
Operating margin12.3%13.7%12.1%11.6%10.9%10.8%10.7%10.0%10.1%10.2%
Net income$2.6B$2.9B$3.3B$3.5B$3.2B$3.3B$3.4B$3.3B$3.8B$4.2B
Net margin8.4%9.4%9.2%8.9%8.4%8.5%8.6%7.8%7.9%8.0%
Diluted EPS$8.29$9.56$11.18$11.98$11.00$11.55$12.19$12.02$13.63$15.45
Return on invested capital?25.0%23.6%16.0%17.2%15.3%13.2%13.3%12.6%14.5%14.6%
Cash
Operating cash flow$2.2B$3.9B$3.1B$3.0B$3.9B$4.3B$4.6B$4.7B$4.1B$5.1B
Capital expenditure$392.0M$428.0M$690.0M$987.0M$967.0M$887.0M$1.1B$904.0M$916.0M$1.2B
Free cash flow$1.8B$3.4B$2.5B$2.0B$2.9B$3.4B$3.5B$3.8B$3.2B$4.0B
Stock-based compensation$95.0M$123.0M$140.0M$133.0M$128.0M$126.0M$165.0M$181.0M$183.0M$196.0M
Owner earnings?$1.7B$3.3B$2.3B$1.9B$2.8B$3.3B$3.3B$3.6B$3.0B$3.8B
Free cash flow per share$5.71$11.32$8.22$6.86$10.04$12.00$12.46$13.80$11.52$14.53
Capital allocation
Dividends paid$911.0M$986.0M$1.1B$1.2B$1.2B$1.3B$1.4B$1.4B$1.5B$1.6B
Share repurchases$2.0B$1.6B$1.8B$231.0M$587.0M$1.8B$1.2B$434.0M$1.5B$637.0M
Diluted shares310.4M304.6M299.2M290.8M287.9M282.0M278.2M275.7M277.5M272.4M
Share count change?-5.0%-1.9%-1.8%-2.8%-1.0%-2.0%-1.4%-0.9%0.6%-1.8%
Balance sheet
Cash and equivalents$2.3B$3.0B$963.0M$902.0M$2.8B$1.6B$1.2B$1.9B$1.7B$2.3B
Short-term investments––––––––––
Total debt$3.0B$4.0B$11.4B$9.0B$10.0B$10.5B$9.2B$8.8B$7.3B$7.0B
Net debt$654.0M$997.0M$10.5B$8.1B$7.2B$8.9B$8.0B$6.8B$5.6B$4.7B
Shareholders' equity$10.3B$11.8B$12.1B$14.0B$15.7B$17.6B$18.6B$21.3B$22.1B$25.6B

Latest filings

All on EDGAR
2026-10-3010-QQuarterly report
2026-10-308-KEarnings release
2026-07-2910-QQuarterly report
2026-07-298-KEarnings release
2026-04-2910-QQuarterly report
2026-04-298-KEarnings release
2026-03-27DEF 14AProxy statement
2026-01-3010-KAnnual report
2026-01-288-KEarnings release
2025-10-2410-QQuarterly report

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