Skip to content
stoqly

General Dynamics

GD NYSE Aerospace & Defense Financials FY2016–FY2025

General Dynamics' revenue rose 10.1% to $52.5 billion in fiscal 2025. Its operating margin was 10.2%, up from 10.1% a year earlier. Free cash flow was $4.0 billion, up 23.9%. It paid out $2.2 billion in dividends and buybacks, 56% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$349.36

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$52.6B
10.1% vs prior year
Operating margin Operating income as a share of revenue.
10.2%
0.1 pts
Net income Profit after all expenses, interest and tax.
$4.2B
11.3%
Free cash flow Cash from operations minus capital spending.
$4.0B
23.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.4%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$95.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.6x

What General Dynamics does

General Dynamics is an aerospace and defense company. It builds Gulfstream business jets and services private aircraft through Jet Aviation; designs and builds nuclear submarines, destroyers and supply ships for the US Navy; makes wheeled and tracked combat vehicles, weapons and ammunition; and provides information technology services and communications and encryption equipment to the military, intelligence agencies and other government departments.

It reports four segments. In 2025 Marine Systems, the shipyards Electric Boat, Bath Iron Works and NASSCO, made up 32% of revenue; Technologies, the IT and defense electronics business, 26%; Aerospace 25%; and Combat Systems, the vehicles and munitions business, 17%. The US government accounted for 68% of revenue. It competes with other defense contractors in the US and abroad, and Gulfstream faces several rival jet makers. Its shipyards have one main competitor, which is also its partner on submarines.

Electric Boat leads the construction of the Navy's new Columbia-class ballistic-missile submarines and builds Virginia-class attack submarines with a partner. The company has about 117,000 employees.

Legal name
GENERAL DYNAMICS CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Jan 30, 2026
Accession · CIK
0000040533-26-000006
0000040533

Revenue and margins

General Dynamics had $52.6B of revenue in fiscal 2025, up 10.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.0B in fiscal 2025, 7.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

General Dynamics returned $2.2B to shareholders in fiscal 2025, 56% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value General Dynamics yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$6.1B and divides by 272.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.6x · peers 26.2x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably General Dynamics can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.6B$1.2B$1.9B$1.7B$2.3B
Debt incl. finance leases $11.9B$10.9B$9.8B$9.4B$8.5B
Net debt / EBITDA 2.1x1.9x1.5x1.4x1.0x
Debt / equity 0.7x0.6x0.5x0.4x0.3x
Interest coverage 9.7x10.8x10.6x12.5x14.2x
Current ratio 1.4x1.4x1.4x1.4x1.4x
Quick ratio 1.1x1.0x0.9x0.8x0.9x
Total assets $50.1B$51.6B$54.8B$55.9B$57.2B
Total liabilities $32.4B$33.0B$33.5B$33.8B$31.6B
Shareholders' equity $17.6B$18.6B$21.3B$22.1B$25.6B
Net debt (− = net cash) $10.3B$9.6B$7.9B$7.7B$6.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$86.8M

8 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 23, 2026 Robert K SteelDirector Sold 7,440 $346.05 $2.6M Form 4
Aug 10, 2026 Peter A WallDirector Sold 1,990 $396.43 $0.8M Form 4
Aug 5, 2026 Christopher J BradyVice President Sold 6,320 $383.32 $2.4M Form 4
Aug 3, 2026 Phebe N NovakovicChairman and CEO, Director Sold 51,568 $382.58 $19.7M Form 4
Jul 31, 2026 Marguerite Amy GillilandExecutive Vice President Sold 43,180 $378.03 $16.3M Form 4
Jun 17, 2026 Mark MalcolmDirector Sold 5,480 $365.00 $2.0M Form 4
May 12, 2026 Mark Lagrand BurnsExecutive Vice President Sold 36,480 $345.29 $12.6M Form 4
May 11, 2026 Mark Lagrand BurnsExecutive Vice President Sold 36,230 $343.49 $12.4M Form 4
Mar 11, 2026 Gregory S GallopoulosSenior VP, Gen. Counsel, Sec. Sold 3,729 $354.35 $1.3M Form 4
Mar 11, 2026 Marguerite Amy GillilandExecutive Vice President Sold 3,819 $353.50 $1.4M Form 4
Mar 11, 2026 Mark Lagrand BurnsExecutive Vice President Sold 10,153 $354.95 $3.6M Form 4
Mar 11, 2026 Phebe N NovakovicChairman and CEO, Director Sold 32,918 $354.09 $11.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 86 / 88 / 8
Accruals ratio −2.6%−0.6%−1.6%
Altman Z'' 4.384.454.84

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
General Dynamics GD $95.8B 10.1% 10.2% 7.5% 14.4% 22.6x 8
GE Aerospace GE $297.4B 18.5% — 15.8% 35.8% 33.0x 5 Compare →
Northrop Grumman NOC $78.5B 2.2% 10.8% 7.9% 13.5% 17.4x 6 Compare →
Lockheed Martin LMT $139.9B 5.6% 10.3% 9.2% 27.1% 21.5x 5 Compare →
RTX RTX $261.3B 9.7% 10.5% 9.0% 7.8% 31.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $30.6B $31.0B $36.2B $39.4B $37.9B $38.5B $39.4B $42.3B $47.7B $52.6B
Gross profit $5.7B $6.2B $6.7B $7.1B — — — — — —
Operating income $3.7B $4.2B $4.4B $4.6B $4.1B $4.2B $4.2B $4.2B $4.8B $5.4B
Interest expense $99.0M $117M $374M $472M $489M $431M $391M $399M $385M $376M
Pretax income $3.7B $4.1B $4.1B $4.2B $3.7B $3.9B $4.0B $4.0B $4.5B $5.1B
Income tax $977M $1.2B $727M $718M $571M $616M $646M $669M $758M $893M
Net income $2.6B $2.9B $3.3B $3.5B $3.2B $3.3B $3.4B $3.3B $3.8B $4.2B
Diluted EPS $8.29 $9.56 $11.18 $11.98 $11.00 $11.55 $12.19 $12.02 $13.63 $15.45
Diluted shares 0.31B 0.30B 0.30B 0.29B 0.29B 0.28B 0.28B 0.28B 0.28B 0.27B
Cash flow
Cash from operations $2.2B $3.9B $3.1B $3.0B $3.9B $4.3B $4.6B $4.7B $4.1B $5.1B
Capital expenditure $392M $428M $690M $987M $967M $887M $1.1B $904M $916M $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
Depreciation and amortization $453M $441M $763M $829M $878M $890M $884M $863M $886M $924M
Stock-based compensation $95.0M $123M $140M $133M $128M $126M $165M $181M $183M $196M
Acquisitions $58.0M $399M $10.1B $19.0M $203M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.0B $1.6B $1.8B $231M $587M $1.8B $1.2B $434M $1.5B $637M
Dividends paid $911M $986M $1.1B $1.2B $1.2B $1.3B $1.4B $1.4B $1.5B $1.6B
Dividends and buybacks $2.9B $2.5B $2.8B $1.4B $1.8B $3.1B $2.6B $1.9B $3.0B $2.2B
Balance sheet
Cash and short-term investments $2.3B $3.0B $963M $902M $2.8B $1.6B $1.2B $1.9B $1.7B $2.3B
Total debt $3.9B $4.0B $12.5B $12.0B $13.1B $11.6B $10.6B $9.3B $8.8B $8.1B
Finance lease liabilities $0.0M $0.0M $0.0M $354M $323M $337M $262M $447M $528M $392M
Current assets $16.5B $18.3B $18.2B $20.3B $21.5B $20.0B $21.1B $23.6B $24.4B $24.2B
Current liabilities $13.5B $13.1B $14.7B $16.8B $16.0B $14.0B $15.3B $16.4B $17.8B $16.8B
Inventory $5.1B $5.3B $6.0B $6.3B $5.7B $5.3B $6.3B $8.6B $9.7B $9.2B
Property and equipment, net $3.5B $3.5B $4.0B $4.5B $5.1B $5.4B $5.9B $6.2B $6.5B $7.5B
Total assets $33.2B $35.0B $45.9B $49.3B $51.3B $50.1B $51.6B $54.8B $55.9B $57.2B
Total liabilities $22.9B $23.2B $33.3B $35.4B $35.6B $32.4B $33.0B $33.5B $33.8B $31.6B
Shareholders' equity $10.3B $11.8B $12.1B $14.0B $15.7B $17.6B $18.6B $21.3B $22.1B $25.6B
Margins
Gross margin 18.5% 20.2% 18.6% 17.9% — — — — — —
Operating margin 12.3% 13.7% 12.1% 11.6% 10.9% 10.8% 10.7% 10.0% 10.1% 10.2%
EBITDA margin 13.7% 15.1% 14.3% 13.7% 13.2% 13.1% 12.9% 12.1% 11.9% 12.0%
Net margin 8.4% 9.4% 9.2% 8.9% 8.4% 8.5% 8.6% 7.8% 7.9% 8.0%
FCF margin 5.8% 11.1% 6.8% 5.1% 7.6% 8.8% 8.8% 9.0% 6.7% 7.5%
Returns
Return on capital 23.9% 24.4% 19.8% 15.4% 13.5% 12.9% 12.6% 12.3% 13.6% 14.4%
Return on capital employed 18.8% 20.3% 16.6% 14.4% 12.2% 11.7% 11.6% 11.4% 12.6% 13.6%
Return on equity 24.8% 26.4% 28.0% 26.7% 21.4% 19.6% 18.7% 16.6% 17.4% 17.7%
Return on assets 7.8% 8.5% 8.3% 7.3% 6.3% 6.4% 6.7% 6.2% 6.8% 7.4%
Growth
Revenue growth −3.8% 1.4% 16.9% 8.7% −3.6% 1.4% 2.4% 7.3% 12.9% 10.1%
Net income growth −15.3% 13.2% 14.9% 4.2% −9.1% 2.8% 4.1% −2.2% 14.1% 11.3%
EPS growth −10.8% 15.3% 17.0% 7.2% −8.2% 5.0% 5.5% −1.4% 13.4% 13.4%
FCF growth −8.2% 94.7% −28.7% −18.9% 45.0% 17.1% 2.4% 9.8% −16.0% 23.9%
Share count change −5.0% −1.9% −1.8% −2.8% −1.0% −2.1% −1.4% −0.9% 0.6% −1.8%
Financial health
Net debt / EBITDA 0.4x 0.2x 2.2x 2.1x 2.1x 2.1x 1.9x 1.5x 1.4x 1.0x
Debt / equity 0.4x 0.3x 1.0x 0.9x 0.9x 0.7x 0.6x 0.5x 0.4x 0.3x
Interest coverage 37.8x 36.2x 11.8x 9.7x 8.5x 9.7x 10.8x 10.6x 12.5x 14.2x
Current ratio 1.2x 1.4x 1.2x 1.2x 1.4x 1.4x 1.4x 1.4x 1.4x 1.4x
Quick ratio 0.9x 1.0x 0.8x 0.8x 1.0x 1.1x 1.0x 0.9x 0.8x 0.9x
Capital allocation
Capex / revenue 1.3% 1.4% 1.9% 2.5% 2.6% 2.3% 2.8% 2.1% 1.9% 2.2%
Stock comp / revenue 0.3% 0.4% 0.4% 0.3% 0.3% 0.3% 0.4% 0.4% 0.4% 0.4%
Payouts / FCF 164.1% 73.8% 115.7% 69.4% 63.2% 92.9% 75.0% 48.9% 94.8% 56.3%
Quality scores
Piotroski F-score 5.0 8.0 5.0 4.0 5.0 6.0 7.0 7.0 6.0 8.0
Altman Z'' 4.3 4.8 3.6 3.6 3.8 4.2 4.2 4.4 4.5 4.8
Accruals ratio 1.2% −2.8% 0.5% 1.1% −1.4% −2.0% −2.3% −2.6% −0.6% −1.6%

Source: SEC EDGAR XBRL filings (CIK 0000040533). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open