General Dynamics
GD · Aerospace & Defense
$349.36
0.4%RTX
RTX · Aerospace & Defense
$191.01
1.9%The short version
- RTX is the larger business, with $88.6B of revenue in fiscal 2025 against $52.6B for General Dynamics, about 1.7 times as much.
- RTX turned more of its sales into free cash flow (9.0% FCF margin, against 7.5% FCF margin).
- General Dynamics earned a higher return on the capital invested in it (14.4%, against 7.8%).
- Investors pay more for each dollar of RTX’s earnings: a P/E of 31.0x against 22.6x for General Dynamics.
| Latest fiscal year | GD · FY25 | RTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.8B | $261.3B |
| Revenue | $52.6B | $88.6B |
| Free cash flow | $4.0B | $7.9B |
| Net income | $4.2B | $6.7B |
| Growth | ||
| Revenue growth | 10.1% | 9.7% |
| 5-year growth | 6.7% | 9.4% |
| Share count change | −1.8% | 1.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.2% | 10.5% |
| Net margin | 8.0% | 7.6% |
| FCF margin | 7.5% | 9.0% |
| Return on capital | 14.4% | 7.8% |
| Return on equity | 17.7% | 10.7% |
| Balance sheet | ||
| Net debt | $6.1B | $29.7B |
| Net debt / EBITDA | 1.0x | 2.2x |
| Dividends and buybacks | $2.2B | $3.6B |
| Valuation & quality | ||
| P/E | 22.6x | 31.0x |
| Piotroski F-score | 8 | 7 |
FY16
GD $30.6B
RTX $57.2B
FY17
GD $31.0B
RTX $59.8B
FY18
GD $36.2B
RTX $34.7B
FY19
GD $39.4B
RTX $45.3B
FY20
GD $37.9B
RTX $56.6B
FY21
GD $38.5B
RTX $64.4B
FY22
GD $39.4B
RTX $67.1B
FY23
GD $42.3B
RTX $68.9B
FY24
GD $47.7B
RTX $80.7B
FY25
GD $52.6B
RTX $88.6B
GD
RTX
FY16
GD 12.3%
RTX 14.4%
FY17
GD 13.7%
RTX 13.6%
FY18
GD 12.1%
RTX 8.3%
FY19
GD 11.6%
RTX 10.8%
FY20
GD 10.9%
RTX −3.3%
FY21
GD 10.8%
RTX 8.0%
FY22
GD 10.7%
RTX 8.2%
FY23
GD 10.0%
RTX 5.2%
FY24
GD 10.1%
RTX 8.1%
FY25
GD 10.2%
RTX 10.5%
GD
RTX
FY16
GD $1.8B
RTX $4.7B
FY17
GD $3.4B
RTX $3.6B
FY18
GD $2.5B
RTX $1.2B
FY19
GD $2.0B
RTX $4.0B
FY20
GD $2.9B
RTX $2.5B
FY21
GD $3.4B
RTX $5.0B
FY22
GD $3.5B
RTX $4.9B
FY23
GD $3.8B
RTX $5.5B
FY24
GD $3.2B
RTX $4.5B
FY25
GD $4.0B
RTX $7.9B
GD
RTX
FY16
GD 23.9%
RTX 14.2%
FY17
GD 24.4%
RTX 10.8%
FY18
GD 19.8%
RTX 2.4%
FY19
GD 15.4%
RTX 5.4%
FY20
GD 13.5%
RTX −1.7%
FY21
GD 12.9%
RTX 4.3%
FY22
GD 12.6%
RTX 4.9%
FY23
GD 12.3%
RTX 3.2%
FY24
GD 13.6%
RTX 5.4%
FY25
GD 14.4%
RTX 7.8%
GD
RTX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.