General Dynamics vs GE Aerospace
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The short version
- General Dynamics is the larger business, with $52.6B of revenue in fiscal 2025 against $45.9B for GE Aerospace.
- GE Aerospace grew revenue faster (18.5%, against 10.1%).
- GE Aerospace turned more of its sales into free cash flow (15.8% FCF margin, against 7.5%).
- GE Aerospace earned a higher return on the capital invested in it (35.8%, against 14.4%).
| Latest fiscal year | GD · FY25 | GE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.8B | $297.4B |
| Revenue | $52.6B | $45.9B |
| Free cash flow | $4.0B | $7.3B |
| Net income | $4.2B | $8.7B |
| Growth | ||
| Revenue growth | 10.1% | 18.5% |
| 5-year growth | 6.7% | −9.6% |
| Share count change | −1.8% | −2.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.2% | — |
| Net margin | 8.0% | 19.0% |
| FCF margin | 7.5% | 15.8% |
| Return on capital | 14.4% | 35.8% |
| Return on equity | 17.7% | 45.8% |
| Balance sheet | ||
| Net debt | $6.1B | $8.1B |
| Net debt / EBITDA | 1.0x | 0.7x |
| Dividends and buybacks | $2.2B | $9.0B |
| Valuation & quality | ||
| P/E | — | 33.0x |
| Piotroski F-score | 8 | 5 |
Revenue
FY16
GD $30.6B
GE $119.5B
FY17
GD $31.0B
GE $99.3B
FY18
GD $36.2B
GE $97.0B
FY19
GD $39.4B
GE $90.2B
FY20
GD $37.9B
GE $75.8B
FY21
GD $38.5B
GE $56.5B
FY22
GD $39.4B
GE $29.1B
FY23
GD $42.3B
GE $35.3B
FY24
GD $47.7B
GE $38.7B
FY25
GD $52.6B
GE $45.9B
GD
GE
Operating margin
FY16
GD 12.3%
GE —
FY17
GD 13.7%
GE —
FY18
GD 12.1%
GE —
FY19
GD 11.6%
GE —
FY20
GD 10.9%
GE —
FY21
GD 10.8%
GE —
FY22
GD 10.7%
GE —
FY23
GD 10.0%
GE —
FY24
GD 10.1%
GE —
FY25
GD 10.2%
GE —
GD
GE
Free cash flow
FY16
GD $1.8B
GE −$6.0B
FY17
GD $3.4B
GE −$88.0M
FY18
GD $2.5B
GE −$1.6B
FY19
GD $2.0B
GE $6.5B
FY20
GD $2.9B
GE $2.0B
FY21
GD $3.4B
GE $2.2B
FY22
GD $3.5B
GE $4.5B
FY23
GD $3.8B
GE $4.3B
FY24
GD $3.2B
GE $3.7B
FY25
GD $4.0B
GE $7.3B
GD
GE
Return on capital
FY16
GD 23.9%
GE 6.7%
FY17
GD 24.4%
GE −3.5%
FY18
GD 19.8%
GE −9.1%
FY19
GD 15.4%
GE 3.1%
FY20
GD 13.5%
GE 11.2%
FY21
GD 12.9%
GE —
FY22
GD 12.6%
GE —
FY23
GD 12.3%
GE 28.3%
FY24
GD 13.6%
GE 25.2%
FY25
GD 14.4%
GE 35.8%
GD
GE
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.