GENERAL DYNAMICS CORP GD
General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders.
Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments. To ensure market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results. This structure allows for a lean corporate function, which sets the overall strategy and governance for the company and is responsible for allocating and deploying capital.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.55B | $47.72B | $42.27B | $39.41B | $38.47B | $37.92B | $39.35B | $36.19B | $30.97B | $30.56B |
| Cost of revenue | — | — | — | — | — | — | $32.29B | $29.48B | $24.73B | $24.90B |
| Gross profit | — | — | — | — | — | — | $7.06B | $6.71B | $6.24B | $5.67B |
| SG&A | $2.60B | $2.57B | $2.43B | $2.41B | $2.25B | $2.19B | $2.42B | $2.26B | $2.01B | $1.92B |
| Total operating expenses | $47.19B | $42.92B | $38.03B | $35.20B | $34.31B | $33.79B | $34.78B | $31.80B | $26.74B | $26.82B |
| Operating income | $5.36B | $4.80B | $4.25B | $4.21B | $4.16B | $4.13B | $4.57B | $4.39B | $4.24B | $3.74B |
| Interest expense | $314.0M | $324.0M | $343.0M | $364.0M | $431.0M | $489.0M | $472.0M | $374.0M | $117.0M | $99.0M |
| Pre-tax income | $5.10B | $4.54B | $3.98B | $4.04B | $3.87B | $3.74B | $4.20B | $4.08B | $4.08B | $3.66B |
| Income tax | $893.0M | $758.0M | $669.0M | $646.0M | $616.0M | $571.0M | $718.0M | $727.0M | $1.17B | $977.0M |
| Net income | $4.21B | $3.78B | $3.31B | $3.39B | $3.26B | $3.17B | $3.48B | $3.35B | $2.91B | $2.57B |
| EPS, basic | 15.65 | 13.81 | 12.14 | 12.31 | 11.61 | 11.04 | 12.09 | 11.33 | 9.73 | 8.44 |
| EPS, diluted | 15.45 | 13.63 | 12.02 | 12.19 | 11.55 | 11.00 | 11.98 | 11.18 | 9.56 | 8.29 |
| Shares, diluted (wtd. avg.) | $272.4M | $277.5M | $275.7M | $278.2M | $282.0M | $287.9M | $290.8M | $299.2M | $304.6M | $310.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.33B | $1.70B | $1.91B | $1.24B | $1.60B | $2.82B | $902.0M | $963.0M | $2.98B | $2.33B |
| Receivables | $2.41B | $2.98B | $3.00B | $3.01B | $3.04B | $3.16B | $3.54B | $3.76B | $3.62B | $3.40B |
| Inventory | $9.23B | $9.72B | $8.58B | $6.32B | $5.34B | $5.75B | $6.31B | $5.98B | $5.30B | $5.12B |
| Total current assets | $24.25B | $24.39B | $23.61B | $21.06B | $19.99B | $21.54B | $20.29B | $18.19B | $18.33B | $16.53B |
| Property, plant and equipment | $7.53B | $6.47B | $6.20B | $5.90B | $5.42B | $5.10B | $4.47B | $3.98B | $3.52B | $3.48B |
| Goodwill | $21.01B | $20.56B | $20.59B | $20.33B | $20.10B | $20.05B | $19.68B | $19.59B | $11.91B | $11.45B |
| Other intangibles | $1.38B | $1.52B | $1.66B | $1.82B | $1.98B | $2.12B | $2.31B | $2.58B | $702.0M | $678.0M |
| Total assets | $57.25B | $55.88B | $54.81B | $51.59B | $50.07B | $51.31B | $49.35B | $45.89B | $35.05B | $33.17B |
| Accounts payable | $2.68B | $3.34B | $3.10B | $3.40B | $3.17B | $2.95B | $3.16B | $3.18B | $3.21B | $2.54B |
| Short-term debt | $1.01B | $1.50B | $507.0M | $1.25B | $1.00B | $3.00B | $2.92B | $973.0M | $2.0M | $900.0M |
| Total current liabilities | $16.80B | $17.82B | $16.43B | $15.34B | $13.98B | $15.96B | $16.80B | $14.74B | $13.10B | $13.45B |
| Long-term debt | $7.01B | $7.26B | $8.75B | $9.24B | $10.49B | $9.99B | $9.01B | $11.44B | $3.98B | $2.99B |
| Retained earnings | $44.08B | $41.49B | $39.27B | $37.40B | $35.42B | $33.50B | $31.63B | $29.33B | $26.44B | $24.54B |
| Total equity | $25.62B | $22.06B | $21.30B | $18.57B | $17.64B | $15.66B | $13.98B | $12.11B | $11.80B | $10.30B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.12B | $4.11B | $4.71B | $4.58B | $4.27B | $3.86B | $2.98B | $3.15B | $3.88B | $2.16B |
| Depreciation and amortisation | $680.0M | $644.0M | $608.0M | $586.0M | $568.0M | $523.0M | $466.0M | $436.0M | $362.0M | $365.0M |
| Stock-based compensation | $196.0M | $183.0M | $181.0M | $165.0M | $126.0M | $128.0M | $133.0M | $140.0M | $123.0M | $95.0M |
| Capital expenditure | $1.16B | $916.0M | $904.0M | $1.11B | $887.0M | $967.0M | $987.0M | $690.0M | $428.0M | $392.0M |
| Investing cash flow | -$1.28B | -$953.0M | -$941.0M | -$1.49B | -$882.0M | -$974.0M | -$994.0M | -$10.23B | -$788.0M | -$391.0M |
| Financing cash flow | -$3.19B | -$3.37B | -$3.09B | -$3.47B | -$4.59B | -$903.0M | -$2.00B | $5.09B | -$2.40B | -$2.17B |
| Dividends paid | $1.59B | $1.53B | $1.43B | $1.37B | $1.31B | $1.24B | $1.15B | $1.07B | $986.0M | $911.0M |
| Buybacks | $637.0M | $1.50B | $434.0M | $1.23B | $1.83B | $587.0M | $231.0M | $1.77B | $1.56B | $2.00B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000040533-26-000006.
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