GD
SP100NYSEGeneral Dynamics Corporation
Industrials · Aerospace & Defense · United States
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support, customer support and custom completion services, modifications, upgrades, and lifecycle sustainment support services. The Marine Systems segment designs and builds nuclear-powered submarines, surface combatants, and auxiliary ships for the United States Navy and Jones Act ships for commercial customers, as well as provides maintenance, modernization, and lifecycle support services for navy ships; offers and program management, planning, engineering, and design support services for submarine construction programs. The Combat Systems segment manufactures land combat solutions, such as wheeled and tracked combat vehicles, Stryker wheeled combat vehicles, piranha vehicles, weapons systems, energetics and munitions, mobile bridge systems with payloads, tactical vehicles, main battle tanks, and armored vehicles; and offers modernization programs, support and sustainment services, and development programs. The Technologies segment provides information technology solutions and mission support services; mobile communication, computers, and command-and-control mission systems; intelligence, surveillance, and reconnaissance solutions to military, intelligence, and federal civilian customers; cloud services, cybersecurity, network modernization, artificial intelligence; machine learning; application development, high-performance computing, and 5G and advanced communications services; and unmanned undersea vehicle manufacturing and assembly services. The company was founded in 1899 and is headquartered in Reston, Virginia.
www.gd.com ↗Shares trade at a moderate 23.5× trailing earnings, easing to 20.6× on forward estimates. Profitability shows a net margin of 8.1% and return on equity of 18.0%. Leverage is modest at 1.0× net debt/EBITDA. Revenue grew 10.3% year-on-year. It yields 1.7% in dividends. The mean analyst target of USD392.93 sits 5.2% above the current price (Buy, 21 analysts).
business model
General Dynamics is a defense and aerospace company that designs and builds combat vehicles, nuclear-powered submarines and warships, business jets, and provides technology and IT services. It serves primarily the U.S. government and allied militaries, along with corporate and government business-jet customers. Revenue is largely tied to long-cycle defense contracts and Gulfstream aircraft deliveries.
revenue segments
The four segments are Aerospace (Gulfstream business jets and services), Marine Systems (submarines and surface ships, largely for the U.S. Navy), Combat Systems (armored vehicles, weapons, and munitions), and Technologies (IT services and mission systems, including GDIT). Marine and Aerospace are major revenue and backlog drivers.
key dependencies
The business depends on U.S. defense budgets and procurement priorities (notably Navy shipbuilding such as Columbia- and Virginia-class submarines), foreign military sales, Gulfstream demand tied to corporate and high-net-worth spending, program execution, and skilled shipyard labor and supply chains.
competitors
Competitors include Lockheed Martin, RTX, Northrop Grumman, BAE Systems, and Huntington Ingalls in defense; Bombardier, Dassault, Textron (Cessna), and Embraer in business jets; and Leidos, Booz Allen, and others in government IT services.
moat
General Dynamics' moat includes entrenched positions in nuclear submarine and warship construction with high barriers and long backlogs, a premium Gulfstream brand and installed base, deep government relationships and security clearances, and large multi-year defense programs that provide revenue visibility.
risks
Risks include dependence on U.S. defense budgets and political/appropriations cycles, program cost overruns and shipyard labor constraints, cyclicality and macro sensitivity in business-jet demand, contract concentration, and competitive bidding in IT services.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $52.55B | $47.72B | $42.27B | $39.41B | — |
| Cost of revenue | $44.60B | $40.35B | $35.60B | $32.78B | — |
| Gross profit | $7.95B | $7.36B | $6.67B | $6.62B | — |
| Operating expense | $2.60B | $2.57B | $2.43B | $2.41B | — |
| Operating income | $5.36B | $4.80B | $4.25B | $4.21B | — |
| Interest expense | $402.00M | $393.00M | $399.00M | $391.00M | — |
| Pretax income | $5.10B | $4.54B | $3.98B | $4.04B | — |
| Tax provision | $893.00M | $758.00M | $669.00M | $646.00M | — |
| Net income | $4.21B | $3.78B | $3.31B | $3.39B | — |
| EBITDA | $6.43B | $5.82B | $5.25B | $5.31B | — |
| Diluted EPS | $15.45 | $13.63 | $12.02 | $12.19 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $57.25B | $55.88B | $54.81B | $51.59B | — |
| Current assets | $24.25B | $24.39B | $23.61B | $21.06B | — |
| Cash & equivalents | $2.33B | $1.70B | $1.91B | $1.24B | — |
| Inventory | $9.23B | $9.72B | $8.58B | $6.32B | — |
| Total liabilities | $31.63B | $33.82B | $33.51B | $33.02B | — |
| Current liabilities | $16.80B | $17.82B | $16.43B | $15.34B | — |
| Total debt | $9.79B | $10.68B | $11.08B | $12.11B | — |
| Long-term debt | $7.01B | $7.26B | $8.75B | $9.24B | — |
| Shareholders' equity | $25.62B | $22.06B | $21.30B | $18.57B | — |
| Retained earnings | $44.08B | $41.49B | $39.27B | $37.40B | — |
| Working capital | $7.45B | $6.56B | $7.18B | $5.72B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $5.12B | $4.11B | $4.71B | $4.58B | — |
| Investing cash flow | -$1.28B | -$953.00M | -$941.00M | -$1.49B | — |
| Financing cash flow | -$3.19B | -$3.37B | -$3.09B | -$3.47B | — |
| Capital expenditure | -$1.16B | -$916.00M | -$904.00M | -$1.11B | — |
| Free cash flow | $3.96B | $3.20B | $3.81B | $3.46B | — |
| Dividends paid | -$1.59B | -$1.53B | -$1.43B | -$1.37B | — |
| Share buybacks | -$637.00M | -$1.50B | -$434.00M | -$1.23B | — |
| End cash position | $2.33B | $1.70B | $1.91B | $1.24B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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