General Dynamics Corporation
GDFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$13.5B
Q1 2026 · +10.3% YoY
TTM ROIC
14.2%
FY2025 · NOPAT / Invested Capital (Book): EBIT × (1 - effective tax rate) / (Total Assets - Non-Interest-Bearing Current Liabilities) · WACC ~7.5% · Moat spread +6.7pp
Financial Snapshot
ticker: GD step: 04 generated: 2026-05-12 source: quick-research
General Dynamics Corporation (GD) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $39.4B | $42.3B | $47.7B | $52.5B | +10.1% |
| Aerospace Revenue | $8.7B | $9.2B | $11.2B | $13.1B | +16.5% |
| Operating Margin | 11.0% | 9.7% | 9.6% | 10.1% | |
| Operating Income | $4.34B | $4.10B | $4.59B | $5.13B | +11.7% |
| Net Income | $3.39B | $3.32B | $3.78B | $4.21B | +11.3% |
| Diluted EPS | $12.19 | $12.02 | $13.63 | $15.45 | +13.4% |
| Backlog | $91B | $93.6B | $90.6B | $118B | +30% |
| Book-to-Bill | 1.0x | 1.1x | 1.0x | 1.5x |
Record $118B backlog (up 30% YoY) with company-wide book-to-bill 1.5x = multi-year revenue visibility. 158 Gulfstream deliveries 2025 vs 136 in 2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$4.1B |
| Free Cash Flow | ~$3.2B |
| FCF Conversion | ~85% |
| Cash & Equivalents | ~$1.7B |
| Total Debt | ~$8.8B |
| Net Debt/EBITDA | ~1.0x |
Key Ratios (approximate)
- P/E: ~18x | EV/EBITDA: ~14x | FCF Yield: ~4%
- Revenue Growth (TTM): ~10% | Op Margin: ~10%
- Dividend Yield: ~2.0% | Dividend: $5.84/share
- 33-year consecutive dividend growth
Growth Profile
Defense Super-Cycle: $1.5T defense budget proposal + Columbia-class ramp + Virginia-class blocks + armored vehicle modernization driving multi-year visibility. Gulfstream G700/G800 ramp + record 158 aircraft deliveries 2025 + $21.8B aerospace backlog = aerospace cycle inflection. EPS compounding mid-double-digits 2025-2027.
Forward Estimates
- FY 2026: Consensus revenue ~$56-58B; adj EPS $17.50-18.50; op margin 10.5%+
- FY 2027: Columbia delivery + G800 ramp full; adj EPS $19.50-20.50
- $118B backlog provides 2.2 years of revenue coverage
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $GD.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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