General Dynamics vs Lockheed Martin
Lockheed Martin is the larger business, with $75.05bn of revenue in fiscal 2025 against $52.55bn for General Dynamics (1.4 times as much). General Dynamics grew faster (10.1% against 5.6%). General Dynamics kept more of each dollar of sales as profit: a net margin of 8.0% against 6.7%.
| Latest fiscal year | General DynamicsGD, 2025 | Lockheed MartinLMT, 2025 |
|---|---|---|
| Revenue | $52.55bn | $75.05bn |
| Revenue growth | 10.1% | 5.6% |
| Net income | $4.21bn | $5.02bn |
| Operating margin | — | 10.3% |
| Net margin | 8.0% | 6.7% |
| Return on equity | 17.7% | 76.9% |
| Free cash flow | $3.96bn | $6.91bn |
| Cash | $2.33bn | $4.12bn |
| Total debt | $8.07bn | $22.90bn |
| Debt to equity | — | 340.7% |
| Dividend per share | — | $13.35 |
| Dividend yield | 1.6% | 2.1% |
| Share buybacks | $637m | $3.00bn |
| Employees | 40,000 | 123,000 |
| Market value | $102.25bn | $148.89bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 60 (Moderate) | 74 (Strong) |
| Insider trades, 12 months | 0 buys, 27 sales | 0 buys, 24 sales |