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General Dynamics (GD) stock

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NYSE: GD NYSE Aerospace & Defense Next results ~January 27, 2027

B Fundamentals grade

General Dynamics is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$390

Cash-flow model

Base case. Range ~$290–$520 across our lower- and higher-growth cases (5.3%–15.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 5% below our base value.

Price used: $373.46, November 2, 2026

General Dynamics valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter General Dynamics files

10-Q filed October 30: General Dynamics

Model value +3.7%

Revenue for the twelve months to October 2026 was $56.5bn, up 9.7% on a year earlier, faster than the 9.1% growth a quarter earlier. Free-cash-flow margin held at 10.2%. Our model value rises from $378 to $392 a share, against a share price of $373. The rating stays Hold. At that price, our model says the market is pricing in about 8.0% a year of cash-flow growth for five years, close to the 8.0% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: General Dynamics

Revenue for the twelve months to July 2026 was $56.5bn, up 9.7% on a year earlier, faster than the 9.1% growth a quarter earlier. Free-cash-flow margin held at 10.2%. Its fundamentals grade moves from C+ to B. Our model value is little changed at $378 a share, against a share price of $384. The rating stays Hold. At that price, our model says the market is pricing in about 8.1% a year of cash-flow growth for five years, close to the 8.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Where General Dynamics stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $54.9bn, up 9.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 11.8% from 8.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 5 financial-health checks. Our cash-flow model value is $412 a share, against a share price of $343. At that price, our model says the market is pricing in about 6.6% a year of cash-flow growth for five years, close to the 7.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

General Dynamics's trailing-twelve-month revenue grew 9.7% year on year, with a free-cash-flow margin of 10.2%. Where it stands out: days sales outstanding of 16 days ranks 3 of 45 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$390 per share in the base case (~$290–$520 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 9% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 10 insiders sold $95M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$4.49 against an average estimate of $4.13: beat by 8.6%
Revenue
$14.57bn, up 12.9% on a year earlier
Share reaction
+0.7% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Next report
January 27, 2027; average EPS estimate $4.55

General Dynamics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.2%
  • 1 week+4.6%
  • 1 month+13.7%
  • This year+12.9%
  • 1 year+10.2%
  • 5 years+105.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$56.5B
Operating margin
10.4%
Net margin
8.2%
EPS (TTM, diluted)
$17.00

Growth

Revenue growth
+9.7%
Change in growth rate
+0.6 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$5.8B
FCF margin
10.2%
Stock pay % of revenue
0.4%

Earnings

Last results
October 30, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Insider trade
  4. Leadership
  5. Insider trade
  6. Announcement
  7. Insider trade
  8. Insider trade
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

General Dynamics valuation models and calculator

What the price is pricing in

The share price implies about 7.9% a year of cash-flow growth for five years.That is close to the 8.0% a year revenue growth General Dynamics has delivered.

  • Priced in7.9%
  • Last 12 months9.7%
  • 3 years a year10.9%
  • 5 years a year8.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($371.35, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$390
Price used
$371.35close November 3, 2026
Implied change
▲ +5%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of General Dynamics's free cash flow after stock-based pay with after-tax interest added back ($4.5B, FY2026 Q3 TTM), growing 5% and 8.3% in the next two years (forecasts, guidance and its record), then back to 10.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$290–~$520 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of General Dynamics's free cash flow after stock-based pay ( $4.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value General Dynamics as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$390 ~$290–$520 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$450 ~$360–$630 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$230 ~$170–$310 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$240 ~$210–$290 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$340 ~$230–$450 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare General Dynamics with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +10%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $226$311$424$572$765$1015
8.5% $170$232$313$419$557$734
10% $137$184$247$328$433$568

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$108.24$139.04$166.65$131.08$150.48$130.70$187.92$228.68$244.97$253.60$330.68$373.46
Market value$35.4bn$43.2bn$50.8bn$39.2bn$43.8bn$37.6bn$53.0bn$63.6bn$67.5bn$70.4bn$90.1bn$102.3bn
+ Net debt (− = net cash)$640m$1.6bn$1.0bn$11.6bn$11.1bn$10.3bn$10.0bn$9.3bn$7.4bn$7.1bn$5.7bn$2.7bn
Enterprise value$36.0bn$44.7bn$51.8bn$50.8bn$54.9bn$47.9bn$63.0bn$73.0bn$75.0bn$77.5bn$95.8bn$105.0bn
Multiples
Price / sales 1.1x1.4x1.6x1.1x1.1x1.0x1.4x1.6x1.6x1.5x1.7x1.8x
Price / earnings 11.6x16.8x17.4x11.7x12.6x11.9x16.3x18.8x20.4x18.6x21.4x22.0x
Price / free cash flow 18.3x24.4x14.7x16.0x21.9x13.0x15.7x18.4x17.7x22.0x22.8x17.7x
EV / EBITDA 7.5x10.7x11.1x9.8x10.2x9.6x12.5x14.3x14.7x13.6x15.3x15.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard General Dynamics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.5% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 18.1%, moving by 3.4 percentage points (standard deviation) across 8 years.

  • Durability 12 / 20

    Operating margin has been a median 10.7%; its worst year was 10.1%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.4% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.5% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, before the open. Analysts expect revenue of $14.7bn and EPS of $4.55 (range $4.27 to $4.94) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.00 +10% $55.9bn +7%
Next $18.64 +10% $58.6bn +5%

Next year's EPS estimate has moved +2.0% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.8% on 90 days ago. In the last 30 days, 3 analysts raised General Dynamics's forecast and 1 cut it.

Consensus EPS forecast General Dynamics, last 90 days
$16.50 $17.00 $17.50 $18.00 $18.50 $19.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $16.70 Current fiscal year, 60 days ago: $17.00 Current fiscal year, 30 days ago: $16.99 Current fiscal year, 7 days ago: $17.00 Current fiscal year, Now: $17.00 $17.00 Next fiscal year, 90 days ago: $18.26 Next fiscal year, 60 days ago: $18.59 Next fiscal year, 30 days ago: $18.61 Next fiscal year, 7 days ago: $18.64 Next fiscal year, Now: $18.64 $18.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $16.70$18.26
60 days ago $17.00$18.59
30 days ago $16.99$18.61
7 days ago $17.00$18.64
Now $17.00$18.64

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.13 $4.49 +8.6%
Jun 2026 $3.97 $4.24 +6.9%
Mar 2026 $3.69 $4.10 +11.0%
Dec 2025 $4.11 $4.17 +1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 30, 2026

No numeric guidance in General Dynamics's latest earnings release (filed October 30, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows General Dynamics's revenue by +5.0% next year and +8.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.6%, weight 69%) and the company's own record (+10.3%, weight 31%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1458%
Hold938%
Sell14%

Monthly trend

  1. Oct 2026410924
  2. Sep 2026410924
  3. Aug 20263101024
  4. Jul 20263101024

Counts of recommendations published by analysts covering General Dynamics, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
1.43
at average volume
Short interest, 1 month
−26%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.6%
of shares
Employees
117,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +10.2%

$338.77 on October 31, 2025 to $373.46

ThenNowEffect
Revenue (last 12 months) $50.3bn $54.9bn +9.1%
Net margin 8.1% 8.2% +0.6%
P/E multiple 22.8x 22.8x +0.1%
Share count 274m 274m +0.3%

Biggest factor: revenue.

Last 3 years +62.8%

$229.44 on November 3, 2023 to $373.46

ThenNowEffect
Revenue (last 12 months) $40.9bn $54.9bn +34.3%
Net margin 8.2% 8.2% −0.8%
P/E multiple 18.8x 22.8x +21.0%
Share count 276m 274m +1.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GD+44%+22%+7%+4%+30%+13%
Industry peers (median)−6%−11%+14%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GD58%58%58%67%67%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GD−10%−15%−17%−17%−11%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 52% from March 9, 2018 to March 23, 2020. Getting back needed a 107% gain, reached on January 4, 2022, 652 days after the low.

Price behaviour

52-week range
$309.66 – $394.06
From 52-week high
−5.2%
vs 50-day average
+6.7%
vs 200-day average
+6.1%
Volatility (1 year)
23%
Beta vs S&P 500
0.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.5%
After a week
5 up, 6 down
typical move ±3.3%
After a month
5 up, 6 down
typical move ±4.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +0.7% −2.2% — —
July 29, 2026 −2.8% +0.1% −2.3% −3.3%
April 29, 2026 +9.8% +1.0% +10.7% +10.6%
January 28, 2026 −4.5% −0.2% −3.6% −2.6%
October 24, 2025 +3.6% +2.0% +1.0% −1.0%
July 23, 2025 +5.6% +0.9% +4.9% +6.4%
April 23, 2025 −1.1% +3.7% −1.0% +0.8%
January 29, 2025 −2.1% +0.1% −1.5% −3.8%
October 23, 2024 −1.5% −0.7% −1.5% −8.5%
July 24, 2024 −1.2% −2.8% +1.4% −0.3%
April 24, 2024 −2.7% −0.4% −2.1% +1.3%
January 24, 2024 +6.6% +0.7% +6.3% +9.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How General Dynamics’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.44× the last 60 days’ realised volatility .
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

General Dynamics in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) General Dynamics
$40B $45B $50B $55B $60B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $42.3B Revenue (TTM), FY24 Q1: $43.1B Revenue (TTM), FY24 Q2: $44.9B Revenue (TTM), FY24 Q3: $46B Revenue (TTM), FY24 Q4: $47.7B Revenue (TTM), FY25 Q1: $49.2B Revenue (TTM), FY25 Q2: $50.3B Revenue (TTM), FY25 Q3: $51.5B Revenue (TTM), FY25 Q4: $52.6B Revenue (TTM), FY26 Q1: $53.8B Revenue (TTM), FY26 Q2: $54.9B Revenue (TTM), FY26 Q3: $56.5B $56.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $42.3B
FY24 Q1 $43.1B
FY24 Q2 $44.9B
FY24 Q3 $46B
FY24 Q4 $47.7B
FY25 Q1 $49.2B
FY25 Q2 $50.3B
FY25 Q3 $51.5B
FY25 Q4 $52.6B
FY26 Q1 $53.8B
FY26 Q2 $54.9B
FY26 Q3 $56.5B
Revenue growth, TTM YoY General Dynamics
6% 8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.3% Revenue growth, TTM YoY, FY24 Q1: 8.1% Revenue growth, TTM YoY, FY24 Q2: 10.0% Revenue growth, TTM YoY, FY24 Q3: 11.1% Revenue growth, TTM YoY, FY24 Q4: 12.9% Revenue growth, TTM YoY, FY25 Q1: 14.1% Revenue growth, TTM YoY, FY25 Q2: 11.9% Revenue growth, TTM YoY, FY25 Q3: 11.9% Revenue growth, TTM YoY, FY25 Q4: 10.1% Revenue growth, TTM YoY, FY26 Q1: 9.3% Revenue growth, TTM YoY, FY26 Q2: 9.1% Revenue growth, TTM YoY, FY26 Q3: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.3%
FY24 Q1 8.1%
FY24 Q2 10.0%
FY24 Q3 11.1%
FY24 Q4 12.9%
FY25 Q1 14.1%
FY25 Q2 11.9%
FY25 Q3 11.9%
FY25 Q4 10.1%
FY26 Q1 9.3%
FY26 Q2 9.1%
FY26 Q3 9.7%
Operating margin (TTM) General Dynamics
10% 10.1% 10.2% 10.3% 10.4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.0% Operating margin (TTM), FY24 Q1: 10.1% Operating margin (TTM), FY24 Q2: 10.1% Operating margin (TTM), FY24 Q3: 10.1% Operating margin (TTM), FY24 Q4: 10.1% Operating margin (TTM), FY25 Q1: 10.2% Operating margin (TTM), FY25 Q2: 10.3% Operating margin (TTM), FY25 Q3: 10.3% Operating margin (TTM), FY25 Q4: 10.2% Operating margin (TTM), FY26 Q1: 10.2% Operating margin (TTM), FY26 Q2: 10.3% Operating margin (TTM), FY26 Q3: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.0%
FY24 Q1 10.1%
FY24 Q2 10.1%
FY24 Q3 10.1%
FY24 Q4 10.1%
FY25 Q1 10.2%
FY25 Q2 10.3%
FY25 Q3 10.3%
FY25 Q4 10.2%
FY26 Q1 10.2%
FY26 Q2 10.3%
FY26 Q3 10.4%
FCF margin (TTM) General Dynamics
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.0% FCF margin (TTM), FY24 Q1: 4.8% FCF margin (TTM), FY24 Q2: 4.8% FCF margin (TTM), FY24 Q3: 5.0% FCF margin (TTM), FY24 Q4: 6.7% FCF margin (TTM), FY25 Q1: 6.8% FCF margin (TTM), FY25 Q2: 8.2% FCF margin (TTM), FY25 Q3: 9.3% FCF margin (TTM), FY25 Q4: 7.5% FCF margin (TTM), FY26 Q1: 11.5% FCF margin (TTM), FY26 Q2: 11.8% FCF margin (TTM), FY26 Q3: 10.2% 10.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.0%
FY24 Q1 4.8%
FY24 Q2 4.8%
FY24 Q3 5.0%
FY24 Q4 6.7%
FY25 Q1 6.8%
FY25 Q2 8.2%
FY25 Q3 9.3%
FY25 Q4 7.5%
FY26 Q1 11.5%
FY26 Q2 11.8%
FY26 Q3 10.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar General Dynamics took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $52.5B
  2. Selling, general and admin $2.6B · 4.9%
  3. Other operating costs $44.6B · 84.9%
  4. Operating income $5.4B · 10.2%
  5. Income tax $893M · 1.7%
  6. Net income $4.2B · 8.0%

Shares of revenue. Source: General Dynamics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Oct 2026
Income
Revenue 32.0 32.5 32.7 31.0 30.9 30.9 31.8 30.6 31.0 36.2 39.4 37.9 38.5 39.4 42.3 47.7 52.6 56.5
Gross profit 5.6 5.9 5.9 2.6 5.5 — — 5.7 6.2 6.7 7.1 — — — — — — —
EBITDA 4.2 4.5 4.4 1.4 4.2 4.4 4.8 4.2 4.7 5.2 5.4 5.0 5.1 5.1 5.1 5.7 6.3 6.8
Operating income 3.7 3.9 3.8 0.8 3.7 3.9 4.3 3.7 4.2 4.4 4.6 4.1 4.2 4.2 4.2 4.8 5.4 5.9
Net income 2.4 2.6 2.5 −0.3 2.4 2.5 3.0 2.6 2.9 3.3 3.5 3.2 3.3 3.4 3.3 3.8 4.2 4.7
Diluted EPS $6.17 $6.81 $6.87 −$0.94 $6.67 $7.42 $9.29 $8.29 $9.56 $11.18 $11.98 $11.00 $11.55 $12.19 $12.02 $13.63 $15.45 $17.00
Growth (year on year)
Revenue +9.2% +1.5% +0.6% −5.2% −0.2% −0.3% +3.0% −3.8% +1.3% +16.9% +8.7% −3.6% +1.4% +2.4% +7.3% +12.9% +10.1% +9.7%
EBITDA +3.3% +6.5% −2.1% −69.3% +211.0% +4.1% +8.9% −12.1% +11.4% +10.3% +4.7% −7.2% +0.8% +0.8% +0.3% +11.2% +10.5% +9.1%
Operating income +0.6% +7.3% −3.0% −80.0% +382.2% +5.4% +10.4% −12.8% +13.1% +3.7% +4.0% −9.6% +0.7% +1.2% +0.8% +13.0% +11.7% +10.0%
Net income −2.6% +9.6% −3.7% −113.1% — +7.5% +19.9% −15.3% +13.2% +14.9% +4.2% −9.1% +2.8% +4.1% −2.2% +14.1% +11.3% +10.5%
Diluted EPS 0.0% +10.4% +0.9% −113.7% — +11.2% +25.2% −10.8% +15.3% +16.9% +7.2% −8.2% +5.0% +5.5% −1.4% +13.4% +13.4% +10.2%
Margins
Gross margin 17.6% 18.2% 17.9% 8.4% 17.7% — — 18.5% 20.2% 18.6% 17.9% — — — — — — —
EBITDA margin 13.2% 13.9% 13.5% 4.4% 13.6% 14.2% 15.0% 13.7% 15.1% 14.2% 13.7% 13.2% 13.1% 12.9% 12.1% 11.9% 12.0% 12.0%
Operating margin 11.5% 12.2% 11.7% 2.5% 11.9% 12.6% 13.5% 12.3% 13.7% 12.1% 11.6% 10.9% 10.8% 10.7% 10.0% 10.1% 10.2% 10.4%
Net margin 7.5% 8.1% 7.7% −1.1% 7.6% 8.2% 9.6% 8.4% 9.4% 9.2% 8.9% 8.4% 8.5% 8.6% 7.8% 7.9% 8.0% 8.2%
Free-cash-flow margin 7.7% 8.1% 8.5% 7.0% 8.6% 10.4% 6.1% 5.8% 11.1% 6.8% 5.1% 7.6% 8.8% 8.8% 9.0% 6.7% 7.5% 10.2%
Cash flow
Cash from operations 2.9 3.0 3.2 2.6 3.1 3.7 2.5 2.2 3.9 3.1 3.0 3.9 4.3 4.6 4.7 4.1 5.1 7.3
Capital spending 0.4 0.4 0.5 0.4 0.4 0.5 0.6 0.4 0.4 0.7 1.0 1.0 0.9 1.1 0.9 0.9 1.2 1.5
Free cash flow 2.5 2.6 2.8 2.2 2.7 3.2 1.9 1.8 3.4 2.5 2.0 2.9 3.4 3.5 3.8 3.2 4.0 5.8
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 2.4 2.5 2.7 2.1 2.6 3.1 1.8 1.7 3.3 2.3 1.9 2.8 3.3 3.3 3.6 3.0 3.8 5.6
Balance sheet
Cash 2.3 2.6 2.6 3.3 5.3 4.4 2.8 2.3 3.0 1.0 0.9 2.8 1.6 1.2 1.9 1.7 2.3 4.4
Total debt 3.9 3.2 3.9 3.9 3.9 3.9 3.4 3.9 4.0 12.5 12.0 13.1 11.6 10.6 9.3 8.8 8.1 7.1
Net debt (negative = net cash) 1.6 0.6 1.3 0.6 −1.4 −0.5 0.6 1.6 1.0 11.6 11.1 10.3 10.0 9.3 7.4 7.1 5.7 2.7
Diluted shares 388m 385m 368m 353m 353m 341m 327m 310m 305m 299m 291m 288m 282m 278m 276m 277m 272m 274m
Returned to shareholders
Dividends 0.6 0.6 0.7 0.9 0.6 0.8 0.9 0.9 1.0 1.1 1.2 1.2 1.3 1.4 1.4 1.5 1.6 1.7
Buybacks 0.2 1.2 1.5 0.6 0.7 3.4 3.2 2.0 1.6 1.8 0.2 0.6 1.8 1.2 0.4 1.5 0.6 0.6
Total returned 0.8 1.8 2.1 1.5 1.3 4.2 4.1 2.9 2.5 2.8 1.4 1.8 3.1 2.6 1.9 3.0 2.2 2.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · October 4, 2026
What it owns · $60.2bn
Short-term assets $26.9bnLonger-term assets $33.3bn
What it owes, and who funded it · $46.1bn
Short-term liabilities $18.8bnShareholders' equity $27.3bn
  • Short-term assets cover short-term liabilities $26.9bn of assets due within a year against $18.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.4bn of cash against $7.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 26% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 58% to 26% over five years.
  • A year's operating cash flow covers at least 20% of debt $7.3bn of operating cash flow against $7.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From General Dynamics's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$641M
Dividends (TTM)
$1.7B
Returned to shareholders
40%
of free cash flow
Buybacks, last 3 fiscal years
$2.6B
Diluted share count
+0.3%
year over year
Total shareholder yield
2.3%
dividends 1.6% + buybacks 0.6% of market value
Dividend payout ratio
36%
of net income paid out
Days sales outstanding
16 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated GD GE NOC LMT BA RTX Median
Revenue, last 12 months $56.5bn $52.6bn $43.6bn $79.1bn $94.9bn $96.0bn $769m
Revenue growth, last 12 months 9.7% 19.6% 6.5% 7.9% 17.5% 11.6% 15.5%
Revenue growth, 3-year average 10.9% 7.2% 4.1% 5.3% 7.8% 12.7% 12.6%
Revenue growth, latest quarter 12.9% 15.9% 6.7% 11.3% 3.9% 11.1% 15.8%
Gross margin 17.9% 37.2% — 11.7% 9.4% 15.1% 27.8%
Operating margin 10.4% 17.4% 10.6% 11.8% 10.3% 11.8% 9.0%
Operating margin, 3-year average 10.3% 21.3% 9.4% 10.7% −3.0% 10.0% 6.0%
Net margin 8.2% 17.3% 10.4% 8.2% 8.1% 8.8% 5.5%
Cash from operations / revenue 12.9% 18.0% 12.1% 12.8% 4.2% 13.0% 5.5%
Free-cash-flow margin 10.2% 15.3% 8.8% 10.6% 0.0% 9.5% 3.4%
Free-cash-flow margin, 3-year average 8.2% 14.9% 6.4% 8.7% −5.9% 8.1% 3.0%
Stock pay / revenue 0.4% — 0.3% 0.5% 0.5% 0.7% 1.2%
Change in share count 0.3% −2.2% −1.4% −1.5% 4.7% 0.9% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 9.7% 15.5% 37 of 57
Change in growth rate Growth +0.6pp +2.2pp 34 of 57
Operating margin Profitability 10.4% 8.5% 22 of 51
Net margin Profitability 8.2% 5.5% 21 of 57
Free-cash-flow margin Cash generation 10.2% 3.4% 16 of 57
Stock pay as % of revenue Cash generation 0.4% 1.5% 8 of 53
Long-term debt as % of assets Balance sheet 10.4% 22.1% 12 of 47
Change in share count Balance sheet 0.3% 2.4% 19 of 51
Days sales outstanding Balance sheet 16 days 53 days 3 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Marine Systems $16.7B 31.8% ▲ 16.6%
Technologies $13.5B 25.6% ▲ 2.6%
Aerospace $13.1B 24.9% ▲ 16.5%
Combat Systems $9.2B 17.6% ▲ 2.8%
Products and services
Line of business Revenue Share YoY
Products $33B 62.8% ▲ 15.3%
Services $19.5B 37.2% ▲ 2.3%
Geography
Region Revenue YoY
North America $44.6B ▲ 8.6%
United States $43.3B ▲ 8.9%
Outside the US $5.4B ▲ 8.0%
Europe $3.5B ▲ 12.0%
Other Africa Middle East $2B ▲ 19.9%
Asia Pacific $2B ▲ 29.4%
Other North America $1.2B ▼ 2.3%
South America $432M ▲ 47.9%

These categories overlap or exclude eliminations, so shares aren't shown.

From General Dynamics's 10-K filed January 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$82.8B
Institutions reporting
2,208
Shares held vs prior quarter
▼ 0.1%
Positions opened / closed
123 / 125

Top buyers and sellers, Q2 2026: 986 institutions bought and 963 sold ; the biggest buyer was Pacer Advisors, Inc (+1.0M shares) and the biggest seller Massachusetts Financial Services Co (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Longview Asset Management, LLC $9.6B 27.1M 11.6% 0.0%
Blackrock, Inc. $6.8B 19.3M 8.3% ▲ 3.8%
Vanguard Capital Management LLC $5.9B 16.7M 7.1% ▲ 3.3%
Newport Trust Company, LLC $4.7B 13.4M 5.7% ▼ 1.3%
State Street Corp $4.2B 11.8M 5.1% ▲ 3.3%
Bank Of America Corp $2.6B 7.3M 3.1% ▼ 9.6%
Vanguard Portfolio Management LLC $2.4B 6.8M 2.9% ▲ 7.7%
Geode Capital Management, LLC $2.2B 6.2M 2.7% ▼ 0.7%
Jpmorgan Chase & Co $1.8B 5.3M 2.2% ▼ 1.9%
Morgan Stanley $1.6B 4.4M 1.9% ▼ 14.2%
Wells Fargo & Company $1.5B 4.3M 1.9% ▼ 4.1%
Ameriprise Financial Inc $1.5B 4.3M 1.8% ▼ 9.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not General Dynamics's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $95.2M 27 trades by 10 insiders · 0% under pre-set plans
Net ▼ $95.2M net selling
Insider Date Trade Shares Price Value
Steel Robert K Director September 23, 2026 Sell 700 $345.82 $242,077
Steel Robert K Director September 23, 2026 Sell 1,780 $346.01 $615,898
Steel Robert K Director September 23, 2026 Sell 2,190 $346.12 $758,001
Steel Robert K Director September 23, 2026 Sell 2,770 $346.08 $958,644
Wall Peter A Director August 10, 2026 Sell 1,990 $396.43 $788,898
Brady Christopher J Vice President August 5, 2026 Sell 6,320 $383.32 $2.4M
Novakovic Phebe N Chairman and CEO August 3, 2026 Sell 7,271 $383.85 $2.8M
Novakovic Phebe N Chairman and CEO August 3, 2026 Sell 15,917 $383.09 $6.1M
Novakovic Phebe N Chairman and CEO August 3, 2026 Sell 22,707 $382.17 $8.7M
Novakovic Phebe N Chairman and CEO August 3, 2026 Sell 5,673 $381.17 $2.2M
Gilliland Marguerite Amy Executive Vice President July 31, 2026 Sell 26,210 $378.42 $9.9M
Gilliland Marguerite Amy Executive Vice President July 31, 2026 Sell 16,970 $377.44 $6.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 64 trades and filings

In the last 12 months, 4 members of Congress disclosed 4 purchases and 4 sales of General Dynamics shares.

  • Dwight Evans(D-PA 3):Sale (full), $1,001 - $15,000, traded June 10, 2026, filed June 24, 2026
  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded March 31, 2026, filed April 30, 2026
  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded March 23, 2026, filed April 30, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 29, 2026
  • April 29, 2026
  • January 28, 2026
  • October 24, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on General Dynamics was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

General Dynamics in brief

What does General Dynamics do?
General Dynamics is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is General Dynamics's stock ticker?
General Dynamics trades under the ticker GD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is General Dynamics's revenue, and how fast is it growing?
Over its most recent trailing twelve months, General Dynamics reported revenue of $56.5B, 9.7% higher than a year earlier, according to its SEC filings.
What is General Dynamics's free cash flow?
General Dynamics's free-cash-flow margin is 10.2% of revenue over the trailing twelve months, ranking 16 of the 57 aerospace & defense companies we cover.
What is General Dynamics's fair value (intrinsic value) per share?
Our discounted-cash-flow model of General Dynamics's free cash flow after stock-based pay gives ~$390 per share in the base case, and ~$290–$520 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are General Dynamics's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Longview Asset Management, LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is General Dynamics buying back stock, and does it pay a dividend?
General Dynamics spent $641M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.3% over the year.
What is General Dynamics's market cap?
On November 2, 2026, General Dynamics's market capitalisation was about $102B, with a price-to-earnings ratio of 22.0 and net debt of $2.7B. Market figures come from third-party market data and may be delayed.
Does General Dynamics pay a dividend?
Yes: General Dynamics paid $1.7B in dividends over the trailing twelve months, a dividend yield of 1.63% and a payout ratio of 35.8%.
How much debt does General Dynamics have?
General Dynamics's debt-to-equity ratio is 25.7%, from its latest balance sheet (58.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are General Dynamics's competitors?
In our Aerospace & Defense peer group, the companies closest to General Dynamics are GE Aerospace, Northrop Grumman, Lockheed Martin, Boeing and RTX Corporation. The side-by-side comparison below sets their revenue, margins and growth against General Dynamics's.
Are insiders buying or selling General Dynamics stock?
Over the last 12 months, General Dynamics's directors and officers reported 0 open-market purchases and 27 sales on Form 4. The insider trading page charts every trade.
When is General Dynamics's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — General Dynamics announces its own schedule.