GDNYSEShip & Boat Building & RepairingFiscal year ends December 31
GENERAL DYNAMICS CORP
Financials through Q1 FY2026, quarter ended Apr 5, 2026Last filing: 10-Q on Jul 29, 2026
$341.43−2.80 (-0.81%)
Close on Oct 19, 2026
- Market cap
- $93.60B
- P/E (TTM)
- 21.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
10.2%−0.7 pts over 5 years
Net margin
8.0%−0.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.1% | +10.1% | +6.7% | +5.2% | |
| Operating income | +11.7% | +8.3% | +5.3% | +2.2% | |
| Net income | +11.3% | +7.5% | +5.9% | +3.3% | |
| EPS, diluted | +13.4% | +8.2% | +7.0% | +5.2% | |
| Free cash flow | +23.9% | +4.5% | +6.5% | +6.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 24.8% | 21.4% | 17.7% | |
| Return on assets | 7.8% | 6.3% | 7.4% | |
| Current ratio | 1.23 | 1.35 | 1.44 | |
| Debt to equity | 0.38 | 0.83 | 0.31 | |
| Net debt to EBITDA | 0.37× | 2.03× | 0.90× | |
| Interest coverage | 37.8× | 8.5× | – | |
| Inventory turnover | 5.9× | – | – | |
| Capex to revenue | 1.3% | 2.5% | 2.2% | |
| Diluted shares | 310M | 288M | 272M |
Where the cash went
Fiscal 2021 to 2025, five years combined
General Dynamics generated $22.79B from operations and spent $17.85B on capital expenditure, dividends and share buybacks. 28% of that went back into the business.
Generated
$22.79B
Used
$17.85B
Capital expenditure$4.98B28%Dividends$7.23B41%Share buybacks$5.63B32%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.0%
×Asset turnover0.93×
×Equity multiplier2.37×
=Return on equity, FY202517.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.0% | 0.93× | 2.37× | 17.7% |
| FY2024 | 7.9% | 0.86× | 2.55× | 17.4% |
| FY2023 | 7.8% | 0.79× | 2.67× | 16.6% |
| FY2022 | 8.6% | 0.78× | 2.81× | 18.7% |
| FY2021 | 8.5% | 0.76× | 3.04× | 19.6% |
| FY2020 | 8.4% | 0.75× | 3.40× | 21.4% |
| FY2019 | 8.9% | 0.83× | 3.65× | 26.7% |
| FY2018 | 9.2% | 0.89× | 3.38× | 28.0% |
| FY2017 | 9.4% | 0.91× | 3.09× | 26.4% |
| FY2016 | 8.4% | 0.93× | 3.17× | 24.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$4.21B
- Cash generatingOperating cash flow above zero$5.12B
- Return on assets improvedROA up on the prior year6.9% → 7.5%
- Earnings backed by cashOperating cash flow above net income$5.12B vs $4.21B
- Less leverageLong-term debt to assets fell13.0% → 12.2%
- Better liquidityCurrent ratio rose1.37 → 1.44
- No dilutionShare count did not rise277M → 272M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.87 → 0.94