GD
GENERAL DYNAMICS CORP
Industrials • CIK: 0000040533
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Market Cap
$94.03B
P/E (TTM)
21.7x
Rev Growth (TTM)
+9.3%
Net Margin (TTM)
8.1%
FCF Yield (TTM)
6.6%
FCF Margin (TTM)
11.5%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$6.2B
Q1 '26
$2.0B+105%
Q4 '25
$952M-50%
FCF Margin
TTM11.5%
Q1 '2614.5%+119%
Sector: 4.7%Top 25%
OCF Margin13.8%
OCF/NI1.71x
CapEx Coverage6.1x
FCF Yield6.6%
FCF Growth (2Y)+28%
Cash Conversion Cycle
181 days
DSO: 21+DIO: 236−DPO: 76
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM2.0%
Div Yield1.7%
+Buyback (TTM)0.3%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)1.7%
FCF Payout Ratio25.9%
Free Cash Flow (TTM)$6.2B
Stock Repurchases (TTM)$254.0M
Capital Return / FCF29.9%
Est. Dividends Paid (TTM)$1.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
12.4%
Stable
+0.0% YoY+1.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
8.4%
8Q: 8.5%
Asset Turnover
0.94x
8Q: 0.91x
Leverage (1+D/E)
1.31x
D/E: 0.31x
DuPont: 10.3% ≈ 12.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
7.78x
8Q:7.77x
-7.7%
Invested Cap Turn
1.47x
8Q:1.43x
+10.5%
CapEx Intensity
3.3%
8Q:2.3%
CapEx/Depreciation
1.31x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $53.8B | $13.5B↓6.2% | $14.4B↑11.4% | $12.9B↓1.0% | $13.0B↑6.7% | $12.2B↓8.4% | $13.3B↑14.3% | $11.7B↓2.5% | $12.0B |
Operating Income | $5.5B | $1.4B↓2.2% | $1.5B↑9.1% | $1.3B↑2.0% | $1.3B↑2.9% | $1.3B↓10.9% | $1.4B↑20.5% | $1.2B↑2.2% | $1.2B |
Net Income | $4.3B | $1.1B↓1.6% | $1.1B↑7.9% | $1.1B↑4.4% | $1.0B↑2.0% | $994.0M↓13.4% | $1.1B↑23.4% | $930.0M↑2.8% | $905.0M |
Operating Cash Flow | $7.4B | $2.2B↑38.1% | $1.6B↓26.0% | $2.1B↑32.0% | $1.6B↑1179.7% | $-148.0M↓106.9% | $2.2B↑52.5% | $1.4B↑74.0% | $814.0M |
Free Cash Flow | $6.2B | $2.0B↑105.0% | $952.0M↓49.8% | $1.9B↑35.5% | $1.4B↑582.8% | $-290.0M↓116.1% | $1.8B↑48.6% | $1.2B↑98.2% | $613.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
21.7x
Volatile
8Q: 81.7x-49%
Valuation Lenses
Earnings
21.7x
vs – sector
Cash Flow
16.2x
EV/FCF vs –
Growth-Adj
2.1xPEG
Expensive for growth
Quality-Adj
1.7P/E per %ROIC
ROIC: 12.4%
Shareholder Returns
Dividend
1.7%
Buyback
0.3%
Total Yield
2.0%
Market Cap$94.03B
EV$100.22B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
89/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
17.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
12.4%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 8.4%
Asset Turnover: 0.94x
Earnings Quality
Cash Conversion
1.71x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin72.3%
Capital Efficiency
Invested Capital Turnover1.47x
Working Capital
Cash Conversion Cycle181 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
69/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
9.3%
OpInc Growth YoY
12.0%
EPS Growth YoY
10.4%
FCF 3Y CAGR
28.3%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
72.3%
Operating
10.2%
Above Avg in sector
Net
8.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+3.5 pts
FCF: 11.5% | Net: 8.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $4.36B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.31x
Balance sheet risk & solvency analysis