GENERAL DYNAMICS CORP
$363.46
+0.39 (+0.11%) · delayed · Nov 13, 2026
Five-year price
52w $306.77 to $400.00
- Market cap
- $98.2B
- Enterprise value
- $103.9B
- P/E
- 23.5×
- 26.5× on 3y avg EPS
- EV / EBIT
- 19.4×
- FCF yield
- 4.0%
- ROIC
- 14.1%
- Debt / equity
- 0.31
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 13.1%
- ●ROE > 15% (5y avg)5y avg ROE 17.2%
- ●Stable operating marginsMargin volatility 0.3% (σ, 5y)
- ●Earnings convert to cashFCF / net income 100% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.7%
- ●Shrinking share countDiluted shares -5.4% over 5y
Value
0
- ○P/E below 15P/E 23.5
- ○EV/EBIT below 12EV/EBIT 19.4
- ○FCF yield above 6%FCF yield 4.0%
- ○Price below Graham NumberGraham Number $181.55
- ○P/B below 3P/B 3.8
Safety
75
- ●Debt / equity below 0.5D/E 0.31
- ●Debt payable in < 4 yrs of earningsNet debt $5.7B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.44
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $52.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.44
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 42%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 26.5
- ○P/E × P/B ≤ 22.5Product 101.7
Valuation lab
What do you have to believe?
At $363.46, the market is pricing in about 9.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $5.7B · 270M shares · 5y revenue CAGR 6.7%
Intrinsic value
$303.46
Price
$363.46
Premium paid
20%
What the price implies
The market is paying for 9.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 30,561 | 30,973 | 36,193 | 39,350 | 37,925 | 38,469 | 39,407 | 42,272 | 47,716 | 52,550 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 3,744 | 4,236 | 4,394 | 4,570 | 4,133 | 4,163 | 4,211 | 4,245 | 4,796 | 5,356 |
| Operating margin | 12.3% | 13.7% | 12.1% | 11.6% | 10.9% | 10.8% | 10.7% | 10.0% | 10.1% | 10.2% |
| Pre-tax income | 3,656 | 4,077 | 4,085 | 4,202 | 3,738 | 3,873 | 4,036 | 3,984 | 4,540 | 5,103 |
| Income tax | 977 | 1,165 | 727 | 718 | 571 | 616 | 646 | 669 | 758 | 893 |
| Net income | 2,572 | 2,912 | 3,345 | 3,484 | 3,167 | 3,257 | 3,390 | 3,315 | 3,782 | 4,210 |
| EPS (diluted) | 8.29 | 9.56 | 11.18 | 11.98 | 11.00 | 11.55 | 12.19 | 12.02 | 13.63 | 15.45 |
| Diluted shares | 310 | 305 | 299 | 291 | 288 | 282 | 278 | 276 | 277 | 272 |
Who owns it