Cash flow General Dynamics Corporation

Equities

GD

US3695501086

Aerospace & Defense

Real-time Estimate Cboe BZX Other stock markets 01:10:01 2026-01-12 pm EST			5-day change	1st Jan Change
359.28 ^USD	+1.52%		+0.97%	+6.64%

12:27pm	Citigroup Adjusts Price Target on General Dynamics to $389 From $371, Maintains Neutral Rating	MT
10:03am	Wolfe Research Adjusts General Dynamics Price Target to $415 From $400, Maintains Outperform Rating	MT

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Published financial data: GENERAL DYNAMICS CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	37.92B	38.47B	39.41B	42.27B	47.72B
Total Revenues	37.92B	38.47B	39.41B	42.27B	47.72B
Cost of Goods Sold, Total	31.6B	32.06B	32.78B	35.6B	40.35B
Gross Profit	6.32B	6.41B	6.62B	6.67B	7.36B
Selling General & Admin Expenses, Total	2.11B	2.03B	2.02B	2.96B	2.6B
Other Operating Expenses, Total	2.11B	2.03B	2.02B	2.96B	2.6B
Operating Income	4.21B	4.38B	4.6B	3.71B	4.77B
Interest Expense, Total	-489M	-431M	-391M	-399M	-393M
Interest And Investment Income	12M	7M	27M	56M	69M
Net Interest Expenses	-477M	-424M	-364M	-343M	-324M
Other Non Operating Income (Expenses)	3M	-84M	-201M	620M	95M
EBT, Excl. Unusual Items	3.74B	3.87B	4.04B	3.98B	4.54B
Merger & Related Restructuring Charges	-	-	-	-	-
EBT, Incl. Unusual Items	3.74B	3.87B	4.04B	3.98B	4.54B
Income Tax Expense	571M	616M	646M	669M	758M
Earnings From Continuing Operations	3.17B	3.26B	3.39B	3.32B	3.78B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	3.17B	3.26B	3.39B	3.32B	3.78B
Net Income - (IS)	3.17B	3.26B	3.39B	3.32B	3.78B
Net Income to Common Incl Extra Items	3.17B	3.26B	3.39B	3.32B	3.78B
Net Income to Common Excl. Extra Items	3.17B	3.26B	3.39B	3.32B	3.78B
Per Share Items
Net EPS - Basic	11.04	11.61	12.31	12.14	13.81
Basic EPS - Continuing Operations	11.04	11.61	12.31	12.14	13.81
Basic Weighted Average Shares Outstanding	287M	280M	275M	273M	274M
Net EPS - Diluted	11	11.55	12.19	12.02	13.63
Diluted EPS - Continuing Operations	11	11.55	12.19	12.02	13.63
Diluted Weighted Average Shares Outstanding	288M	282M	278M	276M	277M
Normalized Basic EPS	8.14	8.63	9.16	9.12	10.36
Normalized Diluted EPS	8.11	8.58	9.07	9.03	10.23
Dividend Per Share	4.4	4.76	5.04	5.28	5.68
Payout Ratio	39.15	40.37	40.38	43.08	40.43
Supplemental Items
EBITDA	5.09B	5.27B	5.48B	4.57B	5.66B
EBITA	4.47B	4.61B	4.8B	3.9B	4.95B
EBIT	4.21B	4.38B	4.6B	3.71B	4.77B
EBITDAR	5.47B	5.66B	5.87B	4.98B	6.07B
Total Revenues (As Reported)	37.92B	38.47B	39.41B	42.27B	47.72B
Effective Tax Rate - (Ratio)	15.28	15.9	16.01	16.79	16.7
Current Domestic Taxes	566M	545M	701M	646M	654M
Current Foreign Taxes	132M	137M	123M	200M	190M
Total Current Taxes	698M	682M	824M	846M	844M
Deferred Domestic Taxes	-132M	-58M	-207M	-124M	-94M
Deferred Foreign Taxes	5M	-8M	29M	-53M	8M
Total Deferred Taxes	-127M	-66M	-178M	-177M	-86M
Normalized Net Income	2.34B	2.42B	2.52B	2.49B	2.84B
Interest on Long-Term Debt	25M	20M	14M	14M	21M
Non-Cash Pension Expense	-66M	-201M	-352M	563M	76M
Supplemental Operating Expense Items
General and Administrative Expenses	2.19B	2.24B	2.41B	2.43B	2.57B
Research And Development Expense From Footnotes	374M	415M	480M	510M	565M
Net Rental Expense, Total	384M	394M	382M	413M	414M
Imputed Operating Lease Interest Expense	105M	97.36M	94.5M	114M	120M
Imputed Operating Lease Depreciation	279M	297M	288M	299M	294M
Stock-Based Comp., G&A Exp. (Total)	128M	126M	165M	181M	183M
Total Stock-Based Compensation	128M	126M	165M	181M	183M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.82B	1.6B	1.24B	1.91B	1.7B
Total Cash And Short Term Investments	2.82B	1.6B	1.24B	1.91B	1.7B
Accounts Receivable, Total	11.18B	11.54B	11.8B	11B	11.22B
Total Receivables	11.18B	11.54B	11.8B	11B	11.22B
Inventory	5.74B	5.34B	6.32B	8.58B	9.72B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	1.79B	1.5B	1.7B	2.12B	1.74B
Total Current Assets	21.54B	19.99B	21.06B	23.62B	24.39B
Gross Property Plant And Equipment	12.38B	13.04B	13.78B	14.69B	15.36B
Accumulated Depreciation	-5.61B	-6.05B	-6.39B	-6.8B	-7.1B
Net Property Plant And Equipment	6.76B	6.99B	7.39B	7.88B	8.26B
Goodwill	20.05B	20.1B	20.33B	20.59B	20.56B
Other Intangibles, Total	2.12B	1.98B	1.82B	1.66B	1.52B
Deferred Tax Assets Long-Term	37M	41M	39M	28M	19M
Other Long-Term Assets, Total	797M	976M	935M	1.04B	1.14B
Total Assets	51.31B	50.07B	51.58B	54.81B	55.88B
Liabilities
Accounts Payable, Total	2.95B	3.17B	3.4B	3.1B	3.34B
Accrued Expenses, Total	1.65B	1.58B	1.37B	1.43B	1.57B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	3B	1B	1.25B	507M	1.5B
Current Portion of Leases	330M	337M	288M	325M	319M
Unearned Revenue Current, Total	6.28B	6.27B	7.44B	9.56B	9.49B
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	1.75B	1.62B	1.6B	1.51B	1.6B
Total Current Liabilities	15.96B	13.98B	15.34B	16.43B	17.82B
Long-Term Debt	10B	10.49B	9.24B	8.75B	7.26B
Long-Term Leases	1.4B	1.34B	1.33B	1.5B	1.6B
Unearned Revenue Non Current	872M	1.25B	2.18B	2.58B	3B
Pension & Other Post Retirement Benefits	5.18B	2.81B	2.45B	2.22B	2.02B
Deferred Tax Liability Non Current	461M	-	-	-	-
Other Non Current Liabilities	1.77B	2.56B	2.48B	2.03B	2.12B
Total Liabilities	35.65B	32.43B	33.02B	33.51B	33.82B
Common Stock, Total	482M	482M	482M	482M	482M
Additional Paid In Capital	3.12B	3.28B	3.56B	3.76B	4.06B
Retained Earnings	33.5B	35.42B	37.4B	39.27B	41.49B
Treasury Stock	-17.89B	-19.62B	-20.72B	-21.05B	-22.45B
Comprehensive Income and Other	-3.55B	-1.92B	-2.15B	-1.16B	-1.52B
Total Common Equity	15.66B	17.64B	18.57B	21.3B	22.06B
Total Equity	15.66B	17.64B	18.57B	21.3B	22.06B
Total Liabilities And Equity	51.31B	50.07B	51.58B	54.81B	55.88B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	286M	277M	274M	274M	270M
ECS Total Common Shares Outstanding	286M	277M	274M	273M	270M
Book Value / Share	54.76	63.67	67.79	77.97	81.73
Tangible Book Value	-6.51B	-4.44B	-3.59B	-943M	-13M
Tangible Book Value Per Share	-22.76	-16.01	-13.11	-3.45	-0.05
Total Debt	14.73B	13.18B	12.11B	11.08B	10.68B
Net Debt	11.91B	11.57B	10.87B	9.17B	8.98B
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.94B	2.61B	2.07B	1.85B	1.69B
Debt Equivalent Oper. Leases	3.07B	3.15B	3.06B	3.3B	3.31B
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	1.71B	1.65B	2.07B	2.89B	3.4B
Inventories - Work In Process, Total	3.99B	3.65B	4.18B	5.66B	6.28B
Inventories - Finished Goods, Total	43M	35M	68M	37M	49M
Land - (BS)	413M	414M	414M	454M	438M
Buildings, Total	3.56B	3.71B	4.24B	4.65B	4.89B
Machinery, Total	5.94B	6.28B	6.62B	6.81B	7.07B
Full Time Employees	101K	103K	106K	112K	117K
Order Backlog	89.49B	87.59B	91.14B	93.63B	90.6B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	3.17B	3.26B	3.39B	3.32B	3.78B
Depreciation & Amortization - CF	617M	664M	682M	669M	706M
Amortization of Goodwill and Intangible Assets - (CF)	261M	226M	202M	194M	180M
Depreciation & Amortization, Total	878M	890M	884M	863M	886M
Stock-Based Compensation (CF)	128M	126M	165M	181M	183M
Tax Benefit from Stock Options	-	-	-	-	-
Net Cash From Discontinued Operations	-59M	-20M	20M	-4M	-6M
Other Operating Activities, Total	-358M	-683M	-540M	-284M	-155M
Change In Accounts Receivable	255M	-272M	-210M	951M	-245M
Change In Inventories	502M	405M	-980M	-2.22B	-1.2B
Change In Accounts Payable	-215M	194M	224M	-303M	247M
Change in Unearned Revenues	-	-	-	2.42B	343M
Change In Income Taxes	-	-	-436M	-209M	266M
Change in Other Net Operating Assets	-499M	354M	2.08B	-	-
Cash from Operations	3.8B	4.25B	4.6B	4.71B	4.11B
Capital Expenditure	-967M	-887M	-1.11B	-904M	-916M
Sale of Property, Plant, and Equipment	171M	-	-	-	-
Cash Acquisitions	-203M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	25M	5M	-375M	-37M	-37M
Cash from Investing	-974M	-882M	-1.49B	-941M	-953M
Short Term Debt Issued, Total	420M	2B	-	-	-
Long-Term Debt Issued, Total	3.96B	1.5B	-	-	-
Total Debt Issued	4.38B	3.5B	-	-	-
Short Term Debt Repaid, Total	-420M	-2B	-	-	-
Long-Term Debt Repaid, Total	-2.94B	-3B	-1B	-1.25B	-500M
Total Debt Repaid	-3.36B	-5B	-1B	-1.25B	-500M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-587M	-1.83B	-1.23B	-434M	-1.5B
Common Dividends Paid	-1.24B	-1.32B	-1.37B	-1.43B	-1.53B
Common & Preferred Stock Dividends Paid	-1.24B	-1.32B	-1.37B	-1.43B	-1.53B
Other Financing Activities, Total	-95M	50M	127M	18M	161M
Cash from Financing	-903M	-4.59B	-3.47B	-3.09B	-3.37B
Net Change in Cash	1.92B	-1.22B	-361M	671M	-216M
Supplemental Items
Cash Interest Paid	459M	433M	383M	378M	385M
Cash Income Tax Paid (Refund)	764M	740M	1.24B	1.1B	560M
Levered Free Cash Flow	2.1B	2.94B	2.29B	2.13B	2.3B
Unlevered Free Cash Flow	2.41B	3.21B	2.54B	2.38B	2.55B
Change In Net Working Capital	264M	-340M	273M	81M	584M
Net Debt Issued / Repaid	1.02B	-1.5B	-1B	-1.25B	-500M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.23	5.4	5.66	4.36	5.39
Return on Total Capital	9.05	8.95	9.35	7.35	9.15
Return On Equity %	21.37	19.56	18.72	16.63	17.44
Return on Common Equity	21.37	19.56	18.72	16.63	17.44
Margin Analysis
Gross Profit Margin %	16.68	16.66	16.8	15.78	15.43
SG&A Margin	5.57	5.27	5.13	7.01	5.44
EBITDA Margin %	13.42	13.7	13.92	10.81	11.85
EBITA Margin %	11.79	11.98	12.19	9.23	10.37
EBIT Margin %	11.11	11.39	11.68	8.77	9.99
Income From Continuing Operations Margin %	8.35	8.47	8.6	7.84	7.93
Net Income Margin %	8.35	8.47	8.6	7.84	7.93
Net Avail. For Common Margin %	8.35	8.47	8.6	7.84	7.93
Normalized Net Income Margin	6.16	6.29	6.4	5.89	5.95
Levered Free Cash Flow Margin	5.54	7.64	5.82	5.03	4.83
Unlevered Free Cash Flow Margin	6.35	8.34	6.44	5.62	5.34
Asset Turnover
Asset Turnover	0.75	0.76	0.78	0.79	0.86
Fixed Assets Turnover	5.81	5.59	5.48	5.53	5.91
Receivables Turnover (Average Receivables)	3.36	3.39	3.38	3.71	4.29
Inventory Turnover (Average Inventory)	5.24	5.78	5.62	4.78	4.41
Short Term Liquidity
Current Ratio	1.35	1.43	1.37	1.44	1.37
Quick Ratio	0.88	0.94	0.85	0.79	0.72
Operating Cash Flow to Current Liabilities	0.24	0.3	0.3	0.29	0.23
Days Sales Outstanding (Average Receivables)	108.98	107.8	108.1	98.45	85.24
Days Outstanding Inventory (Average Inventory)	69.79	63.1	64.92	76.38	83
Average Days Payable Outstanding	36.05	35.28	35.48	31.3	28.4
Cash Conversion Cycle (Average Days)	142.73	135.63	137.54	143.53	139.85
Long Term Solvency
Total Debt/Equity	94.07	74.68	65.24	52.04	48.39
Total Debt / Total Capital	48.47	42.75	39.48	34.23	32.61
LT Debt/Equity	72.79	67.08	56.94	48.13	40.14
Long-Term Debt / Total Capital	37.51	38.4	34.46	31.66	27.05
Total Liabilities / Total Assets	69.48	64.77	64	61.14	60.52
EBIT / Interest Expense	8.61	10.16	11.77	9.29	12.13
EBITDA / Interest Expense	11.19	13.14	15.01	12.49	15.44
(EBITDA - Capex) / Interest Expense	9.22	11.09	12.16	10.22	13.11
Total Debt / EBITDA	2.69	2.33	2.06	2.22	1.76
Net Debt / EBITDA	2.18	2.04	1.85	1.84	1.48
Total Debt / (EBITDA - Capex)	3.27	2.76	2.55	2.72	2.07
Net Debt / (EBITDA - Capex)	2.64	2.42	2.29	2.25	1.74
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-3.62	1.43	2.44	7.27	12.88
Gross Profit, 1 Yr. Growth %	-9.47	1.31	3.34	0.76	10.37
EBITDA, 1 Yr. Growth %	-5.5	3.56	4.06	-16.68	23.74
EBITA, 1 Yr. Growth %	-7.47	3	4.25	-18.78	26.86
EBIT, 1 Yr. Growth %	-7.57	4.01	5.02	-19.43	28.65
Earnings From Cont. Operations, 1 Yr. Growth %	-9.1	2.84	4.08	-2.21	14.09
Net Income, 1 Yr. Growth %	-9.1	2.84	4.08	-2.21	14.09
Normalized Net Income, 1 Yr. Growth %	-11.04	3.61	4.21	-1.29	13.96
Diluted EPS Before Extra, 1 Yr. Growth %	-8.18	5	5.54	-1.39	13.39
Accounts Receivable, 1 Yr. Growth %	-1.89	3.16	2.29	-6.79	2.04
Inventory, 1 Yr. Growth %	-8.9	-7.05	18.39	35.68	13.36
Net Property, Plant and Equip., 1 Yr. Growth %	7.35	3.43	5.68	6.7	4.79
Total Assets, 1 Yr. Growth %	3.97	-2.41	3.02	6.25	1.95
Tangible Book Value, 1 Yr. Growth %	-18.78	-31.86	-19.05	-73.73	-98.62
Common Equity, 1 Yr. Growth %	12.04	12.64	5.25	14.71	3.59
Cash From Operations, 1 Yr. Growth %	29.66	11.9	8.19	2.33	-12.75
Capital Expenditures, 1 Yr. Growth %	-2.03	-8.27	25.59	-18.85	1.33
Levered Free Cash Flow, 1 Yr. Growth %	1.17K	39.77	-21.94	-7.27	8.35
Unlevered Free Cash Flow, 1 Yr. Growth %	423.23	33.21	-20.88	-6.37	7.31
Dividend Per Share, 1 Yr. Growth %	7.84	8.18	5.88	4.76	7.58
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.36	-1.13	1.94	4.83	10.04
Gross Profit, 2 Yr. CAGR %	-2.53	-4.23	2.32	2.04	5.45
EBITDA, 2 Yr. CAGR %	-0.75	-1.07	3.81	-6.89	1.54
EBITA, 2 Yr. CAGR %	-2.17	-2.38	3.62	-7.98	1.51
EBIT, 2 Yr. CAGR %	-2.2	-1.95	4.52	-8.01	1.81
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.89	-3.31	3.46	0.89	5.62
Net Income, 2 Yr. CAGR %	-2.7	-3.31	3.46	0.89	5.62
Normalized Net Income, 2 Yr. CAGR %	-4.34	-3.99	3.91	1.42	6.06
Diluted EPS Before Extra, 2 Yr. CAGR %	-0.99	-1.81	5.27	2.01	5.74
Accounts Receivable, 2 Yr. CAGR %	4.03	0.6	2.73	-2.36	-2.48
Inventory, 2 Yr. CAGR %	-1.96	-7.98	4.9	26.74	24.02
Net Property, Plant and Equip., 2 Yr. CAGR %	30.37	5.37	4.55	6.19	5.74
Total Assets, 2 Yr. CAGR %	6.3	0.73	0.27	4.62	4.08
Tangible Book Value, 2 Yr. CAGR %	-21.07	-25.61	-25.73	-53.89	-93.98
Common Equity, 2 Yr. CAGR %	15.54	12.34	8.89	9.88	9.01
Cash From Operations, 2 Yr. CAGR %	10.2	20.45	10.03	5.22	-5.51
Capital Expenditures, 2 Yr. CAGR %	18.38	-5.2	7.33	0.95	-9.32
Levered Free Cash Flow, 2 Yr. CAGR %	17.6	321.79	4.45	-14.92	0.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	17.17	164.01	2.67	-13.93	0.24
Dividend Per Share, 2 Yr. CAGR %	8.76	8.01	7.03	5.32	6.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.98	2.05	0.05	3.68	7.44
Gross Profit, 3 Yr. CAGR %	0.44	-1.26	-1.77	1.8	4.74
EBITDA, 3 Yr. CAGR %	3.3	0.67	0.61	-3.53	2.37
EBITA, 3 Yr. CAGR %	1.67	-0.48	-0.21	-4.46	2.42
EBIT, 3 Yr. CAGR %	0.28	-0.17	0.32	-4.17	2.87
Earnings From Cont. Operations, 3 Yr. CAGR %	2.84	-1.01	-0.91	1.53	5.11
Net Income, 3 Yr. CAGR %	2.84	-0.88	-0.91	1.53	5.11
Normalized Net Income, 3 Yr. CAGR %	-2.85	-1.76	-1.33	2.15	5.44
Diluted EPS Before Extra, 3 Yr. CAGR %	4.79	0.97	0.58	3	5.67
Accounts Receivable, 3 Yr. CAGR %	8.09	3.74	1.16	-0.55	-0.92
Inventory, 3 Yr. CAGR %	2.7	-3.69	0.08	14.3	22.11
Net Property, Plant and Equip., 3 Yr. CAGR %	24.34	20.69	5.47	5.26	5.72
Total Assets, 3 Yr. CAGR %	13.55	3.31	1.49	2.23	3.73
Tangible Book Value, 3 Yr. CAGR %	76.64	-24.84	-23.48	-47.48	-85.69
Common Equity, 3 Yr. CAGR %	11.05	14.56	9.93	10.79	7.74
Cash From Operations, 3 Yr. CAGR %	-0.32	10.77	16.22	7.4	-1.15
Capital Expenditures, 3 Yr. CAGR %	31.22	8.73	4.12	-2.22	1.08
Levered Free Cash Flow, 3 Yr. CAGR %	0.42	24.57	140.37	0.39	-7.78
Unlevered Free Cash Flow, 3 Yr. CAGR %	3.86	22.29	76.68	-0.44	-7.36
Dividend Per Share, 3 Yr. CAGR %	9.41	8.56	7.3	6.27	6.07
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.6	4.71	4.93	3.15	3.93
Gross Profit, 5 Yr. CAGR %	0.3	2.5	1.19	0.04	1.06
EBITDA, 5 Yr. CAGR %	1.28	4.71	3.5	-2.43	0.98
EBITA, 5 Yr. CAGR %	0.28	3.81	2.45	-3.55	0.47
EBIT, 5 Yr. CAGR %	-0.39	3.25	1.95	-3.39	0.91
Earnings From Cont. Operations, 5 Yr. CAGR %	0.85	3.98	3.09	-0.26	1.66
Net Income, 5 Yr. CAGR %	0.85	4.84	3.09	-0.18	1.66
Normalized Net Income, 5 Yr. CAGR %	-2.39	1.16	-0.2	-0.5	1.56
Diluted EPS Before Extra, 5 Yr. CAGR %	3.44	5.98	4.98	1.39	2.61
Accounts Receivable, 5 Yr. CAGR %	7.47	8.68	5.91	1.26	-0.31
Inventory, 5 Yr. CAGR %	11.28	0.85	3.58	7.49	9.05
Net Property, Plant and Equip., 5 Yr. CAGR %	14.3	15	16.01	14.66	5.58
Total Assets, 5 Yr. CAGR %	9.9	8.58	8.04	3.84	2.52
Tangible Book Value, 5 Yr. CAGR %	34.7	19.47	24.9	-38.18	-72.33
Common Equity, 5 Yr. CAGR %	7.84	11.36	10.18	12.67	9.56
Cash From Operations, 5 Yr. CAGR %	8.18	15.05	3.69	8.51	6.98
Capital Expenditures, 5 Yr. CAGR %	11.19	17.74	21.08	5.55	-1.48
Levered Free Cash Flow, 5 Yr. CAGR %	0.4	36.5	2.02	6.95	69.41
Unlevered Free Cash Flow, 5 Yr. CAGR %	2.56	36.3	3.38	6.26	40.84
Dividend Per Share, 5 Yr. CAGR %	9.78	9.38	8.45	7.26	6.84