Industrials · Aerospace & Defense · US stock · price as of 22 Oct 2026
Key indicators
Price
$350.79
52-week range
$306.77 – $400.00
Market cap
$96.2B
P/E (trailing)
22.0×
EV / EBITDA
15.6×
Free-cash-flow yield
6.4%
Dividend yield
1.8%
Revenue (last 12 months)
$53.8B
Revenue growth (3y a year)
10.1%
Operating margin
10.2%
Return on invested capital
14.9%
Net debt / EBITDA
0.7×
Fair value
Fair value (average of valid models)$372.59 middle half of models $340 – $400
Versus priceFair+6% to fair value
P/E multiple
$343.29
P/B multiple
$391.73
P/S multiple
$337.46
EV/EBITDA multiple
$370.06
EV/EBIT multiple
$347.44
EV/revenue multiple
$355.93
10-year DCF, EBITDA exit
$406.29
5-year DCF, EBITDA exit
$404.99
10-year DCF, revenue exit
$400.53
5-year DCF, revenue exit
$399.06
10-year DCF, growth exit
$313.44
5-year DCF, growth exit
$296.00
Dividend discount, stable
$319.15
Dividend discount, multi-stage
$556.39
Earnings power value
$347.17
Model uncertainty
Medium
X-Ray Score
70/ 100 · High confidence · ahead of 99% of sector peers
Valuation78
Growth64
Profitability60
Financial health82
Dividends61
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
General Dynamics is a defense and aerospace company with four main businesses: Gulfstream business jets, Marine Systems for submarines and surface ships, Combat Systems for land vehicles and munitions, and Technologies for information technology and mission systems. Revenue comes mainly from long-term contracts with the United States government and allied governments, plus sales of business jets to private and corporate customers.
Revenue at General Dynamics Corp was $53.8 billion across the last twelve months. Across three years, sales expanded by 10.1% a year. Operating profit was 10.2% of revenue. It earned a return on invested capital of 15%. Debt after cash comes to 0.7 times EBITDA. Shareholders receive a dividend yielding 1.8%.
StocksXray gives General Dynamics Corp an X-Ray Score of 70 out of 100 (high confidence), ahead of 99% of the S&P 500 stocks in its sector. Its strongest lens is financial health (82) and its weakest is profitability (60).
Our fair value (the average of the valid models) is $372.59 (range $340.37 to $399.79). At $350.79 the stock trades 6% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
General Dynamics Corp (GD)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$187.92
$228.68
$244.97
$253.60
$330.68
$350.79
Market cap
$53.0B
$63.6B
$67.5B
$70.4B
$90.1B
$96.2B
P/E
16.3×
18.8×
20.4×
18.6×
21.4×
22.0×
EV / revenue
1.6×
1.8×
1.8×
1.6×
1.8×
1.9×
EV / EBITDA
12.4×
14.3×
14.7×
13.6×
15.2×
15.6×
Price / free cash flow
15.7×
18.4×
17.7×
22.0×
22.8×
15.5×
Free-cash-flow yield
6.4%
5.4%
5.6%
4.5%
4.4%
6.4%
Price / book
3.0×
3.4×
3.2×
3.2×
3.5×
3.7×
Dividend yield
–
–
–
–
–
1.79%
Fundamentals checklist ● 10 Good · ● 3 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.2%Good
Free-cash-flow yield6.4%Good
Risk models
Altman Z score4.7×Good
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)8.2%Average
Free-cash-flow growth (3y)4.5%Bad
Revenue growth (3y)10.1%Good
Growth consistency100%Good
Balance sheet
Current ratio1.4×Average
Net debt / EBITDA0.7×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.1×Good
EBIT / EV yield5.5%Good
Profitability
Return on invested capital14.9%Average
Operating margin10.2%Bad
XStocksXray
General Dynamics Corp (GD)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
38,469
39,407
42,272
47,716
52,550
53,808
Gross profit
–
–
–
–
–
–
Operating income
4,163
4,211
4,245
4,796
5,356
5,508
Net income
3,257
3,390
3,315
3,782
4,210
4,341
Diluted EPS ($)
11.55
12.19
12.02
13.63
15.45
15.93
Free cash flow
3,384
3,465
3,806
3,196
3,959
6,201
Gross margin
–
–
–
–
–
–
Operating margin
10.8%
10.7%
10.0%
10.1%
10.2%
10.2%
Net margin
8.5%
8.6%
7.8%
7.9%
8.0%
8.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
50,073
51,585
54,810
55,880
57,249
59,029
Cash
1,603
1,242
1,913
1,697
2,333
3,654
Total debt
11,495
10,496
9,261
8,762
8,013
8,014
Equity
17,641
18,568
21,299
22,063
25,622
26,079
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
