General Dynamics (GD)


Market Price (8/11/2026): $397.31 | Market Cap: $107.3 BilSector: Industrials | Industry: Aerospace & Defense

General Dynamics (GD)


Market Price (8/11/2026): $397.31
Market Cap: $107.3 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, FCF Yield is 6.0%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 7.7 Bil, FCF LTM is 6.4 Bil

Stock buyback support
Stock Buyback 3Y Total is 2.5 Bil

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Cybersecurity, Automation & Robotics, Advanced Materials, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -5.6%

Key risks
GD key risks include [1] margin pressures in its Marine segment from rising shipbuilding costs, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, FCF Yield is 6.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 7.7 Bil, FCF LTM is 6.4 Bil
2 Stock buyback support
Stock Buyback 3Y Total is 2.5 Bil
3 Low stock price volatility
Vol 12M is 22%
4 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Cybersecurity, Automation & Robotics, Advanced Materials, Show more.
5 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6 Weak multi-year price returns
2Y Excs Rtn is -5.6%
7 Key risks
GD key risks include [1] margin pressures in its Marine segment from rising shipbuilding costs, Show more.

GD in ETFs

Weight = GD's share of each fund

SPY0.15%
VOO0.14%
IVV0.15%
VTI0.13%
ITOT0.14%
IWB0.14%
RSP0.22%
VTV0.34%
+34 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

General Dynamics (GD) stock has gained about 15% since 4/30/2026 because of the following key factors:

1. General Dynamics reported strong fiscal Q2 2026 financial results that significantly exceeded analyst expectations and raised its full-year guidance. Diluted earnings per share (EPS) for fiscal Q2 2026 (ending June 30, 2026) were $4.24, an increase of 13.4% year-over-year, beating consensus estimates of $3.96 by 7.1%. Revenue rose 8.1% year-over-year to $14.1 billion, surpassing analyst estimates of $13.52 billion. The company further boosted investor confidence by raising its full-year 2026 EPS guidance to between $16.80 and $16.90.

2. The company achieved a record total backlog and robust order activity, signaling strong future revenue streams. General Dynamics ended fiscal Q2 2026 with a record backlog of $136.5 billion, representing a substantial 32% increase from the prior year. Total orders received during the quarter amounted to $20 billion, resulting in a healthy company-wide book-to-bill ratio of 1.4-to-1.

Show more
Updated on 8/1/2026

General Dynamics (GD) stock has gained about 15% since 4/30/2026 because of the following key factors:

1. General Dynamics reported strong fiscal Q2 2026 financial results that significantly exceeded analyst expectations and raised its full-year guidance. Diluted earnings per share (EPS) for fiscal Q2 2026 (ending June 30, 2026) were $4.24, an increase of 13.4% year-over-year, beating consensus estimates of $3.96 by 7.1%. Revenue rose 8.1% year-over-year to $14.1 billion, surpassing analyst estimates of $13.52 billion. The company further boosted investor confidence by raising its full-year 2026 EPS guidance to between $16.80 and $16.90.

2. The company achieved a record total backlog and robust order activity, signaling strong future revenue streams. General Dynamics ended fiscal Q2 2026 with a record backlog of $136.5 billion, representing a substantial 32% increase from the prior year. Total orders received during the quarter amounted to $20 billion, resulting in a healthy company-wide book-to-bill ratio of 1.4-to-1.

3. General Dynamics secured significant multi-billion dollar contracts for submarine construction, bolstering its Marine Systems segment. On July 29, 2026, the Pentagon announced contracts worth up to $76.6 billion, in part to General Dynamics, for the expansion of U.S. nuclear submarine construction. These awards include nine new Block VI Virginia-class attack submarines and five additional Columbia-class nuclear-missile submarines. This directly contributed to the Marine Systems segment's 10.4% revenue growth and 17.5% operating earnings increase in fiscal Q2 2026.

4. The Aerospace segment demonstrated strong operational performance and margin expansion. The Aerospace segment reported a 15.1% year-over-year increase in revenue, reaching $3.5 billion, and a 26.6% jump in operating earnings to $510 million for fiscal Q2 2026. The operating margin for this segment expanded by 130 basis points to 14.5%, with the delivery of 41 aircraft, exceeding plans by three units.

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Stock Movement Drivers

Fundamental Drivers

The 15.5% change in GD stock from 4/30/2026 to 8/10/2026 was primarily driven by a 11.7% change in the company's P/E Multiple.
(LTM values as of)43020268102026Change
Stock Price ($)342.79395.9715.5%
Change Contribution By: 
Total Revenues ($ Mil)53,80854,8612.0%
Net Income Margin (%)8.1%8.2%1.4%
P/E Multiple21.323.811.7%
Shares Outstanding (Mil)2702700.0%
Cumulative Contribution15.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/10/2026
ReturnCorrelation
GD15.5% 
Market (SPY)7.6%7.6%
Sector (XLI)5.7%28.4%

Fundamental Drivers

The 13.8% change in GD stock from 1/31/2026 to 8/10/2026 was primarily driven by a 6.9% change in the company's P/E Multiple.
(LTM values as of)13120268102026Change
Stock Price ($)347.94395.9713.8%
Change Contribution By: 
Total Revenues ($ Mil)52,55054,8614.4%
Net Income Margin (%)8.0%8.2%2.1%
P/E Multiple22.323.86.9%
Shares Outstanding (Mil)270270-0.1%
Cumulative Contribution13.8%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/10/2026
ReturnCorrelation
GD13.8% 
Market (SPY)12.0%13.1%
Sector (XLI)11.9%30.0%

Fundamental Drivers

The 29.3% change in GD stock from 7/31/2025 to 8/10/2026 was primarily driven by a 18.6% change in the company's P/E Multiple.
(LTM values as of)73120258102026Change
Stock Price ($)306.21395.9729.3%
Change Contribution By: 
Total Revenues ($ Mil)50,27354,8619.1%
Net Income Margin (%)8.1%8.2%0.6%
P/E Multiple20.123.818.6%
Shares Outstanding (Mil)268270-0.7%
Cumulative Contribution29.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/10/2026
ReturnCorrelation
GD29.3% 
Market (SPY)23.3%24.6%
Sector (XLI)22.7%41.9%

Fundamental Drivers

The 88.0% change in GD stock from 7/31/2023 to 8/10/2026 was primarily driven by a 39.5% change in the company's P/E Multiple.
(LTM values as of)73120238102026Change
Stock Price ($)210.67395.9788.0%
Change Contribution By: 
Total Revenues ($ Mil)40,85954,86134.3%
Net Income Margin (%)8.2%8.2%-0.8%
P/E Multiple17.123.839.5%
Shares Outstanding (Mil)2732701.1%
Cumulative Contribution88.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/10/2026
ReturnCorrelation
GD88.0% 
Market (SPY)74.8%36.0%
Sector (XLI)74.1%51.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GD Return44%22%7%4%30%18%199%
Peers Return12%25%4%-1%39%10%121%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
GD Win Rate58%58%58%67%67%88% 
Peers Win Rate53%60%45%48%58%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
GD Max Drawdown-10%-15%-17%-17%-11%-15% 
Peers Max Drawdown-19%-23%-23%-26%-20%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LMT, NOC, RTX, BA, HII. See GD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/10/2026 (YTD)

How Low Can It Go

EventGDS&P 500
2023 SVB Regional Banking Crisis
  % Loss-11.8%-6.7%
  % Gain to Breakeven13.4%7.1%
  Time to Breakeven131 days31 days
2020 COVID-19 Crash
  % Loss-42.9%-33.7%
  % Gain to Breakeven75.0%50.9%
  Time to Breakeven368 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.6%-19.2%
  % Gain to Breakeven38.2%23.8%
  Time to Breakeven862 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-17.9%-12.2%
  % Gain to Breakeven21.8%13.9%
  Time to Breakeven203 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.4%-17.9%
  % Gain to Breakeven27.2%21.8%
  Time to Breakeven101 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-25.1%-15.4%
  % Gain to Breakeven33.5%18.2%
  Time to Breakeven222 days125 days

Compare to LMT, NOC, RTX, BA, HII

In The Past

General Dynamics's stock fell -0.5% during the 2025 US Tariff Shock. Such a loss loss requires a 0.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGDS&P 500
2020 COVID-19 Crash
  % Loss-42.9%-33.7%
  % Gain to Breakeven75.0%50.9%
  Time to Breakeven368 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.6%-19.2%
  % Gain to Breakeven38.2%23.8%
  Time to Breakeven862 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.4%-17.9%
  % Gain to Breakeven27.2%21.8%
  Time to Breakeven101 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-25.1%-15.4%
  % Gain to Breakeven33.5%18.2%
  Time to Breakeven222 days125 days
2008-2009 Global Financial Crisis
  % Loss-58.9%-53.4%
  % Gain to Breakeven143.3%114.4%
  Time to Breakeven1533 days1085 days

Compare to LMT, NOC, RTX, BA, HII

In The Past

General Dynamics's stock fell -0.5% during the 2025 US Tariff Shock. Such a loss loss requires a 0.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About General Dynamics (GD)

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General Dynamics Corporation (GD) is a global aerospace and defense conglomerate known for its extensive range of products and services across four key segments: Aerospace, Marine Systems, Combat Systems, and Technologies. This diversified portfolio caters to both government and commercial clients worldwide, establishing GD as a critical player in several high-tech and specialized industries.

A significant portion of GD's business is dedicated to defense and government sectors. Through its Marine Systems segment, the company is a primary supplier to the United States Navy, designing and building nuclear-powered submarines, surface combatants, and providing extensive ship maintenance and modernization services. Its Combat Systems segment manufactures a wide array of land combat solutions, including wheeled and tracked combat vehicles (like the Stryker), main battle tanks, weapons systems, and munitions for military customers globally. Additionally, the Technologies segment supports military, intelligence, and federal civilian agencies with advanced information technology solutions, cybersecurity, artificial intelligence, big data analytics, and mission-critical communication and intelligence, surveillance, and reconnaissance (ISR) systems.

Beyond its robust defense operations, General Dynamics also maintains a strong presence in specialized commercial markets. Its Aerospace segment designs, manufactures, and sells Gulfstream business jets, in addition to providing comprehensive aircraft maintenance, management, and support services for private and corporate aviation customers. Furthermore, within its Marine Systems segment, the company builds commercial ships such as crude oil and product tankers, as well as container and cargo ships, primarily for commercial customers under the Jones Act, diversifying its revenue streams across both defense and specific commercial maritime and aviation sectors.

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AI Analysis | Feedback

  • Like a Boeing that not only makes aircraft (including luxury private jets) but also builds nuclear submarines, tanks, and advanced defense tech.
  • Think of it as Lockheed Martin (a major defense contractor) with an added segment that manufactures luxury private jets, much like a high-end automaker specializing in planes.

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Major Products and Services of General Dynamics (GD)

  • Business Jets: General Dynamics designs, manufactures, and sells business jets and provides related maintenance, repair, and support services.
  • Naval Vessels: The company designs and builds nuclear-powered submarines, surface combatants, auxiliary ships, and commercial vessels, alongside maintenance and modernization services for naval fleets.
  • Land Combat Systems: General Dynamics manufactures a range of land combat solutions including wheeled and tracked combat vehicles, main battle tanks, weapons systems, and munitions.
  • Combat Systems Support: It offers modernization programs, engineering, support, and sustainment services for land combat vehicles and related systems.
  • Information Technology & Mission Support: Provides IT solutions, mission support services, cloud computing, artificial intelligence, and big data analytics for military and government clients.
  • Command & Control Systems: Develops mobile communication, computers, command-and-control mission systems, and intelligence, surveillance, and reconnaissance (ISR) solutions.
  • Unmanned Undersea Vehicles: Manufactures and assembles unmanned undersea vehicles for defense applications.

AI Analysis | Feedback

General Dynamics (GD) primarily serves the United States Government across its Marine Systems, Combat Systems, and Technologies segments. This includes:

  • The United States Navy (for nuclear-powered submarines, surface combatants, auxiliary ships, and related maintenance and modernization services)
  • Various branches of the U.S. Military (for land combat solutions, vehicles, weapons systems, and support services)
  • U.S. Intelligence Agencies and Federal Civilian Customers (for information technology solutions, mission support services, and advanced technology solutions)

As a governmental entity, the United States Government is not a public company and does not have a stock symbol.

Beyond the U.S. Government, General Dynamics also serves other commercial entities. While specific company names are not provided in the background description, these major customer categories include:

  • Commercial Shipping Companies: These customers purchase Jones Act ships, crude oil and product tankers, and container and cargo ships from the Marine Systems segment.
  • Corporations and Business Jet Operators: Customers in the Aerospace segment include corporations, charter companies, and other organizations that purchase business jets and related maintenance, management, and support services.

AI Analysis | Feedback

Major Suppliers for General Dynamics (GD):

  • Rolls-Royce Holdings plc (RYCEY)
  • Raytheon Technologies Corporation (RTX)
  • Honeywell International Inc. (HON)
  • Lockheed Martin Corporation (LMT)
  • Caterpillar Inc. (CAT)
  • Allison Transmission Holdings, Inc. (ALSN)

AI Analysis | Feedback

Phebe N. Novakovic, Chairman and Chief Executive Officer

Phebe N. Novakovic has served as the Chairman and Chief Executive Officer of General Dynamics since 2013, having previously been the President and Chief Operating Officer in 2012. She joined General Dynamics in 2001 and held various roles, including Executive Vice President of Marine Systems and Senior Vice President of Planning and Development. Prior to her career at General Dynamics, Ms. Novakovic was an operations officer for the Central Intelligence Agency from 1983 to 1986. She also served in senior roles within the U.S. government, including Special Assistant to the Secretary and Deputy Secretary of Defense from 1997 to 2001, and worked for the White House Office of Management and Budget. In 2018, she led General Dynamics in its $9.8 billion acquisition of IT firm CSRA. Ms. Novakovic has served on the board of JPMorgan Chase since 2020 and was a director of Abbott Laboratories from 2010 to 2021.

Kimberly A. Kuryea, Senior Vice President and Chief Financial Officer

Kimberly A. Kuryea assumed the role of Chief Financial Officer of General Dynamics on February 15, 2024. Before this, she was the Senior Vice President of Human Resources and Administration. Ms. Kuryea began her career at General Dynamics in 2000 as a director of financial planning. Her previous positions within the company include Corporate Controller and Vice President, Vice President of Internal Audit, and Chief Financial Officer of Advanced Information Systems.

Jason W. Aiken, Executive Vice President, Combat and Mission Systems

Jason W. Aiken currently serves as the Executive Vice President, Combat and Mission Systems at General Dynamics. He previously held the position of Senior Vice President and Chief Financial Officer of General Dynamics from January 2014 to February 2024. During part of this period, from January 2023 to February 2024, he also served as Executive Vice President of the Technologies segment while retaining his CFO responsibilities. Mr. Aiken joined General Dynamics in June 2002 as director of consolidation accounting and progressed through roles such as staff vice president of accounting and vice president and controller. He also served as Senior Vice President and Chief Financial Officer of Gulfstream Aerospace Corporation, a General Dynamics subsidiary, from 2011 to 2014. Before joining General Dynamics, Mr. Aiken was an audit manager with Arthur Andersen LLP, where he provided audit and consulting services to various defense contractors, including General Dynamics.

Danny Deep, President

Danny Deep is the President of General Dynamics. He was formerly the president of General Dynamics Land Systems. Effective April 15, Mr. Deep will succeed Mark Roualet as Executive Vice President of the Combat Systems segment.

Mark L. Burns, Executive Vice President, President, Gulfstream

Mark L. Burns holds the title of Executive Vice President and President of Gulfstream, a segment of General Dynamics.

AI Analysis | Feedback

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Key Risks to General Dynamics' Business

  1. Supply Chain Disruptions: General Dynamics faces the risk of potential disruptions in its supply chain, which could impact its operations across various segments, especially in the event of prolonged shutdowns. This vulnerability can affect the timely delivery and cost-effectiveness of materials and components essential for manufacturing business jets, submarines, combat vehicles, and other defense systems.
  2. Program Execution Challenges and Cost Overruns: The company is exposed to risks related to program execution, particularly in its Marine Systems and Aerospace segments. This includes increasing costs in U.S. Navy shipbuilding programs that may not be fully covered by existing pricing agreements, leading to margin pressures. Additionally, difficulties in delivering new aircraft products, such as those in the Gulfstream division, can affect profitability and revenue generation.
  3. Volatility in Defense Spending and Evolving Government Priorities: As a major contractor for the U.S. military and other governments, General Dynamics' business is significantly influenced by defense spending levels, budgetary allocations, and the evolving priorities of its primary customers. Potential decreases in supplemental funding or shifts in Department of Defense priorities could impact demand for its products and services, particularly within its Technologies segment.
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AI Analysis | Feedback

1. **Emergence and increasing adoption of autonomous uncrewed systems (e.g., Unmanned Undersea Vehicles, Unmanned Surface Vessels, Unmanned Aerial Vehicles, Unmanned Ground Vehicles) by military customers.** General Dynamics' Marine Systems and Combat Systems segments heavily rely on the design, manufacturing, and support of large, manned platforms such as nuclear-powered submarines, surface combatants, main battle tanks, and armored vehicles. A paradigm shift in military doctrine and procurement, favoring swarms of cheaper, potentially expendable, autonomous systems for certain missions, could reduce demand for these traditional, high-cost manned platforms, impacting GD's core revenue streams in these segments.

2. **Growing competition from commercial technology giants (e.g., hyperscalers like Amazon Web Services, Google Cloud, Microsoft Azure) aggressively entering and expanding their presence in government IT, cloud computing, artificial intelligence, and cybersecurity markets.** General Dynamics' Technologies segment provides information technology solutions, cloud computing, artificial intelligence, machine learning, and big data analytics services to military, intelligence, and federal civilian customers. Commercial tech giants possess immense scale, rapid innovation cycles, and increasingly, the necessary security accreditations, allowing them to compete vigorously for large government contracts, potentially challenging GD's established market share and profit margins in these areas.

AI Analysis | Feedback

General Dynamics (GD) operates across diverse aerospace and defense sectors, each with substantial addressable markets globally and within the United States. Below are the estimated market sizes for their main products and services:

Aerospace Segment

  • Business Jets: The global business jet market was valued between approximately USD 25.69 billion and USD 72.15 billion in 2024-2025. It is projected to grow to a range of USD 31.58 billion by 2031 to USD 113.48 billion by 2030. North America consistently holds a significant share, estimated between 37.8% and 66.25% of the global market in 2024-2025.
  • Aircraft Maintenance, Repair, and Overhaul (MRO): The global aircraft maintenance, repair, and overhaul (MRO) market was valued between approximately USD 51.49 billion and USD 91.35 billion in 2024. This market is projected to reach between USD 66.2 billion by 2030 and USD 678.58 billion by 2032. North America was a leading region in MRO operations in 2023.

Marine Systems Segment

  • Naval Vessels and Shipbuilding (including Submarines, Surface Combatants, and Auxiliary Ships): The global naval vessels and surface combatants market was valued between approximately USD 104.9 billion and USD 514.58 billion in 2024-2025. It is projected to reach between USD 271.1 billion by 2032 and USD 898.58 billion by 2035. North America is a significant revenue contributor in this market, with some estimates placing its share at approximately 26-30% of global naval shipbuilding, and leading the naval vessels and surface combatants market.
  • Commercial Shipbuilding: The global shipbuilding market, which includes commercial vessels, was valued at approximately USD 166.20 billion in 2025 and is projected to grow to USD 274.19 billion by 2034. (Specific market size for Jones Act ships for commercial customers within the U.S. was not separately identified but is a component of the broader commercial shipbuilding market).

Combat Systems Segment

  • Military Land Vehicles (including Armored Vehicles, Main Battle Tanks, Wheeled and Tracked Combat Vehicles, Munitions):
    • Military Land Vehicles (overall): The global military land vehicles market was valued between approximately USD 17.3 billion and USD 56.12 billion in 2024-2026. It is projected to reach between USD 31.38 billion by 2032 and USD 83.16 billion by 2035. North America represented between 38% and 39.6% of the global market in 2023-2025.
    • Armored Vehicles: The global armored vehicle market size was valued between approximately USD 19.8 billion and USD 50.24 billion in 2024-2025. It is projected to reach between USD 30.1 billion by 2034 and USD 69.51 billion by 2034. North America accounted for approximately 35-49.10% of the market share in 2024-2025.
    • Munitions/Ammunition: The global ammunition market size was valued between approximately USD 20.74 billion and USD 28.10 billion in 2023-2024. It is projected to reach between USD 26.69 billion by 2032 and USD 40.13 billion by 2032. North America held the largest market share, estimated at over 34% to 41% in 2024-2025.

Technologies Segment

  • Military Communications: The global military communications market was valued between approximately USD 24.2 billion and USD 42.76 billion in 2023-2024. It is expected to grow to between USD 35.4 billion by 2028 and USD 70.20 billion by 2034. North America is consistently noted as the most significant market shareholder, with a share between 38.90% and 48.33% in 2025.
  • Artificial Intelligence (AI) and Machine Learning in Defense: The global AI in aerospace and defense/military market was valued between approximately USD 9.13 billion and USD 25.43 billion in 2024-2025. It is projected to reach between USD 21.93 billion by 2031 and USD 65.43 billion by 2034. North America dominated this market with a share of approximately 41% in 2024.
  • Unmanned Underwater Vehicles (UUVs): The global unmanned underwater vehicles market was valued between approximately USD 4.01 billion and USD 5.93 billion in 2024-2025. It is projected to grow to between USD 7.23 billion by 2029 and USD 15.03 billion by 2032. Defense applications accounted for a significant portion of this market (39.67% in 2024), and North America is identified as the largest market in 2026.
  • Other IT Solutions (e.g., cloud computing, big data analytics, DevOps, SDNs, XaaS, DEOS): While specific market sizes for these individual components within the defense/government context were not available as standalone figures, they are integrated within the broader defense IT solutions, military communications, and AI in defense markets.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for General Dynamics (GD) over the next 2-3 years:

  1. Increased Deliveries of Gulfstream G700 Business Jets: The recent FAA certification of the Gulfstream G700 has enabled General Dynamics' Aerospace segment to commence customer deliveries. The company anticipates delivering 50 to 52 G700s in 2024, with significant revenue and earnings expected from these deliveries. This product launch and subsequent ramp-up of deliveries are poised to be a substantial revenue driver for the Aerospace segment, building on strong demand for business jets.
  2. Sustained Demand in Combat Systems: General Dynamics is experiencing robust demand for its land combat solutions, particularly in Europe, driven by the evolving global threat environment. This has led to strong order activity and revenue growth in wheeled and tracked combat vehicles, weapons systems, munitions, and mobile bridge systems. The company expects this heightened demand to continue in the coming years.
  3. Continued Growth in Marine Systems: The Marine Systems segment is a consistent growth story for General Dynamics, with strong revenue performance and a significant backlog, particularly in nuclear-powered submarines. Programs like those bolstered by the AUKUS pact are expected to continue driving revenue growth in this segment.
  4. Substantial Backlog and Estimated Contract Value: General Dynamics consistently maintains a strong overall backlog and estimated potential contract value across its segments. As of Q4 2025, the company reported an impressive 30% growth in its company-wide backlog, ending the year with $118 billion in backlog, and a total estimated contract value of $179 billion. This substantial pipeline of contracted work provides a solid foundation for future revenue generation over the next 2-3 years.

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Share Repurchases
  • General Dynamics' board authorized the repurchase of an additional 10 million shares of the company's common stock on the open market on December 4, 2024.
  • The company used $434 million to repurchase shares in 2023.
  • General Dynamics reported annual share buybacks of $1.501 billion in 2024 and $637 million in 2025.
Share Issuance
  • General Dynamics' shares outstanding were 0.276 billion in 2023, increased to 0.277 billion in 2024, and then declined to 0.272 billion in 2025.
Outbound Investments
  • General Dynamics' most recent acquisition was Progeny Systems in August 2022.
  • From 2020 to 2025, the company averaged 0.2 acquisitions per year.
Capital Expenditures
  • General Dynamics' capital expenditures were $904 million in 2023 and $916 million in 2024.
  • The company invested $1.2 billion in capital expenditures in 2025, an increase of 27% from 2024, with even more investments planned for the upcoming year.
  • Primary focus areas for capital expenditures include equipment and facility enhancements to support new and existing programs across its businesses, and investments in research and development.

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Peer Comparisons

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Financials

GDLMTNOCRTXBAHIIMedian
NameGeneral .Lockheed.Northrop.RTX Boeing Huntingt. 
Mkt Price395.97603.16577.89224.12232.79330.81363.39
Mkt Cap107.0138.882.1302.7184.013.1122.9
Rev LTM54,86177,01442,89293,50093,99513,18565,938
Op Inc LTM5,6639,1534,59810,485-5,0986475,130
FCF LTM6,4478,7293,64610,985-219-855,046
FCF 3Y Avg4,2466,3362,5267,208-4,8223073,386
CFO LTM7,70510,4025,07814,2063,6393476,392
CFO 3Y Avg5,2618,0804,14210,385-2,1426884,702

Growth & Margins

GDLMTNOCRTXBAHIIMedian
NameGeneral .Lockheed.Northrop.RTX Boeing Huntingt. 
Rev Chg LTM9.1%7.2%5.9%11.8%24.8%14.0%10.5%
Rev Chg 3Y Avg10.3%4.6%4.3%10.0%9.0%6.8%7.9%
Rev Chg Q8.1%10.5%5.1%14.5%8.0%10.9%9.3%
QoQ Delta Rev Chg LTM2.0%2.5%1.2%3.5%2.0%2.6%2.3%
Op Inc Chg LTM9.4%53.7%15.6%26.0%45.6%38.0%32.0%
Op Inc Chg 3Y Avg10.3%7.5%11.5%56.7%-108.6%17.8%10.9%
Op Mgn LTM10.3%11.9%10.7%11.2%-5.4%4.9%10.5%
Op Mgn 3Y Avg10.2%10.7%9.1%8.3%-6.8%5.2%8.7%
QoQ Delta Op Mgn LTM0.1%2.0%-0.4%0.3%0.5%0.1%0.2%
CFO/Rev LTM14.0%13.5%11.8%15.2%3.9%2.6%12.7%
CFO/Rev 3Y Avg10.3%11.0%10.0%12.5%-3.2%5.8%10.1%
FCF/Rev LTM11.8%11.3%8.5%11.7%-0.2%-0.6%9.9%
FCF/Rev 3Y Avg8.3%8.6%6.1%8.6%-6.4%2.7%7.2%

Valuation

GDLMTNOCRTXBAHIIMedian
NameGeneral .Lockheed.Northrop.RTX Boeing Huntingt. 
Mkt Cap107.0138.882.1302.7184.013.1122.9
P/S1.91.81.93.22.01.01.9
P/Op Inc18.915.217.928.9-36.120.218.4
P/EBIT18.516.313.925.934.413.917.4
P/E23.822.118.339.175.619.823.0
P/CFO13.913.316.221.350.637.718.7
Total Yield5.7%6.8%7.1%3.8%1.3%6.7%6.2%
Dividend Yield1.5%2.3%1.6%1.2%0.0%1.7%1.6%
FCF Yield 3Y Avg4.9%5.6%3.6%3.9%-3.5%3.2%3.8%
D/E0.10.10.20.10.20.20.2
Net D/E0.00.10.20.10.10.20.1

Returns

GDLMTNOCRTXBAHIIMedian
NameGeneral .Lockheed.Northrop.RTX Boeing Huntingt. 
1M Rtn5.6%15.3%7.1%14.4%4.7%15.6%10.7%
3M Rtn15.6%18.5%5.9%26.0%-2.3%4.6%10.7%
6M Rtn11.0%-4.4%-16.6%15.1%-4.9%-17.9%-4.6%
12M Rtn28.3%45.5%1.0%47.0%1.6%27.1%27.7%
3Y Rtn85.1%44.0%40.9%175.0%-1.2%55.3%49.6%
1M Excs Rtn3.2%12.9%4.7%12.0%2.4%13.3%8.4%
3M Excs Rtn10.0%15.1%0.8%23.0%-6.7%0.3%5.4%
6M Excs Rtn-0.9%-14.0%-29.7%1.8%-16.1%-28.1%-15.0%
12M Excs Rtn6.6%21.5%-22.4%23.9%-19.9%4.0%5.3%
3Y Excs Rtn14.0%-26.3%-35.0%109.8%-71.6%-16.5%-21.4%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Marine Systems16,72314,34312,46111,04010,526
Technologies13,47113,12712,92212,49212,457
Aerospace13,11011,2498,6218,5678,135
Combat Systems9,2468,9978,2687,3087,351
Corporate00000
Total52,55047,71642,27239,40738,469


Operating Income by Segment
$ Mil20252024202320222021
Aerospace1,7461,4641,1821,1301,031
Combat Systems1,3311,2761,1471,0751,067
Technologies1,2771,2601,2021,2271,275
Marine Systems1,177935874897874
Corporate-175-139-160-118-84
Total5,3564,7964,2454,2114,163


Assets by Segment
$ Mil20252024202320222021
Technologies19,25219,28619,53419,70019,490
Aerospace16,81516,19215,09912,67611,748
Combat Systems10,11110,27510,47911,03211,657
Marine Systems7,3137,0196,2095,8645,294
Corporate3,7583,1083,4892,3131,884
Total57,24955,88054,81051,58550,073


Price Behavior

Price Behavior
Market Price$395.97 
Market Cap ($ Bil)107.0 
First Trading Date01/03/1977 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$364.43$348.41
DMA Trendupup
Distance from DMA8.7%13.7%
 3M1YR
Volatility23.5%22.0%
Downside Capture-48.0530.53
Upside Capture24.4251.89
Correlation (SPY)10.7%24.8%
GD Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.160.130.120.220.420.49
Up Beta-0.220.920.710.470.400.55
Down Beta2.100.270.430.390.420.47
Up Capture30%18%10%15%41%23%
Bmk +ve Days11223567138427
Stock +ve Days14253462130394
Down Capture-106%-53%-53%-4%40%64%
Bmk -ve Days11212859114326
Stock -ve Days8182964122358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GD
GD29.0%21.9%1.07-
Sector ETF (XLI)23.9%17.0%1.0941.8%
Equity (SPY)23.4%12.8%1.3724.5%
Gold (GLD)28.7%28.4%0.8816.2%
Commodities (DBC)37.2%20.1%1.465.3%
Real Estate (VNQ)12.4%13.8%0.6029.6%
Bitcoin (BTCUSD)-44.9%43.0%-1.2724.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GD
GD17.6%20.6%0.71-
Sector ETF (XLI)14.1%17.6%0.6358.7%
Equity (SPY)13.5%17.2%0.6145.0%
Gold (GLD)18.9%18.6%0.8312.9%
Commodities (DBC)9.2%19.6%0.3620.8%
Real Estate (VNQ)2.1%18.9%0.0140.4%
Bitcoin (BTCUSD)10.6%52.9%0.3916.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GD
GD12.8%22.8%0.52-
Sector ETF (XLI)14.2%20.0%0.6272.2%
Equity (SPY)15.4%17.9%0.7358.9%
Gold (GLD)12.1%16.2%0.616.6%
Commodities (DBC)7.7%18.1%0.3424.9%
Real Estate (VNQ)4.6%20.7%0.1851.6%
Bitcoin (BTCUSD)58.3%66.2%0.9812.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity2.9 Mil
Short Interest: % Change Since 6302026-8.0%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest2.6 days
Basic Shares Quantity270.2 Mil
Short % of Basic Shares1.1%

Earnings Returns History

Updated 8/7/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-3.1%-1.9% 
4/29/20268.0%11.3%11.2%
1/28/2026-2.7%-3.1%-4.3%
10/24/20252.7%0.9%-0.3%
7/23/20256.5%5.7%6.7%
4/23/2025-3.3%-1.0%1.1%
1/29/2025-4.2%-2.0%-4.2%
10/23/2024-0.5%-1.4%-8.5%
...
SUMMARY STATS   
# Positive111214
# Negative13129
Median Positive2.2%3.4%6.1%
Median Negative-3.1%-1.4%-4.2%
Max Positive8.0%11.3%12.7%
Max Negative-4.2%-4.4%-8.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-3.1%-1.9% 
4/29/20268.0%11.3%11.2%
1/28/2026-2.7%-3.1%-4.3%
10/24/20252.7%0.9%-0.3%
7/23/20256.5%5.7%6.7%
4/23/2025-3.3%-1.0%1.1%
1/29/2025-4.2%-2.0%-4.2%
10/23/2024-0.5%-1.4%-8.5%
7/24/2024-3.3%-0.5%-0.1%
4/24/2024-4.0%-1.9%1.8%
1/24/20244.7%7.7%9.2%
10/25/20234.0%3.6%6.2%
7/26/20232.2%3.4%3.1%
4/26/2023-3.6%-4.4%-7.3%
1/25/2023-3.6%-1.0%-1.7%
10/26/2022-0.0%1.7%2.7%
7/27/20221.0%4.3%7.7%
4/27/20221.3%-1.5%-7.1%
1/26/2022-0.5%3.4%6.1%
10/27/20210.6%-1.4%-2.8%
7/28/20210.8%1.7%2.7%
4/28/2021-0.3%3.3%1.7%
1/27/20211.6%-0.3%10.6%
10/28/2020-1.8%2.5%12.7%
SUMMARY STATS   
# Positive111214
# Negative13129
Median Positive2.2%3.4%6.1%
Median Negative-3.1%-1.4%-4.2%
Max Positive8.0%11.3%12.7%
Max Negative-4.2%-4.4%-8.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202501/30/202610-K
09/30/202510/24/202510-Q
06/30/202507/23/202510-Q
03/31/202504/23/202510-Q
12/31/202402/07/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/24/202410-Q
12/31/202302/08/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/07/202310-K
09/30/202210/26/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202501/30/202610-K
09/30/202510/24/202510-Q
06/30/202507/23/202510-Q
03/31/202504/23/202510-Q
12/31/202402/07/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/24/202410-Q
12/31/202302/08/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/07/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
12/31/202102/09/202210-K
09/30/202110/27/202110-Q
06/30/202107/28/202110-Q
03/31/202104/28/202110-Q
12/31/202002/09/202110-K
09/30/202010/28/202010-Q
06/30/202007/29/202010-Q
03/31/202004/29/202010-Q
12/31/201902/10/202010-K
09/30/201910/23/201910-Q

Insider Activity

Updated 8/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Brady, Christopher JVice PresidentDirectSell8062026383.326,3202,422,5829,553,868Form
2Novakovic, Phebe NChairman and CEODirectSell8042026382.5851,56819,728,845293,230,524Form
3Gilliland, Marguerite AmyExecutive Vice PresidentDirectSell8042026378.0443,18016,323,65816,923,603Form
4Malcolm, Mark DirectSell6222026365.005,4802,000,2003,884,695Form
5Burns, Mark LagrandExecutive Vice PresidentDirectSell5132026345.2936,48012,596,05513,457,598Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Brady, Christopher JVice PresidentDirectSell8062026383.326,3202,422,5829,553,868Form
2Novakovic, Phebe NChairman and CEODirectSell8042026382.5851,56819,728,845293,230,524Form
3Gilliland, Marguerite AmyExecutive Vice PresidentDirectSell8042026378.0443,18016,323,65816,923,603Form
4Malcolm, Mark DirectSell6222026365.005,4802,000,2003,884,695Form
5Burns, Mark LagrandExecutive Vice PresidentDirectSell5132026345.2936,48012,596,05513,457,598Form
6Burns, Mark LagrandExecutive Vice PresidentDirectSell5132026343.4936,23012,444,64013,387,573Form
7Gilliland, Marguerite AmyExecutive Vice PresidentDirectSell3132026353.503,8191,350,02015,825,179Form
8Novakovic, Phebe NChairman and CEODirectSell3132026354.0932,91811,656,060271,397,688Form
9Gallopoulos, Gregory SSenior VP, Gen. Counsel, Sec.DirectSell3132026354.353,7291,321,36044,564,096Form
10Burns, Mark LagrandExecutive Vice PresidentDirectSell3132026354.9510,1533,603,82813,834,309Form
11Rayha, MarkVice PresidentDirectSell2172026348.794,3701,524,1952,767,966Form
12Paddock, DavidVice PresidentDirectSell12182025334.9220,3606,818,92112,272,718Form
13Rayha, MarkVice PresidentDirectSell11242025339.9010033,9901,980,257Form
14Malcolm, Mark DirectSell9162025329.453,2201,060,8293,355,778Form
15Brady, Christopher JVice PresidentDirectSell8272025321.188,1502,617,5767,328,571Form
16Malcolm, Mark DirectSell8262025319.041,210386,0383,249,741Form
17Novakovic, Phebe NChairman and CEODirectSell8202025313.57129,09040,479,259241,328,692Form
18Moss, William AVice President and ControllerDirectSell8182025316.4017,7005,600,3045,260,806Form
19Gilliland, Marguerite AmyExecutive Vice PresidentDirectSell8122025315.2033,74010,634,88214,244,564Form
20Paddock, DavidVice PresidentDirectSell8062025312.266,1701,926,6449,137,977Form

Investor Activity (13F)

Updated Aug 11, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Newport Trust Company, LLC$4.7 Bil11.4%64Hold13F
Holowesko Partners Ltd.$23.0 Mil6.4%31Hold13F
Weybosset Research & Management LLC$14.4 Mil4.1%33Hold13F
Randolph Co Inc$42.2 Mil4.0%43Hold13F
Saratoga Research & Investment Management$66.7 Mil3.8%46Hold13F
Sanders Capital, LLC$1.2 Bil1.5%44Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Newport Trust Company, LLC$4.7 Bil11.4%64Hold13F
Sanders Capital, LLC$1.2 Bil1.5%44Hold13F
Saratoga Research & Investment Management$66.7 Mil3.8%46Hold13F
Randolph Co Inc$42.2 Mil4.0%43Hold13F
Holowesko Partners Ltd.$23.0 Mil6.4%31Hold13F
Weybosset Research & Management LLC$14.4 Mil4.1%33Hold13F
Core Cache Last Updated: 8/10/2026