Financials General Dynamics Corporation

Equities

GD

US3695501086

Aerospace & Defense

Market Closed - Nyse Other stock markets 04:00:02 2024-05-13 pm EDT			5-day change	1st Jan Change
293.5 ^USD	-0.98%		+0.74%	+13.04%

May. 13	General Dynamics Insider Sold Shares Worth $1,784,225, According to a Recent SEC Filing	MT
May. 08	Elbit Systems Wins $53 Million Contract to Supply Crossbow Unmanned Turreted Mortar Systems	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,898	42,609	58,108	67,986	70,736	80,405	-	-
Enterprise Value (EV) ¹	61,926	52,783	68,000	77,240	78,084	86,666	85,788	85,312
P/E ratio	14.7 x	13.5 x	18 x	20.4 x	21.6 x	20.1 x	17.9 x	16.6 x
Yield	2.31%	2.96%	2.28%	2.03%	-	1.9%	2.03%	2.16%
Capitalization / Revenue	1.29 x	1.12 x	1.51 x	1.73 x	1.67 x	1.71 x	1.65 x	1.6 x
EV / Revenue	1.57 x	1.39 x	1.77 x	1.96 x	1.85 x	1.85 x	1.76 x	1.7 x
EV / EBITDA	11.3 x	10.5 x	13.5 x	15.2 x	15.3 x	14.5 x	13.2 x	12.6 x
EV / FCF	31.1 x	18.3 x	20.1 x	22.3 x	20.5 x	20.9 x	19 x	18.2 x
FCF Yield	3.22%	5.48%	4.98%	4.49%	4.87%	4.78%	5.27%	5.49%
Price to Book	3.76 x	2.72 x	3.28 x	3.67 x	3.34 x	3.65 x	3.49 x	3.36 x
Nbr of stocks (in thousands)	288,619	286,314	278,734	274,017	272,408	273,923	-	-
Reference price ²	176.4	148.8	208.5	248.1	259.7	293.5	293.5	293.5
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	39,350	37,925	38,469	39,407	42,272	46,942	48,817	50,190
EBITDA ¹	5,477	5,011	5,053	5,095	5,108	5,986	6,496	6,757
EBIT ¹	4,648	4,133	4,163	4,211	4,245	5,114	5,594	5,879
Operating Margin	11.81%	10.9%	10.82%	10.69%	10.04%	10.89%	11.46%	11.71%
Earnings before Tax (EBT) ¹	4,202	3,738	3,873	4,036	3,984	4,842	5,343	5,645
Net income ¹	3,484	3,167	3,257	3,390	3,315	4,004	4,410	4,647
Net margin	8.85%	8.35%	8.47%	8.6%	7.84%	8.53%	9.03%	9.26%
EPS ²	11.98	11.00	11.55	12.19	12.02	14.58	16.37	17.73
Free Cash Flow ¹	1,994	2,891	3,384	3,465	3,806	4,143	4,521	4,685
FCF margin	5.07%	7.62%	8.8%	8.79%	9%	8.82%	9.26%	9.33%
FCF Conversion (EBITDA)	36.41%	57.69%	66.97%	68.01%	74.51%	69.21%	69.59%	69.34%
FCF Conversion (Net income)	57.23%	91.29%	103.9%	102.21%	114.81%	103.46%	102.51%	100.82%
Dividend per Share ²	4.080	4.400	4.760	5.040	-	5.583	5.958	6.346
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	10,292	9,392	9,189	9,975	10,851	9,881	10,152	10,571	11,668	10,731	11,666	11,946	12,640	11,615	12,042
EBITDA ¹	1,426	1,121	1,190	1,317	1,467	1,164	1,169	1,265	1,510	1,247	1,401	1,588	1,779	1,457	1,539
EBIT ¹	1,186	908	978	1,098	1,227	938	962	1,057	1,288	1,036	1,189	1,356	1,536	1,241	1,350
Operating Margin	11.52%	9.67%	10.64%	11.01%	11.31%	9.49%	9.48%	10%	11.04%	9.65%	10.19%	11.35%	12.15%	10.68%	11.21%
Earnings before Tax (EBT) ¹	1,132	849	923	1,053	1,211	880	886	991	1,227	968	1,122	1,290	1,462	1,174	1,282
Net income ¹	952	730	766	902	992	730	744	836	1,005	799	924.2	1,066	1,210	972.8	1,062
Net margin	9.25%	7.77%	8.34%	9.04%	9.14%	7.39%	7.33%	7.91%	8.61%	7.45%	7.92%	8.93%	9.58%	8.38%	8.82%
EPS ²	3.390	2.610	2.750	3.260	3.580	2.640	2.700	3.040	3.640	2.880	3.350	3.879	4.481	3.598	3.907
Dividend per Share ²	1.190	1.260	1.260	1.260	1.260	1.320	1.320	1.320	-	-	1.390	1.393	1.390	1.457	1.486
Announcement Date	1/26/22	4/27/22	7/27/22	10/26/22	1/25/23	4/26/23	7/26/23	10/25/23	1/24/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,028	10,174	9,892	9,254	7,348	6,262	5,383	4,908
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.014 x	2.03 x	1.958 x	1.816 x	1.439 x	1.046 x	0.8287 x	0.7263 x
Free Cash Flow ¹	1,994	2,891	3,384	3,465	3,806	4,143	4,521	4,685
ROE (net income / shareholders' equity)	27.2%	22%	20.4%	18.7%	16.8%	18.4%	19.5%	19.9%
ROA (Net income/ Total Assets)	7.39%	6.29%	6.43%	6.67%	6.23%	7.25%	7.78%	8.18%
Assets ¹	47,124	50,326	50,690	50,829	53,197	55,199	56,705	56,824
Book Value Per Share ²	46.90	54.70	63.50	67.70	77.90	80.50	84.10	87.50
Cash Flow per Share ²	10.30	13.40	15.10	16.50	17.10	18.60	19.70	21.60
Capex ¹	987	967	887	1,114	904	1,061	986	974
Capex / Sales	2.51%	2.55%	2.31%	2.83%	2.14%	2.26%	2.02%	1.94%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for General Dynamics Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

293.5 USD

Average target price

312.4 USD

Spread / Average Target

+6.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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