Balance Sheet General Dynamics Corporation

Equities

GD

US3695501086

Aerospace & Defense

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Published financial data: GENERAL DYNAMICS CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	38.47B	39.41B	42.27B	47.72B	52.55B
Total Revenues	38.47B	39.41B	42.27B	47.72B	52.55B
Cost of Goods Sold, Total	32.06B	32.78B	35.6B	40.35B	44.6B
Gross Profit	6.41B	6.62B	6.67B	7.36B	7.95B
Selling General & Admin Expenses, Total	2.03B	2.02B	2.96B	2.6B	2.53B
Other Operating Expenses, Total	2.03B	2.02B	2.96B	2.6B	2.53B
Operating Income	4.38B	4.6B	3.71B	4.77B	5.42B
Interest Expense, Total	-431M	-391M	-399M	-393M	-402M
Interest And Investment Income	7M	27M	56M	69M	88M
Net Interest Expenses	-424M	-364M	-343M	-324M	-314M
Other Non Operating Income (Expenses)	-84M	-201M	620M	95M	-3M
EBT, Excl. Unusual Items	3.87B	4.04B	3.98B	4.54B	5.1B
Merger & Related Restructuring Charges	-	-	-	-	-
EBT, Incl. Unusual Items	3.87B	4.04B	3.98B	4.54B	5.1B
Income Tax Expense	616M	646M	669M	758M	893M
Earnings From Continuing Operations	3.26B	3.39B	3.32B	3.78B	4.21B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	3.26B	3.39B	3.32B	3.78B	4.21B
Net Income - (IS)	3.26B	3.39B	3.32B	3.78B	4.21B
Net Income to Common Incl Extra Items	3.26B	3.39B	3.32B	3.78B	4.21B
Net Income to Common Excl. Extra Items	3.26B	3.39B	3.32B	3.78B	4.21B
Per Share Items
Net EPS - Basic	11.61	12.31	12.14	13.81	15.65
Basic EPS - Continuing Operations	11.61	12.31	12.14	13.81	15.65
Basic Weighted Average Shares Outstanding	280M	275M	273M	274M	269M
Net EPS - Diluted	11.55	12.19	12.02	13.63	15.45
Diluted EPS - Continuing Operations	11.55	12.19	12.02	13.63	15.45
Diluted Weighted Average Shares Outstanding	282M	278M	276M	277M	272M
Normalized Basic EPS	8.63	9.16	9.12	10.36	11.85
Normalized Diluted EPS	8.58	9.07	9.03	10.23	11.71
Dividend Per Share	4.76	5.04	5.28	5.68	6
Payout Ratio	40.37	40.38	43.08	40.43	37.84
Supplemental Items
EBITDA	5.27B	5.48B	4.57B	5.66B	6.34B
EBITA	4.61B	4.8B	3.9B	4.95B	5.59B
EBIT	4.38B	4.6B	3.71B	4.77B	5.42B
EBITDAR	5.66B	5.87B	4.98B	6.07B	6.77B
Total Revenues (As Reported)	38.47B	39.41B	42.27B	47.72B	52.55B
Effective Tax Rate - (Ratio)	15.9	16.01	16.79	16.7	17.5
Current Domestic Taxes	545M	701M	646M	654M	360M
Current Foreign Taxes	137M	123M	200M	190M	277M
Total Current Taxes	682M	824M	846M	844M	637M
Deferred Domestic Taxes	-58M	-207M	-124M	-94M	298M
Deferred Foreign Taxes	-8M	29M	-53M	8M	-42M
Total Deferred Taxes	-66M	-178M	-177M	-86M	256M
Normalized Net Income	2.42B	2.52B	2.49B	2.84B	3.19B
Interest on Long-Term Debt	20M	14M	14M	21M	24M
Non-Cash Pension Expense	-201M	-352M	563M	76M	-34M
Supplemental Operating Expense Items
General and Administrative Expenses	2.24B	2.41B	2.43B	2.57B	2.6B
Research And Development Expense From Footnotes	415M	480M	510M	565M	486M
Net Rental Expense, Total	394M	382M	413M	414M	424M
Imputed Operating Lease Interest Expense	97.36M	94.5M	114M	120M	133M
Imputed Operating Lease Depreciation	297M	288M	299M	294M	291M
Stock-Based Comp., G&A Exp. (Total)	126M	165M	181M	183M	196M
Total Stock-Based Compensation	126M	165M	181M	183M	196M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.6B	1.24B	1.91B	1.7B	2.33B
Total Cash And Short Term Investments	1.6B	1.24B	1.91B	1.7B	2.33B
Accounts Receivable, Total	11.54B	11.8B	11B	11.22B	10.79B
Total Receivables	11.54B	11.8B	11B	11.22B	10.79B
Inventory	5.34B	6.32B	8.58B	9.72B	9.23B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	1.5B	1.7B	2.12B	1.74B	1.9B
Total Current Assets	19.99B	21.06B	23.62B	24.39B	24.25B
Gross Property Plant And Equipment	13.04B	13.78B	14.69B	15.36B	16.81B
Accumulated Depreciation	-6.05B	-6.39B	-6.8B	-7.1B	-7.6B
Net Property Plant And Equipment	6.99B	7.39B	7.88B	8.26B	9.2B
Goodwill	20.1B	20.33B	20.59B	20.56B	21.01B
Other Intangibles, Total	1.98B	1.82B	1.66B	1.52B	1.38B
Deferred Tax Assets Long-Term	41M	39M	28M	19M	19M
Other Long-Term Assets, Total	976M	935M	1.04B	1.14B	1.4B
Total Assets	50.07B	51.58B	54.81B	55.88B	57.25B
Liabilities
Accounts Payable, Total	3.17B	3.4B	3.1B	3.34B	2.68B
Accrued Expenses, Total	1.58B	1.37B	1.43B	1.57B	1.36B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	1B	1.25B	507M	1.5B	1.01B
Current Portion of Leases	337M	288M	325M	319M	299M
Unearned Revenue Current, Total	6.27B	7.44B	9.56B	9.49B	9.82B
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	1.62B	1.6B	1.51B	1.6B	1.63B
Total Current Liabilities	13.98B	15.34B	16.43B	17.82B	16.8B
Long-Term Debt	10.49B	9.24B	8.75B	7.26B	7.01B
Long-Term Leases	1.34B	1.33B	1.5B	1.6B	1.48B
Unearned Revenue Non Current	1.25B	2.18B	2.58B	3B	2.65B
Pension & Other Post Retirement Benefits	2.81B	2.45B	2.22B	2.02B	1.13B
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	2.56B	2.48B	2.03B	2.12B	2.56B
Total Liabilities	32.43B	33.02B	33.51B	33.82B	31.63B
Common Stock, Total	482M	482M	482M	482M	482M
Additional Paid In Capital	3.28B	3.56B	3.76B	4.06B	4.4B
Retained Earnings	35.42B	37.4B	39.27B	41.49B	44.08B
Treasury Stock	-19.62B	-20.72B	-21.05B	-22.45B	-22.86B
Comprehensive Income and Other	-1.92B	-2.15B	-1.16B	-1.52B	-483M
Total Common Equity	17.64B	18.57B	21.3B	22.06B	25.62B
Total Equity	17.64B	18.57B	21.3B	22.06B	25.62B
Total Liabilities And Equity	50.07B	51.58B	54.81B	55.88B	57.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	277M	274M	274M	270M	270M
ECS Total Common Shares Outstanding	277M	274M	273M	270M	270M
Book Value / Share	63.67	67.79	77.97	81.73	94.9
Tangible Book Value	-4.44B	-3.59B	-943M	-13M	3.24B
Tangible Book Value Per Share	-16.01	-13.11	-3.45	-0.05	11.99
Total Debt	13.18B	12.11B	11.08B	10.68B	9.79B
Net Debt	11.57B	10.87B	9.17B	8.98B	7.46B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.61B	2.07B	1.85B	1.69B	763M
Debt Equivalent Oper. Leases	3.15B	3.06B	3.3B	3.31B	3.39B
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	1.65B	2.07B	2.89B	3.4B	3.25B
Inventories - Work In Process, Total	3.65B	4.18B	5.66B	6.28B	5.94B
Inventories - Finished Goods, Total	35M	68M	37M	49M	46M
Land - (BS)	414M	414M	454M	438M	522M
Buildings, Total	3.71B	4.24B	4.65B	4.89B	5.76B
Machinery, Total	6.28B	6.62B	6.81B	7.07B	7.38B
Full Time Employees	103K	106K	112K	117K	117K
Order Backlog	87.59B	91.14B	93.63B	90.6B	118B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	3.26B	3.39B	3.32B	3.78B	4.21B
Depreciation & Amortization - CF	664M	682M	669M	706M	750M
Amortization of Goodwill and Intangible Assets - (CF)	226M	202M	194M	180M	174M
Depreciation & Amortization, Total	890M	884M	863M	886M	924M
Stock-Based Compensation (CF)	126M	165M	181M	183M	196M
Net Cash From Discontinued Operations	-20M	20M	-4M	-6M	-10M
Other Operating Activities, Total	-683M	-540M	-284M	-155M	-402M
Change In Accounts Receivable	-272M	-210M	951M	-245M	410M
Change In Inventories	405M	-980M	-2.22B	-1.2B	450M
Change In Accounts Payable	194M	224M	-303M	247M	-664M
Change in Unearned Revenues	-	-	2.42B	343M	-4M
Change In Income Taxes	-	-436M	-209M	266M	-
Change in Other Net Operating Assets	354M	2.08B	-	-	-
Cash from Operations	4.25B	4.6B	4.71B	4.11B	5.11B
Capital Expenditure	-887M	-1.11B	-904M	-916M	-1.16B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Other Investing Activities, Total	5M	-375M	-37M	-37M	-123M
Cash from Investing	-882M	-1.49B	-941M	-953M	-1.28B
Short Term Debt Issued, Total	2B	-	-	-	-
Long-Term Debt Issued, Total	1.5B	-	-	-	747M
Total Debt Issued	3.5B	-	-	-	747M
Short Term Debt Repaid, Total	-2B	-	-	-	-
Long-Term Debt Repaid, Total	-3B	-1B	-1.25B	-500M	-1.5B
Total Debt Repaid	-5B	-1B	-1.25B	-500M	-1.5B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-1.83B	-1.23B	-434M	-1.5B	-637M
Common Dividends Paid	-1.32B	-1.37B	-1.43B	-1.53B	-1.59B
Common & Preferred Stock Dividends Paid	-1.32B	-1.37B	-1.43B	-1.53B	-1.59B
Other Financing Activities, Total	50M	127M	18M	161M	-207M
Cash from Financing	-4.59B	-3.47B	-3.09B	-3.37B	-3.19B
Net Change in Cash	-1.22B	-361M	671M	-216M	636M
Supplemental Items
Cash Interest Paid	433M	383M	378M	385M	376M
Cash Income Tax Paid (Refund)	740M	1.24B	1.1B	560M	568M
Levered Free Cash Flow	2.94B	2.29B	2.13B	2.3B	3.36B
Unlevered Free Cash Flow	3.21B	2.54B	2.38B	2.55B	3.61B
Change In Net Working Capital	-340M	273M	81M	584M	-262M
Net Debt Issued / Repaid	-1.5B	-1B	-1.25B	-500M	-753M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.4	5.66	4.36	5.39	5.99
Return on Total Capital	8.95	9.35	7.35	9.15	9.94
Return On Equity %	19.56	18.72	16.63	17.44	17.66
Return on Common Equity	19.56	18.72	16.63	17.44	17.66
Margin Analysis
Gross Profit Margin %	16.66	16.8	15.78	15.43	15.13
SG&A Margin	5.27	5.13	7.01	5.44	4.82
EBITDA Margin %	13.7	13.92	10.81	11.85	12.07
EBITA Margin %	11.98	12.19	9.23	10.37	10.64
EBIT Margin %	11.39	11.68	8.77	9.99	10.31
Income From Continuing Operations Margin %	8.47	8.6	7.84	7.93	8.01
Net Income Margin %	8.47	8.6	7.84	7.93	8.01
Net Avail. For Common Margin %	8.47	8.6	7.84	7.93	8.01
Normalized Net Income Margin	6.29	6.4	5.89	5.95	6.07
Levered Free Cash Flow Margin	7.64	5.82	5.03	4.83	6.39
Unlevered Free Cash Flow Margin	8.34	6.44	5.62	5.34	6.87
Asset Turnover
Asset Turnover	0.76	0.78	0.79	0.86	0.93
Fixed Assets Turnover	5.59	5.48	5.53	5.91	6.02
Receivables Turnover (Average Receivables)	3.39	3.38	3.71	4.29	4.77
Inventory Turnover (Average Inventory)	5.78	5.62	4.78	4.41	4.71
Short Term Liquidity
Current Ratio	1.43	1.37	1.44	1.37	1.44
Quick Ratio	0.94	0.85	0.79	0.72	0.78
Operating Cash Flow to Current Liabilities	0.3	0.3	0.29	0.23	0.3
Days Sales Outstanding (Average Receivables)	107.8	108.1	98.45	85.24	76.44
Days Outstanding Inventory (Average Inventory)	63.1	64.92	76.38	83	77.57
Average Days Payable Outstanding	35.28	35.48	31.3	28.4	24.92
Cash Conversion Cycle (Average Days)	135.63	137.54	143.53	139.85	129.09
Long Term Solvency
Total Debt/Equity	74.68	65.24	52.04	48.39	38.21
Total Debt / Total Capital	42.75	39.48	34.23	32.61	27.64
LT Debt/Equity	67.08	56.94	48.13	40.14	33.11
Long-Term Debt / Total Capital	38.4	34.46	31.66	27.05	23.96
Total Liabilities / Total Assets	64.77	64	61.14	60.52	55.24
EBIT / Interest Expense	10.16	11.77	9.29	12.13	13.48
EBITDA / Interest Expense	13.14	15.01	12.49	15.44	16.84
(EBITDA - Capex) / Interest Expense	11.09	12.16	10.22	13.11	13.95
Total Debt / EBITDA	2.33	2.06	2.22	1.76	1.45
Net Debt / EBITDA	2.04	1.85	1.84	1.48	1.1
Total Debt / (EBITDA - Capex)	2.76	2.55	2.72	2.07	1.75
Net Debt / (EBITDA - Capex)	2.42	2.29	2.25	1.74	1.33
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	1.43	2.44	7.27	12.88	10.13
Gross Profit, 1 Yr. Growth %	1.31	3.34	0.76	10.37	7.97
EBITDA, 1 Yr. Growth %	3.56	4.06	-16.68	23.74	12.18
EBITA, 1 Yr. Growth %	3	4.25	-18.78	26.86	13.03
EBIT, 1 Yr. Growth %	4.01	5.02	-19.43	28.65	13.65
Earnings From Cont. Operations, 1 Yr. Growth %	2.84	4.08	-2.21	14.09	11.32
Net Income, 1 Yr. Growth %	2.84	4.08	-2.21	14.09	11.32
Normalized Net Income, 1 Yr. Growth %	3.61	4.21	-1.29	13.96	12.4
Diluted EPS Before Extra, 1 Yr. Growth %	5	5.54	-1.39	13.39	13.35
Accounts Receivable, 1 Yr. Growth %	3.16	2.29	-6.79	2.04	-3.91
Inventory, 1 Yr. Growth %	-7.05	18.39	35.68	13.36	-5.06
Net Property, Plant and Equip., 1 Yr. Growth %	3.43	5.68	6.7	4.79	11.35
Total Assets, 1 Yr. Growth %	-2.41	3.02	6.25	1.95	2.45
Tangible Book Value, 1 Yr. Growth %	-31.86	-19.05	-73.73	-98.62	-25.01K
Common Equity, 1 Yr. Growth %	12.64	5.25	14.71	3.59	16.13
Cash From Operations, 1 Yr. Growth %	11.9	8.19	2.33	-12.75	24.45
Capital Expenditures, 1 Yr. Growth %	-8.27	25.59	-18.85	1.33	26.75
Levered Free Cash Flow, 1 Yr. Growth %	39.77	-21.94	-7.27	8.35	45.71
Unlevered Free Cash Flow, 1 Yr. Growth %	33.21	-20.88	-6.37	7.31	41.53
Dividend Per Share, 1 Yr. Growth %	8.18	5.88	4.76	7.58	5.63
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.13	1.94	4.83	10.04	11.5
Gross Profit, 2 Yr. CAGR %	-4.23	2.32	2.04	5.45	9.16
EBITDA, 2 Yr. CAGR %	-1.07	3.81	-6.89	1.54	17.82
EBITA, 2 Yr. CAGR %	-2.38	3.62	-7.98	1.51	19.75
EBIT, 2 Yr. CAGR %	-1.95	4.52	-8.01	1.81	20.92
Earnings From Cont. Operations, 2 Yr. CAGR %	-3.31	3.46	0.89	5.62	12.69
Net Income, 2 Yr. CAGR %	-3.31	3.46	0.89	5.62	12.69
Normalized Net Income, 2 Yr. CAGR %	-3.99	3.91	1.42	6.06	13.18
Diluted EPS Before Extra, 2 Yr. CAGR %	-1.81	5.27	2.01	5.74	13.37
Accounts Receivable, 2 Yr. CAGR %	0.6	2.73	-2.36	-2.48	-0.98
Inventory, 2 Yr. CAGR %	-7.98	4.9	26.74	24.02	3.74
Net Property, Plant and Equip., 2 Yr. CAGR %	5.37	4.55	6.19	5.74	8.02
Total Assets, 2 Yr. CAGR %	0.73	0.27	4.62	4.08	2.2
Tangible Book Value, 2 Yr. CAGR %	-25.61	-25.73	-53.89	-93.98	85.3
Common Equity, 2 Yr. CAGR %	12.34	8.89	9.88	9.01	9.68
Cash From Operations, 2 Yr. CAGR %	20.45	10.03	5.22	-5.51	4.2
Capital Expenditures, 2 Yr. CAGR %	-5.2	7.33	0.95	-9.32	13.33
Levered Free Cash Flow, 2 Yr. CAGR %	321.79	4.45	-14.92	0.23	25.65
Unlevered Free Cash Flow, 2 Yr. CAGR %	164.01	2.67	-13.93	0.24	23.24
Dividend Per Share, 2 Yr. CAGR %	8.01	7.03	5.32	6.16	6.6
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.05	0.05	3.68	7.44	10.07
Gross Profit, 3 Yr. CAGR %	-1.26	-1.77	1.8	4.74	6.29
EBITDA, 3 Yr. CAGR %	0.67	0.61	-3.53	2.37	4.97
EBITA, 3 Yr. CAGR %	-0.48	-0.21	-4.46	2.42	5.21
EBIT, 3 Yr. CAGR %	-0.17	0.32	-4.17	2.87	5.61
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.01	-0.91	1.53	5.11	7.49
Net Income, 3 Yr. CAGR %	-0.88	-0.91	1.53	5.11	7.49
Normalized Net Income, 3 Yr. CAGR %	-1.76	-1.33	2.15	5.44	8.13
Diluted EPS Before Extra, 3 Yr. CAGR %	0.97	0.58	3	5.67	8.22
Accounts Receivable, 3 Yr. CAGR %	3.74	1.16	-0.55	-0.92	-2.96
Inventory, 3 Yr. CAGR %	-3.69	0.08	14.3	22.11	13.45
Net Property, Plant and Equip., 3 Yr. CAGR %	20.69	5.47	5.26	5.72	7.58
Total Assets, 3 Yr. CAGR %	3.31	1.49	2.23	3.73	3.53
Tangible Book Value, 3 Yr. CAGR %	-24.84	-23.48	-47.48	-85.69	-3.38
Common Equity, 3 Yr. CAGR %	14.56	9.93	10.79	7.74	11.33
Cash From Operations, 3 Yr. CAGR %	10.77	16.22	7.4	-1.15	3.57
Capital Expenditures, 3 Yr. CAGR %	8.73	4.12	-2.22	1.08	1.39
Levered Free Cash Flow, 3 Yr. CAGR %	24.57	140.37	0.39	-7.78	13.55
Unlevered Free Cash Flow, 3 Yr. CAGR %	22.29	76.68	-0.44	-7.36	12.45
Dividend Per Share, 3 Yr. CAGR %	8.56	7.3	6.27	6.07	5.98
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.71	4.93	3.15	3.93	6.74
Gross Profit, 5 Yr. CAGR %	2.5	1.19	0.04	1.06	4.68
EBITDA, 5 Yr. CAGR %	4.71	3.5	-2.43	0.98	4.5
EBITA, 5 Yr. CAGR %	3.81	2.45	-3.55	0.47	4.57
EBIT, 5 Yr. CAGR %	3.25	1.95	-3.39	0.91	5.17
Earnings From Cont. Operations, 5 Yr. CAGR %	3.98	3.09	-0.26	1.66	5.86
Net Income, 5 Yr. CAGR %	4.84	3.09	-0.18	1.66	5.86
Normalized Net Income, 5 Yr. CAGR %	1.16	-0.2	-0.5	1.56	6.42
Diluted EPS Before Extra, 5 Yr. CAGR %	5.98	4.98	1.39	2.61	7.03
Accounts Receivable, 5 Yr. CAGR %	8.68	5.91	1.26	-0.31	-0.72
Inventory, 5 Yr. CAGR %	0.85	3.58	7.49	9.05	9.95
Net Property, Plant and Equip., 5 Yr. CAGR %	15	16.01	14.66	5.58	6.36
Total Assets, 5 Yr. CAGR %	8.58	8.04	3.84	2.52	2.22
Tangible Book Value, 5 Yr. CAGR %	19.47	24.9	-38.18	-72.33	-13.03
Common Equity, 5 Yr. CAGR %	11.36	10.18	12.67	9.56	10.35
Cash From Operations, 5 Yr. CAGR %	15.05	3.69	8.51	6.98	6.11
Capital Expenditures, 5 Yr. CAGR %	17.74	21.08	5.55	-1.48	3.72
Levered Free Cash Flow, 5 Yr. CAGR %	36.5	2.02	6.95	69.41	9.82
Unlevered Free Cash Flow, 5 Yr. CAGR %	36.3	3.38	6.26	40.84	8.43
Dividend Per Share, 5 Yr. CAGR %	9.38	8.45	7.26	6.84	6.4