Explain this page
Arphra AIPlain-English read on General Dynamics Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +16.66% | +16.80% | +15.78% | +15.43% | +15.13% | +15.45% | +15.38% | +15.59% | +15.87% |
| Operating margin | +10.82% | +10.69% | +10.04% | +10.05% | +10.19% | +10.31% | +10.22% | +10.29% | +10.11% |
| EBITDA margin | +13.50% | +13.48% | +12.41% | +12.20% | +11.60% | +12.29% | +12.36% | +12.08% | +11.87% |
| EBIT margin | +11.19% | +11.23% | +10.37% | +10.34% | +10.31% | +10.62% | +10.39% | +10.17% | +10.24% |
| Pre-tax margin | +10.07% | +10.24% | +9.42% | +9.51% | +9.71% | +9.34% | +9.79% | +9.66% | +9.38% |
| Net margin | +8.47% | +8.60% | +7.84% | +7.93% | +8.01% | +7.97% | +8.11% | +7.83% | +8.15% |
| Cost structure | |||||||||
| Cost of revenue / sales | +83.34% | +83.20% | +84.22% | +84.57% | +84.87% | +82.07% | +86.18% | +86.79% | +87.04% |
| R&D intensity | +1.08% | +1.22% | +1.21% | +1.18% | +0.92% | +1.10% | +1.09% | +1.13% | +1.10% |
| SG&A intensity | +5.84% | +6.12% | +5.74% | +5.38% | +4.82% | +5.27% | +5.31% | +5.22% | +5.32% |
| Effective tax rate | +15.90% | +16.01% | +16.79% | +16.70% | +17.50% | +17.14% | +16.26% | +17.27% | +16.91% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +18.46% | +18.26% | +15.56% | +17.14% | +16.43% | +16.21% | +16.40% | +16.05% | +16.98% |
| Return on assets (ROA) | +6.50% | +6.57% | +6.05% | +6.77% | +7.35% | +6.72% | +6.66% | +6.77% | +6.96% |
| Return on capital (ROC) | +13.51% | +13.72% | +13.11% | +14.65% | +15.13% | +14.30% | +14.22% | +14.58% | +14.22% |
| Return on invested capital (ROIC) | +10.57% | +11.05% | +10.24% | +11.55% | +11.89% | +11.06% | +11.29% | +11.10% | +11.47% |
| Asset turnover | +76.83% | +76.39% | +77.12% | +85.39% | +91.79% | +84.24% | +82.04% | +86.53% | +85.32% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.47% | +8.60% | +7.84% | +7.93% | +8.01% | +7.97% | +8.11% | +7.83% | +8.15% |
| Asset turnover (× revenue / assets) | +76.83% | +76.39% | +77.12% | +85.39% | +91.79% | +84.24% | +82.04% | +86.53% | +85.32% |
| Equity multiplier (× assets / equity) | +283.84% | +277.82% | +257.34% | +253.27% | +223.44% | +241.35% | +246.31% | +236.87% | +244.03% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.77 | 0.76 | 0.77 | 0.85 | 0.92 | 0.84 | 0.82 | 0.87 | 0.85 |
| Fixed-asset turnover | 7.10 | 6.68 | 6.82 | 7.38 | 6.98 | — | — | — | — |
| Inventory turnover | 6.00 | 5.19 | 4.15 | 4.15 | 4.83 | — | — | — | — |
| Receivables turnover | 3.33 | 3.34 | 3.84 | 4.25 | 4.87 | — | — | — | — |
| Payables turnover | 10.12 | 9.65 | 11.50 | 12.07 | 16.65 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 109.48 | 109.32 | 94.99 | 85.86 | 74.92 | — | — | — | — |
| Days inventory outstanding (DIO) | 60.79 | 70.38 | 87.95 | 87.96 | 75.56 | — | — | — | — |
| Days payables outstanding (DPO) | 36.05 | 37.83 | 31.73 | 30.25 | 21.92 | — | — | — | — |
| Cash conversion cycle | 134.22 | 141.88 | 151.20 | 143.57 | 128.56 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.31 | 1.35 | 1.42 | 1.09 | 1.22 | 1.20 | 1.20 | 1.26 | 1.23 |
| FCF / Net income | 1.04 | 1.02 | 1.15 | 0.85 | 0.94 | 0.96 | 0.98 | 0.97 | 0.98 |
| FCF margin | +8.80% | +8.79% | +9.00% | +6.70% | +7.53% | +7.69% | +7.97% | +7.59% | +7.95% |
| OCF margin | +11.10% | +11.62% | +11.14% | +8.62% | +9.74% | +9.58% | +9.70% | +9.85% | +10.03% |
| CapEx / Revenue | +2.31% | +2.83% | +2.14% | +1.92% | +2.21% | +2.04% | +2.08% | +2.07% | +2.11% |
| CapEx / D&A | 1.00 | 1.26 | 1.05 | 1.03 | 1.26 | — | — | — | — |
| Stock-based comp / Revenue | +0.33% | +0.42% | +0.43% | +0.38% | +0.37% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 11.55 | 12.19 | 12.02 | 13.63 | 15.46 | 16.68 | 18.21 | 19.63 | 21.25 |
| EPS · basic | 11.61 | 12.31 | 12.14 | 13.81 | 15.64 | 16.91 | 18.64 | 19.88 | 21.31 |
| Book value / share | 62.55 | 66.75 | 77.25 | 79.51 | 93.55 | 98.56 | 103.51 | 108.13 | 110.01 |
| Tangible BV / share | -15.73 | -12.91 | -3.42 | -0.05 | 11.82 | 98.56 | 103.51 | 108.13 | 110.01 |
| Sales / share | 136.41 | 141.67 | 153.31 | 171.96 | 191.86 | 200.38 | 209.17 | 221.61 | 229.05 |
| Operating CF / share | 15.14 | 16.46 | 17.08 | 14.82 | 18.69 | 19.20 | 20.30 | 21.83 | 22.97 |
| Free cash flow / share | 12.00 | 12.46 | 13.80 | 11.52 | 14.45 | 15.41 | 16.68 | 16.83 | 18.22 |
| Dividends / share | 4.66 | 4.92 | 5.18 | 5.51 | 5.82 | 6.54 | 6.61 | 7.26 | 7.51 |
| Payout ratio | +40.37% | +40.38% | +43.08% | +40.43% | +37.84% | +40.91% | +38.95% | +41.82% | +40.24% |
| Retention ratio | +59.63% | +59.62% | +56.92% | +59.57% | +62.16% | +59.09% | +61.05% | +58.18% | +59.76% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +2.44% | +7.27% | +12.88% | +10.13% | +5.30% | +4.52% | +4.25% | +3.38% | +6.22% |
| Gross profit · YoY | — | +3.34% | +0.76% | +10.37% | +7.97% | +7.54% | +4.05% | +5.66% | +5.23% | +5.58% |
| Profit | ||||||||||
| Operating income · YoY | — | +1.15% | +0.81% | +12.98% | +11.68% | +6.51% | +3.59% | +4.95% | +1.54% | +5.31% |
| EBITDA · YoY | — | +2.25% | -1.22% | +10.92% | +4.78% | +11.58% | +5.08% | +1.85% | +1.63% | +4.52% |
| Net income · YoY | — | +4.08% | -2.21% | +14.09% | +11.32% | +4.79% | +6.38% | +0.57% | +7.67% | +5.72% |
| Operating | ||||||||||
| EBIT · YoY | — | +2.86% | -0.99% | +12.55% | +9.81% | +8.47% | +2.23% | +2.07% | +4.13% | +5.05% |
| R&D · YoY | — | +15.66% | +6.25% | +10.78% | -13.98% | +25.50% | +3.78% | +7.35% | +1.03% | +6.49% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +5.54% | -1.39% | +13.39% | +13.43% | +7.89% | +9.19% | +7.79% | +8.25% | +7.92% |
| EPS · basic · YoY | — | +6.03% | -1.38% | +13.76% | +13.25% | +8.10% | +10.23% | +6.67% | +7.20% | +7.89% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $13.18B | $12.11B | $11.08B | $10.68B | $9.79B | $12.68B | $12.93B | $13.12B | $14.36B |
| Net debt | $11.57B | $10.87B | $9.17B | $8.98B | $7.46B | $10.37B | $10.48B | $10.59B | $11.78B |
| Net debt / EBITDA | 2.23 | 2.05 | 1.75 | 1.54 | 1.22 | 1.52 | 1.47 | 1.45 | 1.59 |
| Debt / equity | 0.75 | 0.65 | 0.52 | 0.48 | 0.38 | 0.47 | 0.45 | 0.45 | 0.48 |
| Debt / assets | +26.31% | +23.48% | +20.22% | +19.11% | +17.10% | +19.31% | +18.35% | +18.83% | +19.66% |
| Equity / assets | +35.23% | +35.99% | +38.86% | +39.48% | +44.76% | +41.43% | +40.60% | +42.22% | +40.98% |
| Coverage | |||||||||
| EBITDA / interest expense | 12.05 | 13.58 | 13.15 | 14.81 | 19.42 | 15.38 | 15.44 | 15.79 | 14.89 |
| Operating income / interest | 9.66 | 10.77 | 10.64 | 12.20 | 17.06 | 12.90 | 12.77 | 13.45 | 12.67 |
| Interest expense | $431M | $391M | $399M | $393M | $314M | $442.37M | $462.92M | $461.06M | $497.08M |
| 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 | — | — | — | — |
| Cash ratio | 0.11 | 0.08 | 0.12 | 0.10 | 0.14 | — | — | — | — |
| Working capital | $6.01B | $5.72B | $7.18B | $6.56B | $7.45B | — | — | — | — |
| Working capital / revenue | +15.62% | +14.52% | +16.99% | +13.75% | +14.18% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).