# General Dynamics Corporation (GD)

> Source: Nexqual · https://nexqual.com/GD · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, General Dynamics Corporation (GD), nexqual.com/GD" · informational, not investment advice.

**Price:** USD 349.36 (-0.41% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 350.79 · day 344.99–350.92 · 52w 306.77–400 · market cap $94.5B · NYQ

## Key facts
- Last four reported quarters (through Jul 5, 2026): revenue $54.9B, net income $4.49B (8.2% margin), free cash flow $6.45B (SEC filings).
- Valuation: P/E 21.1x (avg 20.9x at the last 3 fiscal year-ends), EV/EBITDA 14.8x, net debt $3.24B.
- 3 of 80 tracked superinvestors hold GD (13F, Q2 2026): 0 new, 1 added, 0 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $68.9M; 7 not under a Rule 10b5-1 plan ($68.9M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (24 analysts), mean target USD 406.78 (range 309–465).
- Total return with dividends: 1Y +1.4% vs S&P 500 +13.4%; 5Y +91.2% vs S&P 500 +76.9%.
- Next earnings: 2026-10-30, EPS estimate USD 4.13, revenue estimate $13.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $38.5B | $39.4B | $42.3B | $47.7B | $52.5B | $54.9B |
| Operating income | $4.16B | $4.21B | $4.25B | $4.80B | $5.36B | $5.66B |
| Net income | $3.26B | $3.39B | $3.31B | $3.78B | $4.21B | $4.49B |
| EPS (diluted) | $11.55 | $12.19 | $12.02 | $13.63 | $15.45 | — |
| Free cash flow | $3.38B | $3.46B | $3.81B | $3.20B | $3.96B | $6.45B |
| Operating margin | 10.8% | 10.7% | 10.0% | 10.1% | 10.2% | 10.3% |
| Net margin | 8.5% | 8.6% | 7.8% | 7.9% | 8.0% | 8.2% |
| Revenue growth | +1.4% | +2.4% | +7.3% | +12.9% | +10.1% | — |
| Cash + short-term investments | $1.60B | $1.24B | $1.91B | $1.70B | $2.33B | — |
| Total debt | $11.6B | $10.6B | $9.34B | $8.83B | $8.07B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 5, 2026)
P/E 21.1x · P/S 1.7x · EV/EBITDA 14.8x · EV/Sales 1.8x · P/FCF 14.7x · P/B 3.5x · FCF yield 6.82% · Earnings yield 4.75% · Dividend yield (paid, TTM) 1.74% · Buyback yield (TTM) 0.38% · Net debt $3.24B · EV $97.8B
P/E at fiscal year-ends: Dec 2025 21.8x, Dec 2024 19.3x, Dec 2023 21.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold GD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Gayner | Markel Group | 1.05% | $139M | Unchanged |
| Richard Pzena | Pzena Investment Management | 0.11% | $38.5M | Added +1.0% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $34K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-23 | Steel Robert K | Director | 7,440 | $2.6M | 70.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Wall Peter A | Director | 1,990 | $789K | 33.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-05 | Brady Christopher J | Vice President | 6,320 | $2.4M | 17% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Novakovic Phebe N | Chairman and CEO | 51,568 | $19.7M | 6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-31 | Gilliland Marguerite Amy | Executive Vice President | 43,180 | $16.3M | 48.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-17 | Malcolm Mark | Director | 5,480 | $2.0M | 34% | No | Too little history (no open-market trades in 2024) |
| 2026-05-11…2026-05-12 | Burns Mark Lagrand | Executive Vice President | 72,710 | $25.0M | 49.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 24 analysts; mean target USD 406.78 (low 309, high 465).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target lowered | Sector Perform | $410 → $360 |
| 2026-10-14 | Bernstein | Target lowered | Market Perform | $407 → $365 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $420 → $380 |
| 2026-10-07 | Citigroup | Target lowered | Neutral | $404 → $374 |
| 2026-09-23 | Bernstein | Target lowered | Market Perform | $421 → $407 |
| 2026-09-08 | UBS | Target raised | Neutral | $395 → $408 |
| 2026-08-04 | Wells Fargo | Target raised | Overweight | $400 → $440 |
| 2026-08-03 | UBS | Target raised | Neutral | $366 → $395 |
| 2026-07-30 | BNP Paribas | Target raised | Outperform | $390 → $430 |
| 2026-07-30 | Citigroup | Target raised | Neutral | $364 → $404 |
| 2026-07-30 | Susquehanna | Target raised | Positive | $420 → $455 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $385 → $410 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +1.4% | +91.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +1.4% | +13.8% |
| Volatility (annualized) | 22.2% | 20.9% |
| Max drawdown | -17.5% (Aug 2026→Oct 2026) | -21.4% (Nov 2024→Feb 2025) |

## Peers (Aerospace & Defense)
NOC (Northrop Grumman Corporation) USD 551.44 -0.16% · HWM (Howmet Aerospace Inc.) USD 185.91 -3.82% · LMT (Lockheed Martin Corporation) USD 604.18 +2.42% · TDG (Transdigm Group Incorporated) USD 1,104.84 -3.23% · BA (Boeing Company (The)) USD 188.35 +0.43% · HONA (Honeywell Aerospace Inc.) USD 163.31 +0.18%

## More
Full page: https://nexqual.com/GD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GD's own 10-K filed 2026-01-30 (https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Samsung Electronics | "In 2025, NASSCO, along with DSEC, signed a tri-party memorandum of agreement with Samsung Heavy Industries, one of the world's leading shipbuilders, to explore future commercial and government opportunities." |

Other companies that name GD in their own reports (relationship from GD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | HUNTINGTON INGALLS INDUSTRIES, INC. (HII) | 10-K 2026-02-05 | "We have a teaming agreement with Electric Boat Corporation ("Electric Boat"), a division of General Dynamics Corporation ("General Dynamics"), to build Virginia class (SSN 774) fast attack nuclear sub…" |

## Revenue by business segment (quarter ended 2026-07-05)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Marine Systems | $4.66B | 33.1% | +10.4% | $342.0M | 7.3% |
| Technologies | $3.62B | 25.7% | +4.1% | $339.0M | 9.4% |
| Aerospace | $3.52B | 25.0% | +15.1% | $510.0M | 14.5% |
| Combat Systems | $2.29B | 16.2% | +0.3% | $318.0M | 13.9% |
| Corporate costs (not allocated) | — | — | — | -$49.0M | — |
| Total revenue | $14.09B | 100% | — | $1.46B | 10.4% |

## Revenue by product line (quarter ended 2026-07-05)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $8.71B | 61.8% | +8.7% |
| — Services (part of Products) | $5.38B | 38.2% | +7.0% |
| — Aircraft manufacturing (part of Products) | $2.47B | 17.5% | +15.9% |
| — Surface ships (part of Products) | $844.0M | 6.0% | +27.9% |
| Information technology (IT) services | $2.35B | 16.7% | +1.3% |
| C5ISR* solutions | $1.27B | 9.0% | +9.7% |
| Military vehicles | $1.15B | 8.1% | -10.6% |
| Engineering and other services | $337.0M | 2.4% | +23.4% |
| Repair and other services | $297.0M | 2.1% | +1.7% |
| Total revenue | $14.09B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $44.56B | 84.8% | +8.6% |
| United States | $43.31B | 82.4% | +8.9% |
| Non Us | $5.40B | 10.3% | +8.0% |
| Europe | $3.54B | 6.7% | +12.0% |
| Other Africa Middle East | $2.02B | 3.8% | +19.9% |
| Asia Pacific | $2.00B | 3.8% | +29.4% |
| Other North America | $1.25B | 2.4% | -2.3% |
| South America | $432.0M | 0.8% | +47.9% |
| Total revenue | $52.55B | 100% | — |
The lines above cover 195.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.13 | $4.08 | +1.3% | $13.73B | 17 |
| Next quarter (ends 2026-12-31) | $4.53 | $4.55 | -0.5% | $14.70B | 16 |
| Current fiscal year (ends 2026-12-31) | $17.00 | $16.70 | +1.8% | $55.95B | 19 |
| Next fiscal year (ends 2027-12-31) | $18.64 | $18.26 | +2.0% | $58.61B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-30): ±4.1%; last 8 reports averaged ±3.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 6 | 37.2% | ±4.1% |
| 2026-11-06 | 13 | 30.7% | ±4.8% |
| 2026-11-13 | 20 | 28.1% | ±5.4% |
| 2026-11-20 | 27 | 26.0% | ±5.8% |
| 2026-11-27 | 34 | 25.6% | ±6.3% |
| 2026-12-04 | 41 | 24.8% | ±6.7% |
| 2026-12-18 | 55 | 24.3% | ±7.6% |
| 2027-01-15 | 83 | 23.2% | ±9.0% |