General Dynamics Corporation

Aerospace & Defense · Industrials

Price

$368.58

-0.24 (-0.07%)

Market Cap

$99.68B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−2.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 282.0M (2021) → 273.9M (2025)

General Dynamics is a large American defense and aerospace company. It builds military equipment like submarines, tanks, and combat vehicles for the U.S. government and allied militaries. It also owns Gulfstream, a well-known brand that makes private jets for business customers around the world.

The company earns most of its revenue through long-term government contracts, which provide steady and predictable income. General Dynamics operates mainly in the United States but sells Gulfstream jets globally, and its total annual revenue is roughly $42 billion. Its biggest competitive advantage is its deep, long-standing relationship with the U.S. Department of Defense, which creates high barriers for new competitors to enter. The key growth driver is rising U.S. and allied defense budgets, particularly demand for nuclear-powered submarines, though the main risk is that government contract delays or budget cuts could slow revenue growth.

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+12.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$486M/ year

↓ Declining (-14% vs prior year)

0.9% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

5.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

General Dynamics Corporation is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

15.9%

Thin — 15.9% gross margin

Operating Margin

10.5%

Modest — 10.5% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.3%

Steady sales growth (9.3% YoY)

EPS YoY

+10.5%

Earnings growing (10.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

171%

Turns 171% of profit into real cash

FCF Margin

11.5%

Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.31

Conservative — low debt load (0.31)

Interest Cover

18.73x

Comfortably covers interest (18.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

22.9x

Growth-priced — P/E 22.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+3.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.9 → 19.0)

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Dividends

Dividend Yield

1.65%

Small dividend — 1.65% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+5.8%

Dividend growing modestly (5.8% YoY)

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