General Dynamics Corporation (GD) 10-Year Financial Performance & Capital Metrics

GD • • Industrial / General

IndustrialsAerospace & DefenseAircraft ManufacturingMilitary Aircraft & Defense Platforms

AboutGeneral Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment designs, manufactures, and sells business jets; and offers aircraft maintenance and repair, management, charter, aircraft-on-ground support and completion, staffing, and fixed-base operator services. The Marine Systems segment designs and builds nuclear-powered submarines, surface combatants, and auxiliary ships for the United States Navy and Jones Act ships for commercial customers, as well as builds crude oil and product tankers, and container and cargo ships. This segment also provides navy ships maintenance and modernization services; lifecycle support and repair services for navy surface ships; and program management, planning, engineering, and design support services for submarines and surface ships. The Combat Systems segment manufactures land combat solutions, such as wheeled and tracked combat vehicles, Stryker wheeled combat vehicles, piranha vehicles, weapons systems, munitions, mobile bridge systems with payloads, tactical vehicles, main battle tanks, armored vehicles, and armaments. This segment also offers modernization programs, engineering, support, and sustainment services. The Technologies segment provides information technology solutions and mission support services; mobile communication, computers, and command-and-control mission systems; and intelligence, surveillance, and reconnaissance solutions to military, intelligence, and federal civilian customers. This segment also offers cloud computing, artificial intelligence; machine learning; big data analytics; development, security, and operations; software-defined networks; everything-as-a-service; defense enterprise office system solutions; and unmanned undersea vehicle manufacturing and assembly services. General Dynamics Corporation was founded in 1899 and is headquartered in Reston, Virginia.Show more

Revenue $47.72B +12.9%
EBITDA $5.68B +11.2%
Net Income $3.78B +14.1%
EPS (Diluted) 13.63 +13.4%
Gross Margin 15.43% -2.2%
EBITDA Margin 11.91% -1.5%
Operating Margin 10.05%
Net Margin 7.93% +1.1%
ROE 17.44% +4.9%
ROIC 11.7% +10.0%
Debt/Equity 0.48 -7.0%
Interest Coverage 12.20 +14.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓11 consecutive years of dividend growth
✓Good 3Y average ROE of 17.6%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.46%

5Y3.93%

3Y7.44%

TTM11.86%

Profit (Net Income) CAGR

10Y4.09%

5Y1.65%

3Y5.11%

TTM15.83%

EPS CAGR

10Y6.27%

5Y2.61%

3Y5.67%

TTM17.59%

ROCE

10Y Avg15.07%

5Y Avg11.9%

3Y Avg11.86%

Latest12.55%

Peer Comparison

Military Aircraft & Defense Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HIIHuntington Ingalls Industries, Inc.	16.44B	418.86	30.00	0.71%	4.74%	11.42%	0.16%	0.73
GDGeneral Dynamics Corporation	99.59B	368.69	27.05	12.88%	8.18%	17.25%	3.21%	0.48
LMTLockheed Martin Corporation	133.72B	577.89	25.90	5.14%	5.73%	67.95%	3.95%	3.38
NOCNorthrop Grumman Corporation	93.43B	654.61	23.10	4.44%	9.82%	25.14%	2.81%	1.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	31.78B	30.56B	30.97B	36.19B	39.35B	37.92B	38.47B	39.41B	42.27B	47.72B
Revenue Growth %	0.03%	-0.04%	0.01%	0.17%	0.09%	-0.04%	0.01%	0.02%	0.07%	0.13%
Cost of Goods Sold+	25.55B	24.9B	24.73B	29.54B	32.36B	31.6B	32.06B	32.78B	35.6B	40.35B
COGS % of Revenue	0.8%	0.81%	0.8%	0.82%	0.82%	0.83%	0.83%	0.83%	0.84%	0.85%
Gross Profit+	6.23B	5.67B	6.24B	6.66B	6.99B	6.33B	6.41B	6.62B	6.67B	7.36B
Gross Margin %	0.2%	0.19%	0.2%	0.18%	0.18%	0.17%	0.17%	0.17%	0.16%	0.15%
Gross Profit Growth %	0.06%	-0.09%	0.1%	0.07%	0.05%	-0.09%	0.01%	0.03%	0.01%	0.1%
Operating Expenses+	1.94B	1.92B	2.01B	2.26B	2.42B	2.19B	2.25B	2.41B	2.43B	2.57B
OpEx % of Revenue	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.05%
Selling, General & Admin	1.94B	1.92B	2.01B	2.26B	2.42B	2.19B	2.25B	2.41B	2.43B	2.57B
SG&A % of Revenue	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	565M
R&D % of Revenue	-	-	-	-	-	-	-	-	-	0.01%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-565M
Operating Income+	4.29B	3.74B	4.24B	4.39B	4.57B	4.13B	4.16B	4.21B	4.25B	4.8B
Operating Margin %	0.14%	0.12%	0.14%	0.12%	0.12%	0.11%	0.11%	0.11%	0.1%	0.1%
Operating Income Growth %	0.1%	-0.13%	0.13%	0.04%	0.04%	-0.1%	0.01%	0.01%	0.01%	0.13%
EBITDA+	4.78B	4.2B	4.68B	5.16B	5.4B	5.01B	5.05B	5.09B	5.11B	5.68B
EBITDA Margin %	0.15%	0.14%	0.15%	0.14%	0.14%	0.13%	0.13%	0.13%	0.12%	0.12%
EBITDA Growth %	0.09%	-0.12%	0.11%	0.1%	0.05%	-0.07%	0.01%	0.01%	0%	0.11%
D&A (Non-Cash Add-back)	482M	453M	441M	763M	829M	878M	890M	884M	863M	886M
EBIT	4.32B	3.75B	4.19B	4.46B	4.67B	4.23B	4.3B	4.43B	4.38B	4.93B
Net Interest Income+	-83M	-91M	-103M	-356M	-460M	-477M	-424M	-364M	-343M	-324M
Interest Income	15M	8M	14M	18M	12M	12M	7M	27M	56M	69M
Interest Expense	98M	99M	117M	374M	472M	489M	431M	391M	399M	393M
Other Income/Expense	-76M	-88M	-159M	-309M	-368M	-395M	-290M	-175M	-261M	-256M
Pretax Income+	4.22B	3.66B	4.08B	4.08B	4.2B	3.74B	3.87B	4.04B	3.98B	4.54B
Pretax Margin %	0.13%	0.12%	0.13%	0.11%	0.11%	0.1%	0.1%	0.1%	0.09%	0.1%
Income Tax+	1.18B	977M	1.17B	727M	718M	571M	616M	646M	669M	758M
Effective Tax Rate %	0.72%	0.7%	0.71%	0.82%	0.83%	0.85%	0.84%	0.84%	0.83%	0.83%
Net Income+	3.04B	2.57B	2.91B	3.35B	3.48B	3.17B	3.26B	3.39B	3.31B	3.78B
Net Margin %	0.1%	0.08%	0.09%	0.09%	0.09%	0.08%	0.08%	0.09%	0.08%	0.08%
Net Income Growth %	0.2%	-0.15%	0.13%	0.15%	0.04%	-0.09%	0.03%	0.04%	-0.02%	0.14%
Net Income (Continuing)	3.04B	2.68B	2.91B	3.36B	3.48B	3.17B	3.26B	3.39B	3.31B	3.78B
Discontinued Operations	0	-107M	0	-13M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	9.08	8.29	9.56	11.18	11.98	11.00	11.55	12.19	12.02	13.63
EPS Growth %	0.22%	-0.09%	0.15%	0.17%	0.07%	-0.08%	0.05%	0.06%	-0.01%	0.13%
EPS (Basic)	9.23	8.44	9.73	11.33	12.09	11.04	11.61	12.31	12.14	13.81
Diluted Shares Outstanding	326.7M	310.4M	304.6M	299.2M	290.84M	287.91M	282.02M	278.17M	275.73M	277.49M
Basic Shares Outstanding	321.3M	304.7M	299.2M	295.3M	288.29M	286.92M	280.43M	275.31M	273.14M	277.48M
Dividend Payout Ratio	0.29%	0.35%	0.34%	0.32%	0.33%	0.39%	0.4%	0.4%	0.43%	0.4%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	14.57B	15.45B	18.28B	18.19B	20.29B	21.54B	19.99B	21.06B	23.61B	24.39B
Cash & Short-Term Investments	2.79B	2.33B	2.98B	963M	902M	2.82B	1.6B	1.24B	1.91B	1.7B
Cash Only	2.79B	2.33B	2.98B	963M	902M	2.82B	1.6B	1.24B	1.91B	1.7B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.45B	7.61B	8.86B	10.34B	11.4B	11.19B	11.54B	11.8B	11B	11.22B
Days Sales Outstanding	39.58	90.9	104.37	104.23	105.75	107.65	109.48	109.32	94.99	85.86
Inventory	7.72B	8.8B	5.3B	5.98B	6.31B	5.75B	5.34B	6.32B	8.58B	9.72B
Days Inventory Outstanding	110.33	129.09	78.27	73.86	71.12	66.36	60.79	70.38	87.95	87.96
Other Current Assets	617M	1.47B	1.19B	914M	1.68B	1.79B	1.5B	1.7B	2.12B	1.74B
Total Non-Current Assets+	17.43B	17.43B	16.72B	27.22B	29.06B	29.77B	30.09B	30.52B	31.2B	31.49B
Property, Plant & Equipment	3.47B	3.47B	3.52B	4.35B	4.47B	5.1B	5.42B	5.9B	6.2B	6.47B
Fixed Asset Turnover	9.17x	8.81x	8.81x	8.32x	8.79x	7.44x	7.10x	6.68x	6.82x	7.38x
Goodwill	11.44B	11.45B	11.91B	19.59B	19.68B	20.05B	20.1B	20.33B	20.59B	20.56B
Intangible Assets	763M	678M	702M	2.58B	2.31B	2.12B	1.98B	1.82B	1.66B	1.52B
Long-Term Investments	0	-1.36B	0	0	-33M	0	-41M	-39M	0	0
Other Non-Current Assets	1.75B	1.83B	585M	692M	2.59B	2.5B	2.59B	2.46B	2.75B	2.95B
Total Assets+	32B	32.87B	34.99B	45.41B	48.84B	51.31B	50.07B	51.59B	54.81B	55.88B
Asset Turnover	0.99x	0.93x	0.89x	0.80x	0.81x	0.74x	0.77x	0.76x	0.77x	0.85x
Asset Growth %	-0.09%	0.03%	0.06%	0.3%	0.08%	0.05%	-0.02%	0.03%	0.06%	0.02%
Total Current Liabilities+	12.45B	12.85B	13.05B	14.74B	16.8B	15.96B	13.98B	15.34B	16.43B	17.82B
Accounts Payable	1.96B	2.54B	3.21B	3.18B	3.16B	2.95B	3.17B	3.4B	3.1B	3.34B
Days Payables Outstanding	28.06	37.21	47.33	39.29	35.66	34.1	36.05	37.83	31.73	30.25
Short-Term Debt	501M	900M	2M	973M	2.92B	3B	1B	1.25B	507M	1.5B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.66B	7.42B	2.11B	2.37B	2.38B	2.08B	1.85B	1.5B	1.39B	1.45B
Current Ratio	1.17x	1.20x	1.40x	1.23x	1.21x	1.35x	1.43x	1.37x	1.44x	1.37x
Quick Ratio	0.55x	0.52x	0.99x	0.83x	0.83x	0.99x	1.05x	0.96x	0.92x	0.82x
Cash Conversion Cycle	121.85	182.78	135.31	138.8	141.21	139.91	134.22	141.88	151.2	143.57
Total Non-Current Liabilities+	8.81B	9.05B	10.51B	18.94B	18.57B	19.68B	18.45B	17.68B	17.08B	15.99B
Long-Term Debt	2.9B	2.99B	3.98B	11.44B	9.01B	9.99B	10.49B	9.24B	8.75B	7.26B
Capital Lease Obligations	0	0	0	0	1.25B	1.4B	1.34B	1.33B	1.5B	1.59B
Deferred Tax Liabilities	75M	72M	244M	577M	588M	461M	-1.25B	0	0	0
Other Non-Current Liabilities	5.84B	6.43B	6.29B	6.92B	7.01B	6.95B	6.62B	4.93B	4.25B	4.14B
Total Liabilities	21.26B	21.9B	23.56B	33.68B	35.26B	35.65B	32.43B	33.02B	33.51B	33.82B
Total Debt+	3.4B	3.89B	3.98B	12.42B	13.43B	14.73B	13.18B	12.11B	11.08B	10.68B
Net Debt	614M	1.55B	999M	11.45B	12.53B	11.91B	11.57B	10.87B	9.17B	8.98B
Debt / Equity	0.32x	0.35x	0.35x	1.06x	0.99x	0.94x	0.75x	0.65x	0.52x	0.48x
Debt / EBITDA	0.71x	0.93x	0.85x	2.41x	2.49x	2.94x	2.61x	2.38x	2.17x	1.88x
Net Debt / EBITDA	0.13x	0.37x	0.21x	2.22x	2.32x	2.38x	2.29x	2.13x	1.80x	1.58x
Interest Coverage	43.83x	37.82x	36.21x	11.75x	9.68x	8.45x	9.66x	10.77x	10.64x	12.20x
Total Equity+	10.74B	10.98B	11.44B	11.73B	13.58B	15.66B	17.64B	18.57B	21.3B	22.06B
Equity Growth %	-0.09%	0.02%	0.04%	0.03%	0.16%	0.15%	0.13%	0.05%	0.15%	0.04%
Book Value per Share	32.87	35.36	37.54	39.21	46.68	54.39	62.55	66.75	77.25	79.51
Total Shareholders' Equity	10.74B	10.98B	11.44B	11.73B	13.58B	15.66B	17.64B	18.57B	21.3B	22.06B
Common Stock	482M	482M	482M	482M	482M	482M	482M	482M	482M	482M
Retained Earnings	23.2B	25.23B	26.44B	29.33B	31.63B	33.5B	35.42B	37.4B	39.27B	41.49B
Treasury Stock	-12.39B	-14.16B	-15.54B	-17.24B	-17.36B	-17.89B	-19.62B	-20.72B	-21.05B	-22.45B
Accumulated OCI	-3.29B	-3.4B	-2.82B	-3.78B	-4.22B	-3.55B	-1.92B	-2.15B	-1.16B	-1.52B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.5B	2.2B	3.88B	3.15B	2.98B	3.86B	4.27B	4.58B	4.71B	4.11B
Operating CF Margin %	0.08%	0.07%	0.13%	0.09%	0.08%	0.1%	0.11%	0.12%	0.11%	0.09%
Operating CF Growth %	-0.33%	-0.12%	0.76%	-0.19%	-0.05%	0.29%	0.11%	0.07%	0.03%	-0.13%
Net Income	2.96B	2.96B	2.91B	3.35B	3.48B	3.17B	3.26B	3.39B	3.31B	3.78B
Depreciation & Amortization	482M	454M	441M	763M	829M	878M	890M	884M	863M	886M
Stock-Based Compensation	110M	100M	123M	140M	133M	128M	126M	165M	181M	183M
Deferred Taxes	167M	376M	401M	-3M	92M	-127M	-66M	-178M	-177M	-86M
Other Non-Cash Items	24M	-51M	186M	-272M	37M	-23M	-617M	-362M	-107M	-69M
Working Capital Changes	-1.25B	-1.64B	-184M	-825M	-1.59B	-165M	681M	680M	635M	-584M
Change in Receivables	604M	-161M	-195M	417M	176M	371M	138M	46M	38M	16M
Change in Inventory	75M	-1.19B	-182M	-591M	-376M	502M	405M	-980M	-2.22B	-1.2B
Change in Payables	-89M	567M	657M	-197M	6M	-215M	194M	224M	-303M	247M
Cash from Investing+	200M	-426M	-791M	-10.23B	-994M	-974M	-882M	-1.49B	-945M	-959M
Capital Expenditures	-569M	-392M	-428M	-690M	-987M	-967M	-887M	-1.11B	-904M	-916M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.02%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	264M	-34M	36M	555M	12M	196M	5M	-375M	-37M	-43M
Cash from Financing+	-4.26B	-2.17B	-2.4B	5.09B	-2B	-903M	-4.59B	-3.47B	-3.09B	-3.37B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-873M	-911M	-986M	-1.07B	-1.15B	-1.24B	-1.31B	-1.37B	-1.43B	-1.53B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	79M	246M	60M	-503M	-55M	-95M	50M	127M	18M	161M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.93B	1.81B	3.45B	2.46B	1.99B	2.89B	3.38B	3.46B	3.81B	3.2B
FCF Margin %	0.06%	0.06%	0.11%	0.07%	0.05%	0.08%	0.09%	0.09%	0.09%	0.07%
FCF Growth %	-0.4%	-0.06%	0.91%	-0.29%	-0.19%	0.45%	0.17%	0.02%	0.1%	-0.16%
FCF per Share	5.91	5.82	11.33	8.22	6.86	10.04	12.00	12.46	13.80	11.52
FCF Conversion (FCF/Net Income)	0.82x	0.85x	1.33x	0.94x	0.86x	1.22x	1.31x	1.35x	1.42x	1.09x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	26.91%	23.69%	25.99%	28.88%	27.53%	21.66%	19.56%	18.72%	16.63%	17.44%
Return on Invested Capital (ROIC)	28.38%	23.52%	25.45%	18.5%	13.91%	11.55%	11%	10.77%	10.63%	11.7%
Gross Margin	19.61%	18.54%	20.15%	18.39%	17.76%	16.68%	16.66%	16.8%	15.78%	15.43%
Net Margin	9.55%	8.42%	9.4%	9.24%	8.85%	8.35%	8.47%	8.6%	7.84%	7.93%
Debt / Equity	0.32x	0.35x	0.35x	1.06x	0.99x	0.94x	0.75x	0.65x	0.52x	0.48x
Interest Coverage	43.83x	37.82x	36.21x	11.75x	9.68x	8.45x	9.66x	10.77x	10.64x	12.20x
FCF Conversion	0.82x	0.85x	1.33x	0.94x	0.86x	1.22x	1.31x	1.35x	1.42x	1.09x
Revenue Growth	3.01%	-3.84%	1.35%	16.85%	8.72%	-3.62%	1.43%	2.44%	7.27%	12.88%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Marine Systems	8.01B	8.2B	8B	8.5B	9.18B	9.98B	10.53B	11.04B	12.46B	14.34B
Marine Systems Growth	-	2.36%	-2.41%	6.22%	8.01%	8.67%	5.48%	4.88%	12.87%	15.10%
Technologies	-	-	-	-	-	12.65B	12.46B	12.49B	12.92B	13.13B
Technologies Growth	-	-	-	-	-	-	-1.51%	0.28%	3.44%	1.59%
Aerospace	8.85B	8.36B	8.13B	8.46B	9.8B	8.07B	8.13B	8.57B	8.62B	11.25B
Aerospace Growth	-	-5.52%	-2.79%	4.01%	15.92%	-17.61%	0.74%	5.31%	0.63%	30.48%
Combat Systems	5.64B	5.6B	5.95B	6.24B	7.01B	7.22B	7.35B	7.31B	8.27B	9B
Combat Systems Growth	-	-0.67%	6.19%	4.91%	12.27%	3.08%	1.77%	-0.58%	13.14%	8.82%
Information Technology	-	-	-	8.27B	8.42B	-	-	-	-	-
Information Technology Growth	-	-	-	-	1.85%	-	-	-	-	-
Mission Systems	-	-	-	4.73B	4.94B	-	-	-	-	-
Mission Systems Growth	-	-	-	-	4.46%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	24.34B	24.12B	24.43B	29.33B	32.83B	33.35B	33.52B	35.27B	38.08B	42.31B
North America Growth	-	-0.88%	1.29%	20.05%	11.94%	1.57%	0.52%	5.21%	7.98%	11.12%
Europe	2.48B	2.35B	2.56B	2.77B	2.81B	2.85B	2.67B	2.24B	2.77B	3.16B
Europe Growth	-	-5.23%	8.62%	8.37%	1.30%	1.35%	-6.01%	-16.34%	23.55%	14.32%
Other Africa Middle East	2.51B	2.67B	1.66B	1.56B	1.74B	1.25B	1.7B	1.36B	1.15B	1.68B
Other Africa Middle East Growth	-	6.38%	-37.97%	-5.44%	11.12%	-28.18%	36.35%	-19.85%	-15.97%	46.47%
Asia Pacific	1.68B	1.91B	2.01B	2.25B	1.67B	1.29B	1.27B	1.22B	1.09B	1.55B
Asia Pacific Growth	-	14.06%	5.07%	11.98%	-25.84%	-22.63%	-1.78%	-3.55%	-11.27%	42.36%
South America	461M	294M	315M	271M	299M	266M	234M	246M	153M	292M
South America Growth	-	-36.23%	7.14%	-13.97%	10.33%	-11.04%	-12.03%	5.13%	-37.80%	90.85%

Frequently Asked Questions

Valuation & Price

General Dynamics Corporation (GD) has a price-to-earnings (P/E) ratio of 27.0x. This suggests investors expect higher future growth.

Growth & Financials

General Dynamics Corporation (GD) reported $51.51B in revenue for fiscal year 2024. This represents a 58% increase from $32.68B in 2011.

General Dynamics Corporation (GD) grew revenue by 12.9% over the past year. This is steady growth.

Yes, General Dynamics Corporation (GD) is profitable, generating $4.21B in net income for fiscal year 2024 (7.9% net margin).

Dividend & Returns

Yes, General Dynamics Corporation (GD) pays a dividend with a yield of 1.49%. This makes it attractive for income-focused investors.

General Dynamics Corporation (GD) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

General Dynamics Corporation (GD) generated $4.81B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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