GDGENERAL DYNAMICS CORP

Ship & Boat Building & Repairing

Revenue: $52.5B; 10% YoY
Operating margin: 10.2%; 1.4% YoY
EBITDA: $6.3B; 11% YoY
Market cap: $100.7B
Employees: 40,000; $1M revenue each
Net debt / EBITDA: 0.4×; $2.7B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$100.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$95M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$38.5B	$39.4B	$42.3B	$47.7B	$52.5B	10%
Operating income	$4.2B	$4.2B	$4.2B	$4.8B	$5.4B	12%
Net income	$3.3B	$3.4B	$3.3B	$3.8B	$4.2B	11%
Operating cash flow	$4.3B	$4.6B	$4.7B	$4.1B	$5.1B	25%
Capex	$887M	$1.1B	$904M	$916M	$1.2B	27%
Stock-based comp	$126M	$165M	$181M	$183M	$196M	7.1%
Buybacks	$1.8B	$1.2B	$434M	$1.5B	$637M	58%
Dividends	$1.3B	$1.4B	$1.4B	$1.5B	$1.6B	4.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 6, 2026	LONGVIEW ASSET MANAGEMENT, LLC	SCHEDULE 13D/A	9.0%	Passive
Aug 28, 2026	LONGVIEW ASSET MANAGEMENT, LLC	SCHEDULE 13D/A	10.0%	Passive
Apr 10, 2024	LONGVIEW ASSET MANAGEMENT, LLC	SC 13D/A	10.3%	Passive
Oct 2, 2023	LONGVIEW ASSET MANAGEMENT, LLC	SC 13D/A	10.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $95M · 27
Net: −$95M

Pay vs performance

No pay-versus-performance disclosure yet.