Stock Analysis on Net
Stock Analysis on Net

General Dynamics Corp. (NYSE:GD)

This company has been moved to the archive! The financial data has not been updated since October 28, 2020.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

General Dynamics Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Activity Ratio
Total Asset Turnover
Reported 0.81 0.80 0.88 0.95 0.98
Adjusted 0.81 0.77 0.86 0.96 0.99
Liquidity Ratio
Current Ratio
Reported 1.18 1.23 1.40 1.20 1.17
Adjusted 1.18 1.23 1.40 1.33 1.25
Solvency Ratios
Debt to Equity
Reported 0.88 1.06 0.35 0.35 0.32
Adjusted 0.92 1.09 0.43 0.43 0.40
Debt to Capital
Reported 0.47 0.51 0.26 0.26 0.24
Adjusted 0.48 0.52 0.30 0.30 0.29
Financial Leverage
Reported 3.60 3.87 3.06 2.99 2.98
Adjusted 3.33 3.67 3.00 2.84 2.92
Profitability Ratios
Net Profit Margin
Reported 8.85% 9.24% 9.40% 9.42% 9.42%
Adjusted 8.32% 8.42% 12.50% 10.77% 8.95%
Return on Equity (ROE)
Reported 25.66% 28.51% 25.47% 26.92% 27.61%
Adjusted 22.36% 23.90% 32.09% 29.49% 25.99%
Return on Assets (ROA)
Reported 7.13% 7.37% 8.31% 8.99% 9.27%
Adjusted 6.71% 6.51% 10.71% 10.37% 8.89%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Dynamics Corp. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Dynamics Corp. adjusted current ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. General Dynamics Corp. adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. General Dynamics Corp. adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 General Dynamics Corp. adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Dynamics Corp. adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Dynamics Corp. adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Dynamics Corp. adjusted ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

General Dynamics Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Revenue 39,350 36,193 30,973 31,353 31,469
Total assets 48,841 45,408 35,046 32,872 31,997
Activity Ratio
Total asset turnover1 0.81 0.80 0.88 0.95 0.98
Adjusted
Selected Financial Data (US$ in millions)
Revenue 39,350 36,193 30,973 31,353 31,469
Adjusted total assets2 48,808 46,835 36,177 32,575 31,668
Activity Ratio
Adjusted total asset turnover3 0.81 0.77 0.86 0.96 0.99

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
Total asset turnover = Revenue ÷ Total assets
= 39,350 ÷ 48,841 = 0.81

2 Adjusted total assets. See details »

3 2019 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 39,350 ÷ 48,808 = 0.81

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Dynamics Corp. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Current assets 19,780 18,189 18,328 15,447 14,571
Current liabilities 16,801 14,739 13,099 12,846 12,445
Liquidity Ratio
Current ratio1 1.18 1.23 1.40 1.20 1.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 19,780 18,189 18,328 15,442 14,568
Adjusted current liabilities3 16,801 14,739 13,099 11,588 11,616
Liquidity Ratio
Adjusted current ratio4 1.18 1.23 1.40 1.33 1.25

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,780 ÷ 16,801 = 1.18

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 19,780 ÷ 16,801 = 1.18

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Dynamics Corp. adjusted current ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt 11,930 12,417 3,982 3,888 3,399
Shareholders’ equity 13,577 11,732 11,435 10,976 10,738
Solvency Ratio
Debt to equity1 0.88 1.06 0.35 0.35 0.32
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,433 13,882 5,188 4,958 4,345
Adjusted shareholders’ equity3 14,644 12,751 12,071 11,454 10,832
Solvency Ratio
Adjusted debt to equity4 0.92 1.09 0.43 0.43 0.40

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 11,930 ÷ 13,577 = 0.88

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 13,433 ÷ 14,644 = 0.92

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. General Dynamics Corp. adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt 11,930 12,417 3,982 3,888 3,399
Total capital 25,507 24,149 15,417 14,864 14,137
Solvency Ratio
Debt to capital1 0.47 0.51 0.26 0.26 0.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,433 13,882 5,188 4,958 4,345
Adjusted total capital3 28,077 26,633 17,259 16,412 15,177
Solvency Ratio
Adjusted debt to capital4 0.48 0.52 0.30 0.30 0.29

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,930 ÷ 25,507 = 0.47

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 13,433 ÷ 28,077 = 0.48

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. General Dynamics Corp. adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total assets 48,841 45,408 35,046 32,872 31,997
Shareholders’ equity 13,577 11,732 11,435 10,976 10,738
Solvency Ratio
Financial leverage1 3.60 3.87 3.06 2.99 2.98
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 48,808 46,835 36,177 32,575 31,668
Adjusted shareholders’ equity3 14,644 12,751 12,071 11,454 10,832
Solvency Ratio
Adjusted financial leverage4 3.33 3.67 3.00 2.84 2.92

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 48,841 ÷ 13,577 = 3.60

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 48,808 ÷ 14,644 = 3.33

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 General Dynamics Corp. adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings 3,484 3,345 2,912 2,955 2,965
Revenue 39,350 36,193 30,973 31,353 31,469
Profitability Ratio
Net profit margin1 8.85% 9.24% 9.40% 9.42% 9.42%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,274 3,048 3,873 3,378 2,815
Revenue 39,350 36,193 30,973 31,353 31,469
Profitability Ratio
Adjusted net profit margin3 8.32% 8.42% 12.50% 10.77% 8.95%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
Net profit margin = 100 × Net earnings ÷ Revenue
= 100 × 3,484 ÷ 39,350 = 8.85%

2 Adjusted net earnings. See details »

3 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Revenue
= 100 × 3,274 ÷ 39,350 = 8.32%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Dynamics Corp. adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings 3,484 3,345 2,912 2,955 2,965
Shareholders’ equity 13,577 11,732 11,435 10,976 10,738
Profitability Ratio
ROE1 25.66% 28.51% 25.47% 26.92% 27.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,274 3,048 3,873 3,378 2,815
Adjusted shareholders’ equity3 14,644 12,751 12,071 11,454 10,832
Profitability Ratio
Adjusted ROE4 22.36% 23.90% 32.09% 29.49% 25.99%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ equity
= 100 × 3,484 ÷ 13,577 = 25.66%

2 Adjusted net earnings. See details »

3 Adjusted shareholders’ equity. See details »

4 2019 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity
= 100 × 3,274 ÷ 14,644 = 22.36%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Dynamics Corp. adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings 3,484 3,345 2,912 2,955 2,965
Total assets 48,841 45,408 35,046 32,872 31,997
Profitability Ratio
ROA1 7.13% 7.37% 8.31% 8.99% 9.27%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,274 3,048 3,873 3,378 2,815
Adjusted total assets3 48,808 46,835 36,177 32,575 31,668
Profitability Ratio
Adjusted ROA4 6.71% 6.51% 10.71% 10.37% 8.89%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 2019 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 3,484 ÷ 48,841 = 7.13%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 3,274 ÷ 48,808 = 6.71%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Dynamics Corp. adjusted ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.