General Dynamics Corp.
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+ FollowMarket Cap$100.87B
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Blowout quarter + beats
- Q3 2026 results: EPS $4.49 on revenue $14.57B; operating earnings $1.527B, net earnings $1.229B.
- YoY growth: revenue +12.9%, operating earnings +14.7%, net earnings +16.1%, diluted EPS +15.7%.
- Sequential growth: revenue +3.3%, operating earnings +4.6%, EPS ~+6%.
- Margins: company operating margin 10.5%, +20 bps YoY (quality of earnings improving alongside growth).
- Beat: beat consensus by $0.37 (more revenue + operating earnings than sell-side expected).
Orders/backlog are historic—demand strength across segments
- New orders: nearly $99B in the quarter.
- Backlog: record $220B, 2x year-ago level.
- Total estimated contract value: $271B (incl. options + IDIQ).
- Marine Systems: major submarine awards—$29.5B (5 Columbia Block 2) and $42.1B (9 Virginia Block VI).
- Technologies: book-to-bill ~1.4x (Combat just shy of 1:1); Defense segment book-to-bill 8.5x (as stated).
- Aerospace: dollar-based book-to-bill ~1.4x; Gulfstream order demand strong—new aircraft orders up 30%+ in first 9 months vs prior year (US/Western Europe/SE Asia strong; Middle East cautious/slower ordering).
Strong cash generation; pension derisk; capital intensity rising near-term
- Operating cash flow: $1.7B in Q3; $5.7B in first 9 months.
- Working capital: operating working capital down ~$1.7B vs end of 2025 despite +10%+ revenue (a positive swing for cash).
- Free cash flow: $1.2B in Q3; $4.8B YTD with 137% conversion vs net earnings.
- Pension action: $500M voluntary contribution in the quarter—frozen plans “essentially funded” and management expects reduced volatility and ability to derisk future pension costs.
- Capex: $481M in Q3 (higher than first half); 2.2% of sales YTD; expecting 3.5%–4% of sales for full year (notable ramp, especially into Q4).
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$490.59
34.5% upside
Current Fair Value
34.5% upsideUndervalued by 34.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $100.87 Billion |
|---|---|
| Enterprise Value | $117.05 Billion |
| Annual dividend | $6.27 |
| Dividend yield | 1.68% |
| Earnings per Share | $15.64 |
| Beta | 0.33 |
| Outstanding Shares | 270,228,000 |
Return
| Return on Equity | 17.36% |
|---|---|
| Return on Assets | 7.74% |
| Return on Invested Capital | 14.30% |
Valuation & Multiples
| P/E Ratio | 21.61 |
|---|---|
| PEG | 134.63 |
| Price to Sales | 1.75 |
| Price to Book Ratio | 3.69 |
| Enterprise Value to Revenue | 2.07 |
| Enterprise Value to EBIT | 19.77 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 0.76 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$4.12
Consensus analyst estimateRevenue Estimate
$13.72 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$4.57
Consensus analyst estimateRevenue Estimate
$14.77 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.35, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3475▼ 27.39% |
|---|---|
| Total Calls | 2,302▼ 99.80% |
| Total Puts | 800▼ 99.89% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.52%▼ 83.93% |
|---|---|
| Total Invested | $3.13B▼ 96.24% |
| Investors Holding | 924▼ 1356.00% |
About General Dynamics Corp.
117,000 employees
CEO: Phebe Novakovic
General Dynamics Corporation stands as a prominent global entity in the aerospace and defense industries, operating through four distinct divisions: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace division focu...