Discounted Cash Flow

General Dynamics Corp.

GD · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $31.4b $3.0b $1.8b 9.4% $9.70
2017 $21.8b (-30.3%) $2.9b (-1.5%) $3.5b (92.0%) 13.3% (41.4%) $9.73 (0.3%)
2018 $36.2b (65.7%) $3.3b (14.9%) $2.7b (-24.5%) 9.2% (-30.7%) $11.33 (16.4%)
2019 $39.4b (8.7%) $3.5b (4.2%) $2.5b (-5.3%) 8.9% (-4.2%) $12.09 (6.7%)
2020 $37.9b (-3.6%) $3.2b (-9.1%) $3.3b (32.6%) 8.4% (-5.7%) $11.04 (-8.7%)
2021 $38.5b (1.4%) $3.3b (2.8%) $3.7b (11.0%) 8.5% (1.4%) $11.61 (5.2%)
2022 $39.4b (2.4%) $3.4b (4.1%) $4.0b (7.8%) 8.6% (1.6%) $12.31 (6.0%)
2023 $42.3b (7.3%) $3.3b (-2.2%) $4.1b (2.7%) 7.8% (-8.8%) $12.14 (-1.4%)
2024 $47.7b (12.9%) $3.8b (14.1%) $3.5b (-15.5%) 7.9% (1.1%) $13.81 (13.8%)
2025 $52.5b (10.1%) $4.2b (11.3%) $4.4b (28.0%) 8.0% (1.1%) $15.65 (13.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model