DCF Tool


General Dynamics Corp. – Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing
general dynamics is a global aerospace and defense company. from gulfstream business jets to submarines to wheeled combat vehicles to communications systems, people around the world depend on our products and services for their safety and security. headquartered in falls church, virginia, general dynamics is led by phebe novakovic. the company employs thousands of people, with locations in 43 countries. at the heart of our company are our employees. we rely on their intimate knowledge of customer requirements and a unique blend of skill and innovation to develop and produce the best possible products and services. the driver that makes our company agile, and ensures our continued performance, is our culture of continuous improvement. this culture enforces a shared commitment to consistently look toward the future and to embrace change. it’s a priority at all levels of our company, with every employee engaged in finding new ways to do things faster, better and more cost-effectively, and
Analysis Results
Intrinsic Value $530.26
Latest Price $249.69
Relative Value 53% undervalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 4.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 4.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 4.39 4.22
2024 4.59 4.24
2025 4.79 4.25
2026 5.01 4.27
2027 5.23 4.28
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 157 billion. This corresponds to a present value of 123 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 21.3 billion. Adding in the terminal value gives a total present value of 145 billion.

There are presently 273.0 million outstanding shares, so the intrinsic value per share is 530.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 21,063,000,000
Current Cash 1,242,000,000
Current Liabilities 15,341,000,000
Current Debt 1,253,000,000
Non-Cash Working Capital (NCWC) 5,733,000,000
Change in NCWC 322,000,000
EBIT 4,211,000,000
Tax Provision 646,000,000
Depreciation and Amortization 884,000,000
Capital Expenditure -1,114,000,000
Unlevered Free Cash Flow 3,628,989,593
Current Assets 19,987,000,000
Current Cash 1,603,000,000
Current Liabilities 13,978,000,000
Current Debt 1,005,000,000
Non-Cash Working Capital (NCWC) 5,411,000,000
Change in NCWC -347,000,000
EBIT 4,163,000,000
Tax Provision 616,000,000
Depreciation and Amortization 890,000,000
Capital Expenditure -887,000,000
Unlevered Free Cash Flow 3,156,875,548
Current Assets 21,543,000,000
Current Cash 2,824,000,000
Current Liabilities 15,964,000,000
Current Debt 3,003,000,000
Non-Cash Working Capital (NCWC) 5,758,000,000
Change in NCWC 761,000,000
EBIT 4,133,000,000
Tax Provision 571,000,000
Depreciation and Amortization 878,000,000
Capital Expenditure -967,000,000
Unlevered Free Cash Flow 4,173,661,583
Current Assets 19,780,000,000
Current Cash 902,000,000
Current Liabilities 16,801,000,000
Current Debt 2,920,000,000
Non-Cash Working Capital (NCWC) 4,997,000,000
Change in NCWC 1,537,000,000
EBIT 4,648,000,000
Tax Provision 718,000,000
Depreciation and Amortization 829,000,000
Capital Expenditure -987,000,000
Unlevered Free Cash Flow 5,232,791,527
Current Assets 18,189,000,000
Current Cash 963,000,000
Current Liabilities 14,739,000,000
Current Debt 973,000,000
Non-Cash Working Capital (NCWC) 3,460,000,000
Change in NCWC 1,212,000,000
EBIT 4,457,000,000
Tax Provision 727,000,000
Depreciation and Amortization 763,000,000
Capital Expenditure -690,000,000
Unlevered Free Cash Flow 4,948,795,838
Current Assets 18,328,000,000
Current Cash 2,983,000,000
Current Liabilities 13,099,000,000
Current Debt 2,000,000
Non-Cash Working Capital (NCWC) 2,248,000,000
Change in NCWC 1,081,000,000
EBIT 4,177,000,000
Tax Provision 1,165,000,000
Depreciation and Amortization 441,000,000
Capital Expenditure -428,000,000
Unlevered Free Cash Flow 4,077,425,067
Current Assets 15,447,000,000
Current Cash 2,334,000,000
Current Liabilities 12,846,000,000
Current Debt 900,000,000
Non-Cash Working Capital (NCWC) 1,167,000,000
Change in NCWC 1,325,000,000
EBIT 4,309,000,000
Tax Provision 1,169,000,000
Depreciation and Amortization 454,000,000
Capital Expenditure -392,000,000
Unlevered Free Cash Flow 4,505,449,066
Current Assets 14,571,000,000
Current Cash 2,785,000,000
Current Liabilities 12,445,000,000
Current Debt 501,000,000
Non-Cash Working Capital (NCWC) -158,000,000
Change in NCWC 73,000,000
EBIT 4,178,000,000
Tax Provision 1,137,000,000
Depreciation and Amortization 482,000,000
Capital Expenditure -569,000,000
Unlevered Free Cash Flow 3,005,934,178
Current Assets 17,407,000,000
Current Cash 4,388,000,000
Current Liabilities 13,751,000,000
Current Debt 501,000,000
Non-Cash Working Capital (NCWC) -231,000,000
Change in NCWC -622,000,000
EBIT 3,889,000,000
Tax Provision 1,129,000,000
Depreciation and Amortization 496,000,000
Capital Expenditure -521,000,000
Unlevered Free Cash Flow 2,087,165,439
Current Assets 17,886,000,000
Current Cash 5,301,000,000
Current Liabilities 12,194,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) 391,000,000
Change in NCWC -437,000,000
EBIT 3,685,000,000
Tax Provision 1,121,000,000
Depreciation and Amortization 556,000,000
Capital Expenditure -440,000,000
Unlevered Free Cash Flow 2,218,758,802
Current Assets 15,744,000,000
Current Cash 3,296,000,000
Current Liabilities 11,620,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) 828,000,000
Change in NCWC -769,000,000
EBIT 2,827,000,000
Tax Provision 873,000,000
Depreciation and Amortization 620,000,000
Capital Expenditure -450,000,000
Unlevered Free Cash Flow 1,355,000,000

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.