GD
General Dynamics
Hybrid Industrial
★ Quality 48/100Price today
$359.39
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See what it is worthcharlieapp.co
What this business is made of
The business
One of only two shipyards the U.S. can use for nuclear submarines.
General Dynamics sells four things: Gulfstream jets, nuclear submarines, Abrams tanks, and IT services for the government. Of its $52.5B in 2025 revenue, half comes from the Pentagon and allies via multi-year contracts; Gulfstream charges millionaires and corporations for $45-80M planes. Backlog exceeds $90B — years of visibility.
Building Virginia-class and Columbia-class submarines is a two-member club in the U.S. Electric Boat has decades of know-how, irreplaceable shipyards, and the government as a captive customer that can't buy anywhere else. Gulfstream adds a luxury aviation brand with certification and service barriers that are hard to copy.
Revenue history
From $38.5B to $52.5B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $52.5B · FY2025
Of every $100 in sales, $92 goes to costs and operations; $8 is left as net profit (8% margin).
Catalysts and risks
Columbia-class submarine production ramp toward ~$10B+ annually in Marine Systems this decade.
Gulfstream G700 and G800 deliveries accelerating Aerospace revenue in 2025-2026.
U.S. defense budget near $900B sustains the $90B+ backlog.
No real monopoly moat outside submarines; tanks and IT face competition and price pressure.
Defense programs suffer delays and cost overruns — profitability can evaporate on a bad contract.
Gulfstream is cyclical: in a recession, private jets are the first thing to get canceled.
Charlie's note
“At nearly 20x for a business growing 8%, you pay a sensible price for a submarine moat only two companies in the country can dig, plus a jet brand nobody certifies overnight. Quality to spare; the only risk is getting impatient before the backlog does its job.”
Analysis · June 2026
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