GENERAL DYNAMICS CORP (GD): what the price assumes

In the published model solve dated 2026-Q2, anchored at $381.80, GENERAL DYNAMICS CORP (GD) is priced for +8.4% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-26.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/GD

Headline

Field	Value
Ticker	GD
Company	GENERAL DYNAMICS CORP
Sector / Industry	Industrials
Current price	$381.80/sh
Composition	Aircraft manufacturing 18% / Aircraft services 7% / Nuclear-powered submarines 24% / Surface ships 6% / Repair and other services 2% / Military vehicles 9% / Weapon systems and munitions 6% / Engineering and other services 2% / Information technology (IT) services 17% / C5ISR solutions 8%

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Field	Value
Inversion basis	whole-company
Operating margin (value-band context)	3.4%
Operating margin today	10.2%
Margin compression (value-band)	-6.8pp
Implied growth	8.4%
Multiple paid	20x operating income

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 8.1% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Reference	Value
vs own history	+0.58σ
cohort percentile (of 225 peers)	50

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Family	Median price/FV	Models	Reads
Asset	2.06x	5	expensive
Earnings	1.76x	5	expensive
Relative	1.84x	2	expensive
Growth	0.72x	3	justifies

Families that justify the price: Growth Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.8%); the inversion above states its own rate.

Per-Model Detail (n=15)

Model	Family	FV	Price/FV	Applicable	Methodology
DCF Perpetual Growth	Growth	$659.79	0.58x	yes	FCF base $6.7B, growth 9% (input: historical growth), terminal g 4.0%, WACC 8.8%, 6yr projection
DCF Exit Multiple	Growth	$533.00	0.72x	yes	Exit EV/EBITDA: 15.0x / 17.0x / 19.0x (bear / base = today's held flat / bull), 6yr
Relative Valuation	Relative	—	—	no	P/E 22x (static sector reference · 2026-04), scenarios: 18.2x / 22.0x / 25.8x (bear / base = reference held flat / bull), EV/EBITDA 14x
Simple DDM	Growth	—	—	no	—
Two-Stage DDM	Growth	—	—	no	—
Simple Excess Return	Asset	$173.54	2.20x	yes	BV/sh $96.44, ROE (TTM) 16.6%, ke 9.3%
Two-Stage Excess Return	Asset	$229.78	1.66x	yes	5yr excess ROE then converge to ke=9.3%
Discounted Future Market Cap	Growth	$377.52	1.01x	yes	Rev $53.8B, growth 9% (input: historical growth; tapered), Terminal P/S: 1.6x / 1.9x / 2.2x (bear / base = today's held flat / bull, cap 8x)
Peter Lynch Fair Value	Relative	$190.03	2.01x	yes	EPS $15.84, growth 10% (input: historical EPS growth), PEG=2.46 (Overvalued)
Margin Trajectory	Growth	—	—	no	—
Earnings Power Value	Earnings	$157.30	2.43x	yes	Normalized EBIT (5y avg op income, one-time charges added back) $4.65B × (1−18%) / WACC 8.8% → EPV (no growth)
Residual Income	Asset	$232.04	1.65x	yes	BV $96.44 + 5yr PV of (ROE (TTM) 16.6% − Kₑ 9.3%) × BV; BV grows 8.8%/yr
Graham Number	Asset	$185.36	2.06x	yes	√(22.5 × EPS $15.84 × BVPS $96.44) — Graham's conservative floor
EV/EBITDA Relative	Relative	—	—	no	EBITDA $6.44B × sector EV/EBITDA 14.0x
FCF Yield	Earnings	$225.05	1.70x	yes	FCF $6201.0M / Kₑ 9.3% — zero-growth perpetuity
SBC-Adj FCF Yield	Earnings	$216.97	1.76x	yes	SBC-adj FCF $6.00B (FCF $6.20B − SBC $0.20B) capitalized at Kₑ
Ben Graham Formula	Earnings	$369.34	1.03x	yes	EPS $15.84 × (8.5 + 2×9.7%) × (4.4 / 5.3%)
ROIC-Justified P/B	Asset	$39.63	9.63x	yes	BV $96.44 × (ROIC 3.6% / WACC 8.8%)
P/Sales Sector	Relative	—	—	no	Revenue $53.81B × sector P/S 2.0x
PEG Fair Value	Relative	$229.57	1.66x	yes	EPS $15.84 × (PEG 1.5 × growth 9.7% (input: historical EPS growth)) → PE 14.5x
Earnings Yield	Earnings	$171.20	2.23x	yes	EPS $15.84 / required return 9.3% (Rf 4.3% + ERP 5.0%)
Funds From Operations Multiple	Relative	—	—	no	—
Clinical Phase NPV	Growth	—	—	no	—
Merton	Asset	—	—	no	—
V5 Mechanical	—	—	—	no	—

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

Unit	Role	Valuation basis	Revenue	Reported profit	Value evidence	Status
Aerospace	operating	enterprise	$13.1b	$1.7b operating-income	withheld	unresolved no unit value
Marine Systems	operating	enterprise	$16.7b	$1.2b operating-income	withheld	unresolved no unit value
Combat Systems	operating	enterprise	$9.2b	$1.3b operating-income	withheld	unresolved no unit value
Technologies	operating	enterprise	$13.5b	$1.3b operating-income	withheld	unresolved no unit value

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Field	Value
Net debt	$6.6b
Net debt / NOPAT (after-tax)	1.45x
Net debt / operating income (pre-tax)	1.19x
Share count CAGR (buyback)	-0.5%
Burning cash	no

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

The biggest single product line here is not the business jet but the nuclear-powered submarine, at roughly a quarter of company revenue, and the annual report is precise about what builds them: "Marine Systems consists of three business units - Electric Boat, Bath Iron Works and NASSCO."
That fastest-growing business is also the least profitable one: Marine Systems grew 21.0 percent in the March quarter on a 7.3 percent operating margin while Aerospace grew 8.4 percent on 15.0 percent, so winning more submarine work mechanically dilutes the consolidated margin.
Order intake is the metric that matters next: 26.6 billion dollars of orders against 13.5 billion of revenue in the March quarter, a two-to-one book-to-bill, leaving total estimated contract value of 188.4 billion dollars.

Bull Case

Everything about this company says mature. It employs more than 110,000 people, it sells to a customer that has existed since the eighteenth century, and its business lines are measured in decades rather than product cycles. Mature industrials are supposed to be read for cash conversion and capital return, with growth treated as a rounding error. General Dynamics is not currently behaving that way. Revenue rose 10.3 percent in the March quarter with all four segments up, and operating earnings rose 12.0 percent. The useful question is not which multiple to apply but why a company this old is compounding at all.

The answer sits underwater. Nuclear-powered submarines are the largest single revenue line in the portfolio, ahead of aircraft manufacturing, and the Marine Systems segment that produces them grew 21.0 percent in the March quarter to 4,343 million dollars of revenue. The annual report describes what backs that up: "The Marine Systems segment's backlog consists of very long-term submarine and surface ship construction programs, as well as numerous engineering and repair contracts." Fourteen Virginia-class boats sit in backlog with deliveries scheduled through 2034, and the Block V configuration adds a hull section the filing says more than triples strike capacity. These are not orders that get cancelled when a quarter disappoints. They are national programs with delivery dates a decade out.

The scale of the commitment is what separates this from an ordinary industrial order book. Total estimated contract value stood at 188.4 billion dollars at the end of the March quarter, made up of 130.8 billion of backlog and 57.6 billion of management's estimate of additional value in unfunded indefinite-delivery contracts and unexercised options. Set the funded portion against trailing revenue of 53.8 billion dollars and the company has already sold something close to two and a half times a year's output. It also added faster than it consumed: 26.6 billion dollars of orders against 13.5 billion of revenue in a single quarter, with the defense segments booking 2.2 dollars of new work for every dollar delivered.

The other engine is Gulfstream, and it earns the highest margin in the company. Aerospace produced a 15.0 percent operating margin in the March quarter against 14.3 percent a year earlier, on revenue up 8.4 percent. The strategy behind that is stated plainly in the 10-K: "We believe the key to long-term value creation in the business jet industry is steady development and release of new aircraft models and technologies and in customer service capabilities." A fresh aircraft family sells at better prices and pulls a decades-long service annuity behind it, which is why the segment carries the portfolio's best returns on an eight percent growth rate.

Against its own peer group the growth is genuinely unusual rather than merely respectable. LMT is growing trailing revenue 4.6 percent, NOC 5.0 percent and LHX 4.4 percent, while General Dynamics is running near double that pace. Its trailing operating margin near 10.2 percent sits alongside LHX at 10.2 percent and RTX at 10.9 percent and above LMT at 9.9 percent. Cash conversion closes the argument: 2.2 billion dollars of operating cash flow in the March quarter, 192 percent of net earnings, comfortably covering 405 million of dividends and 203 million of capital spending.

Bear Case

There is a version of success here that leaves shareholders worse off, and it is the version currently happening. The part of General Dynamics growing fastest is the part that earns the least. Marine Systems grew 21.0 percent in the March quarter on a 7.3 percent operating margin. Aerospace grew 8.4 percent on 15.0 percent. Every dollar of mix shift toward shipbuilding pulls the consolidated margin down, and shipbuilding is exactly where the customer's demand is concentrated. For a sense of the ceiling, HII, the closest thing to a pure-play warship builder, runs a 5.1 percent operating margin on trailing revenue of 12,849 million dollars. That is what building warships earns when it is the whole business rather than a segment inside a diversified one.

Work the current quote backwards and it embeds operating profit growing about 10 percent a year over a five-year stage. That is not an outlandish demand. It is almost exactly what the company has been producing: operating earnings up 12.0 percent in the March quarter and 11.7 percent in fiscal 2025. The problem is that it asks for the pace to continue on a mix moving the wrong way for margins, and history is not generous about persistence. Only about half of comparable performers sustained that rate over a comparable stretch. A single percentage point of disappointment in the cost of capital used to discount it moves the required growth rate by more than seven points, which is a polite way of saying this valuation is highly sensitive to the rate environment.

The methods themselves are not comfortable with the price. Only the forward cash-flow approaches reach it. The peer-multiple family sits about 26 percent below the quote and the earnings-power family about 81 percent below it, meaning a calculation that averages five years of operating income and assumes no growth whatsoever supports a small fraction of what the shares cost. Anyone buying here is paying for durability that the static frames structurally cannot see, which is a defensible position and also an act of faith.

The contract mechanics deserve more attention than they usually get. The 10-K states that "Typically, we assume more risk with fixed-price contracts." and explains how progress is measured: "Because costs are used as a measure of progress, year-over-year variances in costs result in corresponding variances in revenue, which we generally refer to as volume." Read those two sentences together and the shipbuilding risk becomes concrete. When labour or supplier costs run above plan on a long fixed-price ship program, the extra cost shows up as revenue growth and margin compression simultaneously. Marine Systems posting 21 percent growth at a 7.3 percent margin is precisely the shape that produces.

The high-margin segment carries its own external exposures. The annual report records that tariffs reduced Aerospace operating margins by 30 basis points in 2025 and that "The ongoing sanctions on Russia have also restricted access to a segment of the market." A business jet is the most discretionary item in the portfolio, sold to buyers whose willingness to spend tracks asset prices and confidence rather than appropriations. The segment least protected by a government contract is the one carrying the most operating profit per dollar of revenue. Meanwhile the balance sheet is not where the danger lies at all: borrowings of 8.0 billion dollars against 3.7 billion of cash at April 5, 2026, on trailing operating profit above 5 billion, is a comfortable position. The exposure in this company is not financial leverage. It is a single customer whose budget runs through Congress.

Valuation

Rebuilt from the filed income statements, the twelve months through April 5, 2026 produced about 5.5 billion dollars of operating profit on 53.8 billion of revenue, a margin near 10.2 percent. Working the current quote backwards, the market is priced for operating profit growth of roughly 10.3% a year across a five-year stage. Read that against the record and the demand is unusually modest: fiscal 2025 operating earnings grew 11.7 percent and the March quarter grew 12.0 percent. The market is not asking this company to become something different. It is asking it to keep doing what it just did.

Where the methods disagree is instructive. The forward cash-flow approaches land above the quote, one of them because it holds the earnings multiple where it stands today, all the way out to its horizon, while compounding free cash flow near nine percent, compressing that multiple in the bear scenario and expanding it in the bull. Every static approach lands underneath. The peer-multiple family sits roughly 26 percent below the quote and the earnings-power family roughly 81 percent below it, the latter because it averages five years of operating income and credits no growth at all. When only the forward frames reach the price, what is being paid for is durability, and durability is precisely the thing a no-growth calculation is built to ignore.

The concrete thing that has to stay true is a margin, not a growth rate. Holding a consolidated operating margin near 10.2 percent while revenue mix shifts toward a segment earning 7.3 percent requires Marine Systems margins to rise as the submarine programs move from early construction into repeat production. That is a specific operational claim about learning curves on Virginia-class and Columbia-class boats, and it is the single assumption on which the arithmetic turns. If Marine margins stay where they are, growth alone does not get the consolidated number there.

Solvency does not bound anything here. Borrowings stood at 8.0 billion dollars against 3.7 billion of cash and equivalents on April 5, 2026, and the quarter alone generated 2.2 billion dollars of operating cash flow, 192 percent of net earnings. The financing line cost 69 million dollars in the quarter, down from 89 million a year earlier. Dividends of 405 million and capital expenditure of 203 million were both funded several times over. The share count is essentially flat, so per-share growth is coming from the business rather than from arithmetic.

Placed against its cohort, the picture is a company growing faster than its peers on similar profitability. LMT carries a 9.9 percent operating margin with trailing revenue growing 4.6 percent; NOC 11.6 percent on 5.0 percent growth; LHX 10.2 percent on 4.4 percent. General Dynamics sits at a comparable margin on roughly double the growth, and on the multiple applied to operating income it sits in the lower half of that same peer range. The premium in the share price is not being charged against the group. It is being charged against what a no-growth reading of the same earnings would support, and the gap between those two is the submarine backlog.

Catalysts

The last full read on this business came on April 29, 2026, and it was strong across the board. First-quarter revenue of 13.5 billion dollars rose 10.3 percent with growth in all four segments, operating earnings reached 1,420 million, and diluted earnings per share of $4.10 rose 12 percent on the year. Operating cash flow of 2.2 billion dollars represented 192 percent of net earnings, which is an unusually clean conversion for a business with this much work in process. Segment margins moved up in three of four lines, with only Technologies slipping, to 9.5 percent from 9.6 percent.

The order data is the forward-looking part. Companywide orders of 26.6 billion dollars produced a two-to-one book-to-bill, split 2.2-to-1 across the defense segments and 1.2-to-1 in Aerospace, and total estimated contract value finished the quarter at 188.4 billion dollars. That builds on a trend already visible in the annual report, which put estimated potential contract value in the defense segments at 59.8 billion dollars on December 31, 2025, up 14.4 percent from 52.2 billion a year earlier. Backlog of this shape converts slowly, so the useful signal is direction rather than level, and the direction has been up for several consecutive reporting periods.

Two external items are worth tracking into the next print. The annual report discloses that tariffs reduced Aerospace operating margins by 30 basis points during 2025 and describes their duration and extent as continuing to evolve, so any further change in trade policy lands directly on the highest-margin segment. Separately, the filing notes that "The ongoing sanctions on Russia have also restricted access to a segment of the market." for business aircraft. Neither is large enough to change the shape of the company, but both sit on the part of it that carries the best returns.

Peer Cohorts (Per Segment, With Filing Citations)

Aerospace (reported)

NOC (NORTHROP GRUMMAN CORP /DE/)
FY2025 10-K: …growth and a series of acquisitions and divestitures, including the following: • 1994 - Acquired Grumman Corporation, a premier military aircraft systems integrator. The combined company was renamed Northrop Grumman Corporation; • 1996 - Acquired the defense and electronics businesses of Westinghouse Electric…
FY2025 10-K: …is the Multi-role Electronically Scanned Array (MESA) radar which enables 360 degree long range advanced air moving target indicator (AMTI) capabilities for Battle Management, Command and Control, and Maritime Surveillance; • Battlefield Airborne Communications Node (BACN), one of the first airborne gateway systems…
LMT (LOCKHEED MARTIN CORPORATION)
FY2025 10-K: …programs, see "Note 1 - Organization and Significant Accounting Policies" included in our Notes to Consolidated Financial Statements. Aeronautics Our Aeronautics business segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of advanced military aircraft,…
FY2025 10-K: …objective of procuring 2,456 aircraft for the U.S. Air Force, U.S. Marine Corps, and U.S. Navy. We also have commitments from seven international partner countries and 12 FMS customers, who collectively during the year indicated their intent to purchase 72 additional aircraft beyond their existing programs of record.…
RTX (RTX CORPORATION)
FY2025 10-K: , Collins Aerospace (since July 2024) President, Mission Systems, Collins Aerospace; President, Avionics, Collins Aerospace; President, Interiors, Collins Aerospace 56 Christopher T. Calio Chairman (since April 2025), Chief Executive Officer (since May 2024), and President, RTX Corporation (since March 2023) Chief…
FY2025 10-K: …components, engine nacelle systems, including thrust reversers and mounting pylons, interior and exterior aircraft lighting, aircraft cargo systems, evacuation systems, landing systems (including landing gear, wheels, and braking systems), communication, navigation, surveillance systems, fire and ice detection and…
LHX (L3HARRIS TECHNOLOGIES, INC.)
FY2025 10-K: …Group . On May 31, 2024, we completed the divestiture of our Antenna disposal group, from our SAS segment, for cash proceeds of $ 170 million and a $ 25 million note receivable. Visual Information Solutions ("VIS"). During fiscal 2023, we completed the divestiture of VIS from our SAS segment , for net cash proceeds…
FY2025 10-K: . Under the agreement we will contribute certain of the assets and liabilities of the SPPS business, reported in our AR segment, and the SA&C business, reported in our IMS segment to a new entity in which we will retain a 40 % noncontrolling interest. The Space Technology disposal group, which excludes our RS-25…
HII (HUNTINGTON INGALLS INDUSTRIES, INC.)
FY2025 10-K: …hii:NewportNewsShipbuildingMember 2023-01-01 2023-12-31 0001501585 us-gaap:OperatingSegmentsMember hii:OtherprogramsMember hii:NewportNewsShipbuildingMember 2025-01-01 2025-12-31 0001501585 us-gaap:OperatingSegmentsMember hii:OtherprogramsMember hii:NewportNewsShipbuildingMember 2024-01-01 2024-12-31 0001501585…
FY2025 10-K: …hii:AmphibiousassaultshipsMember hii:IngallsMember 2025-01-01 2025-12-31 0001501585 us-gaap:OperatingSegmentsMember hii:AmphibiousassaultshipsMember hii:IngallsMember 2024-01-01 2024-12-31 0001501585 us-gaap:OperatingSegmentsMember hii:AmphibiousassaultshipsMember hii:IngallsMember 2023-01-01 2023-12-31 0001501585…
TXT (Textron Inc.)
FY2025 10-K: …training on Bell-owned aircraft and certified Full Flight Simulators and Flight Training Devices, as well as maintenance training on Bell's production representative maintenance training devices. Textron Systems Segment The businesses in our Textron Systems segment develop, manufacture and integrate a variety of…
FY2025 10-K: …txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-28 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-29 2026-01-03 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2023-12-31 2024-12-28 0000217346…
HON (Honeywell International Inc)
FY2025 10-K: …product and service areas. BACKLOG Our backlog represents the estimated remaining value of work to be performed or products to be shipped under firm contracts. Backlog is equal to our remaining performance obligations under the contracts that meet the guidance on revenue from contracts with customers as discussed in…
FY2025 10-K: …in a variety of end markets including commercial air transport, business aviation, airlines, aircraft operators, defense and space primes, and the U.S. government. Aerospace Technologies products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics,…
BA (THE BOEING COMPANY)
FY2025 10-K: …ba:SpiritAeroSystemsHoldingsInc.Member 2025-12-08 2025-12-08 0000012927 ba:DebtRepaidOnSpiritsBehalfMember ba:SpiritAeroSystemsHoldingsInc.Member 2025-12-08 2025-12-08 0000012927 ba:SpiritAeroSystemsHoldingsInc.Member ba:PremiumOnAssumedExchangeableNotesMember 2025-12-08 2025-12-08 0000012927…
FY2025 10-K: …2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember us-gaap:TransferredAtPointInTimeMember ba:CommercialAirplanesSegmentMember 2025-01-01 2025-12-31 0000012927 us-gaap:OperatingSegmentsMember us-gaap:TransferredAtPointInTimeMember ba:CommercialAirplanesSegmentMember 2024-01-01 2024-12-31 0000012927…

Marine Systems (reported)

HII (HUNTINGTON INGALLS INDUSTRIES, INC.)
FY2025 10-K: …the DoE's national security mission through the management and operation of its sites, as well as the safe cleanup of legacy waste across the country . Unmanned Systems Creates advanced unmanned systems for defense, marine research, and commercial applications. Serving customers in more than 30 countries, we provide…
FY2025 10-K: …and electronic warfare; unmanned autonomous systems; live, virtual, and constructive training solutions; platform modernization; and critical nuclear operations. Ingalls Through our Ingalls segment, we design and construct non-nuclear ships for the U.S. Navy and U.S. Coast Guard, including amphibious assault ships,…
NOC (NORTHROP GRUMMAN CORP /DE/)
FY2025 10-K: …for the U.S. Navy, Japan, and France; • MQ-4C Triton, which provides wide area strategic ISR over vast ocean and coastal regions for maritime domain awareness to the U.S. Navy and Australia; • RQ-4 Global Hawk, which provides high resolution imagery of land masses for theater awareness and strategic ISR to the U.S.…
FY2025 10-K: …an open architecture system that seamlessly integrates sensors and effectors to deliver among the most advanced C2 systems for joint and coalition forces; • Medium (30mm and 20mm) and Large (120mm) caliber tactical and training ammunition production; • Guided Multiple Launch Rocket System (GMLRS) propulsion and…
LMT (LOCKHEED MARTIN CORPORATION)
FY2025 10-K: …• Training, logistics and simulation (TLS) programs such as those providing sustainment services and programs that provide simulators and associated training to U.S. military and foreign government customers. Effective January 2026, the IWSS and C6ISR lines of business within RMS were restructured and renamed…
FY2025 10-K: …at very long range and produced for the U.S. Air Force, U.S. Navy, and international customers. Hellfire and JAGM are air-to-ground missile used on rotary and fixed-wing aircraft, which is produced for the U.S. Army, Navy, Marine Corps and international customers. • The Javelin program, which is a one-person portable…

Combat Systems (reported)

LMT (LOCKHEED MARTIN CORPORATION)
FY2025 10-K: …at very long range and produced for the U.S. Air Force, U.S. Navy, and international customers. Hellfire and JAGM are air-to-ground missile used on rotary and fixed-wing aircraft, which is produced for the U.S. Army, Navy, Marine Corps and international customers. • The Javelin program, which is a one-person portable…
FY2025 10-K: …• Training, logistics and simulation (TLS) programs such as those providing sustainment services and programs that provide simulators and associated training to U.S. military and foreign government customers. Effective January 2026, the IWSS and C6ISR lines of business within RMS were restructured and renamed…
NOC (NORTHROP GRUMMAN CORP /DE/)
FY2025 10-K: …for the U.S. Navy, Japan, and France; • MQ-4C Triton, which provides wide area strategic ISR over vast ocean and coastal regions for maritime domain awareness to the U.S. Navy and Australia; • RQ-4 Global Hawk, which provides high resolution imagery of land masses for theater awareness and strategic ISR to the U.S.…
FY2025 10-K: …an open architecture system that seamlessly integrates sensors and effectors to deliver among the most advanced C2 systems for joint and coalition forces; • Medium (30mm and 20mm) and Large (120mm) caliber tactical and training ammunition production; • Guided Multiple Launch Rocket System (GMLRS) propulsion and…
RTX (RTX CORPORATION)
FY2025 10-K: …Collins supports government and defense customer missions by providing systems solutions for connected battlespace, test and training range systems, crew escape systems, and simulation and training. Pratt & Whitney is among the world's leading suppliers of aircraft engines for commercial, military, business jet, and…
FY2025 10-K: …of War (DoW) (formerly referred to as the U.S. Department of Defense), including the U.S. Navy, U.S. Army, Missile Defense Agency, U.S. Air Force, and U.S. Space Force, as well as programs with U.S. federal civil customers, and other international and classified customers. In 2025, Raytheon achieved key advancements…
LHX (L3HARRIS TECHNOLOGIES, INC.)
FY2025 10-K: …our classified networks, and to the IT networks and related systems that we operate, maintain and secure for certain of our customers. We have implemented various measures to manage the risk of a security breach or disruption. See "Item 1C. Cybersecurity" in this Report for further discussion of our risk management…
FY2025 10-K: …products. CS segment operating income increased in fiscal 2025 compared with fiscal 2024 primarily due to LHX NeXt driven cost savings realized during fiscal 2025 and the absence of a $24 million non-cash charge for impairment of other assets at Broadband Communications that occurred in fiscal 2024 related to the TDL…
AXON (AXON)
FY2025 10-K: …ecosystems. 8 Table o f Contents TASER for Professional Users: Our CEDs compete with a variety of less-than-lethal alternatives to firearms, including rubber bullets or rubber baton rounds, such as those made by Combined Systems, Inc.; pepper spray and pepper spray projectiles, such as those made by Byrna…
FY2025 10-K: …Drones' Watchtower, Versaterm's DroneSense, and Votix, LLC. Key competitive factors in this product category include integration and compatibility with various drone hardware providers and other technology systems used by first responders (e.g., digital evidence management), drone program management and real-time…

Technologies (reported)

LDOS (Leidos Holdings, Inc.)
FY2025 10-K: …Corporate Engineering and Technology. Roy Stevens 58 Mr. Stevens has served as President for the National Security Sector since January 2024. Mr. Stevens has been a Leidos corporate officer since 2018 serving in a variety of executive roles prior to this including Chief Growth Officer and Intelligence Group…
FY2025 10-K: …underlying AI and its uses are subject to a variety of laws and regulations, including intellectual property, data privacy (including automated decision making), cybersecurity, consumer protection, competition and equal opportunity laws and regulations, and are expected to be subject to additional regulation, new…
LHX (L3HARRIS TECHNOLOGIES, INC.)
FY2025 10-K: …new entrants, including technology start-ups. While these competitors may lack our scale, production capacity, and established customer trust, they may possess innovative or low-cost technologies and the ability to rapidly deploy new solutions. The emergence of such players may intensify pricing pressure and threaten…
FY2025 10-K: …have a negative impact on our business, financial condition, results of operations, cash flows and equity, reputation, ability to protect data, assets, and intellectual property, maintenance of customer and vendor relationships, competitive posture, and could lead to litigation or regulatory investigations or…
SAIC (Science Applications International Corporation)
FY2025 10-K: …management and operations, sustainment and security of the customers' entire IT infrastructure. Our long-standing customer relationships have enabled us to achieve an in-depth understanding of our customers' missions and provide differentiated service offerings to meet our customers' most complex requirements.…
FY2025 10-K: Our two reportable segments are the Defense and Intelligence segment and the Civilian segment. The Defense and Intelligence segment provides a diverse portfolio of national security solutions to the DoD and Intelligence Community of the United States Government. The Civilian segment provides solutions to the civilian…
BAH (BOOZ ALLEN HAMILTON HOLDING CORPORATION)
FY2025 10-K: …and product offerings, we believe we are creating sustainable quality growth for the Company. Our Core Technology, Expertise, and Innovation Our technologists and mission experts identify, assess, build, and deploy technology solutions to advance and protect the nation using AI, cyber, and other cutting-edge…
FY2025 10-K: …raise concerns, explore solutions, and think outside the box to find creative answers. 6 Table of Contents Guided by Strategy . Our VoLT strategy pairs our technology prowess with mission expertise to bring solutions to customers at scale. Our modern workplace initiatives are designed to recruit, incentivize, reward,…
CACI (CACI International Inc)
FY2025 10-K: …needs. Our proven Expertise and Technology and strong record of program delivery have enabled us to compete for and secure new customers and contracts, win repeat business, and build and maintain long-term customer relationships. We seek competitive business opportunities and have built our operations to support…
FY2025 10-K: …We provide Expertise and Technology to government customers. We believe that the total addressable market for our offerings is sufficient to support the Company's plans and is expected to continue to grow over the next several years. Approximately 75% of our revenue comes from defense-related customers, including…
NOC (NORTHROP GRUMMAN CORP /DE/)
FY2025 10-K: …and Analysis of Financial Condition and Results of Operations" (MD&A) and Note 1 to the consolidated financial statements. INTELLECTUAL PROPERTY We protect our technological innovations using a combination of trade secrets, patents, trademarks, and copyrights. We routinely apply for patents related to the…
FY2025 10-K: December 15, 1991, dated as of December 20, 2002, among Litton Industries, Inc. (predecessor-in-interest to Northrop Grumman Systems Corporation), Northrop Grumman Corporation, Northrop Grumman Systems Corporation and The Bank of New York, as trustee (incorporated by reference to Exhibit 4(t) to Form 10-K for the year…
KBR (KBR, Inc.)
FY2025 10-K: 84 Selected Geographic Information Long-lived assets by country are determined based on the location of tangible assets. Dollars in millions January 2, 2026 January 3, 2025 Property, plant & equipment, net: United States $ 124 $ 129 United Kingdom 34 35 Other 74 73 Total $ 232 $ 237 Note 3. Revenue Disaggregated…
FY2025 10-K: …fuels, petrochemicals and polymers, fertilizers, semi-submersibles and specialty chemicals. The technologies we license include the transformation of raw materials into commodity chemicals, such as phenol, which is used in the production of consumer end products and our ammonia process technologies used in the…

Methodology Note

Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.

Sources

Q1 2026 results, April 29, 2026