General Dynamics
General Dynamics returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jul 5, 2026 | — | 14.17% | — | 17.8% | 7.67% | — |
| FY 2026 Q1 | Apr 5, 2026 | 14.86% | 14.12% | — | 17.97% | 7.51% | 7.2 pp |
| FY 2025 Q4 | Dec 31, 2025 | 14.62% | 13.64% | 19.48% | 17.66% | 7.44% | 6.9 pp |
| FY 2025 Q3 | Sep 28, 2025 | 14.74% | 13.86% | — | 17.78% | 7.34% | 7 pp |
| FY 2025 Q2 | Jun 29, 2025 | 14.18% | 13.68% | 65.14% | 17.91% | 7.27% | 6.5 pp |
| FY 2025 Q1 | Mar 30, 2025 | 13.92% | 13.18% | 60.6% | 18.23% | 7.11% | 6.2 pp |
| FY 2024 Q4 | Dec 31, 2024 | 13.83% | 12.55% | 96.28% | 17.44% | 6.83% | 6.1 pp |
| FY 2024 Q3 | Sep 29, 2024 | 13.3% | 12.38% | 16.41% | 16.95% | 6.57% | 5.6 pp |
| FY 2024 Q2 | Jun 30, 2024 | 12.97% | 12.25% | 12.41% | 17.08% | 6.56% | 5.3 pp |
| FY 2024 Q1 | Mar 31, 2024 | 12.62% | 11.57% | 3.56% | 16.71% | 6.31% | 4.9 pp |
| FY 2023 Q4 | Dec 31, 2023 | 12.51% | 11.38% | -0.58% | 16.63% | 6.23% | 4.8 pp |
| FY 2023 Q3 | Oct 1, 2023 | 12.78% | 11.46% | -4% | 17.56% | 6.31% | 5.1 pp |
| FY 2023 Q2 | Jul 2, 2023 | 12.9% | 11.64% | 1.84% | 18.28% | 6.54% | 5.2 pp |
| FY 2023 Q1 | Apr 2, 2023 | 13.06% | 11.55% | 4.17% | 18.27% | 6.58% | 5.4 pp |
| FY 2022 Q4 | Dec 31, 2022 | 12.78% | 11.64% | 12.5% | 18.72% | 6.67% | 5.1 pp |
| FY 2022 Q3 | Oct 2, 2022 | 13.35% | 11.55% | -11.25% | 20.08% | 6.54% | 5.6 pp |
| FY 2022 Q2 | Jul 3, 2022 | 13.14% | 11.54% | — | 20.23% | 6.51% | 5.4 pp |
| FY 2022 Q1 | Apr 3, 2022 | 13.11% | 11.54% | — | 19.66% | 6.5% | 5.4 pp |
| FY 2021 Q4 | Dec 31, 2021 | 13.12% | 11.65% | -0.05% | 19.56% | 6.43% | 5.4 pp |
| FY 2021 Q3 | Oct 3, 2021 | 13.52% | 11.97% | — | 21.73% | 6.51% | 5.8 pp |
| FY 2021 Q2 | Jul 4, 2021 | 13.56% | 12.17% | -11.34% | 22.46% | 6.47% | 5.9 pp |
| FY 2021 Q1 | Apr 4, 2021 | 13.33% | 11.79% | -36.51% | 22.21% | 6.11% | 5.6 pp |
| FY 2020 Q4 | Dec 31, 2020 | 13.88% | 12.27% | -28.63% | 21.66% | 6.32% | 6.2 pp |
| FY 2020 Q3 | Sep 27, 2020 | 13.43% | 12.96% | -40.87% | 22.57% | 6.43% | 5.7 pp |
| FY 2020 Q2 | Jun 28, 2020 | 13.92% | 13.59% | -30.65% | 24.39% | 6.64% | 6.2 pp |
| FY 2020 Q1 | Mar 29, 2020 | 14.95% | 13.58% | 21.3% | 27.09% | 6.81% | 7.3 pp |
| FY 2019 Q4 | Dec 31, 2019 | 16.13% | 14.82% | 13.39% | 27.53% | 7.39% | 8.4 pp |
| FY 2019 Q3 | Sep 29, 2019 | 14.59% | 14.7% | 29.35% | 25.68% | 7.05% | 6.9 pp |
| FY 2019 Q2 | Jun 30, 2019 | 14.5% | 14.73% | 30.21% | 26.63% | 6.95% | 6.8 pp |
| FY 2019 Q1 | Mar 31, 2019 | 18.7% | 16.51% | 5.47% | 27.42% | 7.77% | 11 pp |
| FY 2018 Q4 | Dec 31, 2018 | 20.57% | 16.94% | 6.33% | 28.88% | 8.32% | 12.9 pp |
| FY 2018 Q3 | Sep 30, 2018 | 17.23% | 16.1% | 1.5% | 25.26% | 7.5% | 9.5 pp |
| FY 2018 Q2 | Jul 1, 2018 | 16.8% | 16.44% | -0.05% | 26.02% | 7.38% | 9.1 pp |
| FY 2018 Q1 | Apr 1, 2018 | 23.17% | 19.75% | -7.67% | 26.37% | 8.37% | 15.5 pp |
| FY 2017 Q4 | Dec 31, 2017 | 23.9% | 19.9% | — | 25.99% | 8.58% | 16.2 pp |
| FY 2017 Q3 | Oct 1, 2017 | 23.7% | 20.06% | 10.14% | 26.86% | 9.09% | 16 pp |
| FY 2017 Q2 | Jul 2, 2017 | 24.64% | 21.43% | 21.67% | 27.27% | 9.13% | 16.9 pp |
| FY 2017 Q1 | Apr 2, 2017 | 25.94% | 21.82% | 57.91% | 28.36% | 9.25% | 18.2 pp |
| FY 2016 Q4 | Dec 31, 2016 | 26.12% | 21.77% | 8.36% | 27.22% | 9.11% | 18.4 pp |
| FY 2016 Q3 | Oct 2, 2016 | 25.95% | 20.84% | 3.56% | 26.5% | 8.9% | 18.2 pp |
| FY 2016 Q2 | Jul 3, 2016 | 26.19% | 20.67% | 4.35% | 26.69% | 9.09% | 18.5 pp |
| FY 2016 Q1 | Apr 3, 2016 | 26.82% | 20.73% | 11.39% | 26.84% | 8.98% | 19.1 pp |
| FY 2015 Q4 | Dec 31, 2015 | 26.6% | 20.3% | — | 26.28% | 8.8% | 18.9 pp |
| FY 2015 Q3 | Oct 4, 2015 | 26.52% | 20.81% | — | 24.44% | 8.5% | 18.8 pp |
| FY 2015 Q2 | Jul 5, 2015 | 24.79% | 19.85% | — | 23.49% | 8.43% | 17.1 pp |
| FY 2015 Q1 | Apr 5, 2015 | 23.94% | 18.79% | — | 21.06% | 7.72% | 16.2 pp |
| FY 2014 Q4 | Dec 31, 2014 | 22.36% | 17.34% | — | 19.24% | 7.16% | 14.7 pp |
| FY 2014 Q3 | Sep 28, 2014 | 21.56% | 16.98% | — | 18.17% | 6.58% | 13.9 pp |
| FY 2014 Q2 | Jun 29, 2014 | 20.51% | 16.81% | — | 18.35% | 6.61% | 12.8 pp |
| FY 2014 Q1 | Mar 30, 2014 | 20.45% | 16.63% | — | 18.84% | 6.9% | 12.8 pp |
| FY 2013 Q4 | Dec 31, 2013 | 20.23% | 16.04% | — | 18.21% | 6.76% | 12.5 pp |
| FY 2013 Q3 | Sep 29, 2013 | — | 3.69% | — | -1.99% | -0.76% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 3.53% | — | -2.51% | -0.91% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 3.47% | — | -2.56% | -0.93% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | 3.59% | — | -2.7% | -0.96% | — |
| FY 2012 Q3 | Sep 30, 2012 | 15.93% | 15.94% | — | 17.22% | 6.97% | 8.2 pp |
| FY 2012 Q2 | Jul 1, 2012 | 17.19% | 16.83% | -139.69% | 17.78% | 7.16% | 9.5 pp |
| FY 2012 Q1 | Apr 1, 2012 | 17.33% | 16.26% | -31.99% | 17.83% | 7.23% | 9.6 pp |
| FY 2011 Q4 | Dec 31, 2011 | 18.48% | 16.96% | -18.01% | 19.03% | 7.49% | 10.8 pp |
| FY 2011 Q3 | Oct 2, 2011 | 17.65% | 17.92% | 9.41% | 19.5% | 8.17% | 9.9 pp |
| FY 2011 Q2 | Jul 3, 2011 | 18.31% | 18.26% | 164.59% | 19.8% | 8.25% | 10.6 pp |
| FY 2011 Q1 | Apr 3, 2011 | 18.81% | 18.41% | — | 19.85% | 8.24% | 11.1 pp |
| FY 2010 Q4 | Dec 31, 2010 | 19.59% | 18.75% | — | 20.39% | 8.25% | 11.9 pp |
| FY 2010 Q3 | Oct 3, 2010 | 18.07% | 18.58% | — | 19.83% | 8.19% | 10.4 pp |
| FY 2010 Q2 | Jul 4, 2010 | 18.2% | 18.33% | — | 20.39% | 8.14% | 10.5 pp |
| FY 2010 Q1 | Apr 4, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Oct 4, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jul 5, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · GD, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.