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Analysis of Investments
Advanced level
Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
General Dynamics Corp., adjustment to net earnings
US$ in millions
| 12 months ended | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|---|
| Net earnings (as reported) | ||||||
| Add: Unrealized gains (losses) on marketable securities | ||||||
| Net earnings (adjusted) |
Based on: 10-K (filing date: 2020-02-10), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08).
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
General Dynamics Corp., adjusted profitability ratios
Based on: 10-K (filing date: 2020-02-10), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08).
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | General Dynamics Corp.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by shareholders’ equity. | General Dynamics Corp.’s adjusted ROE improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by total assets. | General Dynamics Corp.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |
General Dynamics Corp., Profitability Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-02-10), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08).
2019 Calculations
1 Net profit margin = 100 × Net earnings ÷ Revenue
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Revenue
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | General Dynamics Corp.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-02-10), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08).
2019 Calculations
1 ROE = 100 × Net earnings ÷ Shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings ÷ Shareholders’ equity
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by shareholders’ equity. | General Dynamics Corp.’s adjusted ROE improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-02-10), 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08).
2019 Calculations
1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings ÷ Total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by total assets. | General Dynamics Corp.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |