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General Dynamics Corp. (NYSE:GD)

This company has been moved to the archive! The financial data has not been updated since October 28, 2020.

Common-Size Balance Sheet: Assets

General Dynamics Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Cash and equivalents 1.85 2.12 8.51 7.10 8.70
Accounts receivable 7.26 8.28 10.32 10.99 10.77
Unbilled receivables 16.09 14.48 14.95 16.07 13.62
Inventories 12.91 13.16 15.13 10.72 10.52
Other current assets 2.40 2.01 3.38 2.12 1.93
Current assets 40.50% 40.06% 52.30% 46.99% 45.54%
Property, plant and equipment, net 9.16 9.58 10.04 10.55 10.83
Intangible assets, net 4.74 5.69 2.00 2.06 2.38
Goodwill 40.29 43.15 34.00 34.82 35.76
Other assets 5.31 1.52 1.67 5.58 5.48
Noncurrent assets 59.50% 59.94% 47.70% 53.01% 54.46%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The asset composition of the organization underwent a significant structural shift between 2015 and 2019, characterized by a transition from current assets toward noncurrent assets. While current assets peaked in 2017 at 52.30% of total assets, they declined to 40.50% by 2019, coinciding with a corresponding increase in noncurrent assets, which rose from 47.70% in 2017 to 59.50% in 2019.

Liquidity and Cash Position
A substantial contraction in liquidity is evident. Cash and equivalents decreased from 8.70% of total assets in 2015 to 1.85% by 2019. The most precipitous drop occurred between 2017 and 2018, where the ratio fell from 8.51% to 2.12%, indicating a significant reallocation of liquid capital or a major cash expenditure.
Working Capital Components
Accounts receivable exhibited a gradual downward trend, moving from 10.77% in 2015 to 7.26% in 2019. In contrast, unbilled receivables remained a more dominant component of current assets, fluctuating between 13.62% and 16.09%. Inventories showed a general upward trajectory, increasing from 10.52% in 2015 to 12.91% in 2019, with a notable peak of 15.13% in 2017.
Noncurrent Asset Evolution
The noncurrent asset profile is dominated by intangible assets and goodwill. A sharp increase in both categories occurred in 2018, with goodwill rising from 34.00% in 2017 to 43.15% in 2018, and intangible assets jumping from 2.00% to 5.69% in the same period. This surge suggests a significant acquisition or business combination during that fiscal year. Property, plant, and equipment, net, showed a consistent, slight decline from 10.83% in 2015 to 9.16% in 2019, indicating that physical asset growth did not keep pace with the overall growth of the balance sheet.

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