Price to Sales (P/S)
since 2005
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General Dynamics Corp. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Calculation
General Dynamics Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 3, 2006 | = | ÷ | = | ÷ |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of General Dynamics Corp. Annual Report.
- Share Price Trends
- The share price exhibits considerable volatility over the analyzed period. Initially increasing from approximately $64 in 2006 to a peak near $84 in early 2008, it then suffers a significant decline, falling to about $51 by early 2009. Following this low point, the share price recovers and shows a generally upward trajectory, reaching a peak of approximately $209 in early 2018. After this peak, the price declines somewhat yet remains relatively elevated, stabilizing near $186 by early 2020.
- Sales per Share Trends
- Sales per share demonstrate a generally consistent growth pattern throughout the period. Despite a sharp drop around early 2009, aligning with the drop in share price, sales per share quickly rebounded, increasing steadily from about $7.59 in early 2009 to $135.86 by early 2020. This steady increase indicates strong sales growth at the per-share level over the long term, showing resilience even during periods of broader market uncertainty.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio displays notable fluctuations that reflect changing market valuations relative to sales. It starts above 1.2 in 2006 and remains within a narrow band until early 2008 before spiking sharply to 6.7 in early 2009, coinciding with the steep drop in sales per share. This elevated ratio suggests a disproportionate market valuation relative to sales during that time, possibly due to the significant drop in sales. Subsequently, the P/S ratio declines to below 1.0 between 2010 and 2013, indicating that the share price was comparatively undervalued in relation to sales during this interval. From 2014 onward, the ratio increases again, peaking above 2.0 by early 2018, which corresponds with the peak in share price. The ratio then declines slightly but remains elevated around 1.37 by early 2020, implying a relatively higher valuation multiple during this latter period.
- Overall Observations
- The data suggests a company experiencing growth in sales per share with intermittent volatility in market price and valuation multiples. The sharp dip in both share price and sales per share around 2009 may reflect broader economic or sector-specific challenges, with a subsequent recovery indicating strong operational resilience. Market valuation as represented by the P/S ratio varies significantly over time, reflecting shifts in investor sentiment and possibly changing expectations of future performance. The latter years indicate record-high share prices and sales with elevated valuation metrics, suggesting optimistic market perceptions despite some valuation moderation after peaks.
Comparison to Competitors
General Dynamics Corp., P/S, long-term trends, comparison to competitors
| General Dynamics Corp. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 10, 2020 | ||||||||
| Feb 13, 2019 | ||||||||
| Feb 12, 2018 | ||||||||
| Feb 6, 2017 | ||||||||
| Feb 8, 2016 | ||||||||
| Feb 9, 2015 | ||||||||
| Feb 7, 2014 | ||||||||
| Feb 8, 2013 | ||||||||
| Feb 17, 2012 | ||||||||
| Feb 18, 2011 | ||||||||
| Feb 19, 2010 | ||||||||
| Feb 20, 2009 | ||||||||
| Feb 22, 2008 | ||||||||
| Feb 23, 2007 | ||||||||
| Mar 3, 2006 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
General Dynamics Corp., P/S, long-term trends, comparison to sector (capital goods)
| General Dynamics Corp. | Capital Goods | |
|---|---|---|
| Feb 10, 2020 | ||
| Feb 13, 2019 | ||
| Feb 12, 2018 | ||
| Feb 6, 2017 | ||
| Feb 8, 2016 | ||
| Feb 9, 2015 | ||
| Feb 7, 2014 | ||
| Feb 8, 2013 | ||
| Feb 17, 2012 | ||
| Feb 18, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 22, 2008 | ||
| Feb 23, 2007 | ||
| Mar 3, 2006 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
General Dynamics Corp., P/S, long-term trends, comparison to industry (industrials)
| General Dynamics Corp. | Industrials | |
|---|---|---|
| Feb 10, 2020 | ||
| Feb 13, 2019 | ||
| Feb 12, 2018 | ||
| Feb 6, 2017 | ||
| Feb 8, 2016 | ||
| Feb 9, 2015 | ||
| Feb 7, 2014 | ||
| Feb 8, 2013 | ||
| Feb 17, 2012 | ||
| Feb 18, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 22, 2008 | ||
| Feb 23, 2007 | ||
| Mar 3, 2006 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).