Stock Analysis on Net
Stock Analysis on Net

General Dynamics Corp. (NYSE:GD)

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

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

General Dynamics Corp., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenues1 ÷ Total assets1
Dec 31, 2019 0.81 = 39,350 ÷ 48,841
Dec 31, 2018 0.80 = 36,193 ÷ 45,408
Dec 31, 2017 0.88 = 30,973 ÷ 35,046
Dec 31, 2016 0.95 = 31,353 ÷ 32,872
Dec 31, 2015 0.98 = 31,469 ÷ 31,997
Dec 31, 2014 0.87 = 30,852 ÷ 35,355
Dec 31, 2013 0.88 = 31,218 ÷ 35,448
Dec 31, 2012 0.92 = 31,513 ÷ 34,309
Dec 31, 2011 0.94 = 32,677 ÷ 34,883
Dec 31, 2010 1.00 = 32,466 ÷ 32,545
Dec 31, 2009 1.03 = 31,981 ÷ 31,077
Dec 31, 2008 0.10 = 2,930 ÷ 28,373
Dec 31, 2007 1.06 = 27,240 ÷ 25,733
Dec 31, 2006 1.08 = 24,063 ÷ 22,376
Dec 31, 2005 1.08 = 21,244 ÷ 19,591

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$ in millions

The asset utilization efficiency of the organization exhibits a general long-term decline over the fifteen-year period analyzed, characterized by a gradual decrease in the total asset turnover ratio.

Turnover Ratio Trends
Between 2005 and 2007, the turnover ratio remained stable, peaking at 1.08. Following a significant volatility event in 2008, the ratio returned to 1.03 in 2009 but entered a persistent downward trajectory. By 2019, the ratio settled at 0.81, indicating a reduction in the revenue generated per dollar of assets employed.
Revenue and Asset Growth Correlation
While revenues grew from 21,244 million US dollars in 2005 to 39,350 million US dollars in 2019, total assets increased at a more aggressive pace, rising from 19,591 million US dollars to 48,841 million US dollars. This imbalance confirms that asset expansion has outpaced revenue growth, thereby compressing the turnover ratio over the long term.
Observation of 2008 Volatility
A sharp anomaly is observed in 2008, where revenues dropped to 2,930 million US dollars, resulting in a corresponding collapse of the total asset turnover ratio to 0.10. Efficiency recovered in 2009, although the ratio failed to return to the baseline established prior to 2008.

The overall trend indicates a shift toward a more asset-heavy operational structure, as the capacity to generate sales from the asset base has diminished steadily from 2009 through 2019.

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Comparison to Competitors

General Dynamics Corp., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
General Dynamics Corp. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2019 0.81 0.57 0.65 0.65 0.33 0.63 1.26 0.55
Dec 31, 2018 0.80 0.86 0.66 0.70 0.37 0.72 1.20 0.50
Dec 31, 2017 0.88 1.01 0.55 0.63 0.30 0.68 1.10 0.62
Dec 31, 2016 0.95 1.05 0.48 0.65 0.30 0.73 0.99 0.64
Dec 31, 2015 0.98 1.02 0.56 0.67 0.21 0.78 0.94 0.64
Dec 31, 2014 0.87 0.91 0.62 0.67 0.16 0.89 1.23 0.71
Dec 31, 2013 0.88 0.93 0.62 0.62 0.15 0.86 1.25 0.69
Dec 31, 2012 0.92 0.92 0.71 0.46 0.15 0.90 1.22 0.65
Dec 31, 2011 0.94 0.86 0.70 0.90 0.13 0.92 1.23 0.95
Dec 31, 2010 1.00 0.94 0.62 0.79 0.13 0.88 1.31 0.93
Dec 31, 2009 1.03 1.10 0.49 0.73 0.13 0.86 1.29 0.94
Dec 31, 2008 0.10 1.13 0.71 0.92 0.14 1.03 1.28 1.03
Dec 31, 2007 1.06 1.13 0.75 0.97 0.13 1.02 1.45 0.99
Dec 31, 2006 1.08 1.19 0.76 1.08 0.14 1.01 1.40 1.00
Dec 31, 2005 1.08 0.91 0.72 1.09 0.14 0.86 1.34 0.92

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., total asset turnover, long-term trends, comparison to sector (capital goods)

Microsoft Excel
General Dynamics Corp. Capital Goods
Dec 31, 2019 0.81 0.54
Dec 31, 2018 0.80 0.58
Dec 31, 2017 0.88 0.54
Dec 31, 2016 0.95 0.54
Dec 31, 2015 0.98 0.46
Dec 31, 2014 0.87 0.41
Dec 31, 2013 0.88 0.39
Dec 31, 2012 0.92 0.38
Dec 31, 2011 0.94 0.36
Dec 31, 2010 1.00 0.34
Dec 31, 2009 1.03 0.33
Dec 31, 2008 0.10 0.35
Dec 31, 2007 1.06 0.34
Dec 31, 2006 1.08 0.36
Dec 31, 2005 1.08 0.33

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., total asset turnover, long-term trends, comparison to industry (industrials)

Microsoft Excel
General Dynamics Corp. Industrials
Dec 31, 2019 0.81 0.62
Dec 31, 2018 0.80 0.67
Dec 31, 2017 0.88 0.62
Dec 31, 2016 0.95 0.61
Dec 31, 2015 0.98 0.54
Dec 31, 2014 0.87 0.49
Dec 31, 2013 0.88 0.47
Dec 31, 2012 0.92 0.46
Dec 31, 2011 0.94 0.45
Dec 31, 2010 1.00 0.41
Dec 31, 2009 1.03 0.39
Dec 31, 2008 0.10 0.43
Dec 31, 2007 1.06 0.41
Dec 31, 2006 1.08 0.43
Dec 31, 2005 1.08 0.40

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).