Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

General Dynamics Corp., adjusted financial ratios

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Activity Ratio
Total Asset Turnover
Reported	0.81	0.80	0.88	0.95	0.98
Adjusted	0.81	0.77	0.86	0.96	0.99
Liquidity Ratio
Current Ratio
Reported	1.18	1.23	1.40	1.20	1.17
Adjusted	1.18	1.23	1.40	1.33	1.25
Solvency Ratios
Debt to Equity
Reported	0.88	1.06	0.35	0.35	0.32
Adjusted	0.92	1.09	0.43	0.43	0.40
Debt to Capital
Reported	0.47	0.51	0.26	0.26	0.24
Adjusted	0.48	0.52	0.30	0.30	0.29
Financial Leverage
Reported	3.60	3.87	3.06	2.99	2.98
Adjusted	3.33	3.67	3.00	2.84	2.92
Profitability Ratios
Net Profit Margin
Reported	8.85%	9.24%	9.40%	9.42%	9.42%
Adjusted	8.32%	8.42%	12.50%	10.77%	8.95%
Return on Equity (ROE)
Reported	25.66%	28.51%	25.47%	26.92%	27.61%
Adjusted	22.36%	23.90%	32.09%	29.49%	25.99%
Return on Assets (ROA)
Reported	7.13%	7.37%	8.31%	8.99%	9.27%
Adjusted	6.71%	6.51%	10.71%	10.37%	8.89%

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).

General Dynamics Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Revenue	39,350)	36,193)	30,973)	31,353)	31,469)
Total assets	48,841)	45,408)	35,046)	32,872)	31,997)
Activity Ratio
Total asset turnover¹	0.81	0.80	0.88	0.95	0.98
Adjusted
Selected Financial Data (US$ in millions)
Revenue	39,350)	36,193)	30,973)	31,353)	31,469)
Adjusted total assets²	48,808)	46,835)	36,177)	32,575)	31,668)
Activity Ratio
Adjusted total asset turnover³	0.81	0.77	0.86	0.96	0.99

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).

¹ 2019 Calculation
Total asset turnover = Revenue ÷ Total assets
= 39,350 ÷ 48,841 = 0.81

² Adjusted total assets. See details »

³ 2019 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 39,350 ÷ 48,808 = 0.81

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Current assets	19,780)	18,189)	18,328)	15,447)	14,571)
Current liabilities	16,801)	14,739)	13,099)	12,846)	12,445)
Liquidity Ratio
Current ratio¹	1.18	1.23	1.40	1.20	1.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	19,780)	18,189)	18,328)	15,442)	14,568)
Adjusted current liabilities³	16,801)	14,739)	13,099)	11,588)	11,616)
Liquidity Ratio
Adjusted current ratio⁴	1.18	1.23	1.40	1.33	1.25

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).

¹ 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,780 ÷ 16,801 = 1.18

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 19,780 ÷ 16,801 = 1.18

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt	11,930)	12,417)	3,982)	3,888)	3,399)
Shareholders’ equity	13,577)	11,732)	11,435)	10,976)	10,738)
Solvency Ratio
Debt to equity¹	0.88	1.06	0.35	0.35	0.32
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	13,433)	13,882)	5,188)	4,958)	4,345)
Adjusted shareholders’ equity³	14,644)	12,751)	12,071)	11,454)	10,832)
Solvency Ratio
Adjusted debt to equity⁴	0.92	1.09	0.43	0.43	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).

¹ 2019 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 11,930 ÷ 13,577 = 0.88

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 13,433 ÷ 14,644 = 0.92

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt	11,930)	12,417)	3,982)	3,888)	3,399)
Total capital	25,507)	24,149)	15,417)	14,864)	14,137)
Solvency Ratio
Debt to capital¹	0.47	0.51	0.26	0.26	0.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	13,433)	13,882)	5,188)	4,958)	4,345)
Adjusted total capital³	28,077)	26,633)	17,259)	16,412)	15,177)
Solvency Ratio
Adjusted debt to capital⁴	0.48	0.52	0.30	0.30	0.29

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).

¹ 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,930 ÷ 25,507 = 0.47

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 13,433 ÷ 28,077 = 0.48

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total assets	48,841)	45,408)	35,046)	32,872)	31,997)
Shareholders’ equity	13,577)	11,732)	11,435)	10,976)	10,738)
Solvency Ratio
Financial leverage¹	3.60	3.87	3.06	2.99	2.98
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	48,808)	46,835)	36,177)	32,575)	31,668)
Adjusted shareholders’ equity³	14,644)	12,751)	12,071)	11,454)	10,832)
Solvency Ratio
Adjusted financial leverage⁴	3.33	3.67	3.00	2.84	2.92

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).

¹ 2019 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 48,841 ÷ 13,577 = 3.60

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 48,808 ÷ 14,644 = 3.33

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings	3,484)	3,345)	2,912)	2,955)	2,965)
Revenue	39,350)	36,193)	30,973)	31,353)	31,469)
Profitability Ratio
Net profit margin¹	8.85%	9.24%	9.40%	9.42%	9.42%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings²	3,274)	3,048)	3,873)	3,378)	2,815)
Revenue	39,350)	36,193)	30,973)	31,353)	31,469)
Profitability Ratio
Adjusted net profit margin³	8.32%	8.42%	12.50%	10.77%	8.95%

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).

¹ 2019 Calculation
Net profit margin = 100 × Net earnings ÷ Revenue
= 100 × 3,484 ÷ 39,350 = 8.85%

² Adjusted net earnings. See details »

³ 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Revenue
= 100 × 3,274 ÷ 39,350 = 8.32%

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings	3,484)	3,345)	2,912)	2,955)	2,965)
Shareholders’ equity	13,577)	11,732)	11,435)	10,976)	10,738)
Profitability Ratio
ROE¹	25.66%	28.51%	25.47%	26.92%	27.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings²	3,274)	3,048)	3,873)	3,378)	2,815)
Adjusted shareholders’ equity³	14,644)	12,751)	12,071)	11,454)	10,832)
Profitability Ratio
Adjusted ROE⁴	22.36%	23.90%	32.09%	29.49%	25.99%

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).

¹ 2019 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ equity
= 100 × 3,484 ÷ 13,577 = 25.66%

² Adjusted net earnings. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2019 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity
= 100 × 3,274 ÷ 14,644 = 22.36%

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	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings	3,484)	3,345)	2,912)	2,955)	2,965)
Total assets	48,841)	45,408)	35,046)	32,872)	31,997)
Profitability Ratio
ROA¹	7.13%	7.37%	8.31%	8.99%	9.27%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings²	3,274)	3,048)	3,873)	3,378)	2,815)
Adjusted total assets³	48,808)	46,835)	36,177)	32,575)	31,668)
Profitability Ratio
Adjusted ROA⁴	6.71%	6.51%	10.71%	10.37%	8.89%

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).

¹ 2019 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 3,484 ÷ 48,841 = 7.13%

² Adjusted net earnings. See details »

³ Adjusted total assets. See details »

⁴ 2019 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 3,274 ÷ 48,808 = 6.71%

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General Dynamics Corp. (NYSE:GD)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

General Dynamics Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)