Name: General Dynamics Corp. (NYSE:GD) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

General Dynamics Corp., current enterprise value calculation

Current share price (P)	$132.43
No. shares of common stock outstanding	286,972,150
US$ in millions
Common equity (market value)¹	38,004)
Total equity	38,004)
Add: Short-term debt and current portion of long-term debt (per books)	2,920)
Add: Long-term debt, excluding current portion (per books)	9,010)
Total equity and debt	49,934)
Less: Cash and equivalents	902)
Enterprise value (EV)	49,032)

Based on: 10-K (reporting date: 2019-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 132.43 × 286,972,150

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General Dynamics Corp., EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$186.25	$173.48	$209.53	$183.04	$132.26
No. shares of common stock outstanding¹	289,627,333	288,235,928	296,933,621	302,742,234	311,161,810
US$ in millions
Common equity (market value)³	53,943)	50,003)	62,217)	55,414)	41,154)
Total equity	53,943)	50,003)	62,217)	55,414)	41,154)
Add: Short-term debt and current portion of long-term debt (book value)	2,920)	973)	2)	900)	501)
Add: Long-term debt, excluding current portion (book value)	9,010)	11,444)	3,980)	2,988)	2,898)
Total equity and debt	65,873)	62,420)	66,199)	59,302)	44,553)
Less: Cash and equivalents	902)	963)	2,983)	2,334)	2,785)
Enterprise value (EV)	64,971)	61,457)	63,216)	56,968)	41,768)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of General Dynamics Corp. Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 186.25 × 289,627,333

The enterprise value (EV) exhibits an overall growth trend from 2015 to 2019, characterized by a period of rapid expansion followed by a temporary correction and subsequent recovery. Between 2015 and 2017, the EV increased from 41,768 million to 63,216 million, representing a substantial rise in the total valuation of the entity.

Equity Market Value Dynamics: Common equity market value showed significant volatility, peaking at 62,217 million in 2017. A notable contraction occurred in 2018, where value dropped to 50,003 million, before recovering to 53,943 million by the end of 2019. The identical values between common equity market value and total equity suggest a specific accounting or reporting alignment during this period.
Enterprise Value Stability and Trends: The enterprise value closely mirrors the movements of market equity but demonstrates slightly more resilience during the 2018 downturn. While market equity fell by approximately 19.6% in 2018, the EV decreased by only 2.8%, falling from 63,216 million to 61,457 million. By 2019, the EV reached its period high of 64,971 million, indicating a strong recovery in the overall valuation of the business.
Relationship Between Equity and Debt: Total equity and debt followed a trajectory similar to the enterprise value, growing from 44,553 million in 2015 to a peak of 66,199 million in 2017. The close proximity between total equity and debt figures and the final enterprise value suggests that the net debt component remains a relatively stable factor in the valuation calculation, with equity market fluctuations serving as the primary driver of EV volatility.

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General Dynamics Corp. (NYSE:GD)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)