Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Cash Flow Statement
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- Dividend Discount Model (DDM)
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Historical Valuation Ratios (Summary)
General Dynamics Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-10-04), 10-Q (reporting date: 2015-07-05), 10-Q (reporting date: 2015-04-05).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio showed a generally upward trend from early 2015 to late 2017, increasing from around 13.88 to a peak near 21.62. After reaching this peak, the ratio experienced a decline throughout 2018 and 2019, dropping to approximately 15.48 by mid-2019. Towards the end of 2019 and into 2020, the ratio further decreased, reaching lows around 11.38 and ending near 11.93. This pattern indicates initial valuation growth followed by a period of decreasing market valuation relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio mirrored a similar pattern to the P/E ratio. Starting at 9.85 in early mid-2015, it rose steadily to a peak close to 15.35 by mid-2018. Subsequently, there was a notable decline, with the ratio reducing to levels around 11.05 to 11.61 during 2019. The downward trajectory continued into 2020, concluding near 9.06. This suggests that the market's pricing relative to operating profit experienced expansion followed by contraction.
- Price to Sales (P/S) Ratio
- This ratio demonstrated steady growth from approximately 1.31 in early 2015 to a peak of 2.05 by mid-2018. After this peak, the Price to Sales ratio showed a gradual decrease, dropping to about 1.29 by early 2020 and fluctuating slightly thereafter, finishing just below 1.0. This trend reflects initial market optimism with respect to sales valuation, followed by diminishing valuation multiples.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio exhibited fluctuations throughout the period. It started at 3.95 in early 2015 and increased steadily to reach above 5.5 by the end of 2017. Following this, the ratio declined significantly over 2018 and 2019, reaching near 3.72 by late 2019. The downward trend continued into 2020, with the ratio dropping below 3.0, ending near 2.58. This suggests that the company’s market valuation relative to its book value peaked and then contracted considerably over the latter part of the period.
- Overall Observations
- Over the entire timeframe analyzed, all valuation multiples (P/E, P/OP, P/S, P/BV) experienced upward trends reaching peaks around 2017 to mid-2018. Following these peaks, a consistent and notable decline is observed across all ratios through 2019 and into 2020. The declines indicate a shift in market perception, possibly due to changes in company performance, industry conditions, or broader economic factors, leading to lower valuation multiples relative to earnings, operating profits, sales, and book value.
Price to Earnings (P/E)
General Dynamics Corp., historical P/E calculation (quarterly data)
| Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Oct 4, 2015 | Jul 5, 2015 | Apr 5, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net earnings (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-10-04), 10-Q (reporting date: 2015-07-05), 10-Q (reporting date: 2015-04-05).
1 Data adjusted for splits and stock dividends.
2 Q3 2020 Calculation
EPS
= (Net earningsQ3 2020
+ Net earningsQ2 2020
+ Net earningsQ1 2020
+ Net earningsQ4 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Dynamics Corp. Quarterly or Annual Report.
4 Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from April 2015 through the end of 2017, starting at $138.53 and peaking at $214.53 by the first quarter of 2018. Following this peak, the stock experienced a period of decline and volatility extending into late 2019. Notably, after reaching approximately $187.64 at the end of 2019, the share price dropped significantly to $136.65 by March 2020 before a partial recovery to $149.44 and subsequently falling back to $132.43 in the third quarter of 2020.
- Earnings Per Share (EPS)
- EPS data, available from late 2015 onwards, demonstrated a consistent improving trajectory over the years. Starting around $9.53 in October 2015, EPS gradually increased, reaching about $10.37 by the end of 2018 and peaking at $12.03 in March 2020. This steady EPS growth indicates an improvement in profitability per share over the period analyzed, despite fluctuations in the share price.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio shows a rising trend from approximately 13.88 in late 2015 to a high of 21.62 in mid-2018, suggesting that market valuation relative to earnings increased during this period. However, from late 2018 onwards, the P/E ratio declined to a low point of 11.38 by March 2020, potentially reflecting the share price decrease in relation to the earnings growth, and subsequently fluctuated modestly around the 12-13 range through the third quarter of 2020.
Price to Operating Profit (P/OP)
General Dynamics Corp., historical P/OP calculation (quarterly data)
| Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Oct 4, 2015 | Jul 5, 2015 | Apr 5, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating earnings (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-10-04), 10-Q (reporting date: 2015-07-05), 10-Q (reporting date: 2015-04-05).
1 Data adjusted for splits and stock dividends.
2 Q3 2020 Calculation
Operating profit per share
= (Operating earningsQ3 2020
+ Operating earningsQ2 2020
+ Operating earningsQ1 2020
+ Operating earningsQ4 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Dynamics Corp. Quarterly or Annual Report.
4 Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed an overall upward trend from April 2015 to December 2017, rising from approximately 138.53 US$ to a peak of 214.53 US$ in April 2018. However, from the second quarter of 2018 onward, the share price displayed volatility, with a notable decline around the third quarter of 2018 and continued fluctuations through 2019. The price dropped sharply in the first half of 2020, falling from 186.25 US$ in March 2020 to 132.43 US$ by September 2020.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share values began to be reported regularly starting in December 2015, with an initial value of 13.43 US$. Over the subsequent periods, OPPS demonstrated a gradual but consistent increase, reaching a peak of 16.05 US$ in March 2020. This suggests steady operational profitability growth over these years. Notably, there was a slight decline in the last two reported quarters of 2020, ending at 14.61 and then 14.61 US$, indicating some pressure on operating profitability toward the end of the period analyzed.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio, available from April 2016 onwards, initially rose from 9.85 to a high of 15.35 by mid-2018, signaling that the share price increased at a faster pace relative to operating profit per share, suggesting heightened market valuation or investor optimism during this time. Following this peak, the ratio experienced fluctuations but generally trended downward through 2019 and 2020. This decline culminated in a significant drop to 8.57 in June 2020, followed by slight increases thereafter, reflecting a reduction in market valuation relative to the company’s operating profitability, which may be related to external market factors or changes in investor sentiment during the time.
- Overall Insights
- The data indicates a period of growth in both operating profit per share and share price until approximately early 2018, followed by increased volatility and declining market valuation relative to profitability in subsequent periods. The sharp decline in share price and P/OP ratio in early 2020 corresponds with a period when many markets faced uncertainties, possibly reflecting broader economic impacts. The operating profit per share, while showing some decline in late 2020, remained relatively resilient compared to the fluctuations in share price, suggesting stable operational performance amidst market challenges.
Price to Sales (P/S)
General Dynamics Corp., historical P/S calculation (quarterly data)
| Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Oct 4, 2015 | Jul 5, 2015 | Apr 5, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-10-04), 10-Q (reporting date: 2015-07-05), 10-Q (reporting date: 2015-04-05).
1 Data adjusted for splits and stock dividends.
2 Q3 2020 Calculation
Sales per share
= (RevenueQ3 2020
+ RevenueQ2 2020
+ RevenueQ1 2020
+ RevenueQ4 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Dynamics Corp. Quarterly or Annual Report.
4 Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an upward trend from early 2015 through the end of 2017, rising from $138.53 in April 2015 to a peak of $214.53 in April 2018. Following this peak, the price experienced a notable decline toward the end of 2018, dropping to approximately $173.48 by December 2018. In 2019, the share price showed moderate recovery, climbing back to around $187.64 by the end of the year. However, in 2020, there was a pronounced decrease, with the share price falling to $132.43 by September 2020, marking the lowest point observed since the start of the period under review.
- Sales Per Share Analysis
- Sales per share became observable starting in the first quarter of 2016, steadily increasing from $101.13 at that time to a peak of $135.86 by March 2020. This indicates a consistent growth in revenue on a per-share basis over the five-year span. The growth rate appears relatively stable, with only minor fluctuations, reflecting gradually improving operational performance or increased sales volumes relative to outstanding shares.
- Price-to-Sales (P/S) Ratio Dynamics
- Initially reported in early 2016 at 1.31, the P/S ratio showed an increasing trend, peaking at 2.05 in the first quarter of 2018. This rise corresponds with the period in which the share price was appreciating faster than sales per share, suggesting growing investor confidence or premium valuation. After this peak, the P/S ratio declined significantly to a low of 0.99 by September 2020. This drop reflects the substantial reduction in share price relative to sales per share, potentially indicating market reassessment of valuation or concerns over future growth prospects.
- Overall Insights
- The period from 2015 through early 2018 was characterized by increasing market valuations, as evidenced by rising share prices and P/S ratios, alongside steady growth in sales per share. Post-2018, despite continued improvement in sales per share, market valuations decreased substantially, particularly in 2020, which could suggest external market pressures or shifts in investor sentiment unrelated to the core sales performance. The decoupling of share price movement from sales per share in the latter years highlights a potential divergence between market expectations and underlying financial performance.
Price to Book Value (P/BV)
General Dynamics Corp., historical P/BV calculation (quarterly data)
| Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Oct 4, 2015 | Jul 5, 2015 | Apr 5, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-10-04), 10-Q (reporting date: 2015-07-05), 10-Q (reporting date: 2015-04-05).
1 Data adjusted for splits and stock dividends.
2 Q3 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of General Dynamics Corp. Quarterly or Annual Report.
4 Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trend from April 2015 through early 2018, rising from $138.53 to a peak of $214.53 in April 2018. After this peak, the price declined notably, reaching a low of $173.24 in September 2018 and remaining relatively volatile through 2019. There was a sharp decrease in the first two quarters of 2020, with the price dropping significantly to $132.43 by September 2020.
- Book Value per Share (BVPS) Trends
- Book value per share showed a steady increase over the analyzed period. Starting at $35.04 in April 2015, it demonstrated consistent incremental growth with minor fluctuations, reaching $51.28 by September 2020. This indicates a gradual strengthening of the company’s net asset base per share over the five-year span.
- Price to Book Value Ratio (P/BV) Trends
- The P/BV ratio reflected notable variability corresponding mainly to changes in the share price. Initially, the ratio increased from 3.95 in April 2015 to a high of 5.55 in April 2017, coinciding with the rising share price surpassing the growth in book value. However, from late 2017 onward, the P/BV ratio trended downward, decreasing sharply especially in 2018 and 2019, ultimately reaching 2.58 by September 2020. This decline suggests the market valuation relative to book value diminished, likely influenced by the share price decline despite ongoing growth in book value.
- Overall Insights
- The financial data reveals that while the company’s intrinsic book value per share improved steadily, market confidence as reflected in the share price and P/BV ratio experienced volatility and a significant correction from 2018 onward. The disparity between increasing book value and falling share price could signal changing investor sentiment or external market pressures affecting valuation. The marked price decline in 2020 may be indicative of broader market conditions or company-specific challenges during that period.