GD vs LMT
General Dynamics Corp. and Lockheed Martin Corp., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | GD | LMT |
|---|---|---|
| Revenue | $52.5B | $75.0B |
| Net income | $4.2B | $5.0B |
| Gross margin | · | 10.2% |
| Net margin | 8.0% | 6.7% |
| Return on equity | 17.7% | 76.9% |
| Diluted EPS | $15.45 | $21.49 |
| Dividend / share | · | $13.35 |
| Payout ratio | 37.8% | 62.4% |
| Free cash flow | $4.0B | $6.9B |
| Equity | $25.6B | $6.7B |
| Net debt / equity | 0.22× | 2.62× |
| Current ratio | 1.44× | 1.09× |
| Revenue CAGR 5y | 6.7% | 2.8% |
| Profit CAGR 5y | 5.9% | −6.0% |
LMT bills 1.4× the revenue of GD, and GD keeps more of each dollar of revenue as profit (8.0% against 6.7%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | GD | LMT |
|---|---|---|
| FY2025 | $52.5B | $75.0B |
| FY2024 | $47.7B | $71.0B |
| FY2023 | $42.3B | $67.6B |
| FY2022 | $39.4B | $66.0B |
| FY2021 | $38.5B | $67.0B |
| FY2020 | $37.9B | $65.4B |
| FY2019 | $39.4B | $59.8B |
| FY2018 | $36.2B | $53.8B |
| FY2017 | $31.0B | $50.0B |
| FY2016 | $30.6B | $47.3B |
Bottom line
| Fiscal year | GD | LMT |
|---|---|---|
| FY2025 | $4.2B | $5.0B |
| FY2024 | $3.8B | $5.3B |
| FY2023 | $3.3B | $6.9B |
| FY2022 | $3.4B | $5.7B |
| FY2021 | $3.3B | $6.3B |
| FY2020 | $3.2B | $6.8B |
| FY2019 | $3.5B | $6.2B |
| FY2018 | $3.3B | $5.0B |
| FY2017 | $2.9B | $2.0B |
| FY2016 | $2.6B | $5.2B |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$22,498,000,000 | LMT |
| FY2024 | −$23,327,000,000 | LMT |
| FY2023 | −$25,299,000,000 | LMT |
| FY2022 | −$26,577,000,000 | LMT |
| FY2021 | −$28,575,000,000 | LMT |
| FY2020 | −$27,473,000,000 | LMT |
| FY2019 | −$20,462,000,000 | LMT |
| FY2018 | −$17,569,000,000 | LMT |
| FY2017 | −$18,987,000,000 | LMT |
| FY2016 | −$16,729,000,000 | LMT |
| FY2015 | −$8,755,000,000 | LMT |
| FY2014 | −$9,094,000,000 | LMT |
| FY2013 | −$14,428,000,000 | LMT |
| FY2012 | −$16,190,000,000 | LMT |
| FY2011 | −$13,822,000,000 | LMT |
| FY2010 | −$13,205,000,000 | LMT |
| FY2009 | −$11,886,000,000 | LMT |
| FY2008 | −$12,072,000,000 | LMT |
| FY2007 | −$14,622,000,000 | LMT |
LMT has reported the higher revenue in every one of these 19 fiscal years. The gap has widened since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +1.3 pp | GD |
| FY2024 | +0.4 pp | GD |
| FY2023 | −2.4 pp | LMT |
| FY2022 | −0.1 pp | LMT |
| FY2021 | −1.0 pp | LMT |
| FY2020 | −2.1 pp | LMT |
| FY2019 | −1.6 pp | LMT |
| FY2018 | −0.1 pp | LMT |
| FY2017 | +5.5 pp | GD |
| FY2016 | −2.5 pp | LMT |
| FY2015 | +0.7 pp | GD |
| FY2014 | −0.8 pp | LMT |
| FY2013 | +1.0 pp | GD |
| FY2012 | −6.9 pp | LMT |
| FY2011 | +2.0 pp | GD |
| FY2010 | +1.8 pp | GD |
| FY2009 | +0.7 pp | GD |
| FY2008 | +0.6 pp | GD |
| FY2007 | +0.4 pp | GD |
The higher net margin has changed hands between GD and LMT over this period.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
GD's net margin has been more volatile than LMT's over the 19 comparable fiscal years — 2.2 percentage points of standard deviation against 1.9.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between GD and LMT over these 19 fiscal years — GD led in 10 and LMT in 9.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LMT's return on equity has been more volatile than GD's over the 17 comparable fiscal years — 115.7 percentage points of standard deviation against 6.3.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
LMT led in return on equity in every one of the 17 comparable fiscal years — a structural lead, not a recent swing.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.