GD vs HWM: General Dynamics and Howmet Aerospace compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- General Dynamics is the larger company, worth $89.3B, close to Howmet Aerospace's $83.5B.
- Howmet Aerospace grew revenue faster over the last year (+24.1% vs +10.3%).
- Howmet Aerospace keeps more of each dollar of revenue as operating profit (27.4% vs 10.2%).
- On earnings, General Dynamics is the cheaper stock (20.8x vs 48.6x).
- Howmet Aerospace's price assumes faster free cash flow growth: about 19% a year, against 7% for General Dynamics (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GD | HWM |
|---|---|---|
| Market cap | $89.3B | $83.5B |
| Share price | $331.27 | $225.26 |
| Revenue (last fiscal year) | $52.5B | $8.3B |
| Free cash flow (last fiscal year) | $4.0B | $1.4B |
| Revenue growth, last year | +10.3% | +24.1% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +13.5% |
| Operating margin | 10.2% | 27.4% |
| Net margin | 8.1% | 20.5% |
| Return on equity | 16.6% | 32.6% |
| P/E (trailing) | 20.8x | 48.6x |
| Price / free cash flow | 22.5x | 58.4x |
| EV / EBITDA | 15.7x | 33.8x |
| FCF growth the price implies | 6.6% | 19.1% |
| Dividend yield | 1.8% | 0.22% |
| Debt / equity | 1.26x | 1.31x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 4 |
| Insider purchases, last 12 months | 2 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
General Dynamics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $38.5B | $3.4B | 10.8% |
| 2022 | $39.4B | $3.5B | 10.7% |
| 2023 | $42.3B | $3.8B | 10.0% |
| 2024 | $47.7B | $3.2B | 10.1% |
| 2025 | $52.5B | $4.0B | 10.2% |
Howmet Aerospace
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.0B | $250M | 15.0% |
| 2022 | $5.7B | $540M | 16.2% |
| 2023 | $6.6B | $682M | 18.1% |
| 2024 | $7.4B | $977M | 22.0% |
| 2025 | $8.3B | $1.4B | 24.8% |
Where the revenue comes from
General Dynamics · by segments, 2025
Marine Systems$16.7B32%
Technologies$13.5B26%
Aerospace$13.1B25%
Combat Systems$9.2B18%
Howmet Aerospace · by segments, 2025
Engine Products$4.3B52%
Fastening Systems$1.7B21%
Engineered Structures$1.1B14%
Forged Wheels$1.0B13%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open GD in InvestinglyQuestions
Which is bigger, General Dynamics or Howmet Aerospace?
General Dynamics (GD), at $89.3B against $83.5B.
Is GD or HWM cheaper?
By trailing P/E, General Dynamics (20.8x) is cheaper than Howmet Aerospace (48.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, GD or HWM?
Howmet Aerospace: revenue grew +24.1% over the last year, against +10.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.