General Dynamics Corporation (NYSE: GD)

General Dynamics is a top-five U.S. defense contractor with about $42 billion in annual revenue, spanning military vehicles, nuclear submarines, IT services, and business jets. The company builds the Abrams tank, Virginia-class submarines, and Gulfstream business jets — an unusual mix of defense and luxury aviation. Gulfstream is the world's leading business jet manufacturer and a significant profit contributor.

Four segments: Aerospace (Gulfstream jets — highest margin), Marine Systems (submarines, surface ships), Combat Systems (tanks, armored vehicles, munitions), and Technologies (IT services, primarily for government). The Gulfstream business provides commercial diversification that most defense peers lack. Submarine construction is a multi-decade program with exceptional visibility.

General Dynamics traces its roots to John Philip Holland's submarine company, founded in 1899. The modern company was shaped by acquisitions: Gulfstream (1999), Bath Iron Works (shipbuilding), and CSRA (IT services, 2018). The company has built every U.S. nuclear submarine since the 1950s through its Electric Boat division. CEO Phebe Novakovic led from 2013 to 2024, delivering exceptional shareholder returns.