10 Best Performing Cybersecurity Stocks in 2024

8. General Dynamics Corporation (NYSE:GD)

Year-to-Date Performance as of November 8: 19.67%

Number of Hedge Fund Holders: 48

General Dynamics Corporation (NYSE:GD), based in Reston, Virginia, is a major American aerospace and defense firm. While typically not seen as a cybersecurity stock, its work with the U.S. government requires robust encryption and security measures. The company offers both hardware cybersecurity products, like encryptors, and software-based cybersecurity, including SaaS offerings.

Earlier in September, General Dynamics Information Technology, a division of General Dynamics Corporation (NYSE:GD), announced its acquisition of Iron EagleX, Inc., a prominent provider of AI/ML, cybersecurity, software development, and cloud services for Special Operations Forces and the intelligence community. This acquisition broadens GDIT’s advanced technology offerings, reinforcing its capacity to support defense and intelligence missions across all warfighting domains.

In Q3 2024, General Dynamics Corporation (NYSE:GD) posted strong results, achieving a 10.4% increase in revenue to $11.67 billion. This growth was largely fueled by substantial gains in the Aerospace and Marine Systems divisions, with Aerospace up by 22% and Marine Systems rising by 20%. Year-to-date, the company’s revenue reached $34.4 billion, with a net income of $2.63 billion. Its total backlog also grew to an impressive $92.6 billion, alongside a record estimated contract value of $137.6 billion.