13 Best Defense Stocks to Buy According to Billionaires

10. General Dynamics Corporation (NYSE:GD)

Number of Billionaires: 11

Billionaire Holdings: $602,368,559

General Dynamics Corporation (NYSE:GD) is a leading global aerospace and defense company, operating through its Aerospace, Marine Systems, Combat Systems, and Technologies segments. It is among the best defense stocks to buy according to billionaires.

On January 29, the company announced strong results for the fourth quarter of fiscal 2024, with revenue and earnings growth across segments. It reported a revenue of $13.3 billion, representing a 14.3% increase from last year. Net income stood at $1.1 billion, up 14.2% year-over-year. Diluted EPS was logged at $4.15, growing 14% from the prior year’s quarter.

The turbulent situation in Ukraine and the Middle East fueled demand for weapons during the quarter, as several countries increased military expenditure to secure their borders. General Dynamics Corporation (NYSE:GD)’s three defense segments – Marine Systems, Combat Systems, and Technologies recorded revenue growth of 16.2%, 1.3%, and 2.8%, respectively.

General Dynamics Corporation (NYSE:GD) returned $3 billion to shareholders in fiscal 2024 through share repurchases and dividends. On March 5, the company declared a quarterly dividend of $1.50 per share to be paid to all shareholders on record on April 11. This is a 5.6% increase over last year’s dividend and marks the 28th successive annual dividend increase authorized by GD.

General Dynamics Corporation (NYSE:GD) is a popular stock among billionaires. According to Insider Monkey, 11 billionaires had investments in the company as of Q4 2024, with a combined stake value of over $602 million. It is one of the best defense stocks to buy, with a consensus Buy rating from Wall Street analysts.