General Dynamics Corporation
- What it sells
- Products is 63% of revenue (fiscal year to Dec 2025), up from 58% two years earlier.
- Growing?
- Yes: revenue up 13% on a year earlier (quarter ended Sep 2026).
- Expensive?
- P/E (trailing) 21.4×. Priced 34% below the peer median of 32.2x.
- Analysts?
- 58% of 24 say buy; average 12-month target $419, 15% above today's price.
- Risky?
- About average for a large company: its price swung 23% over the past year (the S&P 500's 14%), and it fell as much as 23% since Nov 2021.
General Dynamics is a global aerospace and defense company that designs and manufactures Gulfstream business jets, builds and services U.S. Navy submarines and surface ships, produces land combat vehicles and weapons/munitions, and provides mission/IT and C4ISR-style technology services; revenue is primarily from aircraft sales, long-term government contracts, and lifecycle support/services.
More about General Dynamics
The company reports four operating segments: Aerospace, Marine Systems, Combat Systems, and Technologies.
Market Position
GD holds leading positions in large-cabin business jets (via Gulfstream) and is a major prime/subprime contractor to the U.S. Department of Defense, with competitive differentiation driven by program execution, certified/qualified production capacity, and installed-base sustainment.
Key Segments
Aerospace (Gulfstream, Jet Aviation), Marine Systems (nuclear submarines and surface combatants/shipyard services), Combat Systems (armored vehicles, weapons/munitions), and Technologies (mission systems plus government IT and digital modernization services).
How has the stock done?
Over the past month GD rose 8.2%; the aerospace & defense ETF (ITA) rose 4.4% and the S&P 500 fell 2.7%.
Over the past six months GD rose 4.8%; the aerospace & defense ETF (ITA) fell 4.5% and the S&P 500 rose 2.6%.
Over the past year GD rose 3.9%; the aerospace & defense ETF (ITA) rose 2.6% and the S&P 500 rose 10.8%.
Over five years GD rose 80.7%; the aerospace & defense ETF (ITA) rose 101.4% and the S&P 500 rose 62.0%.
From Nov 13, 2024 to Feb 14, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.3% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 30, 2026 | ended Sep 2026 | $14.6B (+13% vs a year earlier) | $4.49 vs $4.13 (beat) | +0.7% | −4.5% |
| Jul 29, 2026 | ended Jun 2026 | $14.1B (+8% vs a year earlier) | $4.24 vs $3.97 (beat) | −2.8% | −2.3% |
| Apr 29, 2026 | ended Mar 2026 | $13.5B (+10% vs a year earlier) | $4.10 vs $3.69 (beat) | +9.8% | +10.7% |
| Jan 28, 2026 | ended Dec 2025 | $14.4B (+8% vs a year earlier) | $4.17 vs $4.11 (beat) | −4.5% | −3.6% |
| Oct 24, 2025 | ended Sep 2025 | $12.9B (+11% vs a year earlier) | — | +3.6% | +1.0% |
| Jul 23, 2025 | ended Jun 2025 | $13.0B (+9% vs a year earlier) | — | +5.6% | +4.9% |
| Apr 23, 2025 | ended Mar 2025 | $12.2B (+14% vs a year earlier) | — | −1.1% | −1.0% |
| Jan 29, 2025 | ended Dec 2024 | $13.3B (+14% vs a year earlier) | — | −2.1% | −1.5% |
| Oct 23, 2024 | ended Sep 2024 | $11.7B (+10% vs a year earlier) | — | −1.5% | −1.5% |
| Jul 24, 2024 | ended Jun 2024 | $12.0B (+18% vs a year earlier) | — | −1.2% | +1.4% |
| Apr 24, 2024 | ended Mar 2024 | $10.7B (+9% vs a year earlier) | — | −2.7% | −2.1% |
| Jan 24, 2024 | ended Dec 2023 | $11.7B (+8% vs a year earlier) | — | +6.6% | +6.3% |
| Oct 25, 2023 | ended Sep 2023 | $10.6B (+6% vs a year earlier) | — | +3.2% | +4.2% |
| Jul 26, 2023 | ended Jun 2023 | $10.2B (+10% vs a year earlier) | — | +0.8% | +3.8% |
| Apr 26, 2023 | ended Mar 2023 | $9.9B (+5% vs a year earlier) | — | −3.2% | −5.7% |
| Jan 25, 2023 | ended Dec 2022 | $10.9B (+5% vs a year earlier) | — | −3.1% | −2.1% |
| Oct 26, 2022 | ended Sep 2022 | $10.0B (+4% vs a year earlier) | — | +0.9% | +0.3% |
| Jul 27, 2022 | ended Jun 2022 | $9.2B (0% vs a year earlier) | — | +2.8% | +6.0% |
| Apr 27, 2022 | ended Mar 2022 | $9.4B (0% vs a year earlier) | — | +1.8% | +2.5% |
| Jan 26, 2022 | ended Dec 2021 | $10.3B (−2% vs a year earlier) | — | +1.4% | +3.9% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $14.6B in the quarter ended Sep 2026, up 13% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $10.9B | +5% |
| Mar 2023 | $9.9B | +5% |
| Jun 2023 | $10.2B | +10% |
| Sep 2023 | $10.6B | +6% |
| Dec 2023 | $11.7B | +8% |
| Mar 2024 | $10.7B | +9% |
| Jun 2024 | $12.0B | +18% |
| Sep 2024 | $11.7B | +10% |
| Dec 2024 | $13.3B | +14% |
| Mar 2025 | $12.2B | +14% |
| Jun 2025 | $13.0B | +9% |
| Sep 2025 | $12.9B | +11% |
| Dec 2025 | $14.4B | +8% |
| Mar 2026 | $13.5B | +10% |
| Jun 2026 | $14.1B | +8% |
| Sep 2026 | $14.6B | +13% |
Revenue went from $39.4B in FY22 to $52.5B in FY25; net income from $3.4B to $4.2B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $39.4B | $3.4B |
| FY23 | $42.3B | $3.3B |
| FY24 | $47.7B | $3.8B |
| FY25 | $52.5B | $4.2B |
In the fiscal year to Dec 2025, Products was 63% and Services was 37% of revenue; Services fell from 42% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Products | $24.6B | 58% |
| FY2023 | Services | $17.7B | 42% |
| FY2024 | Products | $28.6B | 60% |
| FY2024 | Services | $19.1B | 40% |
| FY2025 | Products | $33.0B | 63% |
| FY2025 | Services | $19.5B | 37% |
In the fiscal year to Dec 2024, United States was 83% and Europe was 7% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | United States | $39.8B | 83% |
| FY2024 | Europe | $3.2B | 7% |
| FY2024 | Africa/Middle East | $1.7B | 4% |
| FY2024 | Asia/Pacific | $1.5B | 3% |
| FY2024 | South America | $292M | 1% |
| FY2024 | Other | $1.3B | 3% |
Quarters: General Dynamics Corporation's SEC filings, named by the month they end. Fiscal years: General Dynamics Corporation's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $8.0 ends up as net income. Net margin was roughly flat over the past 3 years.
−1.7 pts over 3 years
Roughly flat over 3 years
−0.6 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: General Dynamics Corporation's annual reports to the SEC.
Customers and suppliers
In its latest annual report General Dynamics sells to the U.S. government; it names no suppliers.
GDGeneral DynamicsCustomers
Partners
Changes since the previous annual report (10-K filed Feb 7, 2025)
U.S. governmentCustomer, share of revenue69% → 68%Named in other companies’ filings
Huntington Ingalls Industries HIIcalls it a partner · Teaming agreement to build Virginia class submarinesShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| DSEC | partner · co-develops with it | “Over the last two decades, NASSCO has partnered with a leading South Korean ship design and equipment procurement company, DSEC Co., Ltd, (DSEC), to design and build many large ocean-going commercial vessels including tankers and cargo ships to support U.S. Jones Act customers based on proven DSEC designs.” |
| Samsung Heavy Industries | partner | “In 2025, NASSCO, along with DSEC, signed a tri-party memorandum of agreement with Samsung Heavy Industries, one of the world’s leading shipbuilders, to explore future commercial and government opportunities.” |
| U.S. government | customer | “In 2025, 68% of our consolidated revenue was from the U.S. government, 15% was from U.S. commercial customers, 8% was from non-U.S. government customers and the remaining 9% was from non-U.S. commercial customers.” |
| Huntington Ingalls Industries (10-K filed Feb 5, 2026) | calls it a customer | “We have been awarded contracts from Electric Boat for integrated product and process development, providing long–lead–time material and advance construction, and construction of the first two boats of the Columbia class (SSBN 826) submarine program.” |
| Huntington Ingalls Industries (10-K filed Feb 5, 2026) | calls it a partner | “We have a teaming agreement with Electric Boat Corporation ("Electric Boat"), a division of General Dynamics Corporation ("General Dynamics"), to build Virginia class (SSN 774) fast attack nuclear submarines.” |
| Kratos Defense & Security Solutions (10-K filed Feb 23, 2026) | calls it a customer | “A representative list of non-government customers during 2025 included tier one, large U.S. Government contractors and system integrators such as Northrop Grumman, Lockheed Martin, General Dynamics, Raytheon Technologies, BAE Systems, and L3Harris, as well as Intelsat (acquired by SES), Blue Halo (acquired by AeroVironment), Microsoft, Amazon, Airbus, Siemens, Rolls Royce, Boom, GE Aerospace and others.” |
Only the companies General Dynamics names in its 10-K filed Jan 30, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names General Dynamics. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 21.4x, below the peer median of 32.2x, with earnings still growing.
Priced 34% below the peer median of 32.2x.
Show the data
| Company | P/E (trailing) |
|---|---|
| SPCX · Space Exploration Technologies Corp. | 608× |
| GE · GE Aerospace | 38.2× |
| RTX · RTX Corporation | 32.2× |
| LMT · Lockheed Martin Corporation | 21.5× |
| GD · General Dynamics Corporation | 21.4× |
| BA · The Boeing Company | 17.7× |
What analysts expect
The average analyst price target is $419, 15% above the current price; 58% of 24 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 14 analysts (58%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $366.15 to $421.27 (+15%), while GD went from $344.06 to $363.07 (+6%). In the past three months targets were raised 5 times and cut 5 times. 2 upgrades and no downgrades over the year; the latest: Jefferies moved it to Buy from Hold on Jun 11, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 3, 2026 | Morgan Stanley | Target raised | Overweight | $480.00, was $465.00 |
| Nov 3, 2026 | Bernstein | Target raised | Market Perform | $386.00, was $365.00 |
| Nov 2, 2026 | Citigroup | Target raised | Neutral | $400.00, was $374.00 |
| Nov 2, 2026 | RBC Capital | Target raised | Sector Perform | $400.00, was $360.00 |
| Oct 15, 2026 | RBC Capital | Target cut | Sector Perform | $360.00, was $410.00 |
| Oct 14, 2026 | Bernstein | Target cut | Market Perform | $365.00, was $407.00 |
| Oct 9, 2026 | TD Cowen | Target cut | Buy | $380.00, was $420.00 |
| Oct 7, 2026 | Citigroup | Target cut | Neutral | $374.00, was $404.00 |
| Sep 23, 2026 | Bernstein | Target cut | Market Perform | $407.00, was $421.00 |
| Sep 8, 2026 | UBS | Target raised | Neutral | $408.00, was $395.00 |
| Aug 4, 2026 | Wells Fargo | Target raised | Overweight | $440.00, was $400.00 |
| Aug 3, 2026 | UBS | Target raised | Neutral | $395.00, was $366.00 |
| Jul 30, 2026 | BNP Paribas | Target raised | Outperform | $430.00, was $390.00 |
| Jul 30, 2026 | Citigroup | Target raised | Neutral | $404.00, was $364.00 |
| Jul 30, 2026 | Susquehanna | Target raised | Positive | $455.00, was $420.00 |
| Jul 30, 2026 | RBC Capital | Target raised | Sector Perform | $410.00, was $385.00 |
| Jul 30, 2026 | Morgan Stanley | Target raised | Overweight | $465.00, was $435.00 |
| Jul 30, 2026 | TD Cowen | Target raised | Buy | $420.00, was $390.00 |
| Jul 9, 2026 | Jefferies | Target raised | Buy | $440.00, was $400.00 |
| Jul 6, 2026 | B of A Securities | Target raised | Buy | $415.00, was $400.00 |
| Jun 11, 2026 | Jefferies | Upgrade | Buy, was Hold | $400.00, was $380.00 |
| May 18, 2026 | Citigroup | Target cut | Neutral | $364.00, was $380.00 |
| Apr 30, 2026 | JP Morgan | Target raised | Overweight | $400.00, was $385.00 |
| Apr 30, 2026 | UBS | Target cut | Neutral | $371.00, was $385.00 |
| Apr 30, 2026 | RBC Capital | Target kept | Sector Perform | $385.00 |
| Apr 7, 2026 | Jefferies | Target cut | Hold | $380.00, was $385.00 |
| Apr 2, 2026 | Citigroup | Target cut | Neutral | $380.00, was $389.00 |
| Apr 1, 2026 | Wells Fargo | Began coverage | Overweight | $400.00 |
| Feb 2, 2026 | Jefferies | Target raised | Hold | $385.00, was $360.00 |
| Jan 30, 2026 | B of A Securities | Target kept | Buy | $400.00 |
| Jan 15, 2026 | UBS | Target raised | Neutral | $388.00, was $381.00 |
| Jan 13, 2026 | Citigroup | Target raised | Neutral | $389.00, was $371.00 |
| Dec 19, 2025 | JP Morgan | Target raised | Overweight | $385.00, was $380.00 |
| Dec 16, 2025 | Morgan Stanley | Upgrade | Overweight, was Equal-Weight | $408.00, was $385.00 |
| Dec 12, 2025 | Citigroup | Began coverage | Neutral | $371.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $4.11 | $4.17 | +1.5% |
| Mar ’26 | $3.69 | $4.10 | +11.1% |
| Jun ’26 | $3.97 | $4.24 | +6.8% |
| Sep ’26 | $4.13 | $4.49 | +8.7% |
The day after each of these reports the stock moved −4.5% (Dec 2025, beat); +9.8% (Mar 2026, beat); −2.8% (Jun 2026, beat); +0.7% (Sep 2026, beat).
For the quarter ending Dec 2026 (General Dynamics reports on Jan 27, 2027), analysts expect adjusted earnings of $4.58 a share, 10% more than the $4.17 of a year earlier, and revenue of $14.7B, up 2% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $18.92 a share, 9% more than the year before's estimate of $17.38, and revenue of $59.7B, up 5% on the year before's estimate.
Adjusted. Dec 2025: $4.17; range $4.44 to $4.87; 13 analysts
Dec 2025: $14.4B; range $14.5B to $15.2B; 14 analysts
Adjusted. The year to Dec 2026: $17.38 expected; range $17.78 to $19.65; 20 analysts
The year to Dec 2026: $56.8B expected; range $57.6B to $61.4B; 23 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 27, 2027 | EPS (adjusted) | $4.58 | $4.44 to $4.87 | 13 | $4.17 (Dec 2025) | +10% |
| Quarter ending Dec 2026, results Jan 27, 2027 | Revenue | $14.7B | $14.5B to $15.2B | 14 | $14.4B (Dec 2025) | +2% |
| Quarter ending Mar 2027 | EPS (adjusted) | $4.35 | $4.22 to $4.48 | 4 | $4.10 (Mar 2026) | +6% |
| Quarter ending Mar 2027 | Revenue | $14.0B | $13.5B to $14.4B | 7 | $13.5B (Mar 2026) | +4% |
| Year ending Dec 2026 | EPS (adjusted) | $17.38 | $17.21 to $17.70 | 16 | — | — |
| Year ending Dec 2026 | Revenue | $56.8B | $56.5B to $57.3B | 18 | $52.5B (year to Dec 2025) | +8% |
| Year ending Dec 2027 | EPS (adjusted) | $18.92 | $17.78 to $19.65 | 20 | $17.38 (expected, year to Dec 2026) | +9% |
| Year ending Dec 2027 | Revenue | $59.7B | $57.6B to $61.4B | 23 | $56.8B (expected, year to Dec 2026) | +5% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $5.8B in free cash flow over the year, of which $2.3B went back to shareholders (dividends plus buybacks), leaving $3.5B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $7.3B |
| Capex | −$1.5B |
| Free cash flow | $5.8B |
| Dividends | −$1.7B |
| Buybacks | −$600M |
| Cash retained | $3.5B |
For every $100 of market cap, the company generates about $5.9 in free cash flow a year.
For every $100 of market cap, you receive about $1.7 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $2.4 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Sep 2023 | $1.1B | $363M | $56M |
| Dec 2023 | $892M | $360M | $0 |
| Mar 2024 | −$437M | $361M | $105M |
| Jun 2024 | $613M | $389M | $34M |
| Sep 2024 | $1.2B | $390M | $44M |
| Dec 2024 | $1.8B | $389M | $1.3B |
| Mar 2025 | −$290M | $383M | $600M |
| Jun 2025 | $1.4B | $402M | $0 |
| Sep 2025 | $1.9B | $403M | $0 |
| Dec 2025 | $952M | $405M | $37M |
| Mar 2026 | $2.0B | $405M | $217M |
| Sep 2026 | $1.2B | $429M | $285M |
General Dynamics had 274M diluted shares in the quarter ended Sep 2026, 0.4% more than a year earlier, and 0.7% fewer each year on average since Jun 2020. It spent $539M on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 287M |
| Sep 2020 | 287M |
| Mar 2021 | 285M |
| Jun 2021 | 282M |
| Sep 2021 | 280M |
| Mar 2022 | 280M |
| Jun 2022 | 279M |
| Sep 2022 | 276M |
| Mar 2023 | 277M |
| Jun 2023 | 275M |
| Sep 2023 | 275M |
| Mar 2024 | 277M |
| Jun 2024 | 278M |
| Sep 2024 | 278M |
| Mar 2025 | 272M |
| Jun 2025 | 271M |
| Sep 2025 | 273M |
| Mar 2026 | 274M |
| Jun 2026 | 274M |
| Sep 2026 | 274M |
Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter; by quarter: SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.4, short-term debt is manageable; debt-to-equity 0.3, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.4x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.3 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $2.3B against debt of $8.0B. Lease obligations of $1.8B are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 5 funds whose copy leaves GD out (not traded on the exchange): Rob Bresnahan, Jared Moskowitz, Canada Pension Plan Investment Board, Swiss National Bank, Mirae Asset Global Investments, Bridgewater Associates and 1 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 12 held GD at the end of their latest quarter (for most, Q3 2026). Over that quarter 6 added shares, 4 cut, 1 bought new and 1 held the same. The largest of them is National Pension Service, 764,622 shares worth $254M at Sep 30, 2026, 1.1% more than a quarter earlier.
1 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| National Pension Service | Q3 2026 | 764,622 | $254M | +8,500 | +1.1% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 598,884 | $212M | −197,615 | −25% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 628,746 | $209M | −20,560 | −3.2% | Nov 12, 2026 |
| Renaissance Technologies | Q3 2026 | 472,380 | $157M | +18,660 | +4.1% | Nov 12, 2026 |
| Markel Group | Q3 2026 | 391,000 | $130M | 0 | 0.0% | Oct 30, 2026 |
| Korea Investment | Q2 2026 | 201,630 | $71.4M | +58,485 | +41% | Aug 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 88,802 | $29.5M | +6,167 | +7.5% | Nov 3, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 55,686 | $19.7M | −36,045 | −39% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 22,438 | $7.9M | +12,883 | +135% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 16,888 | $6.0M | +16,888 | New | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 10,389 | $3.4M | +894 | +9.4% | Nov 6, 2026 |
| First Eagle Investment Management | Q3 2026 | 97 | $32K | −97 | −50% | Nov 10, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of GD at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.