{"slug":"general-dynamics","name":"제너럴 다이내믹스","name_en":"General Dynamics","ticker":"GD","updated_at":"2026-07-12T03:52:45.331+00:00","canonical":"https://valuechain.wiki/general-dynamics","citable":"밸류체인 그래프 기준 제너럴 다이내믹스의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, General Dynamics is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"산업재 · 방산 프라임 (잠수함 백로그·걸프스트림)","kicker_en":"Industrials · defense prime (submarine backlog, Gulfstream)","lead":"미 해군 잠수함(버지니아·컬럼비아급)·전투차량·걸프스트림 비즈니스젯을 만드는 미국 방산 프라임으로, 매출의 68%가 미 정부다. 핵심은 FY2025에 30% 급증해 $1,180억이 된 수주잔고 — 예산으로 선확정된 잠수함 수요가 향후 수년 매출을 사실상 확정했고, 실적을 좌우하는 변수는 수요가 아니라 잠수함 산업기반(인력·서플라이체인)의 이행 속도다. 매출 $525.5억(+10.1%)·영업이익률 10.2%·현금전환 122%로 방산 중 재무 질이 높고, 걸프스트림(G700 램프·G800 인증)이 정부 예산과 무관한 상업 헤지를 더한다. S&P 500 구성종목.","lead_en":"General Dynamics is a US defense prime building US Navy submarines (Virginia, Columbia), combat vehicles and Gulfstream business jets, with 68% of revenue from the US government. The crux is a backlog that surged 30% in FY2025 to $118B — budget-pre-committed submarine demand has effectively locked in several years of revenue, and the variable that governs results is not demand but the pace at which the submarine industrial base (labor, supply chain) can execute. Revenue of $52.55B (+10.1%), a 10.2% operating margin and 122% cash conversion give it high financial quality among defense names, and Gulfstream (G700 ramp, G800 certification) adds a commercial hedge uncorrelated to government budgets. S&P 500 constituent.","segments":{"fy":2025,"parts":[{"desc":"버지니아·컬럼비아급으로 GD 백로그의 절반. 수요는 예산으로 선확정돼 가시성 최고이나, 마진(~7%)은 얇고 이행 속도가 인력·서플라이체인 병목에 걸린다.","name":"해양시스템 — 잠수함 (백로그 $523억)"},{"desc":"에이브럼스·스트라이커. 유럽 재무장으로 국제 수주 $92억 — 마진(~14%)이 두툼해 이익 기여가 매출 비중보다 크다.","name":"전투시스템 (백로그 $272억)"},{"desc":"유일한 상업 축이자 방산 사이클 헤지. G700 램프·G800 인증으로 인도 사이클 상승, 마진 ~14%로 최고 수익성.","name":"에어로스페이스 — 걸프스트림 (백로그 $218억)"},{"desc":"정부·정보기관 IT·사이버. 매출은 크나 마진(~9%) 얇은 저마진 서비스로, 예산 연속성에 기댄 안정 캐시.","name":"테크놀로지스 — GDIT (백로그 $167억)"}],"total":"매출 $525.5억(+10.1%)·영업이익 $53.6억(+11.7%, 마진 10.2%)·EPS $15.45 — 그러나 진짜 자산은 30% 늘어 $1,180억이 된 수주잔고다 (FY2025)","source":"GD 10-K FY2025(2026-02-04)","concentration":"미 정부가 매출의 68%(미국 상업 15%·해외 17%)인 방산 프라임 — 상대가 정부라 매출 상대는 대개 익명이다. 구조의 핵심은 30% 급증한 $1,180억 백로그가 향후 수년 매출을 선확정한 것이며, 병목은 수요가 아니라 잠수함 산업기반(인력·서플라이체인)의 이행 능력이다. FY2025 순이익률 10.2%·현금전환 122%."},"segments_en":{"fy":2025,"parts":[{"desc":"Virginia and Columbia class — half of GD's backlog. Demand is pre-committed by budget for top visibility, but margin (~7%) is thin and execution pace is gated by labor/supply-chain bottlenecks.","name":"Marine Systems - submarines (backlog $52.3B)"},{"desc":"Abrams, Stryker. Europe's rearmament drove $9.2B of international awards — at a ~14% margin, profit contribution exceeds its revenue share.","name":"Combat Systems (backlog $27.2B)"},{"desc":"The only commercial axis and a hedge to the defense cycle. G700 ramp and G800 certification lift the delivery cycle at a group-best ~14% margin.","name":"Aerospace - Gulfstream (backlog $21.8B)"},{"desc":"Government/intelligence IT and cyber. Large revenue but thin-margin (~9%) services — stable cash reliant on budget continuity.","name":"Technologies - GDIT (backlog $16.7B)"}],"total":"Revenue $52.55B (+10.1%), operating earnings $5.36B (+11.7%, 10.2% margin), EPS $15.45 — but the real asset is a backlog that grew 30% to $118B (FY2025)","source":"GD 10-K FY2025 (Feb 4, 2026)","concentration":"A defense prime with the US government at 68% of revenue (US commercial 15%, international 17%) — since the counterparty is the government, revenue counterparties are mostly anonymous. The crux is a backlog up 30% to $118B that pre-commits several years of revenue; the bottleneck is not demand but the submarine industrial base's (labor, supply chain) ability to execute. FY2025 net margin 10.2%, cash conversion 122%."},"returns_yearly":{"2021":43.8,"2022":21.7,"2023":7.1,"2024":3.5,"2025":30.4,"2026":12.9},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"huntington-ingalls-industries","name":"헌팅턴 잉걸스 인더스트리스","name_en":"Huntington Ingalls Industries","tier":1,"returns_yearly":{"2021":12.1,"2022":26.3,"2023":15.2,"2024":-25.7,"2025":84.2,"2026":-15.2}},{"slug":"honeywell-aerospace","name":"하니웰 에어로스페이스","name_en":"Honeywell Aerospace","tier":1,"returns_yearly":null}],"analysis":"GD의 투자 논점은 '백로그로 선확정된 매출 + 이행 병목'이다. FY2025 수주잔고가 30% 급증해 $1,180억(추정 계약가치 $1,789억)에 이르며, 잠수함(해양 백로그 $523억)이 그 절반을 차지해 향후 수년 매출 가시성이 방산 중 최상급이다. 그러나 병목은 수요가 아니라 산업기반 — 미국에서 원잠을 지을 수 있는 조선소가 GD 일렉트릭보트와 헌팅턴잉걸스 둘뿐이라, GD는 경쟁자 HII에 컬럼비아를 하도급하고 3,000 공급사를 육성하며 인력·캐파에 자본을 쏟는다. 상업 헤지인 걸프스트림은 G700/G800 인도 사이클로 마진 최고 부문이며, 애널리스트(제프리스 매수 $400)는 잠수함 강세와 122% 현금전환을 근거로 든다. 그래프상 파급은 미 국방예산·해군 → GD(잠수함·차량) → HII(공동건조)·허니웰(걸프스트림 항전)·반도체 서플라이체인으로 흐른다. 리스크는 산업기반 인력난과 정부 예산·정치 리스크다.","analysis_en":"GD's thesis is 'backlog-pre-committed revenue plus an execution bottleneck.' FY2025 backlog surged 30% to $118B (estimated contract value $179B), with submarines (Marine backlog $52.3B) half of it, giving top-tier revenue visibility among defense names. But the bottleneck is the industrial base, not demand — with only two US yards able to build nuclear submarines (GD Electric Boat and Huntington Ingalls), GD subcontracts Columbia to rival HII, develops 3,000 suppliers, and pours capital into labor and capacity. The commercial hedge, Gulfstream, is the highest-margin segment on the G700/G800 delivery cycle, and analysts (Jefferies Buy $400) cite submarine strength and 122% cash conversion. In the graph the ripple runs US defense budget/Navy → GD (submarines, vehicles) → HII (co-build), Honeywell (Gulfstream avionics) and the semiconductor supply chain. Risks are industrial-base labor shortages and government budget/political risk.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"미 해군 (버지니아·컬럼비아급 잠수함)","counterparty_slug":null,"confidence":"high","metric":{"type":"backlog","unit":"USD_bn","value":52.3,"period":"FY2025","awards_2025_usd_bn":20.1},"note":"GD 백로그의 심장 — 해양시스템 백로그가 523억달러로 전사 1,180억달러 백로그의 절반 가까이를 차지하고, 2025년 미 해군에서 버지니아·컬럼비아급으로 $201억을 수주했다. 잠수함은 연 2척(버지니아)·전략억지(컬럼비아) 수요가 예산으로 사실상 선확정돼 매출 가시성이 극히 높으나, 이행 속도는 GD가 통제 못 하는 산업기반(인력·서플라이체인) 병목에 걸려 있다. 상대는 미 정부라 익명·정부로 둔다.","note_en":"The heart of GD's backlog — Marine Systems backlog of $52.3B is nearly half the group's $118B, and in 2025 GD booked $20.1B of US Navy awards for Virginia- and Columbia-class boats. Submarine demand (two Virginia per year, Columbia strategic deterrent) is effectively pre-committed by budget, giving extreme revenue visibility — but the pace of delivery is gated by an industrial-base bottleneck (labor, supply chain) that GD does not fully control. The counterparty is the US government, kept anonymous.","sources":[{"stance":"mentions","publisher":"Jefferies (via ad-hoc-news)","publisher_en":"Jefferies (via ad-hoc-news)","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.ad-hoc-news.de/boerse/news/ueberblick/general-dynamics-stock-us3695501086-analyst-upgrade-highlights/69534337","title":"제너럴 다이내믹스, 제프리스 매수 상향 목표가 $400 — 잠수함 강세","title_en":"General Dynamics upgraded to Buy at Jefferies, PT $400 — submarine strength","excerpt":"Jefferies upgraded GD to Buy, PT $400, on submarine strength and deep marine backlogs; avg target ~$394.","excerpt_en":"Jefferies upgraded GD to Buy, PT $400, on submarine strength and deep marine backlogs; avg target ~$394."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"Received $20.1 billion of combined awards from the US Navy for Virginia-class and Columbia-class programs; 68% of consolidated revenue from the US government in 2025.","excerpt_en":"$20.1B Navy submarine awards; US government 68% of revenue."},{"stance":"confirms","publisher":"스페셜경제","publisher_en":"Special Economy (KR)","kind":"news","lang":"ko","published_at":"2025-11-11","url":"https://www.speconomy.com/news/articleView.html?idxno=407946","title":"美 원잠 건조 2곳 — GD 일렉트릭보트·헌팅턴잉걸스, 한화 진입 수주전","title_en":"US nuclear-sub yards — GD Electric Boat & Huntington Ingalls; Hanwha's entry","excerpt":"미국에서 원자력잠수함을 건조할 수 있는 조선소는 GD 일렉트릭보트와 헌팅턴잉걸스 뉴포트뉴스 두 곳뿐이다.","excerpt_en":"The only two US yards that can build nuclear submarines are GD Electric Boat and Huntington Ingalls Newport News."}]},{"direction":"revenue","counterparty":"미 육군·국제 고객 (전투차량 — 에이브럼스·스트라이커)","counterparty_slug":null,"confidence":"high","metric":{"type":"backlog","unit":"USD_bn","value":27.2,"period":"FY2025","intl_awards_2025_usd_bn":9.2},"note":"전투시스템은 백로그 272억달러로, 2025년 유럽 재무장 흐름을 타고 국제 고객에서 바퀴·궤도 차량으로 $92억을 수주했다 — 우크라이나 전쟁 이후 NATO 국방비 증액이 미 육군 의존을 넘어 해외 수요로 성장축을 넓힌 부문. 마진(~14%)이 잠수함보다 두툼해 이익 기여가 매출 비중(17%)보다 크다.","note_en":"Combat Systems carries a $27.2B backlog and in 2025 booked $9.2B of international awards for wheeled and tracked vehicles amid Europe's rearmament — post-Ukraine NATO defense increases widened its growth beyond US Army dependence to overseas demand. At a ~14% margin, thicker than submarines, its profit contribution exceeds its 17% revenue share.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"Combat Systems total backlog $27,218m; $9.2B of combined awards for wheeled and tracked vehicles for international customers.","excerpt_en":"Combat Systems total backlog $27,218m; $9.2B of combined awards for wheeled and tracked vehicles for international customers."}]},{"direction":"revenue","counterparty":"비즈니스젯 고객 (걸프스트림)","counterparty_slug":null,"confidence":"high","metric":{"type":"backlog","unit":"USD_bn","value":21.8,"period":"FY2025","margin_2026e_pct":14,"revenue_2026e_usd_bn":13.6},"note":"GD의 유일한 상업 축이자 방산 사이클의 헤지 — 에어로스페이스 백로그 218억달러(38%는 북미 밖 16개국 고객). G700 인도 본격화와 G800 인증으로 인도 사이클이 올라오며 2026년 매출 ~136억달러·마진 ~14%로 전 부문 최고 수익성 예상. 방산이 정부 예산에 묶인 반면, 이 부문은 글로벌 부유층·기업의 자본지출에 민감한 별개 수요원이다.","note_en":"GD's only commercial axis and a hedge to the defense cycle — Aerospace backlog of $21.8B (38% from 16 customers outside North America). With G700 deliveries ramping and the G800 certified, the delivery cycle is rising toward ~$13.6B revenue and ~14% margin in 2026, the group's best. Unlike defense tied to government budgets, this is a separate demand source sensitive to global HNWI/corporate capex.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"Aerospace total backlog $21,828m; ~38% of aircraft backlog from customers outside North America; strong Gulfstream order activity across all models.","excerpt_en":"Aerospace total backlog $21,828m; ~38% of aircraft backlog from customers outside North America; strong Gulfstream order activity across all models."}]},{"direction":"cost","counterparty":"헌팅턴 잉걸스 (잠수함 공동건조·컬럼비아 하도급)","counterparty_slug":"huntington-ingalls-industries","confidence":"high","metric":{"qualifier":"co_build_and_subcontract"},"note":"미국에서 원잠을 지을 수 있는 조선소는 GD 일렉트릭보트와 헌팅턴잉걸스 뉴포트뉴스 둘뿐이라, 경쟁자이면서도 필수 파트너다 — 버지니아급은 물량을 나눠 공동건조하고, GD가 프라임인 컬럼비아급은 HII에 모듈을 하도급한다(10-K 명시). 즉 GD의 잠수함 백로그 이행은 HII의 캐파·납기에 부분적으로 인질이며, 산업기반 병목이 둘에게 공통이다.","note_en":"Because only two US yards can build nuclear submarines — GD Electric Boat and Huntington Ingalls Newport News — HII is at once a rival and an indispensable partner: they co-build Virginia-class by splitting boats, and on GD-prime Columbia-class GD subcontracts modules to HII (per the 10-K). GD's submarine-backlog execution is thus partly hostage to HII's capacity and schedule, with the industrial-base bottleneck common to both.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"Marine Systems has one primary competitor with which it also partners on the Virginia-class program, and to which it subcontracts on the Columbia-class program.","excerpt_en":"Marine Systems has one primary competitor with which it also partners on the Virginia-class program, and to which it subcontracts on the Columbia-class program."},{"stance":"confirms","publisher":"스페셜경제","publisher_en":"Special Economy (KR)","kind":"news","lang":"ko","published_at":"2025-11-11","url":"https://www.speconomy.com/news/articleView.html?idxno=407946","title":"美 원잠 건조 2곳 — GD 일렉트릭보트·헌팅턴잉걸스, 한화 진입 수주전","title_en":"US nuclear-sub yards — GD Electric Boat & Huntington Ingalls; Hanwha's entry","excerpt":"미국 원잠 건조 가능 조선소는 GD 일렉트릭보트와 헌팅턴잉걸스 뉴포트뉴스 두 곳뿐이다.","excerpt_en":"The only US yards able to build nuclear submarines are GD Electric Boat and Huntington Ingalls Newport News."}]},{"direction":"investment","counterparty":"잠수함 산업기반 투자 (조선소 캐파·인력·서플라이어 육성)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"industrial_base_capex"},"note":"GD의 자본배치 핵심은 잠수함 산업기반 확충이다 — 그로튼(일렉트릭보트) 캐파·2.4만 인력 확대와 3,000 공급사 육성에 투자해 연 2척+컬럼비아 동시 양산 능력을 짓는다. 이는 1,180억달러 백로그를 실제 매출로 전환하는 속도를 좌우하는 투자이자, 정부가 산업기반 자금을 함께 대는 구조라 자본 회수 가시성이 높다.","note_en":"The core of GD's capital deployment is expanding the submarine industrial base — investing in Groton (Electric Boat) capacity, a 24,000-strong workforce and the development of 3,000 suppliers to build the ability to run two-per-year Virginia plus Columbia concurrently. It governs how fast the $118B backlog converts to revenue and, with the government co-funding the industrial base, carries high payback visibility.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"We continue to develop and work with our growing network of approximately 3,000 suppliers to support the growth related to concurrent production of the two submarine programs.","excerpt_en":"We continue to develop and work with our growing network of approximately 3,000 suppliers to support the growth related to concurrent production of the two submarine programs."},{"stance":"mentions","publisher":"스페셜경제","publisher_en":"Special Economy (KR)","kind":"news","lang":"ko","published_at":"2025-11-11","url":"https://www.speconomy.com/news/articleView.html?idxno=407946","title":"美 원잠 건조 2곳 — GD 일렉트릭보트·헌팅턴잉걸스, 한화 진입 수주전","title_en":"US nuclear-sub yards — GD Electric Boat & Huntington Ingalls; Hanwha's entry","excerpt":"미 잠수함 산업기반의 인력·캐파 부족이 건조 속도의 병목으로 지목된다.","excerpt_en":"Labor and capacity shortages in the US submarine industrial base are cited as the bottleneck on build pace."}]},{"direction":"revenue","counterparty":"미 정부·정보기관 (GDIT — IT·사이버·미션시스템)","counterparty_slug":null,"confidence":"mid","metric":{"type":"backlog","unit":"USD_bn","value":16.7,"period":"FY2025","margin_2026e_pct":9.2,"revenue_2026e_usd_bn":13.8},"note":"테크놀로지스(GDIT·미션시스템)는 매출 비중은 크나 마진(~9%)이 얇은 서비스 사업 — 미 정부·정보기관에 IT·사이버·통신을 공급하며, 록히드·노스럽·레이도스·부즈앨런과 경쟁하는 저마진 레드오션이다. 방산 하드웨어의 사이클과 달리 예산 연속성에 기대는 안정 캐시 축.","note_en":"Technologies (GDIT, Mission Systems) is a large-revenue but thin-margin (~9%) services business — supplying IT, cyber and communications to US government and intelligence agencies in a low-margin red ocean against Lockheed, Northrop, Leidos and Booz Allen. Unlike the hardware cycle, it is a stable cash axis reliant on budget continuity.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"Technologies total backlog $16,660m; portfolio spans prime contracts with government customers and subcontract positions with large platform providers.","excerpt_en":"Technologies total backlog $16,660m; portfolio spans prime contracts with government customers and subcontract positions with large platform providers."}]},{"direction":"cost","counterparty":"허니웰 (걸프스트림 항전·APU)","counterparty_slug":"honeywell-aerospace","confidence":"mid","metric":{"qualifier":"avionics_APU_supply"},"note":"걸프스트림의 시그니처 시메트리 플라이트덱이 허니웰 Primus Epic 항전을 기반으로 하고, G700은 허니웰 RE200 APU를 쓴다 — 조종석의 핵심 시스템을 허니웰에 의존하는 구조라, 항전 공급·인증 일정이 신기종(G700/G800) 인도 램프의 상류 변수가 된다.","note_en":"Gulfstream's signature Symmetry flight deck is built on Honeywell Primus Epic avionics, and the G700 uses a Honeywell RE200 APU — the cockpit's core systems depend on Honeywell, so avionics supply and certification timing are an upstream variable for the new-model (G700/G800) delivery ramp.","sources":[{"stance":"confirms","publisher":"Honeywell Aerospace","publisher_en":"Honeywell Aerospace","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.honeywellaerospace.com/us/en/products-and-services/products/cabin-and-cockpit/avionics/integrated-flight-decks/primus-epic-for-gulfstream-symmetry","title":"허니웰 Primus Epic — 걸프스트림 시메트리 플라이트덱","title_en":"Honeywell Primus Epic for Gulfstream Symmetry flight deck","excerpt":"The Gulfstream Symmetry flight deck is based on Honeywell Primus Epic; the G700 uses a Honeywell RE200 APU.","excerpt_en":"The Gulfstream Symmetry flight deck is based on Honeywell Primus Epic; the G700 uses a Honeywell RE200 APU."}]},{"direction":"cost","counterparty":"잠수함·차량 서플라이체인 (반도체·부품, ~3,000 공급사)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"supplier_network_bottleneck"},"note":"두 잠수함 프로그램을 동시 양산하려 약 3,000개 공급사를 육성 중이며, 일부 세그먼트는 반도체 조달에 의존한다 — 백로그가 아무리 두꺼워도 실제 이행 속도를 정하는 것은 이 서플라이체인의 인력·소재 병목이라, GD가 장기계약으로 리스크를 묶는 핵심 원가측이다.","note_en":"GD is developing ~3,000 suppliers to run two submarine programs concurrently, and some segments depend on semiconductor procurement — however thick the backlog, what sets the actual pace of execution is this supply chain's labor/material bottleneck, the key cost side GD ties down with long-term agreements.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/40533/000004053326000006/gd-20251231.htm","title":"General Dynamics 10-K FY2025","title_en":"General Dynamics 10-K FY2025","excerpt":"We work with our growing network of approximately 3,000 suppliers to support concurrent production of the two submarine programs; some segments rely on the supply of semiconductors.","excerpt_en":"We work with our growing network of approximately 3,000 suppliers to support concurrent production of the two submarine programs; some segments rely on the supply of semiconductors."}]}]}