Stock Analysis on Net
Stock Analysis on Net

Ford Motor Co. (NYSE:F)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Ford Motor Co., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Intangible assets, net 69 80 86 111 144
Goodwill 658 683 603 619 258
Net intangible assets and goodwill 727 763 689 730 402

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Ford Motor Co. intangible assets, net decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Ford Motor Co. goodwill increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Net intangible assets and goodwill Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Ford Motor Co. net intangible assets and goodwill increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Adjustments to Financial Statements: Removal of Goodwill

Ford Motor Co., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported) 285,196 273,310 255,884 257,035 267,261
Less: Goodwill 658 683 603 619 258
Total assets (adjusted) 284,538 272,627 255,281 256,416 267,003
Adjustment to Equity Attributable To Ford Motor Company
Equity attributable to Ford Motor Company (as reported) 44,835 42,773 43,242 48,519 30,690
Less: Goodwill 658 683 603 619 258
Equity attributable to Ford Motor Company (adjusted) 44,177 42,090 42,639 47,900 30,432

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Ford Motor Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Ford Motor Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Total Asset Turnover
Reported total asset turnover 0.61 0.61 0.58 0.49 0.43
Adjusted total asset turnover 0.61 0.61 0.58 0.49 0.43
Financial Leverage
Reported financial leverage 6.36 6.39 5.92 5.30 8.71
Adjusted financial leverage 6.44 6.48 5.99 5.35 8.77
Return on Equity (ROE)
Reported ROE 13.11% 10.16% -4.58% 36.97% -4.17%
Adjusted ROE 13.31% 10.33% -4.65% 37.45% -4.20%
Return on Assets (ROA)
Reported ROA 2.06% 1.59% -0.77% 6.98% -0.48%
Adjusted ROA 2.07% 1.59% -0.78% 7.00% -0.48%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Ford Motor Co. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Ford Motor Co. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Ford Motor Co. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Ford Motor Co. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Ford Motor Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Company revenues excluding Ford Credit 172,706 165,901 149,079 126,268 115,941
Total assets 285,196 273,310 255,884 257,035 267,261
Activity Ratio
Total asset turnover1 0.61 0.61 0.58 0.49 0.43
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Company revenues excluding Ford Credit 172,706 165,901 149,079 126,268 115,941
Adjusted total assets 284,538 272,627 255,281 256,416 267,003
Activity Ratio
Adjusted total asset turnover2 0.61 0.61 0.58 0.49 0.43

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Total asset turnover = Company revenues excluding Ford Credit ÷ Total assets
= 172,706 ÷ 285,196 = 0.61

2 Adjusted total asset turnover = Company revenues excluding Ford Credit ÷ Adjusted total assets
= 172,706 ÷ 284,538 = 0.61

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Ford Motor Co. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets 285,196 273,310 255,884 257,035 267,261
Equity attributable to Ford Motor Company 44,835 42,773 43,242 48,519 30,690
Solvency Ratio
Financial leverage1 6.36 6.39 5.92 5.30 8.71
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 284,538 272,627 255,281 256,416 267,003
Adjusted equity attributable to Ford Motor Company 44,177 42,090 42,639 47,900 30,432
Solvency Ratio
Adjusted financial leverage2 6.44 6.48 5.99 5.35 8.77

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Financial leverage = Total assets ÷ Equity attributable to Ford Motor Company
= 285,196 ÷ 44,835 = 6.36

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity attributable to Ford Motor Company
= 284,538 ÷ 44,177 = 6.44

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Ford Motor Co. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 5,879 4,347 (1,981) 17,937 (1,279)
Equity attributable to Ford Motor Company 44,835 42,773 43,242 48,519 30,690
Profitability Ratio
ROE1 13.11% 10.16% -4.58% 36.97% -4.17%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 5,879 4,347 (1,981) 17,937 (1,279)
Adjusted equity attributable to Ford Motor Company 44,177 42,090 42,639 47,900 30,432
Profitability Ratio
Adjusted ROE2 13.31% 10.33% -4.65% 37.45% -4.20%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROE = 100 × Net income (loss) attributable to Ford Motor Company ÷ Equity attributable to Ford Motor Company
= 100 × 5,879 ÷ 44,835 = 13.11%

2 Adjusted ROE = 100 × Net income (loss) attributable to Ford Motor Company ÷ Adjusted equity attributable to Ford Motor Company
= 100 × 5,879 ÷ 44,177 = 13.31%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Ford Motor Co. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 5,879 4,347 (1,981) 17,937 (1,279)
Total assets 285,196 273,310 255,884 257,035 267,261
Profitability Ratio
ROA1 2.06% 1.59% -0.77% 6.98% -0.48%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 5,879 4,347 (1,981) 17,937 (1,279)
Adjusted total assets 284,538 272,627 255,281 256,416 267,003
Profitability Ratio
Adjusted ROA2 2.07% 1.59% -0.78% 7.00% -0.48%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net income (loss) attributable to Ford Motor Company ÷ Total assets
= 100 × 5,879 ÷ 285,196 = 2.06%

2 Adjusted ROA = 100 × Net income (loss) attributable to Ford Motor Company ÷ Adjusted total assets
= 100 × 5,879 ÷ 284,538 = 2.07%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Ford Motor Co. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.