Stock Analysis on Net
Stock Analysis on Net

Ford Motor Co. (NYSE:F)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Ford Motor Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.61 0.58 0.49 0.43 0.56
Adjusted 0.65 0.62 0.52 0.46 0.58
Liquidity Ratio
Current Ratio
Reported 1.20 1.20 1.20 1.20 1.16
Adjusted 1.23 1.23 1.23 1.23 1.19
Solvency Ratios
Debt to Equity
Reported 3.49 3.21 2.85 5.27 4.68
Adjusted 4.39 3.84 3.21 6.34 5.56
Debt to Capital
Reported 0.78 0.76 0.74 0.84 0.82
Adjusted 0.81 0.79 0.76 0.86 0.85
Financial Leverage
Reported 6.39 5.92 5.30 8.71 7.79
Adjusted 7.44 6.58 5.59 9.92 8.75
Profitability Ratios
Net Profit Margin
Reported 2.62% -1.33% 14.21% -1.10% 0.03%
Adjusted 1.97% -3.14% 13.68% -1.48% -1.05%
Return on Equity (ROE)
Reported 10.16% -4.58% 36.97% -4.17% 0.14%
Adjusted 9.53% -12.85% 39.83% -6.71% -5.37%
Return on Assets (ROA)
Reported 1.59% -0.77% 6.98% -0.48% 0.02%
Adjusted 1.28% -1.95% 7.12% -0.68% -0.61%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Ford Motor Co. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Ford Motor Co. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Ford Motor Co. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Ford Motor Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Ford Motor Co. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Ford Motor Co. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Company revenues excluding Ford Credit 165,901 149,079 126,268 115,941 143,640
Total assets 273,310 255,884 257,035 267,261 258,537
Activity Ratio
Total asset turnover1 0.61 0.58 0.49 0.43 0.56
Adjusted
Selected Financial Data (US$ in millions)
Adjusted company revenues excluding Ford Credit2 166,180 149,334 126,580 116,379 143,842
Adjusted total assets3 256,394 240,425 243,286 254,895 246,723
Activity Ratio
Adjusted total asset turnover4 0.65 0.62 0.52 0.46 0.58

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Company revenues excluding Ford Credit ÷ Total assets
= 165,901 ÷ 273,310 = 0.61

2 Adjusted company revenues excluding Ford Credit. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted company revenues excluding Ford Credit ÷ Adjusted total assets
= 166,180 ÷ 256,394 = 0.65

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 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 121,481 116,476 108,996 116,744 114,047
Current liabilities 101,531 96,866 90,727 97,192 98,132
Liquidity Ratio
Current ratio1 1.20 1.20 1.20 1.20 1.16
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 121,550 116,569 109,043 116,801 114,096
Adjusted current liabilities3 99,016 94,462 88,378 95,031 96,041
Liquidity Ratio
Adjusted current ratio4 1.23 1.23 1.23 1.23 1.19

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 121,481 ÷ 101,531 = 1.20

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 121,550 ÷ 99,016 = 1.23

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Ford Motor Co. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 149,231 138,969 138,092 161,684 155,307
Equity attributable to Ford Motor Company 42,773 43,242 48,519 30,690 33,185
Solvency Ratio
Debt to equity1 3.49 3.21 2.85 5.27 4.68
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 151,107 140,474 139,485 162,998 156,721
Adjusted total equity3 34,453 36,544 43,486 25,703 28,188
Solvency Ratio
Adjusted debt to equity4 4.39 3.84 3.21 6.34 5.56

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Equity attributable to Ford Motor Company
= 149,231 ÷ 42,773 = 3.49

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 151,107 ÷ 34,453 = 4.39

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Ford Motor Co. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 149,231 138,969 138,092 161,684 155,307
Total capital 192,004 182,211 186,611 192,374 188,492
Solvency Ratio
Debt to capital1 0.78 0.76 0.74 0.84 0.82
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 151,107 140,474 139,485 162,998 156,721
Adjusted total capital3 185,560 177,018 182,971 188,701 184,909
Solvency Ratio
Adjusted debt to capital4 0.81 0.79 0.76 0.86 0.85

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 149,231 ÷ 192,004 = 0.78

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 151,107 ÷ 185,560 = 0.81

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Ford Motor Co. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 273,310 255,884 257,035 267,261 258,537
Equity attributable to Ford Motor Company 42,773 43,242 48,519 30,690 33,185
Solvency Ratio
Financial leverage1 6.39 5.92 5.30 8.71 7.79
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 256,394 240,425 243,286 254,895 246,723
Adjusted total equity3 34,453 36,544 43,486 25,703 28,188
Solvency Ratio
Adjusted financial leverage4 7.44 6.58 5.59 9.92 8.75

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Equity attributable to Ford Motor Company
= 273,310 ÷ 42,773 = 6.39

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 256,394 ÷ 34,453 = 7.44

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 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 4,347 (1,981) 17,937 (1,279) 47
Company revenues excluding Ford Credit 165,901 149,079 126,268 115,941 143,640
Profitability Ratio
Net profit margin1 2.62% -1.33% 14.21% -1.10% 0.03%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,282 (4,695) 17,319 (1,724) (1,515)
Adjusted company revenues excluding Ford Credit3 166,180 149,334 126,580 116,379 143,842
Profitability Ratio
Adjusted net profit margin4 1.97% -3.14% 13.68% -1.48% -1.05%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to Ford Motor Company ÷ Company revenues excluding Ford Credit
= 100 × 4,347 ÷ 165,901 = 2.62%

2 Adjusted net income (loss). See details »

3 Adjusted company revenues excluding Ford Credit. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted company revenues excluding Ford Credit
= 100 × 3,282 ÷ 166,180 = 1.97%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Ford Motor Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 4,347 (1,981) 17,937 (1,279) 47
Equity attributable to Ford Motor Company 42,773 43,242 48,519 30,690 33,185
Profitability Ratio
ROE1 10.16% -4.58% 36.97% -4.17% 0.14%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,282 (4,695) 17,319 (1,724) (1,515)
Adjusted total equity3 34,453 36,544 43,486 25,703 28,188
Profitability Ratio
Adjusted ROE4 9.53% -12.85% 39.83% -6.71% -5.37%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to Ford Motor Company ÷ Equity attributable to Ford Motor Company
= 100 × 4,347 ÷ 42,773 = 10.16%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 3,282 ÷ 34,453 = 9.53%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Ford Motor Co. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company 4,347 (1,981) 17,937 (1,279) 47
Total assets 273,310 255,884 257,035 267,261 258,537
Profitability Ratio
ROA1 1.59% -0.77% 6.98% -0.48% 0.02%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,282 (4,695) 17,319 (1,724) (1,515)
Adjusted total assets3 256,394 240,425 243,286 254,895 246,723
Profitability Ratio
Adjusted ROA4 1.28% -1.95% 7.12% -0.68% -0.61%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to Ford Motor Company ÷ Total assets
= 100 × 4,347 ÷ 273,310 = 1.59%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 3,282 ÷ 256,394 = 1.28%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Ford Motor Co. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.