Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

General Motors 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
Goodwill 1,902 1,921 1,911 1,914 1,910
Technology and intellectual property 554 749 767 764 762
Brands 4,288 4,293 4,294 4,296 4,300
Dealer network, customer relationships and other 957 968 960 966 981
Intangible assets, gross carrying amount 5,799 6,010 6,021 6,026 6,043
Accumulated amortization (3,150) (3,069) (2,987) (2,853) (2,723)
Intangible assets, net carrying amount 2,649 2,941 3,034 3,173 3,320
Goodwill and intangible assets, net 4,551 4,862 4,945 5,087 5,230

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
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. General Motors Co. goodwill increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Intangible assets, net carrying amount Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. General Motors Co. intangible assets, net carrying amount decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and intangible assets, net Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. General Motors Co. goodwill and intangible assets, net decreased from 2022 to 2023 and from 2023 to 2024.

Adjustments to Financial Statements: Removal of Goodwill

General Motors 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) 279,761 273,064 264,037 244,718 235,194
Less: Goodwill 1,902 1,921 1,911 1,914 1,910
Total assets (adjusted) 277,859 271,143 262,126 242,804 233,284
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 63,072 64,286 67,792 59,744 45,030
Less: Goodwill 1,902 1,921 1,911 1,914 1,910
Stockholders’ equity (adjusted) 61,170 62,365 65,881 57,830 43,120

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).

General Motors Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

General Motors 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 0.58 0.55 0.46 0.46
Adjusted total asset turnover 0.62 0.58 0.55 0.47 0.47
Financial Leverage
Reported financial leverage 4.44 4.25 3.89 4.10 5.22
Adjusted financial leverage 4.54 4.35 3.98 4.20 5.41
Return on Equity (ROE)
Reported ROE 9.53% 15.75% 14.65% 16.77% 14.27%
Adjusted ROE 9.82% 16.24% 15.08% 17.32% 14.90%
Return on Assets (ROA)
Reported ROA 2.15% 3.71% 3.76% 4.09% 2.73%
Adjusted ROA 2.16% 3.73% 3.79% 4.13% 2.76%

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. General Motors Co. adjusted total asset turnover ratio improved from 2022 to 2023 and 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.		 General Motors Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. General Motors Co. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. General Motors Co. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

General Motors 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)
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Total assets 279,761 273,064 264,037 244,718 235,194
Activity Ratio
Total asset turnover1 0.61 0.58 0.55 0.46 0.46
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Adjusted total assets 277,859 271,143 262,126 242,804 233,284
Activity Ratio
Adjusted total asset turnover2 0.62 0.58 0.55 0.47 0.47

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 = Automotive net sales and revenue ÷ Total assets
= 171,606 ÷ 279,761 = 0.61

2 Adjusted total asset turnover = Automotive net sales and revenue ÷ Adjusted total assets
= 171,606 ÷ 277,859 = 0.62

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Motors Co. adjusted total asset turnover ratio improved from 2022 to 2023 and 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 279,761 273,064 264,037 244,718 235,194
Stockholders’ equity 63,072 64,286 67,792 59,744 45,030
Solvency Ratio
Financial leverage1 4.44 4.25 3.89 4.10 5.22
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 277,859 271,143 262,126 242,804 233,284
Adjusted stockholders’ equity 61,170 62,365 65,881 57,830 43,120
Solvency Ratio
Adjusted financial leverage2 4.54 4.35 3.98 4.20 5.41

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 ÷ Stockholders’ equity
= 279,761 ÷ 63,072 = 4.44

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 277,859 ÷ 61,170 = 4.54

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.		 General Motors Co. adjusted financial leverage ratio increased from 2022 to 2023 and 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 attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Stockholders’ equity 63,072 64,286 67,792 59,744 45,030
Profitability Ratio
ROE1 9.53% 15.75% 14.65% 16.77% 14.27%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Adjusted stockholders’ equity 61,170 62,365 65,881 57,830 43,120
Profitability Ratio
Adjusted ROE2 9.82% 16.24% 15.08% 17.32% 14.90%

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 attributable to stockholders ÷ Stockholders’ equity
= 100 × 6,008 ÷ 63,072 = 9.53%

2 Adjusted ROE = 100 × Net income attributable to stockholders ÷ Adjusted stockholders’ equity
= 100 × 6,008 ÷ 61,170 = 9.82%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. General Motors Co. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly 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 attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Total assets 279,761 273,064 264,037 244,718 235,194
Profitability Ratio
ROA1 2.15% 3.71% 3.76% 4.09% 2.73%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Adjusted total assets 277,859 271,143 262,126 242,804 233,284
Profitability Ratio
Adjusted ROA2 2.16% 3.73% 3.79% 4.13% 2.76%

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 attributable to stockholders ÷ Total assets
= 100 × 6,008 ÷ 279,761 = 2.15%

2 Adjusted ROA = 100 × Net income attributable to stockholders ÷ Adjusted total assets
= 100 × 6,008 ÷ 277,859 = 2.16%

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