Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

General Motors Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.61 0.58 0.55 0.46 0.46
Adjusted 0.67 0.64 0.59 0.51 0.51
Liquidity Ratio
Current Ratio
Reported 1.13 1.08 1.10 1.10 1.01
Adjusted 1.23 1.15 1.18 1.21 1.10
Solvency Ratios
Debt to Equity
Reported 2.06 1.89 1.69 1.83 2.44
Adjusted 1.97 1.90 1.71 1.81 2.72
Debt to Capital
Reported 0.67 0.65 0.63 0.65 0.71
Adjusted 0.66 0.65 0.63 0.64 0.73
Financial Leverage
Reported 4.44 4.25 3.89 4.10 5.22
Adjusted 3.90 3.87 3.60 3.65 5.17
Profitability Ratios
Net Profit Margin
Reported 3.50% 6.42% 6.90% 8.82% 5.91%
Adjusted 5.38% 5.82% 7.66% 15.38% 4.48%
Return on Equity (ROE)
Reported 9.53% 15.75% 14.65% 16.77% 14.27%
Adjusted 14.02% 14.31% 16.32% 28.43% 11.86%
Return on Assets (ROA)
Reported 2.15% 3.71% 3.76% 4.09% 2.73%
Adjusted 3.60% 3.70% 4.54% 7.78% 2.29%

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 current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Motors Co. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. General Motors Co. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. General Motors Co. adjusted debt-to-capital ratio deteriorated 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 net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Motors Co. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Motors Co. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted 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
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
Selected Financial Data (US$ in millions)
Adjusted automotive net sales and revenue2 173,096 159,438 144,545 113,214 108,324
Adjusted total assets3 258,820 251,023 243,758 223,758 211,282
Activity Ratio
Adjusted total asset turnover4 0.67 0.64 0.59 0.51 0.51

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).

1 2024 Calculation
Total asset turnover = Automotive net sales and revenue ÷ Total assets
= 171,606 ÷ 279,761 = 0.61

2 Adjusted automotive net sales and revenue. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted automotive net sales and revenue ÷ Adjusted total assets
= 173,096 ÷ 258,820 = 0.67

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 Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 108,545 101,618 100,451 82,103 80,924
Current liabilities 96,265 94,445 91,173 74,408 79,910
Liquidity Ratio
Current ratio1 1.13 1.08 1.10 1.10 1.01
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 108,858 101,916 100,711 82,295 81,148
Adjusted current liabilities3 88,339 88,358 85,642 68,178 73,730
Liquidity Ratio
Adjusted current ratio4 1.23 1.15 1.18 1.21 1.10

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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 108,545 ÷ 96,265 = 1.13

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 108,858 ÷ 88,339 = 1.23

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Motors Co. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 129,732 121,741 114,699 109,379 109,894
Stockholders’ equity 63,072 64,286 67,792 59,744 45,030
Solvency Ratio
Debt to equity1 2.06 1.89 1.69 1.83 2.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 130,947 122,912 115,913 110,595 111,072
Adjusted total equity3 66,409 64,849 67,804 61,226 40,860
Solvency Ratio
Adjusted debt to equity4 1.97 1.90 1.71 1.81 2.72

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).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 129,732 ÷ 63,072 = 2.06

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 130,947 ÷ 66,409 = 1.97

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. General Motors Co. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 129,732 121,741 114,699 109,379 109,894
Total capital 192,804 186,027 182,491 169,123 154,924
Solvency Ratio
Debt to capital1 0.67 0.65 0.63 0.65 0.71
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 130,947 122,912 115,913 110,595 111,072
Adjusted total capital3 197,356 187,761 183,717 171,821 151,932
Solvency Ratio
Adjusted debt to capital4 0.66 0.65 0.63 0.64 0.73

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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 129,732 ÷ 192,804 = 0.67

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 130,947 ÷ 197,356 = 0.66

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. General Motors Co. adjusted debt-to-capital ratio deteriorated 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
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
Selected Financial Data (US$ in millions)
Adjusted total assets2 258,820 251,023 243,758 223,758 211,282
Adjusted total equity3 66,409 64,849 67,804 61,226 40,860
Solvency Ratio
Adjusted financial leverage4 3.90 3.87 3.60 3.65 5.17

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).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 279,761 ÷ 63,072 = 4.44

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 258,820 ÷ 66,409 = 3.90

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 Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Profitability Ratio
Net profit margin1 3.50% 6.42% 6.90% 8.82% 5.91%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 9,308 9,277 11,067 17,409 4,848
Adjusted automotive net sales and revenue3 173,096 159,438 144,545 113,214 108,324
Profitability Ratio
Adjusted net profit margin4 5.38% 5.82% 7.66% 15.38% 4.48%

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).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to stockholders ÷ Automotive net sales and revenue
= 100 × 6,008 ÷ 171,606 = 3.50%

2 Adjusted net income. See details »

3 Adjusted automotive net sales and revenue. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted automotive net sales and revenue
= 100 × 9,308 ÷ 173,096 = 5.38%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Motors Co. adjusted net profit margin ratio deteriorated 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
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
Selected Financial Data (US$ in millions)
Adjusted net income2 9,308 9,277 11,067 17,409 4,848
Adjusted total equity3 66,409 64,849 67,804 61,226 40,860
Profitability Ratio
Adjusted ROE4 14.02% 14.31% 16.32% 28.43% 11.86%

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).

1 2024 Calculation
ROE = 100 × Net income attributable to stockholders ÷ Stockholders’ equity
= 100 × 6,008 ÷ 63,072 = 9.53%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 9,308 ÷ 66,409 = 14.02%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Motors Co. adjusted ROE deteriorated 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
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
Selected Financial Data (US$ in millions)
Adjusted net income2 9,308 9,277 11,067 17,409 4,848
Adjusted total assets3 258,820 251,023 243,758 223,758 211,282
Profitability Ratio
Adjusted ROA4 3.60% 3.70% 4.54% 7.78% 2.29%

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).

1 2024 Calculation
ROA = 100 × Net income attributable to stockholders ÷ Total assets
= 100 × 6,008 ÷ 279,761 = 2.15%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 9,308 ÷ 258,820 = 3.60%

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