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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.58 0.55 0.46 0.46 0.54
Adjusted 0.64 0.59 0.51 0.51 0.60
Liquidity Ratio
Current Ratio
Reported 1.08 1.10 1.10 1.01 0.88
Adjusted 1.15 1.18 1.21 1.10 0.96
Solvency Ratios
Debt to Equity
Reported 1.89 1.69 1.83 2.44 2.47
Adjusted 1.90 1.71 1.81 2.72 2.84
Debt to Capital
Reported 0.65 0.63 0.65 0.71 0.71
Adjusted 0.65 0.63 0.64 0.73 0.74
Financial Leverage
Reported 4.25 3.89 4.10 5.22 5.46
Adjusted 3.87 3.60 3.65 5.17 5.53
Profitability Ratios
Net Profit Margin
Reported 6.42% 6.90% 8.82% 5.91% 5.49%
Adjusted 5.82% 7.66% 15.38% 4.48% 3.08%
Return on Equity (ROE)
Reported 15.75% 14.65% 16.77% 14.27% 16.11%
Adjusted 14.31% 16.32% 28.43% 11.86% 10.24%
Return on Assets (ROA)
Reported 3.71% 3.76% 4.09% 2.73% 2.95%
Adjusted 3.70% 4.54% 7.78% 2.29% 1.85%

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).

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 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Motors Co. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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 improved from 2021 to 2022 but then deteriorated significantly 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. General Motors Co. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly 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.		 General Motors Co. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
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 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Motors Co. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Motors Co. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

General Motors 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)
Automotive net sales and revenue 157,658 143,975 113,590 108,673 122,697
Total assets 273,064 264,037 244,718 235,194 228,037
Activity Ratio
Total asset turnover1 0.58 0.55 0.46 0.46 0.54
Adjusted
Selected Financial Data (US$ in millions)
Adjusted automotive net sales and revenue2 159,438 144,545 113,214 108,324 122,430
Adjusted total assets3 251,023 243,758 223,758 211,282 203,598
Activity Ratio
Adjusted total asset turnover4 0.64 0.59 0.51 0.51 0.60

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 = Automotive net sales and revenue ÷ Total assets
= 157,658 ÷ 273,064 = 0.58

2 Adjusted automotive net sales and revenue. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted automotive net sales and revenue ÷ Adjusted total assets
= 159,438 ÷ 251,023 = 0.64

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 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 101,618 100,451 82,103 80,924 74,992
Current liabilities 94,445 91,173 74,408 79,910 84,905
Liquidity Ratio
Current ratio1 1.08 1.10 1.10 1.01 0.88
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 101,916 100,711 82,295 81,148 75,193
Adjusted current liabilities3 88,358 85,642 68,178 73,730 78,684
Liquidity Ratio
Adjusted current ratio4 1.15 1.18 1.21 1.10 0.96

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
= 101,618 ÷ 94,445 = 1.08

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 101,916 ÷ 88,358 = 1.15

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 2021 to 2022 and 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 121,741 114,699 109,379 109,894 103,324
Stockholders’ equity 64,286 67,792 59,744 45,030 41,792
Solvency Ratio
Debt to equity1 1.89 1.69 1.83 2.44 2.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 122,912 115,913 110,595 111,072 104,573
Adjusted total equity3 64,849 67,804 61,226 40,860 36,800
Solvency Ratio
Adjusted debt to equity4 1.90 1.71 1.81 2.72 2.84

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 ÷ Stockholders’ equity
= 121,741 ÷ 64,286 = 1.89

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
= 122,912 ÷ 64,849 = 1.90

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 improved from 2021 to 2022 but then deteriorated significantly 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 121,741 114,699 109,379 109,894 103,324
Total capital 186,027 182,491 169,123 154,924 145,116
Solvency Ratio
Debt to capital1 0.65 0.63 0.65 0.71 0.71
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 122,912 115,913 110,595 111,072 104,573
Adjusted total capital3 187,761 183,717 171,821 151,932 141,373
Solvency Ratio
Adjusted debt to capital4 0.65 0.63 0.64 0.73 0.74

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
= 121,741 ÷ 186,027 = 0.65

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
= 122,912 ÷ 187,761 = 0.65

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 improved from 2021 to 2022 but then deteriorated significantly 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 273,064 264,037 244,718 235,194 228,037
Stockholders’ equity 64,286 67,792 59,744 45,030 41,792
Solvency Ratio
Financial leverage1 4.25 3.89 4.10 5.22 5.46
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 251,023 243,758 223,758 211,282 203,598
Adjusted total equity3 64,849 67,804 61,226 40,860 36,800
Solvency Ratio
Adjusted financial leverage4 3.87 3.60 3.65 5.17 5.53

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 ÷ Stockholders’ equity
= 273,064 ÷ 64,286 = 4.25

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 251,023 ÷ 64,849 = 3.87

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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

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 attributable to stockholders 10,127 9,934 10,019 6,427 6,732
Automotive net sales and revenue 157,658 143,975 113,590 108,673 122,697
Profitability Ratio
Net profit margin1 6.42% 6.90% 8.82% 5.91% 5.49%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 9,277 11,067 17,409 4,848 3,768
Adjusted automotive net sales and revenue3 159,438 144,545 113,214 108,324 122,430
Profitability Ratio
Adjusted net profit margin4 5.82% 7.66% 15.38% 4.48% 3.08%

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 attributable to stockholders ÷ Automotive net sales and revenue
= 100 × 10,127 ÷ 157,658 = 6.42%

2 Adjusted net income. See details »

3 Adjusted automotive net sales and revenue. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted automotive net sales and revenue
= 100 × 9,277 ÷ 159,438 = 5.82%

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 2021 to 2022 and 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 attributable to stockholders 10,127 9,934 10,019 6,427 6,732
Stockholders’ equity 64,286 67,792 59,744 45,030 41,792
Profitability Ratio
ROE1 15.75% 14.65% 16.77% 14.27% 16.11%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 9,277 11,067 17,409 4,848 3,768
Adjusted total equity3 64,849 67,804 61,226 40,860 36,800
Profitability Ratio
Adjusted ROE4 14.31% 16.32% 28.43% 11.86% 10.24%

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 attributable to stockholders ÷ Stockholders’ equity
= 100 × 10,127 ÷ 64,286 = 15.75%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 9,277 ÷ 64,849 = 14.31%

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 2021 to 2022 and 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 attributable to stockholders 10,127 9,934 10,019 6,427 6,732
Total assets 273,064 264,037 244,718 235,194 228,037
Profitability Ratio
ROA1 3.71% 3.76% 4.09% 2.73% 2.95%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 9,277 11,067 17,409 4,848 3,768
Adjusted total assets3 251,023 243,758 223,758 211,282 203,598
Profitability Ratio
Adjusted ROA4 3.70% 4.54% 7.78% 2.29% 1.85%

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
ROA = 100 × Net income attributable to stockholders ÷ Total assets
= 100 × 10,127 ÷ 273,064 = 3.71%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 9,277 ÷ 251,023 = 3.70%

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 2021 to 2022 and from 2022 to 2023.