Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
General Motors Co., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | General Motors Co. debt to equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | General Motors Co. debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | General Motors Co. debt to capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | General Motors Co. debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | General Motors Co. debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | General Motors Co. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | General Motors Co. financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | General Motors Co. interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Equity
General Motors Co., debt to equity calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current portion of long-term debt | 39,432) | 38,968) | 38,778) | 33,720) | 36,913) | |
| Long-term debt, excluding current portion | 90,300) | 82,773) | 75,921) | 75,659) | 72,981) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Ford Motor Co. | 3.54 | 3.49 | 3.21 | 2.85 | 5.27 | |
| Tesla Inc. | 0.11 | 0.08 | 0.07 | 0.23 | 0.53 | |
| Debt to Equity, Sector | ||||||
| Automobiles & Components | — | 1.63 | 1.65 | 1.84 | 2.89 | |
| Debt to Equity, Industry | ||||||
| Consumer Discretionary | — | 1.37 | 1.54 | 1.52 | 2.37 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | General Motors Co. debt to equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Equity (including Operating Lease Liability)
General Motors Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current portion of long-term debt | 39,432) | 38,968) | 38,778) | 33,720) | 36,913) | |
| Long-term debt, excluding current portion | 90,300) | 82,773) | 75,921) | 75,659) | 72,981) | |
| Total debt | 129,732) | 121,741) | 114,699) | 109,379) | 109,894) | |
| Current operating lease liabilities (included in Accrued liabilities) | 254) | 264) | 247) | 204) | 209) | |
| Non-current operating lease liabilities | 961) | 907) | 967) | 1,012) | 969) | |
| Total debt (including operating lease liability) | 130,947) | 122,912) | 115,913) | 110,595) | 111,072) | |
| Stockholders’ equity | 63,072) | 64,286) | 67,792) | 59,744) | 45,030) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 2.08 | 1.91 | 1.71 | 1.85 | 2.47 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Ford Motor Co. | 3.59 | 3.53 | 3.25 | 2.87 | 5.31 | |
| Tesla Inc. | 0.19 | 0.15 | 0.13 | 0.29 | 0.60 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Automobiles & Components | — | 1.67 | 1.68 | 1.87 | 2.93 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | — | 1.72 | 1.94 | 1.90 | 2.84 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 130,947 ÷ 63,072 = 2.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | General Motors Co. debt to equity ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Capital
General Motors Co., debt to capital calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current portion of long-term debt | 39,432) | 38,968) | 38,778) | 33,720) | 36,913) | |
| Long-term debt, excluding current portion | 90,300) | 82,773) | 75,921) | 75,659) | 72,981) | |
| Total debt | 129,732) | 121,741) | 114,699) | 109,379) | 109,894) | |
| Stockholders’ equity | 63,072) | 64,286) | 67,792) | 59,744) | 45,030) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Ford Motor Co. | 0.78 | 0.78 | 0.76 | 0.74 | 0.84 | |
| Tesla Inc. | 0.10 | 0.08 | 0.06 | 0.18 | 0.34 | |
| Debt to Capital, Sector | ||||||
| Automobiles & Components | — | 0.62 | 0.62 | 0.65 | 0.74 | |
| Debt to Capital, Industry | ||||||
| Consumer Discretionary | — | 0.58 | 0.61 | 0.60 | 0.70 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | General Motors Co. debt to capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Capital (including Operating Lease Liability)
General Motors Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current portion of long-term debt | 39,432) | 38,968) | 38,778) | 33,720) | 36,913) | |
| Long-term debt, excluding current portion | 90,300) | 82,773) | 75,921) | 75,659) | 72,981) | |
| Total debt | 129,732) | 121,741) | 114,699) | 109,379) | 109,894) | |
| Current operating lease liabilities (included in Accrued liabilities) | 254) | 264) | 247) | 204) | 209) | |
| Non-current operating lease liabilities | 961) | 907) | 967) | 1,012) | 969) | |
| Total debt (including operating lease liability) | 130,947) | 122,912) | 115,913) | 110,595) | 111,072) | |
| Stockholders’ equity | 63,072) | 64,286) | 67,792) | 59,744) | 45,030) | |
| Total capital (including operating lease liability) | 194,019) | 187,198) | 183,705) | 170,339) | 156,102) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.67 | 0.66 | 0.63 | 0.65 | 0.71 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Ford Motor Co. | 0.78 | 0.78 | 0.76 | 0.74 | 0.84 | |
| Tesla Inc. | 0.16 | 0.13 | 0.11 | 0.23 | 0.37 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Automobiles & Components | — | 0.63 | 0.63 | 0.65 | 0.75 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | — | 0.63 | 0.66 | 0.65 | 0.74 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 130,947 ÷ 194,019 = 0.67
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | General Motors Co. debt to capital ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets
General Motors Co., debt to assets calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current portion of long-term debt | 39,432) | 38,968) | 38,778) | 33,720) | 36,913) | |
| Long-term debt, excluding current portion | 90,300) | 82,773) | 75,921) | 75,659) | 72,981) | |
| Total debt | 129,732) | 121,741) | 114,699) | 109,379) | 109,894) | |
| Total assets | 279,761) | 273,064) | 264,037) | 244,718) | 235,194) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.46 | 0.45 | 0.43 | 0.45 | 0.47 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Ford Motor Co. | 0.56 | 0.55 | 0.54 | 0.54 | 0.60 | |
| Tesla Inc. | 0.07 | 0.05 | 0.04 | 0.11 | 0.22 | |
| Debt to Assets, Sector | ||||||
| Automobiles & Components | — | 0.42 | 0.43 | 0.45 | 0.51 | |
| Debt to Assets, Industry | ||||||
| Consumer Discretionary | — | 0.34 | 0.35 | 0.36 | 0.41 | |
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).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 129,732 ÷ 279,761 = 0.46
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | General Motors Co. debt to assets ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets (including Operating Lease Liability)
General Motors Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt and current portion of long-term debt | 39,432) | 38,968) | 38,778) | 33,720) | 36,913) | |
| Long-term debt, excluding current portion | 90,300) | 82,773) | 75,921) | 75,659) | 72,981) | |
| Total debt | 129,732) | 121,741) | 114,699) | 109,379) | 109,894) | |
| Current operating lease liabilities (included in Accrued liabilities) | 254) | 264) | 247) | 204) | 209) | |
| Non-current operating lease liabilities | 961) | 907) | 967) | 1,012) | 969) | |
| Total debt (including operating lease liability) | 130,947) | 122,912) | 115,913) | 110,595) | 111,072) | |
| Total assets | 279,761) | 273,064) | 264,037) | 244,718) | 235,194) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.47 | 0.45 | 0.44 | 0.45 | 0.47 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Ford Motor Co. | 0.56 | 0.55 | 0.55 | 0.54 | 0.61 | |
| Tesla Inc. | 0.11 | 0.09 | 0.07 | 0.14 | 0.25 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Automobiles & Components | — | 0.43 | 0.44 | 0.46 | 0.52 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | — | 0.43 | 0.44 | 0.45 | 0.50 | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 130,947 ÷ 279,761 = 0.47
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | General Motors Co. debt to assets ratio (including operating lease liability) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Financial Leverage
General Motors Co., financial leverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Ford Motor Co. | 6.36 | 6.39 | 5.92 | 5.30 | 8.71 | |
| Tesla Inc. | 1.67 | 1.70 | 1.84 | 2.06 | 2.35 | |
| Financial Leverage, Sector | ||||||
| Automobiles & Components | — | 3.85 | 3.87 | 4.07 | 5.66 | |
| Financial Leverage, Industry | ||||||
| Consumer Discretionary | — | 4.00 | 4.38 | 4.26 | 5.72 | |
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
Financial leverage = Total assets ÷ Stockholders’ equity
= 279,761 ÷ 63,072 = 4.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | General Motors Co. financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024. |
Interest Coverage
General Motors Co., interest coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to stockholders | 6,008) | 10,127) | 9,934) | 10,019) | 6,427) | |
| Add: Net income attributable to noncontrolling interest | (45) | (287) | (226) | (74) | (106) | |
| Add: Income tax expense | 2,556) | 563) | 1,889) | 2,771) | 1,774) | |
| Add: Automotive interest expense | 846) | 911) | 987) | 950) | 1,098) | |
| Earnings before interest and tax (EBIT) | 9,365) | 11,314) | 12,584) | 13,666) | 9,193) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 11.07 | 12.42 | 12.75 | 14.39 | 8.37 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Ford Motor Co. | 7.49 | 4.05 | -1.40 | 10.86 | 0.32 | |
| Tesla Inc. | 26.69 | 64.93 | 72.83 | 18.10 | 2.54 | |
| Interest Coverage, Sector | ||||||
| Automobiles & Components | — | 11.28 | 10.15 | 12.79 | 3.33 | |
| Interest Coverage, Industry | ||||||
| Consumer Discretionary | — | 12.27 | 9.45 | 13.29 | 7.81 | |
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
Interest coverage = EBIT ÷ Interest expense
= 9,365 ÷ 846 = 11.07
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | General Motors Co. interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Fixed Charge Coverage
General Motors Co., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | |
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to stockholders | 6,008) | 10,127) | 9,934) | 10,019) | 6,427) | |
| Add: Net income attributable to noncontrolling interest | (45) | (287) | (226) | (74) | (106) | |
| Add: Income tax expense | 2,556) | 563) | 1,889) | 2,771) | 1,774) | |
| Add: Automotive interest expense | 846) | 911) | 987) | 950) | 1,098) | |
| Earnings before interest and tax (EBIT) | 9,365) | 11,314) | 12,584) | 13,666) | 9,193) | |
| Add: Rent expense under operating leases | 369) | 346) | 317) | 294) | 317) | |
| Earnings before fixed charges and tax | 9,734) | 11,660) | 12,901) | 13,960) | 9,510) | |
| Automotive interest expense | 846) | 911) | 987) | 950) | 1,098) | |
| Rent expense under operating leases | 369) | 346) | 317) | 294) | 317) | |
| Adjustments | (1,181) | 105) | 1,019) | 182) | 180) | |
| Adjustments, tax adjustment1 | (314) | 28) | 271) | 48) | 48) | |
| Adjustments, after tax adjustment | (1,495) | 133) | 1,290) | 230) | 228) | |
| Fixed charges | (280) | 1,390) | 2,594) | 1,474) | 1,643) | |
| Solvency Ratio | ||||||
| Fixed charge coverage2 | — | 8.39 | 4.97 | 9.47 | 5.79 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors3 | ||||||
| Ford Motor Co. | 5.10 | 3.11 | -0.75 | 8.91 | 0.47 | |
| Tesla Inc. | 5.86 | 8.62 | 14.87 | 7.36 | 1.96 | |
| Fixed Charge Coverage, Sector | ||||||
| Automobiles & Components | — | 6.28 | 4.96 | 8.76 | 2.60 | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Discretionary | — | 4.98 | 3.70 | 5.63 | 3.72 | |
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
Adjustments, tax adjustment = (Adjustments × U.S. federal statutory income tax rate) ÷ (1 − U.S. federal statutory income tax rate)
= (-1,181 × 21.00%) ÷ (1 − 21.00%) = -314
2 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 9,734 ÷ -280 = —
3 Click competitor name to see calculations.