General Motors Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to stockholders	10,127)	9,934)	10,019)	6,427)	6,732)
Net loss attributable to noncontrolling interests	(287)	(226)	(74)	(106)	(65)
Net noncash charges	9,268)	9,312)	8,609)	10,748)	12,143)
Change in other operating assets and liabilities	1,822)	(2,977)	(3,366)	(399)	(3,789)
Net cash provided by operating activities	20,930)	16,043)	15,188)	16,670)	15,021)
Cash paid for interest, net of amounts capitalized, net of tax¹	5,202)	2,973)	2,577)	3,012)	3,605)
Expenditures for property	(10,970)	(9,238)	(7,509)	(5,300)	(7,592)
Purchases of leased vehicles	(13,640)	(11,949)	(14,602)	(15,233)	(16,404)
Proceeds from termination of leased vehicles	13,033)	14,234)	14,393)	13,399)	13,302)
Free cash flow to the firm (FCFF)	14,555)	12,063)	10,047)	12,548)	7,932)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the General Motors Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	General Motors Co. FCFF increased from 2021 to 2022 and from 2022 to 2023.

General Motors Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	5.67%	17.55%	24.28%	23.91%	14.45%
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax	5,515)	3,606)	3,403)	3,958)	4,214)
Less: Cash paid for interest, net of amounts capitalized, tax²	313)	633)	826)	946)	609)
Cash paid for interest, net of amounts capitalized, net of tax	5,202)	2,973)	2,577)	3,012)	3,605)

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 See details »

² 2023 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= 5,515 × 5.67% = 313

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General Motors Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	151,480)
Free cash flow to the firm (FCFF)	14,555)
Valuation Ratio
EV/FCFF	10.41
Benchmarks
EV/FCFF, Competitors¹
Ford Motor Co.	9.25
Tesla Inc.	115.47
EV/FCFF, Sector
Automobiles & Components	21.85
EV/FCFF, Industry
Consumer Discretionary	32.77

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

General Motors Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	143,220)	142,368)	164,511)	164,580)	134,304)
Free cash flow to the firm (FCFF)²	14,555)	12,063)	10,047)	12,548)	7,932)
Valuation Ratio
EV/FCFF³	9.84	11.80	16.37	13.12	16.93
Benchmarks
EV/FCFF, Competitors⁴
Ford Motor Co.	9.24	34.79	9.64	5.16	7.12
Tesla Inc.	131.52	69.36	192.76	278.10	182.89
EV/FCFF, Sector
Automobiles & Components	23.62	32.62	41.76	29.48	15.94
EV/FCFF, Industry
Consumer Discretionary	32.37	55.70	66.77	52.40	31.02

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 143,220 ÷ 14,555 = 9.84

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	General Motors Co. EV/FCFF ratio decreased from 2021 to 2022 and from 2022 to 2023.

General Motors Co. (NYSE:GM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical