Price to FCFE (P/FCFE)
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2010
- Total Asset Turnover since 2010
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Free Cash Flow to Equity (FCFE)
General Motors Co., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Net cash provided by operating activities demonstrated a consistent upward trajectory over the five-year period. Free cash flow to equity (FCFE), however, exhibited a more volatile pattern, initially increasing significantly before declining in later years.
- Operating Cash Flow
- Net cash provided by operating activities increased from US$15,188 million in 2021 to US$26,867 million in 2025. This represents a substantial overall increase, indicating improved operational efficiency and/or increased sales over the period. The growth was not linear, with a notable increase between 2022 and 2023, followed by a slight decrease in 2024 before resuming growth in 2025.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a significant increase from US$7,876 million in 2021 to US$15,670 million in 2022. This positive trend continued, albeit at a slower pace, reaching US$15,485 million in 2023 and US$15,076 million in 2024. However, a considerable decrease was observed in 2025, with FCFE falling to US$9,154 million. This suggests a potential shift in capital allocation strategies, increased debt repayment, or other factors impacting cash available to equity holders.
While operating cash flow consistently improved, the divergence between operating cash flow and FCFE after 2022 warrants further investigation. The decline in FCFE in 2025, despite continued growth in operating cash flow, suggests that a larger portion of the generated cash was utilized for purposes other than directly benefiting equity holders. Potential areas for further analysis include capital expenditures, debt servicing, dividend payments, and share repurchases.
Price to FCFE Ratio, Current
General Motors Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Ford Motor Co. | |
| Tesla Inc. | |
| P/FCFE, Sector | |
| Automobiles & Components | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
General Motors Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Ford Motor Co. | ||||||
| Tesla Inc. | ||||||
| P/FCFE, Sector | ||||||
| Automobiles & Components | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of General Motors Co. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited considerable fluctuation over the observed period. Initial values decreased significantly before increasing again towards the end of the period. Share price demonstrated a similar pattern of decline followed by substantial growth. Free Cash Flow to Equity per share generally increased until 2024, then decreased in the final year.
- Share Price
- The share price began at US$53.50 in 2021, decreased to US$39.32 in 2022, and continued to decline slightly to US$38.15 in 2023. A notable increase was observed in 2024, reaching US$50.04, followed by a significant rise to US$86.38 in 2025.
- Free Cash Flow to Equity per Share
- FCFE per share increased from US$5.42 in 2021 to US$11.24 in 2022, and further to US$13.41 in 2023. This upward trend continued with a peak of US$15.15 in 2024, before decreasing to US$10.13 in 2025.
- Price to FCFE Ratio
- The P/FCFE ratio started at 9.87 in 2021, then decreased substantially to 3.50 in 2022 and further to 2.84 in 2023. A modest increase to 3.30 was seen in 2024, followed by a significant increase to 8.53 in 2025. The ratio’s movement appears inversely correlated with FCFE per share, as expected, but is also heavily influenced by the share price fluctuations.
The decrease in the P/FCFE ratio from 2021 to 2023 suggests that the market valuation relative to the cash flow available to equity holders was declining during that period. The subsequent increases in both the share price and P/FCFE ratio in 2024 and 2025 indicate a shift in investor sentiment, potentially reflecting increased confidence in the company’s future prospects. The decline in FCFE per share in 2025, despite the continued high share price, contributed to a lower, though still elevated, P/FCFE ratio compared to 2024.