Ford Motor Co. (NYSE:F)

Current Assets

Current assets showed a slight decline from 116,744 million US dollars at the end of 2020 to 108,996 million US dollars in 2021. Following this decline, there was a recovery and gradual increase over the subsequent years, reaching 116,476 million US dollars by the end of 2022, then 121,481 million in 2023, and further increasing to 124,474 million by the end of 2024. This pattern indicates an initial contraction in liquidity or short-term resource availability, followed by consistent growth, suggesting improving operational or cash flow conditions.

Adjusted Current Assets

The adjusted current assets closely mirror the trend of current assets throughout the periods examined. Starting at 116,801 million US dollars in 2020, it also declines to 109,043 million in 2021 before rising steadily each year to 116,569 million in 2022, 121,550 million in 2023, and 124,558 million in 2024. The slight differences between the adjusted and unadjusted values are minimal, indicating that the adjustments made had a consistent proportional effect over time and did not materially alter the overall trend.

Overall Analysis

The data reveals a period of contraction in both current and adjusted current assets during 2021, followed by a steady recovery and growth through 2024. This progression could be indicative of operational improvements, better asset management, or favorable economic conditions post-2021 that enhanced liquidity. The consistency between reported and adjusted figures suggests reliability in the data and adjustments made, with no significant anomalies observed.

Over the observed five-year period, total assets exhibited fluctuations with an overall increasing trend. After peaking at US$267,261 million as of December 31, 2020, total assets slightly declined to US$257,035 million in 2021 and further to US$255,884 million in 2022. However, the figures recovered in the subsequent years, rising to US$273,310 million in 2023 and continuing upward to US$285,196 million by the end of 2024. This pattern suggests a temporary reduction in asset base during the middle years, followed by a recovery and growth in the later years.

Adjusted total assets, which presumably reflect modified valuations or exclude certain asset categories, followed a similar trajectory. Starting at US$254,895 million in 2020, they decreased consistently over the next two years to US$243,286 million in 2021 and US$240,425 million in 2022. Subsequent recovery occurred in 2023 with adjusted total assets increasing to US$256,394 million, and further growth was noted in 2024, reaching US$268,905 million. The adjusted asset base remained below the total assets level throughout the period, indicating the impact of adjustments consistently lowers the asset valuation.

Both sets of figures demonstrate resilience following declines in 2021 and 2022. The recovery and growth from 2023 onwards may indicate improved asset acquisition, revaluation, or operational expansion. The overall upward movement in the last two years supports a positive outlook on the asset base expansion efforts.

The analysis of the current liabilities and adjusted current liabilities over the presented periods reveals a fluctuating upward trend in both items. Specifically, current liabilities decreased from 97,192 million US dollars at the end of 2020 to 90,727 million US dollars by the end of 2021. However, following this decline, current liabilities increased steadily in the subsequent years, reaching 106,859 million US dollars by the end of 2024.

Similarly, adjusted current liabilities showed a comparable pattern. They decreased from 95,031 million US dollars at the end of 2020 to 88,378 million US dollars at the end of 2021 and then followed an increasing trajectory, rising to 103,528 million US dollars by the end of 2024.

Overall, while there was an initial reduction in both liabilities from 2020 to 2021, the trend from 2021 onwards indicates consistent growth in short-term financial obligations, suggesting that the company’s current liabilities are gradually increasing. This could reflect changes in operational scale, working capital management, or external financial conditions affecting the company's short-term obligations.

Current Liabilities

Decreased by approximately 6.6% from 2020 to 2021, then increased by about 17.8% from 2021 to 2024.

Adjusted Current Liabilities

Followed a similar pattern with a decrease of approximately 7.0% from 2020 to 2021, followed by an increase of roughly 17.2% through 2024.

The financial data reflects the evolution of liabilities over a five-year period. Total liabilities exhibited a decline from 236,450 million US dollars in 2020 to 208,413 million in 2021, suggesting a reduction in the company's financial obligations. However, this downward trend reversed slightly in subsequent years, with liabilities increasing to 212,717 million in 2022, then more notably to 230,512 million in 2023, and reaching 240,338 million by 2024. This pattern indicates a return to higher leverage or obligations, potentially pointing to increased borrowing or accrued obligations during the latter years.

Adjusted total liabilities, which presumably exclude certain adjustments and provide a refined measure, mirrored the overall trend of total liabilities but consistently showed lower values. Beginning at 229,192 million US dollars in 2020, adjusted liabilities decreased to 199,800 million in 2021. Subsequently, this measure increased gradually year over year to 203,881 million in 2022, 221,941 million in 2023, and 231,023 million in 2024. The consistent gap between total and adjusted liabilities suggests ongoing adjustments or exclusions that reduce the total reported liability figure, yet both metrics demonstrate a similar directional pattern.

Overall, after an initial significant reduction in liabilities between 2020 and 2021, both total and adjusted liabilities have exhibited a steady upward trajectory from 2021 through 2024. This may reflect strategic financial decisions leading to higher obligations or changes in operational requirements that necessitate increased funding or accruals. Monitoring these trends is essential for assessing the company's financial stability and risk exposure related to its leverage.

The financial data over the examined period reveals distinct trends in the equity positions of the company. Both the equity attributable to the company and the adjusted total equity experienced fluctuations, reflecting changes in the company's capital structure and retained earnings."

Equity attributable to Ford Motor Company

This measure showed significant growth from 2020 to 2021, rising notably from 30,690 million US dollars to 48,519 million US dollars. Subsequently, it declined in 2022 and 2023 to levels of 43,242 million and 42,773 million respectively, before recovering moderately in 2024 to 44,835 million. This pattern indicates an initial strengthening in equity, followed by a contraction, and a partial rebound towards the end of the period.

Adjusted total equity

Adjusted total equity followed a similar trend, increasing substantially from 25,703 million US dollars in 2020 to 43,486 million in 2021. Thereafter, a downward trend continued through 2022 and 2023, reaching 36,544 million and 34,453 million respectively, before increasing again in 2024 to 37,882 million. This trend mirrors that of the equity attributable to the company but remains consistently lower, suggesting the adjustments made reduce the reported equity base considerably.

Trend analysis

The sharp increases in both equity measures in 2021 indicate a significant improvement in the company's capital position, possibly due to retained earnings, capital infusions, or asset revaluations. The declines during 2022 and 2023 suggest periods of higher liabilities, losses, or other factors reducing equity. The partial recovery in 2024 points to stabilization efforts or improvements in financial performance.

Implications

The divergence between adjusted total equity and equity attributable to the company implies that the company applies conservative adjustments that reduce equity, possibly for risk management or accounting prudence. Monitoring these metrics together provides enhanced insight into the company's financial resilience.

The analysis of the financial trends reveals several noteworthy patterns in the company’s capital structure and debt levels over the five-year period.

Total reported debt

The total reported debt decreased from 161,684 million USD at the end of 2020 to 138,092 million USD by the end of 2021, showing a significant reduction. The debt level then remained relatively stable in 2022 before rising again in 2023 and 2024, almost reaching the initial level of 158,522 million USD by 2024. This suggests a period of debt reduction followed by renewed borrowing or debt accumulation in recent years.

Equity attributable to Ford Motor Company

The equity attributable to the company exhibited a strong increase from 30,690 million USD at the end of 2020 to 48,519 million USD by the end of 2021. However, this was followed by a decline in 2022 and 2023, reaching 42,242 million USD and 42,773 million USD respectively, before showing a slight recovery in 2024 to 44,835 million USD. The initial increase indicates improved shareholder value or retained earnings, while the subsequent decline might reflect losses or dividend payments impacting equity.

Total reported capital

Total reported capital, which is the sum of debt and equity, decreased from 192,374 million USD in 2020 to 186,611 million USD in 2021. It continued to decline in 2022 to 182,211 million USD but then rebounded in 2023 and 2024 to 192,004 million USD and 203,357 million USD respectively. This indicates that despite fluctuations in debt and equity individually, the company’s overall capitalization has gradually increased again by 2024.

Adjusted total debt

Adjusted total debt follows a similar trajectory to the reported debt, starting at 162,998 million USD in 2020 and falling to 139,485 million USD in 2021. After a period of stability, it rises in 2023 and 2024 to levels closely matching reported debt, reaching 160,862 million USD by 2024. This alignment suggests the adjustments do not materially change the underlying debt trend.

Adjusted total equity

Adjusted total equity increased substantially from 25,703 million USD in 2020 to 43,486 million USD in 2021, showing improved financial strength. It then decreased over 2022 and 2023 to 36,544 million USD and 34,453 million USD respectively, followed by an uptick to 37,882 million USD in 2024. This pattern mirrors changes in reported equity, although the adjusted figures are consistently lower, reflecting conservative adjustments or other refinements.

Adjusted total capital

The adjusted total capital decreased from 188,701 million USD at the end of 2020 to 182,971 million USD in 2021 and further in 2022 to 177,018 million USD. It rebounded steadily in 2023 and 2024, reaching 185,560 million USD and 198,744 million USD respectively. Despite the adjustments, the company shows a recovery in capital base toward the end of the observed period, consistent with the reported figures.

Overall, the company experienced an initial reduction in debt levels and an increase in equity during 2021, followed by decreases in equity over the next two years and a gradual return to higher debt and capital levels by 2024. Both reported and adjusted measures exhibit consistent trends, with adjustments resulting in slightly more conservative estimates of equity and capital. The fluctuations suggest dynamic financial management possibly influenced by market conditions, operational performance, or strategic financing decisions during the period.

The analysis of the annual financial data reveals a consistent upward trend in the company's revenues excluding Ford Credit over the five-year period from 2020 to 2024.

Company Revenues Excluding Ford Credit

The revenues increased steadily from US$115,941 million in 2020 to US$172,706 million in 2024. This represents a continuous growth year-over-year, with a particularly notable acceleration between 2021 and 2023.

Adjusted Company Revenues Excluding Ford Credit

The adjusted revenues, which account for potential accounting or operational adjustments, closely mirror the trend observed in the unadjusted revenues. Adjusted revenues rose from US$116,379 million in 2020 to US$173,381 million in 2024, supporting the robust growth trend highlighted by the raw data.

Trend Analysis

Both the adjusted and unadjusted revenue figures show a consistent upward trajectory, indicating improved operational performance or expansion. The near-parallel movement of adjusted and unadjusted revenues suggests that adjustments have minimal impact on the overall revenue growth pattern, thereby reinforcing the reliability of the observed revenue increase.

The financial data reveals significant fluctuations in the company's profitability over the analyzed five-year period from 2020 to 2024. The net income attributable to the company experienced a pronounced loss in 2020, followed by a strong positive turnaround in 2021. Subsequently, the company faced a loss again in 2022, but returned to profitability in the last two years, with positive net income increasing in both 2023 and 2024.

The adjusted net income, which provides a measure excluding certain non-recurring items, follows a similar pattern. It reflects a considerable loss in 2020, then a notable increase to a strong positive in 2021. Despite another decline into negative territory in 2022, adjusted net income improved to positive figures in 2023 and further increased in 2024.

Net Income (Loss) Attributable to Ford Motor Company

Starting with a substantial loss of $1,279 million in 2020, the company saw a dramatic recovery to a profit of $17,937 million in 2021. However, this was not sustained, as 2022 showed a reversal to a loss of $1,981 million. The subsequent years indicate a recovery phase, with net income improving to $4,347 million in 2023 and further to $5,879 million in 2024.

Adjusted Net Income (Loss)

The adjusted figures corroborate the trend observed in reported net income. The adjusted loss of $1,724 million in 2020 improved substantially to a gain of $17,319 million in 2021, followed by a setback to a loss of $4,695 million in 2022. Improvement resumed in 2023, with adjusted net income rising to $3,282 million and further increasing to $6,353 million by 2024.

Overall, the company's financial results exhibit a volatile pattern with marked swings between losses and gains. The sharp rebound in 2021 suggests a strong recovery phase, while the setbacks in 2022 imply challenges or adverse conditions during that year. Nonetheless, the increasing profits in 2023 and 2024 indicate a positive trajectory and potential stabilization of financial performance in recent periods.