Analysis of Geographic Areas
Ford Motor Co. operates in 5 regions: United States; Canada; United Kingdom; Mexico; and All Other.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Aggregate Accruals
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Area Asset Turnover
Ford Motor Co., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Canada | |||||
| United Kingdom | |||||
| Mexico | |||||
| All Other |
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).
Asset turnover ratios across geographic areas demonstrate varied performance between 2021 and 2025. The United States exhibits a generally positive trend, with initial growth followed by stabilization. Canada shows initial improvement, but a subsequent decline is observed. The United Kingdom displays volatility, while Mexico consistently improves. The “All Other” category demonstrates steady growth throughout the period.
- United States
- The asset turnover ratio for the United States increased from 1.97 in 2021 to 2.77 in 2023, indicating improved efficiency in asset utilization. From 2023 to 2025, the ratio experienced a slight decrease, settling at 2.72, suggesting a potential plateau in asset efficiency. Overall, the trend remains positive.
- Canada
- Canada’s asset turnover ratio rose from 1.93 in 2021 to 2.19 in 2022, but then remained relatively stable at 2.18 in 2023. A downward trend is then apparent, with the ratio decreasing to 2.05 in 2024 and further declining to 1.70 in 2025. This suggests a decreasing ability to generate sales from its asset base in recent years.
- United Kingdom
- The United Kingdom shows the most significant fluctuations. The ratio increased substantially from 5.50 in 2021 to 6.50 in 2022, then decreased to 4.80 in 2023 and 4.57 in 2024. A recovery is observed in 2025, with the ratio rising to 5.44. This volatility may indicate sensitivity to regional economic conditions or specific operational changes.
- Mexico
- Mexico demonstrates consistent, albeit gradual, improvement. Starting at 0.37 in 2021, the ratio increased to 0.70 in 2025. This steady growth suggests increasing efficiency in asset utilization within the Mexican market. While still the lowest ratio among the areas analyzed, the trend is positive.
- All Other
- The asset turnover ratio for the “All Other” geographic area shows a consistent upward trend, increasing from 3.57 in 2021 to 5.45 in 2025. This indicates a sustained improvement in asset utilization across these combined regions. The growth is relatively steady, suggesting consistent operational improvements.
In summary, asset turnover performance varies considerably by geographic area. While the United States and “All Other” areas demonstrate positive trends, Canada exhibits a recent decline. The United Kingdom’s performance is volatile, and Mexico shows consistent, though modest, improvement.
Area Asset Turnover: United States
Ford Motor Co.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance related to asset utilization within the United States demonstrates a positive trend over the analyzed period, followed by a stabilization and slight decline. Revenues exhibited consistent growth from 2021 through 2024, before experiencing a modest decrease in 2025. Long-lived assets remained relatively stable, with a slight increase observed between 2022 and 2024, followed by a minor reduction in the final year. The area asset turnover ratio, a key indicator of efficiency, reflects these movements.
- Revenue Trend
- Revenues increased from US$87,012 million in 2021 to US$124,968 million in 2024, representing a substantial growth trajectory. However, revenues decreased to US$122,574 million in 2025, indicating a potential slowdown in growth momentum.
- Long-Lived Asset Trend
- Long-lived assets decreased from US$44,271 million in 2021 to US$41,925 million in 2022. They then experienced a gradual increase, reaching US$45,392 million in 2024, before decreasing slightly to US$44,994 million in 2025. This suggests a period of investment followed by a stabilization of the asset base.
- Area Asset Turnover
- The area asset turnover ratio increased from 1.97 in 2021 to 2.77 in 2023, demonstrating improved efficiency in generating revenue from long-lived assets. The ratio remained relatively stable at 2.75 in 2024 and experienced a slight decrease to 2.72 in 2025. This suggests that while efficiency gains were significant, the rate of improvement has slowed and a minor reduction occurred in the most recent period.
Overall, the United States segment demonstrated increasing efficiency in asset utilization from 2021 to 2023. While efficiency remained high in 2024 and 2025, the slight decline in the asset turnover ratio in 2025, coupled with the revenue decrease, warrants further investigation to determine the underlying causes and potential implications for future performance.
Area Asset Turnover: Canada
Ford Motor Co.; Canada; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance of this geographic area reveals a dynamic relationship between revenue generation and asset utilization over the five-year period. Revenues exhibited consistent growth, while long-lived assets increased at a varying rate, impacting the area asset turnover ratio.
- Revenues
- Revenues demonstrated a steady upward trajectory, increasing from US$11,153 million in 2021 to US$14,548 million in 2025. The largest year-over-year increase occurred between 2021 and 2022, with a growth of US$1,437 million. Subsequent annual increases were more moderate, suggesting a maturing revenue stream.
- Long-Lived Assets
- Long-lived assets generally increased throughout the period, rising from US$5,773 million in 2021 to US$8,567 million in 2025. However, the rate of increase was not consistent. A slight decrease was observed between 2021 and 2022. The most substantial increase in long-lived assets occurred between 2024 and 2025, with an addition of US$2,019 million, potentially indicating significant capital investments.
- Area Asset Turnover
- The area asset turnover ratio, a measure of efficiency in utilizing assets to generate revenue, initially improved from 1.93 in 2021 to 2.19 in 2022. It remained relatively stable at 2.18 in 2023 before declining to 2.05 in 2024 and further decreasing to 1.70 in 2025. This downward trend in the latter years suggests that while revenues continued to grow, the growth in long-lived assets outpaced revenue growth, resulting in diminished asset efficiency. The substantial increase in long-lived assets in 2025 likely contributed to the most significant decrease in the asset turnover ratio during that year.
In summary, the area experienced revenue growth throughout the period. However, the increasing investment in long-lived assets, particularly in the final year, led to a decline in asset turnover, indicating a potential need to evaluate the efficiency of asset utilization and the returns generated from these investments.
Area Asset Turnover: United Kingdom
Ford Motor Co.; United Kingdom; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance of the United Kingdom geographic area reveals fluctuating asset utilization over the five-year period. Revenues demonstrate a consistent upward trajectory, while long-lived assets exhibit a more volatile pattern. Consequently, the area asset turnover ratio displays corresponding variability.
- Revenues
- Revenues increased steadily from US$7,607 million in 2021 to US$12,298 million in 2025. This represents a substantial overall growth of approximately 61.6% during the period. The growth rate appears to accelerate in the later years, with a more pronounced increase between 2023 and 2025.
- Long-Lived Assets
- Long-lived assets decreased from US$1,383 million in 2021 to US$1,264 million in 2022, before increasing to US$1,868 million in 2023. This was followed by further increases to US$2,174 million in 2024 and US$2,260 million in 2025. The increases in 2023, 2024, and 2025 suggest potential investment in the area’s operational capacity.
- Area Asset Turnover
- The area asset turnover ratio began at 5.50 in 2021, increased to 6.50 in 2022, then decreased to 4.80 in 2023 and 4.57 in 2024. A subsequent increase to 5.44 is observed in 2025. The ratio’s fluctuation suggests a changing relationship between revenue generation and asset investment. The peak in 2022 coincided with a decrease in long-lived assets and a revenue increase, indicating improved asset efficiency. The declines in 2023 and 2024, despite continued revenue growth, suggest that asset investment was outpacing revenue gains during those years. The 2025 increase indicates a return towards improved asset utilization.
In summary, while revenue consistently increased, the area asset turnover ratio’s performance was influenced by the dynamic changes in long-lived asset values. The area demonstrated a capacity to generate revenue, but the efficiency of asset utilization varied throughout the period.
Area Asset Turnover: Mexico
Ford Motor Co.; Mexico; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance of the Mexico geographic area demonstrates a positive trend in asset utilization between 2021 and 2025. Revenues and long-lived assets both increased over this period, but the increase in revenues outpaced the increase in assets, resulting in a consistently improving area asset turnover ratio.
- Revenues
- Revenues exhibited growth from US$1,440 million in 2021 to US$2,774 million in 2023, representing a substantial increase. While revenues decreased slightly in 2024 to US$2,634 million and again in 2025 to US$2,463 million, they remained significantly above the 2021 level. This suggests a period of strong growth followed by a stabilization, potentially influenced by external market factors.
- Long-lived assets
- Long-lived assets increased from US$3,903 million in 2021 to US$5,222 million in 2023. Similar to revenues, asset values decreased in subsequent years, reaching US$3,515 million by 2025. The initial increase in assets likely supported the revenue growth experienced during 2022 and 2023, while the later decrease could indicate asset optimization or disposal strategies.
- Area asset turnover
- The area asset turnover ratio increased steadily throughout the analyzed period. Starting at 0.37 in 2021, it rose to 0.43 in 2022, 0.53 in 2023, 0.61 in 2024, and reached 0.70 in 2025. This consistent improvement indicates increasing efficiency in utilizing assets to generate revenue within the Mexico area. A ratio of 0.70 suggests that for every dollar of long-lived assets, the area generates US$0.70 in revenue. This represents a significant improvement in asset efficiency compared to 2021.
Overall, the Mexico area demonstrates improving financial performance regarding asset utilization. While revenue growth slowed in the latter years of the period, the continued increase in the area asset turnover ratio suggests effective management of assets and a positive trend in operational efficiency.
Area Asset Turnover: All Other
Ford Motor Co.; All Other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance of this geographic area demonstrates a consistent positive trend in asset utilization between 2021 and 2025. Revenues exhibited growth over the period, while long-lived assets remained relatively stable, contributing to a significant increase in the area asset turnover ratio.
- Revenues
- Revenues increased from US$29,129 million in 2021 to US$35,384 million in 2025. The growth was not linear, with a slight decrease observed between 2023 and 2024 (US$34,063 million to US$34,042 million) before resuming an upward trajectory. Overall, a cumulative increase of approximately 21.4% is noted over the five-year period.
- Long-Lived Assets
- Long-lived assets experienced a decrease from US$8,170 million in 2021 to US$6,854 million in 2022. Following this initial decline, the value stabilized, fluctuating between US$6,409 million and US$6,733 million from 2022 through 2025. This relative stability in asset base is a key factor in the observed improvements in asset turnover.
- Area Asset Turnover
- The area asset turnover ratio increased consistently from 3.57 in 2021 to 5.45 in 2025. This represents a 52.4% increase over the period. The ratio’s growth accelerated from 2021 to 2023, increasing from 3.57 to 5.06, and continued at a slightly slower pace through 2025. This upward trend indicates increasing efficiency in generating revenue from the area’s long-lived assets.
The combination of revenue growth and stable long-lived assets resulted in a substantial improvement in the area asset turnover ratio. This suggests enhanced operational efficiency and effective asset management within this geographic area.
Revenues
Ford Motor Co., revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Canada | |||||
| United Kingdom | |||||
| Mexico | |||||
| All Other | |||||
| Total Company |
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).
The geographic revenue distribution demonstrates a consistent pattern of growth between 2021 and 2025, although the rate of growth varies significantly by region. The United States represents the largest portion of overall revenue and exhibits a steady increase throughout the period. While other regions show growth, their contributions to the total revenue remain comparatively smaller.
- United States
- Revenue from the United States increased from US$87,012 million in 2021 to US$122,574 million in 2025. The growth was particularly strong between 2021 and 2023, with a slight deceleration in growth observed between 2024 and 2025. This region consistently accounts for the majority of the company’s total revenue.
- Canada
- Canadian revenue experienced consistent, albeit moderate, growth, rising from US$11,153 million in 2021 to US$14,548 million in 2025. The rate of increase remained relatively stable across the five-year period.
- United Kingdom
- The United Kingdom demonstrated a notable increase in revenue, growing from US$7,607 million in 2021 to US$12,298 million in 2025. The growth rate accelerated in the later years of the period, indicating increasing market penetration or demand within this region.
- Mexico
- Mexican revenue increased substantially between 2021 and 2023, from US$1,440 million to US$2,774 million. However, revenue plateaued and slightly declined in the subsequent two years, reaching US$2,463 million in 2025. This suggests potential market saturation or increased competition.
- All Other
- The aggregate of all other geographic areas showed consistent growth, increasing from US$29,129 million in 2021 to US$35,384 million in 2025. This region represents a significant portion of total revenue and contributes to overall diversification.
- Total Company
- Total company revenue increased from US$136,341 million in 2021 to US$187,267 million in 2025, demonstrating an overall positive trend. The largest year-over-year increase occurred between 2021 and 2022, with growth rates moderating in subsequent years.
In summary, the company’s revenue base is heavily reliant on the United States, but demonstrates increasing contributions from other regions, particularly the United Kingdom. The Mexican market experienced initial strong growth followed by stabilization, while Canada and the ‘All Other’ category exhibited steady, consistent increases. Overall, the company experienced positive revenue growth across all reported geographic areas during the analyzed period.
Long-lived assets
Ford Motor Co., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Canada | |||||
| United Kingdom | |||||
| Mexico | |||||
| All Other | |||||
| Total Company |
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).
The value of long-lived assets demonstrates varied performance across geographic regions between 2021 and 2025. The United States consistently represents the largest portion of the company’s long-lived assets, while Canada, the United Kingdom, Mexico, and a combined “All Other” category contribute smaller, but notable, amounts.
- United States
- Long-lived assets in the United States experienced a slight decrease from US$44,271 million in 2021 to US$41,925 million in 2022. This was followed by a recovery, increasing to US$45,392 million in 2024, before settling at US$44,994 million in 2025. The overall trend suggests relative stability with a modest peak in 2024.
- Canada
- Canada exhibited a consistent upward trend throughout the period. Starting at US$5,773 million in 2021, the value of long-lived assets increased to US$8,567 million in 2025, representing a significant relative growth compared to other regions. This indicates potential investment or expansion within the Canadian market.
- United Kingdom
- The United Kingdom experienced initial decline from US$1,383 million in 2021 to US$1,264 million in 2022. However, assets then increased substantially to US$2,260 million in 2025, demonstrating a recovery and growth trajectory. This suggests a potential revitalization of operations or new investments in the region.
- Mexico
- Mexico showed an initial increase from US$3,903 million in 2021 to US$5,222 million in 2023, followed by a decrease to US$3,515 million in 2025. This fluctuating pattern suggests potential project completions, divestitures, or shifts in investment strategy within the Mexican market.
- All Other
- The “All Other” category experienced a decline from US$8,170 million in 2021 to US$6,492 million in 2025. While fluctuations occurred within the period, the overall trend is downward, potentially indicating asset sales or reduced investment in these combined regions.
- Total Company
- Total long-lived assets decreased from US$63,500 million in 2021 to US$60,037 million in 2022, then generally increased to US$65,828 million in 2025. The growth in the later years is primarily driven by increases in Canada and the United Kingdom, offsetting declines in other areas.
In summary, the geographic distribution of long-lived assets is dynamic. While the United States remains the dominant region, Canada and the United Kingdom demonstrate notable growth, while Mexico and the “All Other” category exhibit more volatile or declining trends. These shifts may reflect strategic investment decisions and evolving market conditions.