Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Current Valuation Ratios
Ford Motor Co., current price multiples
| Ford Motor Co. | General Motors Co. | Tesla Inc. | Automobiles & Components | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | ||||||||
| No. shares of common stock outstanding | ||||||||
| Earnings per share (EPS) | ||||||||
| Operating profit per share | ||||||||
| Sales per share | ||||||||
| Book value per share (BVPS) | ||||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to sales (P/S) | ||||||||
| Price to book value (P/BV) | ||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Ford Motor Co., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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 valuation ratios exhibit varied trends over the observed period. Generally, ratios decreased from 2021 to 2023, then showed some recovery in 2024, with 2025 showing mixed results due to incomplete information. This suggests a period of initial undervaluation followed by a partial re-evaluation, though the long-term trajectory remains uncertain.
- Price to Earnings (P/E)
- The Price to Earnings ratio began at 4.01 in 2021, was unavailable for 2022, then increased substantially to 11.70 in 2023. It subsequently decreased to 6.24 in 2024, and is not reported for 2025. This volatility indicates significant fluctuations in investor expectations regarding earnings, or potentially, substantial changes in reported earnings themselves. The initial low value in 2021 could suggest undervaluation, while the 2023 peak may reflect increased optimism.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio demonstrated a consistent decline from 15.90 in 2021 to 8.40 in 2022, and 9.32 in 2023. A further decrease to 7.03 was observed in 2024, and the ratio is not available for 2025. This consistent downward trend suggests that the market value relative to operating profitability has been decreasing over time, potentially indicating improving operational efficiency or decreasing investor confidence in future operating performance.
- Price to Sales (P/S)
- The Price to Sales ratio experienced a steady decrease from 0.57 in 2021 to 0.21 in 2024. A slight increase to 0.32 is noted for 2025. This suggests a declining valuation relative to revenue generation, which could be due to margin compression, slower sales growth expectations, or increased competitive pressures. The 2025 uptick may indicate a stabilization or slight improvement in investor sentiment regarding revenue potential.
- Price to Book Value (P/BV)
- The Price to Book Value ratio decreased from 1.48 in 2021 to 0.82 in 2024, indicating a diminishing valuation relative to net asset value. A subsequent increase to 1.54 is observed in 2025. This pattern could reflect concerns about the quality of assets, a reassessment of the company’s ability to generate returns on its assets, or broader market conditions. The 2025 increase suggests a potential reversal of this trend, though further observation is needed.
Overall, the observed ratios suggest a period of fluctuating valuation. The declines in most ratios through 2024 could indicate increasing investor skepticism or a reassessment of the company’s fundamentals. The partial recovery in 2024 and 2025, where available, warrants further investigation to determine if it represents a sustained trend or a temporary anomaly.
Price to Earnings (P/E)
Ford Motor Co., historical P/E 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$) | ||||||
| Net income (loss) attributable to Ford Motor Company (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| General Motors Co. | ||||||
| Tesla Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/E Ratio, 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.
2 2025 Calculation
EPS = Net income (loss) attributable to Ford Motor Company ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Ford Motor Co. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the observed period. Initial values indicate a low P/E ratio in 2021, followed by a period of instability, and then a return to a more moderate level before experiencing another shift.
- P/E Ratio Trend
- In 2021, the P/E ratio stood at 4.01. A value is absent for 2022, coinciding with negative earnings per share. The ratio increased substantially to 11.70 in 2023, reflecting improved earnings. It then decreased to 6.24 in 2024. A value is again absent for 2025, corresponding with negative earnings per share.
The fluctuations in the P/E ratio are closely linked to the earnings per share (EPS). The absence of a P/E ratio in 2022 and 2025 directly correlates with negative EPS values, rendering the ratio calculation meaningless. The increase from 2022 to 2023 suggests that as earnings moved from negative to positive, investor valuation increased relative to those earnings.
- Share Price and EPS Relationship
- The share price generally decreased from 2021 to 2024, moving from US$17.96 to US$9.26. However, it increased to US$13.85 in 2025. This movement does not consistently align with EPS. While the share price decreased in 2022, EPS became negative. The share price increase in 2025 occurred alongside negative EPS, suggesting factors beyond earnings influenced investor sentiment.
The observed P/E ratio variations indicate a period of volatility in investor perception of the company’s earnings potential. The negative EPS in 2022 and 2025 significantly impacted the P/E ratio, highlighting the sensitivity of this metric to profitability. The changes in the P/E ratio, coupled with the share price fluctuations, suggest that market conditions and investor expectations played a substantial role in valuation during this period.
Price to Operating Profit (P/OP)
Ford Motor Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| General Motors Co. | ||||||
| Tesla Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/OP Ratio, 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.
2 2025 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Ford Motor Co. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited considerable fluctuation over the observed period. Initially, the ratio decreased significantly before stabilizing and then experiencing a notable shift in the final year.
- Overall Trend
- The P/OP ratio began at 15.90 in 2021, decreased to 8.40 in 2022, and then rose to 9.32 in 2023. A further decline to 7.03 was observed in 2024. The ratio could not be calculated for 2025 due to a negative operating profit per share.
- 2021-2022
- A substantial decrease in the P/OP ratio occurred between 2021 and 2022. This decline coincided with a decrease in share price and an increase in operating profit per share. The larger percentage decrease in share price contributed more significantly to the ratio’s decline.
- 2022-2024
- From 2022 to 2024, the P/OP ratio demonstrated relative stability, fluctuating within a narrow range. While the share price continued to decrease in 2024, the operating profit per share also experienced a decline, mitigating the impact on the ratio.
- 2024-2025
- The final period shows a significant change. The share price increased in 2025, however, operating profit per share became negative. This resulted in the P/OP ratio being undefined, indicating a substantial deterioration in profitability relative to the share price.
The observed fluctuations in the P/OP ratio suggest a dynamic relationship between market valuation and operational performance. The negative operating profit per share in 2025 is a key factor requiring further investigation.
Price to Sales (P/S)
Ford Motor Co., historical P/S 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$) | ||||||
| Company revenues excluding Ford Credit (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| General Motors Co. | ||||||
| Tesla Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/S Ratio, 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.
2 2025 Calculation
Sales per share = Company revenues excluding Ford Credit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Ford Motor Co. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited a declining trend from 2021 to 2024, followed by a modest increase in 2025. This movement occurred alongside fluctuations in both share price and sales per share.
- Price-to-Sales Ratio
- The price-to-sales ratio decreased from 0.57 in 2021 to a low of 0.21 in 2024. This indicates that the market valuation relative to revenue decreased significantly over this period. In 2025, the ratio increased to 0.32, suggesting a slight re-evaluation by the market, but remained below the levels observed in 2021 and 2022.
- Share Price
- The share price initially declined from US$17.96 in 2021 to US$13.23 in 2022, and continued to fall to US$12.80 in 2023. A more substantial decrease was observed in 2024, reaching US$9.26. The share price then experienced a recovery in 2025, rising to US$13.85.
- Sales per Share
- Sales per share demonstrated a consistent upward trend from US$31.53 in 2021 to US$41.75 in 2023. The rate of increase slowed in 2024, with sales per share reaching US$43.57, and remained relatively stable in 2025 at US$43.61.
The combined effect of decreasing share price and increasing sales per share contributed to the initial decline in the price-to-sales ratio. The subsequent increase in share price in 2025, coupled with relatively stable sales per share, resulted in a modest increase in the ratio during that year. The significant drop in the P/S ratio from 2021 to 2024 suggests a growing disconnect between market valuation and revenue generation, which partially corrected itself in 2025.
Price to Book Value (P/BV)
Ford Motor Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Equity attributable to Ford Motor Company (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| General Motors Co. | ||||||
| Tesla Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/BV Ratio, 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.
2 2025 Calculation
BVPS = Equity attributable to Ford Motor Company ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Ford Motor Co. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited fluctuating behavior over the five-year period. Initially, the ratio decreased from 2021 to 2022, then stabilized before experiencing a significant decline in 2023, followed by a substantial increase in 2024 and 2025.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 1.48 in 2021, indicating that the market valued the company at 1.48 times its net asset value per share. A decrease to 1.22 was observed in 2022, suggesting a slight reduction in market valuation relative to book value. The ratio remained relatively stable at 1.19 in 2023. A considerable drop to 0.82 occurred in 2024, signifying that the market valuation fell below the company’s book value. Finally, the ratio increased sharply to 1.54 in 2025, surpassing the initial 2021 level and indicating renewed investor confidence or a shift in market perception.
The share price demonstrated a similar pattern of decline and subsequent recovery. It decreased from US$17.96 in 2021 to US$13.23 in 2022, then continued to fall to US$12.80 in 2023. A notable decrease to US$9.26 was recorded in 2024, before a recovery to US$13.85 in 2025.
- Book Value per Share (BVPS) Trend
- Book value per share decreased from US$12.12 in 2021 to US$10.85 in 2022 and US$10.76 in 2023, indicating a gradual erosion of net asset value per share. An increase to US$11.31 was observed in 2024, followed by a decrease to US$9.01 in 2025. This suggests potential fluctuations in the company’s asset base or shareholder equity.
The interplay between share price and book value per share appears to be the primary driver of the P/BV ratio’s movements. The significant decline in the P/BV ratio in 2024 coincided with both a decrease in share price and a modest increase in book value per share, suggesting that the market reacted negatively to the share price decline despite the slight improvement in underlying asset value. The subsequent increase in the P/BV ratio in 2025 was driven by a more substantial increase in share price, even with a decrease in book value per share.