Analysis of Inventory
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- Balance Sheet: Assets
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- 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)
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Inventory Disclosure
General Motors Co., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Productive material, supplies and work in process | |||||||||||
| Finished product, including service parts | |||||||||||
| Inventories |
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 composition of inventories exhibited notable shifts over the five-year period. Overall inventory values increased initially, peaking in 2023, before declining modestly in the subsequent two years. A closer examination of the components reveals differing trends within the inventory structure.
- Productive Material, Supplies, and Work in Process
- This inventory component demonstrated a consistent downward trend throughout the period. Beginning at US$8,240 million in 2021, it decreased to US$6,405 million by 2025. This suggests a potential improvement in production efficiency, a reduction in raw material needs, or a shift towards a just-in-time inventory management system. The decline was relatively steady, with no significant accelerations or decelerations observed.
- Finished Product, Including Service Parts
- In contrast to the productive materials category, finished product inventory increased substantially from 2021 to 2023, rising from US$4,748 million to US$9,039 million. This increase could be attributed to increased production volume, anticipated demand, or potential supply chain disruptions leading to a build-up of completed goods. However, from 2023 to 2025, this component decreased to US$8,062 million, indicating a possible correction in inventory levels or a response to changing market conditions.
- Total Inventories
- Total inventory value increased from US$12,988 million in 2021 to a peak of US$16,461 million in 2023. The increase was primarily driven by the growth in finished product inventory. Following 2023, total inventories experienced a slight decrease, settling at US$14,467 million in 2025. This suggests a stabilization of inventory levels after the significant growth experienced in the prior two years. The combined effect of decreasing work-in-process and a moderate decline in finished goods contributed to this stabilization.
The shifts in inventory composition suggest a dynamic response to internal operational changes and external market forces. The initial increase in total inventory, followed by a stabilization and slight decline, warrants further investigation to understand the underlying drivers and potential implications for working capital management and overall financial performance.