Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

Common-Size Balance Sheet: Assets 

General Motors Co., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 7.45 7.10 6.90 7.25 8.20
Marketable debt securities 2.39 2.60 2.79 4.60 3.52
Accounts and notes receivable, net of allowance 4.64 4.58 4.53 5.05 3.02
GM Financial receivables, net of allowance 16.09 16.57 14.31 12.73 10.89
Inventories 5.14 5.21 6.03 5.82 5.31
Other current assets 2.95 2.74 2.65 2.59 2.61
Current assets 38.67% 38.80% 37.21% 38.04% 33.55%
GM Financial receivables, net of allowance 15.78 16.61 16.50 15.37 14.78
Equity in net assets of nonconsolidated affiliates 2.02 2.54 3.89 3.85 3.95
Property, net 18.37 18.55 18.43 17.14 16.80
Goodwill and intangible assets, net 1.55 1.63 1.78 1.87 2.08
Equipment on operating leases, net 11.98 11.29 11.20 12.39 15.50
Deferred income taxes 8.16 7.60 8.18 7.78 8.64
Other assets 3.47 2.98 2.81 3.55 4.69
Non-current assets 61.33% 61.20% 62.79% 61.96% 66.45%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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 asset composition of the entity demonstrates notable shifts between 2021 and 2025. Current assets initially increased as a percentage of total assets, peaking in 2024, before stabilizing. Non-current assets experienced a decrease between 2021 and 2022, followed by relative stability and a slight increase towards 2025. A more detailed examination reveals specific trends within asset categories.

Liquidity and Current Assets
Current assets increased from 33.55% of total assets in 2021 to 38.80% in 2024, before decreasing slightly to 38.67% in 2025. This increase was primarily driven by growth in GM Financial receivables and accounts/notes receivable. Cash and cash equivalents remained relatively stable, fluctuating between 6.90% and 8.20% of total assets. Inventories exhibited a modest increase between 2021 and 2023, followed by a slight decline in 2024 and 2025.
GM Financial Receivables
GM Financial receivables, both current and non-current, consistently represent a significant portion of total assets. The combined percentage of these receivables increased from 25.67% in 2021 to 32.88% in 2024, before decreasing to 31.87% in 2025. This indicates a growing reliance on financing activities and a corresponding increase in credit exposure. The growth rate of GM Financial receivables appears to be slowing in the most recent period.
Long-Term Investments and Fixed Assets
Property, net, consistently represented a substantial portion of non-current assets, ranging from 16.80% to 18.55% of total assets. Goodwill and intangible assets, net, experienced a gradual decline over the period, decreasing from 2.08% to 1.55%. Equity in net assets of nonconsolidated affiliates showed a more pronounced decrease, falling from 3.95% in 2021 to 2.02% in 2025, suggesting a potential shift in investment strategy or divestiture of affiliate interests.
Other Asset Trends
Equipment on operating leases, net, decreased significantly from 15.50% in 2021 to 11.20% in 2023, before a slight recovery to 11.98% in 2025. Deferred income taxes remained relatively stable, fluctuating between 7.60% and 8.64%. Other assets showed a general decline from 4.69% in 2021 to 2.81% in 2023, followed by a modest increase to 3.47% in 2025.

Overall, the asset structure demonstrates a shift towards financial services, as evidenced by the increasing proportion of GM Financial receivables. The decline in goodwill and intangible assets, coupled with the decrease in equity in net assets of nonconsolidated affiliates, suggests a potential restructuring of the entity’s long-term investments. The relative stability of property, net, indicates continued investment in core operational assets.