Stock Analysis on Net

General Motors Co. (NYSE:GM)

$24.99

Price to Book Value (P/BV)
since 2010

Microsoft Excel

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Calculation

General Motors Co., P/BV, long-term trends, calculation

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of General Motors Co. Annual Report.

Share Price Trend
The share price shows a fluctuating pattern over the observed period. It started at $32.95 in March 2011, declined to a low of $26.46 by February 2012, and then gradually increased with intermittent ups and downs. Notable peaks occurred in 2018 at $41.86 and in 2021 at $54.88. Following this, the price declined again, reaching $39.32 by early 2023, before rising to $50.04 in early 2025. The overall trend suggests volatility with periods of recovery and growth, particularly after 2020.
Book Value per Share (BVPS) Trend
BVPS exhibited a generally upward trajectory throughout the period. Commencing at $23.18 in 2011, it steadily increased with minor fluctuations to reach $26.8 in 2014, dipped slightly in 2015, and then resumed growth. A significant acceleration in BVPS is evident from 2020 onwards, culminating in $63.39 by early 2025. This reflects consistent improvements in the company’s net asset value per share over time.
Price-to-Book Value (P/BV) Ratio Analysis
The P/BV ratio experienced considerable variation during the timeframe. It started at 1.42 in 2011, dropped to near parity (1.05) in 2013, then rose to a high of 1.68 in 2018, indicating the market price was substantially above book value at that point. After 2018, there was a marked decline in the ratio to levels below 1.0 by early 2024 and 2025 (0.69 and 0.79 respectively). This suggests that, despite the increase in book value per share, the market valuation relative to book value decreased significantly in recent years, possibly reflecting market caution or reassessment of future earnings potential.
Overall Insights
The data reveals growth in the underlying book value of the company’s shares, demonstrating enhanced net asset accumulation. However, this positive fundamental growth contrasts with the share price and P/BV ratio trends, which depict periods of both optimism and market skepticism. The declining P/BV ratio in recent years, despite higher book values, may indicate investor concerns or undervaluation relative to the company's intrinsic value. The fluctuations in share price further reinforce this dynamic market sentiment over the years.

Comparison to Competitors

General Motors Co., P/BV, long-term trends, comparison to competitors

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).


Comparison to Sector (Automobiles & Components)

General Motors Co., P/BV, long-term trends, comparison to sector (automobiles & components)

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).


Comparison to Industry (Consumer Discretionary)

General Motors Co., P/BV, long-term trends, comparison to industry (consumer discretionary)

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).