Price to Operating Profit (P/OP)
since 2010
Calculation
General Motors Co., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | 26.84 | = | 86.38 | ÷ | 3.22 | 3.22 | = | 2,909 | ÷ | 903,967,853 | |
| Jan 28, 2025 | 3.89 | = | 50.04 | ÷ | 12.85 | 12.85 | = | 12,784 | ÷ | 995,001,891 | |
| Jan 30, 2024 | 4.74 | = | 38.15 | ÷ | 8.05 | 8.05 | = | 9,298 | ÷ | 1,154,433,287 | |
| Jan 31, 2023 | 5.32 | = | 39.32 | ÷ | 7.40 | 7.40 | = | 10,315 | ÷ | 1,394,637,226 | |
| Feb 2, 2022 | 8.34 | = | 53.50 | ÷ | 6.42 | 6.42 | = | 9,324 | ÷ | 1,453,021,337 | |
| Feb 10, 2021 | 11.92 | = | 54.88 | ÷ | 4.60 | 4.60 | = | 6,634 | ÷ | 1,440,912,820 | |
| Feb 5, 2020 | 9.13 | = | 35.03 | ÷ | 3.84 | 3.84 | = | 5,481 | ÷ | 1,429,002,063 | |
| Feb 6, 2019 | 12.66 | = | 39.91 | ÷ | 3.15 | 3.15 | = | 4,445 | ÷ | 1,409,478,926 | |
| Feb 6, 2018 | 5.86 | = | 41.86 | ÷ | 7.14 | 7.14 | = | 10,016 | ÷ | 1,402,630,363 | |
| Feb 7, 2017 | 5.51 | = | 35.10 | ÷ | 6.37 | 6.37 | = | 9,545 | ÷ | 1,497,964,557 | |
| Feb 3, 2016 | 9.12 | = | 28.92 | ÷ | 3.17 | 3.17 | = | 4,897 | ÷ | 1,544,492,608 | |
| Feb 4, 2015 | 37.71 | = | 35.83 | ÷ | 0.95 | 0.95 | = | 1,530 | ÷ | 1,610,365,961 | |
| Feb 6, 2014 | 10.92 | = | 35.23 | ÷ | 3.23 | 3.23 | = | 5,131 | ÷ | 1,589,788,282 | |
| Feb 15, 2013 | — | = | 27.76 | ÷ | -22.22 | -22.22 | = | -30,363 | ÷ | 1,366,443,296 | |
| Feb 27, 2012 | 7.32 | = | 26.46 | ÷ | 3.61 | 3.61 | = | 5,656 | ÷ | 1,565,761,986 | |
| Mar 1, 2011 | 10.12 | = | 32.95 | ÷ | 3.26 | 3.26 | = | 5,084 | ÷ | 1,560,743,059 |
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), 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.
The price to operating profit (P/OP) ratio for the observed period exhibits considerable fluctuation. Initially, the ratio decreased from 10.12 in 2011 to 7.32 in 2012, suggesting a relative decline in valuation compared to operating profitability. A significant disruption occurred in 2013, with the operating profit per share becoming negative, resulting in a missing P/OP value. Following this, the ratio increased substantially to 37.71 in 2015, indicating a considerable premium placed on each dollar of operating profit. Subsequently, the ratio decreased to 9.12 in 2016, then continued a downward trend to 5.51 in 2017 and 5.86 in 2018.
A renewed increase was observed in 2019, with the P/OP ratio rising to 12.66, before decreasing again to 9.13 in 2020. The ratio then experienced a moderate increase to 11.92 in 2021 and 8.34 in 2022, followed by a further decline to 5.32 in 2023 and 4.74 in 2024. The most recent observations show a decrease to 3.89 in 2025, followed by a substantial increase to 26.84 in 2026.
- Overall Trend
- The P/OP ratio demonstrates a lack of consistent direction over the period. While periods of decline are evident, particularly between 2015 and 2024, these are interspersed with notable increases. The final observation in 2026 shows a significant jump, potentially indicating a shift in market perception or expectations.
- Volatility
- The ratio exhibits high volatility, particularly noticeable in the fluctuations between 2015 and 2024. This suggests that the market valuation of operating profits is subject to considerable change, potentially influenced by external factors or company-specific events.
- Relationship to Operating Profit
- The substantial increase in the P/OP ratio in 2015 coincided with a low operating profit per share. This suggests that even small increases in operating profit can lead to disproportionately large changes in the ratio when the base operating profit is low. Conversely, the lower ratios in later years, despite increasing operating profit per share, indicate a more moderate valuation relative to earnings.
- Recent Developments
- The sharp increase in the P/OP ratio in 2026 warrants further investigation. This could be due to increased investor confidence, anticipated future growth, or other market factors. The significant change from the preceding years suggests a potentially important development in the company’s valuation.
Comparison to Competitors
General Motors Co., P/OP, long-term trends, comparison to competitors
| General Motors Co. | Ford Motor Co. | Tesla Inc. | |
|---|---|---|---|
| Jan 27, 2026 | 26.84 | — | 358.92 |
| Jan 28, 2025 | 3.89 | 7.03 | 181.95 |
| Jan 30, 2024 | 4.74 | 9.32 | 68.39 |
| Jan 31, 2023 | 5.32 | 8.40 | 40.14 |
| Feb 2, 2022 | 8.34 | 15.90 | 143.76 |
| Feb 10, 2021 | 11.92 | — | 415.63 |
| Feb 5, 2020 | 9.13 | 57.40 | — |
| Feb 6, 2019 | 12.66 | 10.82 | — |
| Feb 6, 2018 | 5.86 | — | — |
| Feb 7, 2017 | 5.51 | — | — |
| Feb 3, 2016 | 9.12 | — | — |
| Feb 4, 2015 | 37.71 | — | — |
| Feb 6, 2014 | 10.92 | — | — |
| Feb 15, 2013 | — | — | — |
| Feb 27, 2012 | 7.32 | — | — |
| Mar 1, 2011 | 10.12 | — | — |
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), 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).