Analysis of Geographic Areas
General Motors Co. operates in 2 regions: U.S. and Non-U.S..
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2010
- Price to Sales (P/S) since 2010
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Area Asset Turnover
General Motors Co., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Non-U.S. |
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).
The analysis of the annual geographic area asset turnover ratios reveals distinct trends for both U.S. and Non-U.S. segments over the five-year period.
- U.S. Asset Turnover Ratio
- The U.S. asset turnover ratio demonstrates a consistent upward trajectory from 1.64 in 2020 to 2.40 in 2024. This represents an overall increase of approximately 46% over the five years, indicating improved efficiency in utilizing assets to generate sales within the U.S. market. Notable increments can be observed especially post-2021, where the ratio rises from 1.69 to 2.40 by 2024, suggesting a significant enhancement in operational performance or asset management during this period.
- Non-U.S. Asset Turnover Ratio
- The Non-U.S. asset turnover ratio, while consistently lower than the U.S. ratio, also shows a positive trend. Beginning at 1.34 in 2020, the ratio slightly declines to 1.29 in 2021 but then steadily increases to reach 1.72 in 2024. This recovery and subsequent growth reflect incremental improvements in asset utilization efficiency outside the U.S. market. Although the growth rate is more moderate compared to the U.S. segment, the ratio strengthens by approximately 28% from its low point in 2021 through 2024.
- Comparative Insights
- Throughout the analyzed period, the U.S. segment consistently outperforms the Non-U.S. segment in terms of asset turnover, implying higher efficiency in asset use domestically. Both segments show positive momentum in recent years, with the U.S. segment exhibiting a more pronounced and continuous improvement. The recovery and growth of the Non-U.S. ratio after an initial dip suggests strategic adjustments or market improvements outside the U.S.
Area Asset Turnover: U.S.
General Motors Co.; U.S.; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales and revenue ÷ Long-lived assets
= ÷ =
- Net sales and revenue
- There is a consistent upward trend in net sales and revenue over the five-year period. The value increased steadily from US$101,431 million in 2020 to US$154,111 million in 2024, indicating robust growth in the geographic area. The most significant annual increase appears between 2021 and 2022, with a marked jump from US$104,483 million to US$127,833 million, suggesting enhanced market performance or expansion activities during this period.
- Long-lived assets
- Long-lived assets exhibit a relatively stable pattern with minor fluctuations. The value starts at US$61,705 million in 2020, slightly decreases to US$59,612 million in 2022, but then shows gradual recovery and growth reaching US$64,115 million by the end of 2024. This stability indicates controlled investment and maintenance of asset base with no significant disposals or acquisitions that drastically alter asset levels.
- Area asset turnover
- The area asset turnover ratio demonstrates a positive and strengthening trend throughout the period. Beginning at 1.64 in 2020, it rises steadily each year, reaching 2.40 in 2024. This indicates improved efficiency in utilizing assets to generate sales, suggesting better asset management or increased operational productivity in the geographic area under review.
Area Asset Turnover: Non-U.S.
General Motors Co.; Non-U.S.; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales and revenue ÷ Long-lived assets
= ÷ =
The analysis of the reported financial data over the five-year period reveals several key trends in the non-U.S. geographic area.
- Net Sales and Revenue
- There is a consistent upward trend in net sales and revenue from 2020 through 2024. The value increases from approximately 21,054 million USD in 2020 to 33,331 million USD in 2024, indicating strong and sustained growth in sales performance in this region. The growth appears particularly pronounced between 2021 and 2022, suggesting accelerated market expansion or improved operational effectiveness during that time frame.
- Long-lived Assets
- Long-lived assets also show an upward trajectory, rising from 15,746 million USD in 2020 to 19,374 million USD in 2024. The growth in these assets is steady but more moderate compared to sales growth, potentially reflecting ongoing investments in property, plant, and equipment to support expanding operations. The slowing increase from 2023 to 2024 suggests a plateau or more cautious capital expenditure in the most recent year.
- Area Asset Turnover (Ratio)
- This ratio, which measures efficiency in using regional assets to generate revenue, exhibits an overall positive trend. Starting at 1.34 in 2020, it dips slightly in 2021 to 1.29 but then increases significantly to 1.72 by 2024. This indicates improving operational efficiency, with increasing revenues being generated per unit of assets. The upward trend from 2022 onward reflects enhanced asset utilization and possibly better management or higher productivity within the non-U.S. operations.
Overall, the data portrays a growing and increasingly efficient non-U.S. segment, characterized by robust revenue growth, steady asset expansion, and improving asset turnover. These patterns suggest favorable market conditions and effective strategic execution in this geographic area.
Net sales and revenue
General Motors Co., net sales and revenue by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| U.S., Automotive | |||||
| U.S., GM Financial | |||||
| U.S. | |||||
| Non-U.S., Automotive | |||||
| Non-U.S., GM Financial | |||||
| Non-U.S. | |||||
| Total consolidated |
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).
The data reveal a consistent upward trend across all geographic segments and business divisions over the five-year period from 2020 to 2024.
- U.S., Automotive
- Net sales and revenues increased steadily each year, starting at $89,204 million in 2020 and rising to $140,536 million in 2024. This represents a significant growth of approximately 57.5% over the period, indicating strong performance in the U.S. automotive market segment.
- U.S., GM Financial
- This segment experienced a slight decline from $12,227 million in 2020 to $11,035 million in 2022, followed by a recovery and growth to $13,575 million by 2024. The initial dip could suggest temporary challenges or market adjustments, but the subsequent growth signals a positive turnaround.
- U.S. Total
- The combined U.S. revenues, encompassing both automotive and GM Financial segments, show a clear and continuous increase, from $101,431 million in 2020 to $154,111 million in 2024. This overall growth of around 52% highlights the expanding U.S. market presence.
- Non-U.S., Automotive
- There is a marked upward trajectory in the non-U.S. automotive segment, rising from $19,469 million in 2020 to $31,070 million in 2024. This increase of about 59.6% demonstrates robust growth and possibly expanding international demand or market penetration.
- Non-U.S., GM Financial
- The non-U.S. GM Financial segment shows steady growth, advancing from $1,585 million in 2020 to $2,261 million in 2024. Despite being smaller in absolute terms compared to automotive sales, the segment grows by roughly 42.7%, indicating cautious but consistent expansion.
- Non-U.S. Total
- Combining automotive and GM Financial results outside the U.S., total revenues rose from $21,054 million in 2020 to $33,331 million in 2024, reflecting strong overall growth of approximately 58.3% in international operations.
- Total Consolidated
- Total consolidated net sales and revenues increased from $122,485 million in 2020 to $187,442 million in 2024. This aggregate growth of about 53% underscores a solid and sustained overall financial performance with expansion both domestically and internationally.
In summary, the data demonstrate a consistent upward trend in net sales and revenues across all geographic areas and both automotive and financial services segments. Growth rates are particularly strong in the automotive divisions domestically and internationally. The GM Financial segments showed variable trends with some initial declines followed by recoveries, suggesting resilience and adaptation in financial services. Overall, the company's revenues expanded significantly over the five-year period, indicating strengthening market positions and successful business development strategies globally.
Long-lived assets
General Motors Co., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| U.S., Automotive | |||||
| U.S., GM Financial | |||||
| U.S. | |||||
| Non-U.S., Automotive | |||||
| Non-U.S., GM Financial | |||||
| Non-U.S. | |||||
| Total consolidated |
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).
The data on geographic area long-lived assets reveals distinct trends across the U.S. and non-U.S. segments, as well as between Automotive and GM Financial operations over the five-year period.
- U.S., Automotive
- The value of long-lived assets in U.S. Automotive shows a consistent upward trajectory from $24,932 million in 2020 to $35,986 million in 2024. This steady increase reflects growth and ongoing investment in domestic automotive assets, with the most pronounced jump occurring between 2022 and 2023.
- U.S., GM Financial
- Contrasting with Automotive, U.S. GM Financial assets exhibit a declining trend through 2023, dropping from $36,773 million in 2020 to $27,397 million in 2023. However, a modest rebound to $28,129 million is observed in 2024, suggesting possible stabilization or renewed investment after several years of contraction.
- U.S. Total
- The aggregate U.S. long-lived assets show minor fluctuations but remain relatively stable overall. Starting at $61,705 million in 2020, the figure declines slightly to $59,612 million in 2022 before recovering to $64,115 million by 2024. This pattern indicates that growth in Automotive assets largely offsets declines in GM Financial assets within the U.S. market.
- Non-U.S., Automotive
- Non-U.S. Automotive assets increase consistently from $12,516 million in 2020 to a peak of $16,054 million in 2023, followed by a slight decrease to $15,811 million in 2024. This suggests general growth in international automotive investments, tempered by a minor dip in the most recent year.
- Non-U.S., GM Financial
- Non-U.S. GM Financial assets fluctuate over the period but remain within a narrow range. After rising from $3,230 million in 2020 to $3,629 million in 2021, the values decline through 2023 before rising again to $3,563 million in 2024. The pattern indicates moderate volatility with no clear sustained trend.
- Non-U.S. Total
- Total non-U.S. assets increase steadily, from $15,746 million in 2020 to $19,374 million in 2024. This steady growth indicates expanding international asset bases overall, driven primarily by Automotive asset increases.
- Total Consolidated Assets
- The total long-lived assets across all geographic and operational segments display overall growth, rising from $77,451 million in 2020 to $83,489 million in 2024. The trend is generally upward, despite slight dips in some years, reflecting expansion and investment across the company’s global asset base.