Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2010
- Price to Book Value (P/BV) since 2010
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
General Motors Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the quarterly financial ratios over the given periods reveals distinct trends in the utilization of assets and equity. The three examined metrics—net fixed asset turnover, total asset turnover, and equity turnover—demonstrate varying patterns of performance.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a generally positive trend, indicating improved efficiency in utilizing fixed assets to generate sales. Starting at 2.87 in early 2021, the ratio experiences some fluctuations but largely increases, peaking at 3.31 by mid-2025. This upward movement suggests enhanced productivity or better management of fixed assets over time, with the ratio stabilizing above 3.1 from 2023 onward.
- Total Asset Turnover
- Total asset turnover exhibits a moderate but consistent increase throughout the periods. Beginning at 0.46 in March 2021, the ratio gradually climbs to approximately 0.61 by mid-2025. This improvement implies more efficient overall asset utilization to generate revenue. The increase is steady, with some minor fluctuations, indicating sustained progress in asset management.
- Equity Turnover
- Equity turnover shows a more volatile trend. Initially, the ratio decreases from 2.25 in March 2021 to a low near 1.86 by mid-2022, suggesting a reduced rate of revenue generation relative to shareholders' equity during that interval. From late 2022 onwards, equity turnover recovers and rises steadily, reaching a high of approximately 2.72 in mid-2025. This rebound may reflect improved leverage or operational efficiency related to equity utilization.
In summary, the ratios collectively indicate an overall enhancement in the efficiency of asset and equity usage. Net fixed assets and total assets show gradual and sustained improvement, indicative of optimized asset management and potentially higher sales or revenue generation per unit of asset. Equity turnover's initial decline followed by recovery and growth highlights periods of adjustment, followed by stronger utilization of shareholder equity. These trends point to improving operational effectiveness and asset management over the analyzed timeframe.
Net Fixed Asset Turnover
General Motors Co., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Automotive net sales and revenue | |||||||||||||||||||||||||
| Property, net | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | |||||||||||||||||||||||||
| Tesla Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Automotive net sales and revenueQ3 2025
+ Automotive net sales and revenueQ2 2025
+ Automotive net sales and revenueQ1 2025
+ Automotive net sales and revenueQ4 2024)
÷ Property, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates several notable trends in the company's automotive net sales and revenue, property assets, and net fixed asset turnover ratios over the specified periods.
- Automotive Net Sales and Revenue
- The automotive net sales and revenue demonstrate a generally upward trajectory with periodic fluctuations. Starting at approximately 29,067 million USD in March 2021, there was a noticeable dip in September 2021 to around 23,426 million USD. This was followed by a recovery and growth reaching a peak near 44,735 million USD by September 2024. Throughout 2023 and 2024, the sales figures remained relatively high and stable, with occasional minor declines observed towards the end of some quarters, indicating some volatility but an overall positive growth trend.
- Property, Net
- The net property value shows steady growth across the observed periods. Beginning at approximately 37,797 million USD in March 2021, it increased consistently quarter-over-quarter, reaching a peak close to 52,159 million USD by September 2025. This steady incremental rise suggests ongoing investment in or appreciation of property assets without any significant impairments or write-downs detected during these periods.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures the efficiency in utilizing fixed assets to generate revenue, fluctuates within a narrow range. It started at 2.87 in March 2021, dipped slightly during late 2021, and experienced several mild increases and decreases, stabilizing around the 3.2 to 3.3 range by 2024 and 2025. This stability reflects a consistent asset utilization efficiency, even as both sales and property values increased substantially. The ratio’s relative steadiness suggests the company's asset base and revenue growth are reasonably well-balanced.
In summary, the company exhibits robust revenue growth with a strong increase in net sales over the 2021–2025 timeframe. Property assets have grown steadily, underscoring sustained capital investment or asset appreciation. The net fixed asset turnover ratio remains stable, reflecting consistent efficiency in asset utilization despite increasing asset and revenue bases. These trends collectively indicate positive operational performance and asset management over the examined quarters.
Total Asset Turnover
General Motors Co., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Automotive net sales and revenue | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | |||||||||||||||||||||||||
| Tesla Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (Automotive net sales and revenueQ3 2025
+ Automotive net sales and revenueQ2 2025
+ Automotive net sales and revenueQ1 2025
+ Automotive net sales and revenueQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the reported periods. Automotive net sales and revenue demonstrate a generally upward trajectory, with fluctuations that include some quarters of decline followed by rebounds. From the initial period's figure of approximately 29 billion US dollars, revenue increases significantly, peaking near 44 billion US dollars towards the later periods. This growth highlights an expanding sales performance despite occasional quarterly dips.
Total assets show consistent growth over the timeframe. Starting at around 238 billion US dollars, total assets steadily increase, reaching nearly 289 billion US dollars in the most recent quarters. The increases are relatively stable with minor variances, indicating ongoing asset accumulation or acquisition, which may support revenue growth and operational capacity.
Total asset turnover, which measures how efficiently the company is utilizing its assets to generate sales, reveals clear improvement. Early ratios are in the mid-0.4 range but progressively rise to approximately 0.59-0.61 in later periods. This trend suggests enhanced efficiency in asset use, as the company generates higher sales per unit of asset held. The sustained improvement in asset turnover amid asset growth is a positive indicator, pointing to effective management and operational performance that leverages assets more productively.
- Automotive Net Sales and Revenue
- Demonstrates a growth trend with periods of volatility, peaking near 44 billion US dollars in recent periods.
- Total Assets
- Steadily increase from about 238 billion to nearly 289 billion US dollars, indicating asset base expansion over time.
- Total Asset Turnover
- Improves from 0.46 up to around 0.61, showing enhanced efficiency in generating revenue from assets.
Overall, the trends suggest the company has successfully expanded both its asset base and revenue generation capabilities while simultaneously improving asset utilization efficiency. Continued attention to maintaining or improving asset turnover alongside revenue growth will be important to sustain financial performance.
Equity Turnover
General Motors Co., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Automotive net sales and revenue | |||||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | |||||||||||||||||||||||||
| Tesla Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Equity turnover
= (Automotive net sales and revenueQ3 2025
+ Automotive net sales and revenueQ2 2025
+ Automotive net sales and revenueQ1 2025
+ Automotive net sales and revenueQ4 2024)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Automotive Net Sales and Revenue
- The automotive net sales and revenue demonstrated a fluctuating pattern over the periods analyzed. Initially, sales increased from $29,067 million in March 2021 to $30,744 million in June 2021, followed by a sharp decline to $23,426 million in September 2021. Subsequently, sales recovered strongly, reaching a peak of $39,834 million by December 2022. After this peak, revenues displayed some volatility but generally trended upward, with another notable surge in mid-2024, culminating at $44,256 million in September 2025. Despite short-term fluctuations, the overall trend indicates growth in automotive revenue, signaling an expansionary phase especially apparent after mid-2022.
- Stockholders' Equity
- Stockholders' equity showed a consistent upward trend from March 2021 through September 2024, increasing from $48,343 million to a high of $70,935 million. However, a decline is observed starting from December 2024, dropping to $63,072 million by March 2025, and remaining relatively stable but lower thereafter. The initial growth phase suggests strengthening of the company's capital base and retained earnings, but the decrease in late 2024 and early 2025 indicates potential capital withdrawals, losses, or restructuring.
- Equity Turnover Ratio
- The equity turnover ratio exhibited moderate variability during the period. It started at 2.25 in March 2021, dipped to a low of 1.86 in June 2022, then gradually improved to a peak of 2.72 in December 2024. Following this peak, the ratio slightly declined though it remained above 2.5, suggesting relatively efficient use of equity in generating revenue. The increase in this ratio particularly from 2023 onward indicates an improved asset utilization or revenue generating capacity relative to the equity base.
- Summary of Financial Trends
- The overall analysis reveals an expanding revenue base accompanied by an increasing but eventually contracting equity base late in the timeline. The initial volatility in sales was followed by strong recovery and growth, particularly after mid-2022. Stockholders' equity grew robustly for most of the period, evidencing capital accumulation and possibly retained earnings; however, its decline towards the end suggests shifts in capital structure or financial strategy. The equity turnover ratio's upward trend suggests improved utilization of equity to drive revenue, aligning with the observed revenue growth phases. These combined trends demonstrate a company cycling through recovery and growth phases with emerging signs of capital adjustments in the latest periods.