Analysis of Long-term (Investment) Activity Ratios
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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- 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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Long-term Activity Ratios (Summary)
General Motors Co., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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 financial turnover ratios over the five-year period reveals distinct trends across the different measures.
- Net Fixed Asset Turnover
- This ratio shows a generally positive trajectory, beginning at 2.89 in 2020, dipping slightly in 2021 to 2.76, followed by an increase through 2022 to 3.18 and maintaining a stable upward trend reaching 3.31 by 2024. This suggests improved efficiency in generating revenue from net fixed assets over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The pattern here closely mirrors the previous net fixed asset turnover ratio, starting from 2.81 in 2020 and decreasing to 2.69 in 2021. Subsequently, it rises steadily to 3.11 in 2022 and continues upward to 3.25 by 2024. The slight differences compared to the net fixed asset turnover imply consistency in asset utilization even with the inclusion of operating leases and right-of-use assets.
- Total Asset Turnover
- This ratio remains flat at 0.46 during both 2020 and 2021, followed by a noticeable increase to 0.55 in 2022, continuing upward to 0.58 in 2023, and reaching 0.61 in 2024. This indicates a gradual improvement in the company's effectiveness in using its total assets to generate revenue.
- Equity Turnover
- The equity turnover ratio experiences a significant decline from 2.41 in 2020 to 1.90 in 2021, reflecting reduced revenues per unit of equity during that year. Afterward, there is a rebound to 2.12 in 2022, progressing to 2.45 in 2023, and further increasing to 2.72 in 2024. This recovery and growth point to an enhanced ability to generate revenues from shareholders' equity over time.
In summary, the data indicates an overall improvement in asset and equity utilization efficiency after a temporary dip in 2021 across most turnover metrics. The company demonstrates increasing operational productivity from its fixed assets, total assets, and equity, suggesting effective management of resources and a positive trend in generating revenues from invested capital.
Net Fixed Asset Turnover
General Motors Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Automobiles & Components | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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
Net fixed asset turnover = Automotive net sales and revenue ÷ Property, net
= ÷ =
2 Click competitor name to see calculations.
- Automotive net sales and revenue
- The automotive net sales and revenue exhibited a consistent upward trend over the observed period. Starting at $108,673 million in 2020, revenue increased steadily each year, reaching $171,606 million by 2024. This represents a substantial growth indicative of strong market demand or expansion in operations.
- Property, net
- Net property values also showed a continuous increase from $37,632 million in 2020 to $51,904 million in 2024. The gradual rise suggests ongoing investments in physical assets, which could contribute to capacity expansion or modernization efforts.
- Net fixed asset turnover
- The net fixed asset turnover ratio experienced fluctuations but maintained an overall positive trend. It decreased slightly from 2.89 in 2020 to 2.76 in 2021, then improved to 3.18 in 2022, followed by a minor dip to 3.13 in 2023, and finally increased to 3.31 in 2024. This pattern suggests enhanced efficiency in utilizing fixed assets to generate revenue, particularly from 2021 onward.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
General Motors Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Automotive net sales and revenue | ||||||
| Property, net | ||||||
| Operating lease right of use assets (included in Other assets) | ||||||
| Property, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Ford Motor Co. | ||||||
| Tesla Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Automobiles & Components | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | ||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Automotive net sales and revenue ÷ Property, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends and developments over the five-year period ending in 2024.
- Automotive Net Sales and Revenue
- The automotive net sales and revenue demonstrate a consistent upward trajectory throughout the period. Beginning at 108,673 million US dollars in 2020, the figure rises steadily each year, reaching 171,606 million US dollars in 2024. This represents a total increase of approximately 58% over the five years. The growth suggests strengthening market demand, improved pricing, or successful expansion strategies.
- Property, Net (Including Operating Lease, Right-of-Use Asset)
- The net property value also shows a continuous rise over the period. Starting at 38,632 million US dollars in 2020, it progressively increased to 52,823 million US dollars by 2024. This growth of nearly 37% over five years indicates ongoing investments in fixed assets and leased properties, potentially to support increased production capacity or modernization efforts.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio exhibits some fluctuations but an overall improvement by the end of the period. Beginning at 2.81 in 2020, it slightly declined to 2.69 in 2021 before rising to 3.11 in 2022. It remains relatively stable at 3.07 in 2023 and then increases further to 3.25 in 2024. The upward trend in asset turnover ratio suggests enhanced efficiency in utilizing fixed assets to generate revenue, which aligns with the revenue growth and asset base expansion.
Overall, the company shows strong revenue growth accompanied by increased investment in property assets, coupled with improving efficiency in asset utilization. These patterns imply effective operational management and capital deployment strategies over the observed period.
Total Asset Turnover
General Motors Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Automobiles & Components | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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
Total asset turnover = Automotive net sales and revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Automotive Net Sales and Revenue
- The automotive net sales and revenue exhibited significant growth over the five-year period. Starting at approximately 108.7 billion US dollars in 2020, the figure increased steadily each year, reaching about 171.6 billion US dollars by 2024. This represents a compound upward trajectory, indicating strong sales performance and market demand.
- Total Assets
- Total assets showed a gradual upward trend from around 235.2 billion US dollars in 2020 to approximately 279.8 billion US dollars in 2024. The increase, while consistent, is more moderate compared to the growth in revenues, suggesting prudent asset management relative to sales expansion.
- Total Asset Turnover
- Total asset turnover improved steadily from 0.46 in 2020 and 2021 to 0.61 by 2024. This rising ratio indicates enhanced efficiency in utilizing assets to generate revenue. The steady improvement reflects positively on operational effectiveness, with assets being employed more productively over time.
- Overall Analysis
- The data reveal a robust growth pattern in sales and revenue alongside a controlled increase in total assets. The parallel improvement in total asset turnover ratio indicates that revenue gains are not merely a result of asset accumulation but also of improved operational efficiency. Together, these trends suggest that the company is experiencing healthy growth while increasingly optimizing asset use.
Equity Turnover
General Motors Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| Equity Turnover, Sector | ||||||
| Automobiles & Components | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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
Equity turnover = Automotive net sales and revenue ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals significant trends over the five-year period from 2020 to 2024.
- Revenue growth
- Automotive net sales and revenue showed a consistent upward trajectory, increasing from $108,673 million in 2020 to $171,606 million in 2024. This represents strong revenue growth, with notable accelerations in 2022 and continuing growth each subsequent year.
- Stockholders’ equity changes
- Stockholders’ equity rose substantially from $45,030 million in 2020 to $67,792 million in 2022, indicating an accumulation of shareholder value. However, it experienced a decline thereafter, dropping to $64,286 million in 2023 and further to $63,072 million in 2024. This downward shift suggests possible distributions, losses, or other equity changes impacting the shareholder base despite increasing revenues.
- Equity turnover ratio trends
- The equity turnover ratio, which measures revenue generated per unit of equity, declined from 2.41 in 2020 to 1.90 in 2021, indicating reduced efficiency in utilizing equity to generate sales. However, this ratio improved from 2021 onwards, rising to 2.72 by 2024, surpassing the initial 2020 level. This trend signals enhanced effectiveness in using equity capital to produce revenue in the later years of the period.
In summary, the data indicates a positive growth in revenue accompanied by fluctuations in equity levels, alongside a recovery and improvement in equity turnover efficiency over the analyzed period.