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.
Paying user area
Try for free
General Motors Co. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2010
- Total Asset Turnover since 2010
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to General Motors Co. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
General Motors Co., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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: 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).
An examination of long-term investment activity ratios reveals generally positive trends across the five-year period. Efficiency metrics demonstrate improvement, suggesting enhanced asset utilization. The analysis focuses on net fixed asset turnover, total asset turnover, and equity turnover, both with and without consideration of operating lease right-of-use assets.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits an increasing trend from 2.76 in 2021 to 3.31 in 2024, indicating a growing ability to generate sales from fixed assets. A slight decrease to 3.25 is observed in 2025, but the ratio remains elevated compared to earlier years. When including operating lease right-of-use assets, a similar pattern emerges, starting at 2.69 in 2021 and peaking at 3.25 in 2024 before slightly declining to 3.19 in 2025. The inclusion of these assets results in slightly lower turnover values, but the overall trend remains consistent.
- Total Asset Turnover
- Total asset turnover demonstrates a consistent upward trajectory, increasing from 0.46 in 2021 to 0.61 in 2024. This suggests improved efficiency in utilizing all assets to generate revenue. The ratio stabilizes at 0.60 in 2025, indicating a potential plateauing of asset utilization gains. The increase across the period suggests a more effective deployment of assets.
- Equity Turnover
- Equity turnover shows the most substantial improvement of the analyzed ratios. Starting at 1.90 in 2021, it rises to 2.75 in 2025. This indicates a significant increase in sales generated per dollar of equity. The growth is consistent year-over-year, suggesting effective management of equity financing and a strong correlation between equity investment and revenue generation. The acceleration in this ratio is particularly noteworthy.
Collectively, these ratios suggest improving operational efficiency and a more effective utilization of assets and equity over the observed period. While the growth in net fixed asset turnover and total asset turnover appears to moderate in 2025, the substantial gains in equity turnover continue, indicating a positive trend in returns generated from shareholder investment.
Net Fixed Asset Turnover
General Motors Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Automobiles & Components | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2025 Calculation
Net fixed asset turnover = Automotive net sales and revenue ÷ Property, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits an overall positive trend between 2021 and 2024, followed by a slight decrease in the most recent year. Automotive net sales and revenue and property, net, the components used to calculate this ratio, both increased over the period, contributing to the observed changes in turnover.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio increased from 2.76 in 2021 to 3.31 in 2024, indicating improving efficiency in generating sales from fixed assets. This represents a 19.9% increase over the four-year period. However, the ratio decreased slightly to 3.25 in 2025, suggesting a marginal reduction in efficiency during that year.
- Automotive Net Sales and Revenue
- Automotive net sales and revenue increased from US$113,590 million in 2021 to US$171,606 million in 2024, a substantial increase of 51.1%. The revenue experienced a minor decline to US$167,971 million in 2025. This growth in revenue is a primary driver of the increasing net fixed asset turnover ratio through 2024.
- Property, Net
- Property, net, increased consistently from US$41,115 million in 2021 to US$51,904 million in 2024, representing a 26.2% increase. The value remained relatively stable in 2025 at US$51,683 million. While increasing, the growth in property, net, was outpaced by the growth in automotive net sales and revenue, contributing to the improved turnover ratio.
The slight decrease in net fixed asset turnover in 2025, despite relatively stable property, net, suggests that the slower growth in automotive net sales and revenue during that year impacted the efficiency of fixed asset utilization. Continued monitoring of these trends is recommended to assess the sustainability of fixed asset efficiency.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
General Motors Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 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).
1 2025 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 net fixed asset turnover ratio, alongside its contributing components, demonstrates a generally positive trend over the five-year period. Automotive net sales and revenue increased significantly from 2021 to 2024, with a slight decrease in 2025. Property, net, which includes operating leases and right-of-use assets, also increased consistently from 2021 to 2023, then plateaued in 2024 and 2025.
- Automotive Net Sales and Revenue
- Automotive net sales and revenue experienced substantial growth, rising from US$113,590 million in 2021 to US$171,606 million in 2024. This represents a cumulative increase of approximately 51.1%. A minor decline to US$167,971 million was observed in 2025, suggesting a potential stabilization or slight contraction in sales volume.
- Property, Net (Including Operating Lease, Right-of-Use Asset)
- Property, net, increased from US$42,215 million in 2021 to US$52,823 million in 2024, indicating an expansion of the company’s fixed asset base. The increase slowed considerably in 2025, with the value remaining relatively stable at US$52,683 million. This suggests a potential pause in significant capital investments related to property.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio increased from 2.69 in 2021 to 3.25 in 2024, demonstrating improved efficiency in generating revenue from fixed assets. This improvement aligns with the growth in automotive net sales and revenue. The ratio experienced a slight decrease to 3.19 in 2025, coinciding with the minor decline in sales. Overall, the ratio remained above the 2021 level, indicating sustained efficient asset utilization. The ratio’s fluctuations suggest a strong correlation with sales performance.
In summary, the observed trends indicate a period of growth and efficient asset utilization, with a potential stabilization occurring in the most recent year. The slight decrease in both sales and the turnover ratio in 2025 warrants further investigation to determine if this represents a temporary fluctuation or the beginning of a new trend.
Total Asset Turnover
General Motors Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Automobiles & Components | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2025 Calculation
Total asset turnover = Automotive net sales and revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals a generally positive trend in the total asset turnover ratio over the five-year period. This indicates increasing efficiency in utilizing assets to generate sales revenue. Automotive net sales and revenue and total assets both increased over the period, but the turnover ratio’s growth suggests revenue increased at a faster rate than assets.
- Total Asset Turnover
- The total asset turnover ratio increased from 0.46 in 2021 to 0.61 in 2024, representing a substantial improvement in asset utilization. This signifies that for every dollar of assets, the company generated more sales revenue over time. The ratio experienced its largest increase between 2021 and 2022, moving from 0.46 to 0.55. Growth continued, albeit at a diminishing rate, reaching a peak of 0.61 in 2024. A slight decrease to 0.60 was observed in 2025, which may warrant further investigation to determine if this represents a temporary fluctuation or the beginning of a new trend.
The consistent rise in automotive net sales and revenue, coupled with a moderate increase in total assets, contributed to the observed improvement in the total asset turnover ratio. The company appears to be becoming more effective at converting its investments in assets into revenue. The slight decline in the ratio in the most recent year, 2025, should be monitored in subsequent periods to assess its significance.
- Revenue and Asset Relationship
- Automotive net sales and revenue increased from US$113,590 million in 2021 to US$171,606 million in 2024, before decreasing slightly to US$167,971 million in 2025. Total assets grew from US$244,718 million in 2021 to US$281,284 million in 2025. The fact that revenue growth outpaced asset growth for most of the period is the primary driver of the increasing total asset turnover ratio.
Equity Turnover
General Motors Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Automotive net sales and revenue | ||||||
| Stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Ford Motor Co. | ||||||
| Tesla Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Automobiles & Components | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2025 Calculation
Equity turnover = Automotive net sales and revenue ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a consistent upward trend over the five-year period. Automotive net sales and revenue increased from US$113,590 million in 2021 to US$167,971 million in 2025, while stockholders’ equity experienced initial growth followed by a decline. The combined effect of these movements is reflected in the equity turnover ratio.
- Equity Turnover
- The equity turnover ratio increased from 1.90 in 2021 to 2.75 in 2025. This indicates that the company is generating more sales revenue for each dollar of stockholders’ equity. The most significant increase occurred between 2022 and 2023, rising from 2.12 to 2.45. Growth continued, albeit at a slower pace, in the subsequent two years.
- Revenue Trend
- Automotive net sales and revenue exhibited growth throughout the period, with the largest year-over-year increase occurring between 2021 and 2022 (a rise of US$30,385 million). Revenue peaked in 2024 at US$171,606 million before experiencing a slight decrease in 2025.
- Stockholders’ Equity Trend
- Stockholders’ equity increased from US$59,744 million in 2021 to US$67,792 million in 2022. However, it then began a downward trend, decreasing to US$61,119 million by 2025. This decline in equity, coupled with increasing revenue, contributed to the rising equity turnover ratio.
The increasing equity turnover ratio suggests improved efficiency in utilizing equity financing to generate sales. While revenue growth is a key driver, the concurrent decrease in stockholders’ equity amplifies this effect. Continued monitoring of both revenue and equity levels is recommended to assess the sustainability of this trend.