General Motors Co., current enterprise value calculation

Current share price (P)	$49.16
No. shares of common stock outstanding	961,434,742
US$ in millions
Common equity (market value)¹	47,264)
Add: Noncontrolling interests (per books)	2,518)
Total equity	49,782)
Add: Short-term debt and current portion of long-term debt (per books)	39,432)
Add: Long-term debt, excluding current portion (per books)	90,300)
Total equity and debt	179,514)
Less: Cash and cash equivalents	19,872)
Less: Marketable debt securities	7,265)
Enterprise value (EV)	152,377)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 49.16 × 961,434,742

General Motors Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$50.04	$38.15	$39.32	$53.50	$54.88
No. shares of common stock outstanding¹	995,001,891	1,154,433,287	1,394,637,226	1,453,021,337	1,440,912,820
US$ in millions
Common equity (market value)³	49,790)	44,042)	54,837)	77,737)	79,077)
Add: Noncontrolling interests (book value)	2,518)	3,903)	4,135)	6,071)	4,647)
Total equity	52,308)	47,945)	58,972)	83,808)	83,724)
Add: Short-term debt and current portion of long-term debt (book value)	39,432)	38,968)	38,778)	33,720)	36,913)
Add: Long-term debt, excluding current portion (book value)	90,300)	82,773)	75,921)	75,659)	72,981)
Total equity and debt	182,040)	169,686)	173,671)	193,187)	193,618)
Less: Cash and cash equivalents	19,872)	18,853)	19,153)	20,067)	19,992)
Less: Marketable debt securities	7,265)	7,613)	12,150)	8,609)	9,046)
Enterprise value (EV)	154,903)	143,220)	142,368)	164,511)	164,580)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of General Motors Co. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 50.04 × 995,001,891

Common equity (market value): The common equity market value showed a declining trend from 79,077 million USD at the end of 2020 to 44,042 million USD by the end of 2023. In 2024, there was a modest recovery to 49,790 million USD, indicating some improvement but remaining significantly lower than the 2020 level.
Total equity: Total equity closely followed the trend observed in common equity market value, decreasing from 83,724 million USD in 2020 to 47,945 million USD in 2023. A slight increase occurred in 2024, reaching 52,308 million USD, which mirrors the partial recovery noted in common equity but still represents a substantial decline over the five-year period.
Total equity and debt: This measure displayed a downward trend from 193,618 million USD in 2020 to 169,686 million USD in 2023, reflecting a reduction in the combined value of liabilities and equity. However, in 2024, there was an uptick to 182,040 million USD, signaling a rebound though the value remained below the initial level in 2020.
Enterprise value (EV): Enterprise value decreased from 164,580 million USD in 2020 to 142,368 million USD in 2022. It remained relatively stable around 143,220 million USD in 2023, followed by an increase to 154,903 million USD in 2024. This suggests a stabilization and partial recovery in the company's valuation after several years of decline.

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General Motors Co. (NYSE:GM)

Enterprise Value (EV)