General Motors Co., current enterprise value calculation

Current share price (P)	$76.42
No. shares of common stock outstanding	903,967,853
US$ in millions
Common equity (market value)¹	69,081)
Add: Noncontrolling interests (per books)	2,049)
Total equity	71,130)
Add: Short-term debt and current portion of long-term debt (per books)	35,668)
Add: Long-term debt, excluding current portion (per books)	94,609)
Total equity and debt	201,407)
Less: Cash and cash equivalents	20,945)
Less: Marketable debt securities	6,724)
Enterprise value (EV)	173,738)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 76.42 × 903,967,853

General Motors Co., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$86.38	$50.04	$38.15	$39.32	$53.50
No. shares of common stock outstanding¹	903,967,853	995,001,891	1,154,433,287	1,394,637,226	1,453,021,337
US$ in millions
Common equity (market value)³	78,085)	49,790)	44,042)	54,837)	77,737)
Add: Noncontrolling interests (book value)	2,049)	2,518)	3,903)	4,135)	6,071)
Total equity	80,134)	52,308)	47,945)	58,972)	83,808)
Add: Short-term debt and current portion of long-term debt (book value)	35,668)	39,432)	38,968)	38,778)	33,720)
Add: Long-term debt, excluding current portion (book value)	94,609)	90,300)	82,773)	75,921)	75,659)
Total equity and debt	210,411)	182,040)	169,686)	173,671)	193,187)
Less: Cash and cash equivalents	20,945)	19,872)	18,853)	19,153)	20,067)
Less: Marketable debt securities	6,724)	7,265)	7,613)	12,150)	8,609)
Enterprise value (EV)	182,742)	154,903)	143,220)	142,368)	164,511)

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 Data adjusted for splits and stock dividends.

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

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 86.38 × 903,967,853

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, the period demonstrates volatility followed by a recovery in later years, particularly in the most recent periods.

Enterprise Value (EV) Trend: Enterprise value experienced a decline from 2021 to 2022, decreasing from US$164,511 million to US$142,368 million. It remained relatively stable in 2023 at US$143,220 million before increasing to US$154,903 million in 2024. A significant increase is observed in 2025, reaching US$182,742 million. This suggests a strengthening of the company’s overall value as perceived by the market.
Equity Component Analysis: Common equity (market value) mirrored the EV trend, declining from US$77,737 million in 2021 to US$44,042 million in 2023. Similar to EV, it showed improvement in 2024 and a substantial increase in 2025, reaching US$78,085 million. Total equity followed a similar pattern, decreasing from US$83,808 million in 2021 to US$47,945 million in 2023, then increasing to US$80,134 million in 2025.
Total Equity and Debt: Total equity and debt decreased from US$193,187 million in 2021 to US$169,686 million in 2023. It then increased in both 2024 and 2025, reaching US$210,411 million. The increase in this metric in the later years, coupled with the increase in EV, suggests that the company is leveraging both equity and debt to drive growth and value creation.
Relationship between EV and Equity: The enterprise value consistently exceeded the total equity throughout the observed period. This indicates that a significant portion of the company’s value is derived from sources beyond shareholder equity, such as debt and future growth prospects. The gap between EV and total equity narrowed between 2022 and 2025, potentially reflecting improved market confidence and a stronger equity position.

In summary, the observed financial metrics indicate a period of initial decline followed by a recovery and growth trajectory. The increases in both enterprise value and total equity and debt in the later years suggest a positive trend in the company’s financial health and market valuation.

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General Motors Co. (NYSE:GM)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)