General Motors Co., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to stockholders	10,127)	9,934)	10,019)	6,427)	6,732)
Net loss attributable to noncontrolling interests	(287)	(226)	(74)	(106)	(65)
Net noncash charges	9,268)	9,312)	8,609)	10,748)	12,143)
Change in other operating assets and liabilities	1,822)	(2,977)	(3,366)	(399)	(3,789)
Net cash provided by operating activities	20,930)	16,043)	15,188)	16,670)	15,021)
Expenditures for property	(10,970)	(9,238)	(7,509)	(5,300)	(7,592)
Purchases of leased vehicles	(13,640)	(11,949)	(14,602)	(15,233)	(16,404)
Proceeds from termination of leased vehicles	13,033)	14,234)	14,393)	13,399)	13,302)
Net increase (decrease) in short-term debt	(156)	373)	2,912)	277)	(312)
Proceeds from issuance of debt, original maturities greater than three months	50,963)	45,813)	45,300)	78,527)	36,937)
Payments on debt, original maturities greater than three months	(44,675)	(39,606)	(47,806)	(72,663)	(39,156)
Free cash flow to equity (FCFE)	15,485)	15,670)	7,876)	15,677)	1,796)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to General Motors Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	General Motors Co. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

General Motors Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,154,433,287
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	15,485)
FCFE per share	13.41
Current share price (P)	42.46
Valuation Ratio
P/FCFE	3.17
Benchmarks
P/FCFE, Competitors¹
Ford Motor Co.	3.22
Tesla Inc.	76.82
P/FCFE, Sector
Automobiles & Components	16.10
P/FCFE, Industry
Consumer Discretionary	32.06

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

General Motors Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	1,154,433,287	1,394,637,226	1,453,021,337	1,440,912,820	1,429,002,063
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	15,485)	15,670)	7,876)	15,677)	1,796)
FCFE per share³	13.41	11.24	5.42	10.88	1.26
Share price^1, 4	38.15	39.32	53.50	54.88	35.03
Valuation Ratio
P/FCFE⁵	2.84	3.50	9.87	5.04	27.87
Benchmarks
P/FCFE, Competitors⁶
Ford Motor Co.	3.43	10.02	—	2.12	3.39
Tesla Inc.	94.35	148.49	—	2,938.89	107.36
P/FCFE, Sector
Automobiles & Components	19.12	26.63	—	25.38	17.76
P/FCFE, Industry
Consumer Discretionary	32.05	38.34	85.76	30.50	28.80

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 15,485,000,000 ÷ 1,154,433,287 = 13.41

⁴ Closing price as at the filing date of General Motors Co. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 38.15 ÷ 13.41 = 2.84

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	General Motors Co. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

General Motors Co. (NYSE:GM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical