Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
General Motors Co., FCFE calculation
US$ in millions
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).
- Net Cash Provided by Operating Activities
- The net cash generated from operating activities exhibited fluctuations over the observed period. Starting from a high value of $16,670 million in 2020, there was a decrease to $15,188 million in 2021. This was followed by a recovery to $16,043 million in 2022. Notably, the figure showed a significant increase in 2023 to $20,930 million, representing the highest value across the periods, before slightly declining to $20,129 million in 2024. Overall, the trend indicates some variability with a marked improvement in the latter years.
- Free Cash Flow to Equity (FCFE)
- The FCFE displayed a different pattern compared to operating cash flows. It began at $15,677 million in 2020 and declined sharply to $7,876 million in 2021, indicating a substantial reduction in cash available to equity holders during that year. Subsequently, FCFE recovered strongly in 2022 to $15,670 million, almost reaching the initial 2020 level. Over the next two years, there was a gradual decrease to $15,485 million in 2023 and further down to $15,076 million in 2024. Despite the recovery, the post-2021 FCFE values remained somewhat lower and less variable than the operating cash flows during the same period.
- Comparative Analysis
- While both metrics show variability, net cash from operating activities demonstrates a stronger upward trend after 2021, culminating in peak values in 2023 and 2024. In contrast, FCFE experienced a sharp dip in 2021, followed by recovery and a slight downward trend thereafter. This divergence may suggest changes in investing activities, financing costs, or capital expenditures affecting the equity cash flow notwithstanding the strong operational cash generation. The data highlights a period of volatility in 2021, with gradual stabilization in subsequent years.
Price to FCFE Ratio, Current
General Motors Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 961,434,742 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 15,076) |
| FCFE per share | 15.68 |
| Current share price (P) | 52.57 |
| Valuation Ratio | |
| P/FCFE | 3.35 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Ford Motor Co. | 2.60 |
| Tesla Inc. | 148.14 |
| P/FCFE, Sector | |
| Automobiles & Components | 26.53 |
| P/FCFE, Industry | |
| Consumer Discretionary | 36.46 |
Based on: 10-K (reporting date: 2024-12-31).
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.
Price to FCFE Ratio, Historical
General Motors Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | 15,076) | 15,485) | 15,670) | 7,876) | 15,677) | |
| FCFE per share3 | 15.15 | 13.41 | 11.24 | 5.42 | 10.88 | |
| Share price1, 4 | 50.04 | 38.15 | 39.32 | 53.50 | 54.88 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 3.30 | 2.84 | 3.50 | 9.87 | 5.04 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Ford Motor Co. | 2.03 | 3.43 | 10.02 | — | 2.12 | |
| Tesla Inc. | 200.14 | 94.35 | 148.49 | — | 2,938.89 | |
| P/FCFE, Sector | ||||||
| Automobiles & Components | 34.69 | 19.12 | 26.63 | — | 25.38 | |
| P/FCFE, Industry | ||||||
| Consumer Discretionary | 39.60 | 30.84 | 36.19 | 82.92 | 32.04 | |
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 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 15,076,000,000 ÷ 995,001,891 = 15.15
4 Closing price as at the filing date of General Motors Co. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 50.04 ÷ 15.15 = 3.30
6 Click competitor name to see calculations.
The financial data indicates several notable trends in key metrics over the five-year period ending in 2024.
- Share Price
- The share price has experienced a fluctuating trajectory. Beginning at $54.88 in 2020, it slightly decreased to $53.50 in 2021, followed by a more pronounced decline to $39.32 in 2022 and a further reduction to $38.15 in 2023. However, the trend reversed in 2024 with an appreciable increase to $50.04, suggesting renewed market interest or improved perceptions of value towards the end of the period.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share displayed variability but with an overall upward movement. Starting at $10.88 in 2020, it halved in 2021 to $5.42, indicating a significant reduction in cash available to equity holders. Subsequently, it rebounded strongly, rising to $11.24 in 2022, then further increased to $13.41 in 2023, and reached $15.15 in 2024. This recovery and consistent growth highlight strengthening operational cash flows or improved capital management in later years.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio reveals significant variation, reflecting changes in both market valuation and cash flow dynamics. The ratio started relatively low at 5.04 in 2020, nearly doubled to 9.87 in 2021, correlating with the drop in FCFE per share and stable share price, indicating higher valuation multiples despite weaker cash flow. Subsequently, it decreased sharply to 3.5 in 2022, continued declining to 2.84 in 2023, and slightly increased to 3.3 in 2024. The reduction in this ratio across the latter years suggests that the market valuation became more aligned with the growing FCFE, possibly indicating improved investor confidence in sustainable cash flow generation.