Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2010
- Total Asset Turnover since 2010
- Price to Earnings (P/E) since 2010
- Price to Book Value (P/BV) since 2010
- Price to Sales (P/S) since 2010
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Historical Valuation Ratios (Summary)
General Motors Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of the valuation ratios reveals a distinct transition from a period of multiple compression between 2022 and 2024 to a phase of aggressive expansion starting in late 2025. While the company traded at conservative multiples for several years, a sharp upward trajectory in earnings and profit multiples is evident in the final six quarters of the period.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a gradual decline from 6.37 in March 2022 to a low of 3.94 by September 2023. A recovery phase followed through 2024, with the ratio climbing back to 6.93 by year-end. However, beginning in late 2025, a significant acceleration is observed, with the ratio surging from 7.13 in June 2025 to 37.61 by June 2026, representing a substantial expansion in the market's valuation of earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP trend closely mirrors the P/E trajectory. It decreased from 6.84 in early 2022 to a trough of 3.56 in September 2023. After remaining relatively stable throughout 2024, the ratio experienced an exponential increase starting in the second half of 2025, rising from 4.37 in June 2025 to 38.44 by June 2026.
- Price to Sales (P/S) Ratio
- The P/S ratio remained the most stable of the analyzed metrics. It trended downward from 0.48 in March 2022 to a low of 0.25 in September 2023. While it showed a modest recovery to 0.41 by June 2026, the lack of a dramatic spike compared to the profit-based multiples suggests that the increase in stock price was driven more by earnings expectations than by proportional revenue growth.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio fluctuated below 1.0 for the majority of the period, reaching a minimum of 0.53 in September 2023, which indicates the stock was trading at a significant discount to its book value. A reversal occurred in late 2025, with the ratio crossing the 1.0 threshold to reach 1.28 by December 2025, before stabilizing around 1.13 in the first half of 2026.
The divergence between the relatively stable Price to Sales ratio and the sharply escalating Price to Earnings and Price to Operating Profit ratios indicates a significant shift in investor sentiment. The data suggests a transition from a valuation based on asset and revenue floors to one based on high growth expectations for profitability.
Price to Earnings (P/E)
General Motors Co., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to common stockholders (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Ford Motor Co. | ||||||||||||||||||||||||
| Tesla Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income attributable to common stockholdersQ2 2026
+ Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025
+ Net income attributable to common stockholdersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a significant shift in valuation dynamics over the analyzed period, characterized by an initial phase of valuation stability followed by a dramatic expansion of the price-to-earnings (P/E) multiple starting in 2025.
- Earnings per Share (EPS) Performance
- A general upward trajectory in earnings was observed from March 2022 through September 2024, with EPS increasing from 6.07 to a peak of 10.00. However, a consistent and sharp decline followed, with earnings falling to 2.11 by June 2026. This represents a substantial contraction in profitability during the final six quarters of the period.
- Share Price Movement
- The share price remained relatively range-bound between 28.56 and 53.73 from March 2022 through December 2024. Beginning in March 2025, a strong bullish trend emerged, with the price accelerating from 45.05 to a high of 86.38 in September 2025, eventually stabilizing near 79.52 by June 2026.
- P/E Ratio Analysis
- For the majority of the period between March 2022 and December 2024, the P/E ratio remained compressed, fluctuating within a low range of 3.94 to 6.93. This suggests the market valued the company conservatively relative to its earnings during this phase.
- A pivot occurred in 2025, where the P/E ratio began an exponential climb. The ratio rose from 5.71 in December 2024 to 37.61 by June 2026. This expansion is particularly notable because it occurred simultaneously with the decline in EPS, indicating a decoupling of the share price from current earnings performance.
The observable divergence between declining earnings and a rising share price suggests a fundamental change in market sentiment. The transition from a low-multiple valuation to a high-multiple valuation implies that investors shifted their focus from current profitability to future growth expectations or other non-earnings-based value drivers during the 2025-2026 period.
Price to Operating Profit (P/OP)
General Motors Co., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Ford Motor Co. | ||||||||||||||||||||||||
| Tesla Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a stark divergence between equity valuation and operational performance over the analyzed period, transitioning from a phase of valuation compression to an aggressive expansion of the price-to-operating profit ratio.
- Operating Profit Trends
- Operating profit per share exhibited a consistent growth trajectory from March 2022 ($5.65) through March 2025, peaking at $12.90. This period represents a phase of strong operational scaling. However, beginning in June 2025, a precipitous decline occurred, with operating profit per share falling to $2.07 by June 2026. This represents a substantial contraction in operational efficiency or a significant increase in operating costs during the final six quarters of the period.
- Share Price Dynamics
- The share price remained relatively range-bound between approximately $28 and $54 from March 2022 through December 2024. A significant bullish trend emerged in 2025, with the price escalating from $45.05 in December 2024 to a peak of $86.38 in September 2025. Despite the collapse in operating profits during this same window, the share price maintained an elevated level, closing at $79.52 in June 2026.
- Price to Operating Profit (P/OP) Analysis
- Between March 2022 and March 2025, the P/OP ratio remained low and relatively stable, fluctuating between a high of 6.84 and a low of 3.49. This suggests a period where the market valued the company conservatively relative to its actual operating earnings. Following June 2025, the ratio experienced an exponential increase, climbing from 4.37 to 38.44 by June 2026. This surge is the result of a mathematical "scissor effect" where the numerator (share price) increased while the denominator (operating profit) decreased sharply.
The resulting valuation profile indicates a fundamental shift in market sentiment. The transition from a P/OP of 3.49 to 38.44 suggests that the market is no longer pricing the equity based on current operating profitability, but is instead attributing value to non-operating factors, future growth expectations, or speculative premiums, despite the deteriorating operational trend observed in the latter half of the period.
Price to Sales (P/S)
General Motors Co., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Automotive net sales and revenue (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Ford Motor Co. | ||||||||||||||||||||||||
| Tesla Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Automotive net sales and revenueQ2 2026
+ Automotive net sales and revenueQ1 2026
+ Automotive net sales and revenueQ4 2025
+ Automotive net sales and revenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through June 2026 reveals a distinct divergence between fundamental revenue growth and market valuation, resulting in a fluctuating Price to Sales (P/S) ratio.
- Revenue Performance per Share
- A consistent and sustained upward trend in sales per share is observed throughout the entire period. Starting at 80.48 US$ in March 2022, the figure grew steadily to reach 191.86 US$ by June 2026. This represents a substantial increase in the revenue generated per share, indicating strong top-line growth regardless of market price volatility.
- Share Price Volatility
- The share price exhibited three distinct phases. From March 2022 to March 2025, the price remained relatively range-bound, fluctuating between a low of 28.56 US$ and a high of 46.38 US$. This was followed by a period of rapid appreciation starting in June 2025, with the price peaking at 86.38 US$ in December 2025. The final phase shows a slight correction and stabilization around 79.52 US$ by June 2026.
- Price to Sales (P/S) Ratio Trajectory
- The P/S ratio experienced an initial compression phase, declining from 0.48 in March 2022 to a trough of 0.25 by September 2023. This decline occurred because the growth in sales per share significantly outpaced the growth in the share price. The ratio remained depressed between 0.25 and 0.35 for several quarters until mid-2025.
- A reversal in the P/S trend is noted starting in June 2025, coinciding with the sharp increase in share price. The ratio climbed to a peak of 0.46 in December 2025 before settling at 0.41 in June 2026. This indicates a market revaluation where investors became willing to pay a higher multiple for the company's revenue.
In summary, while sales per share grew linearly and consistently, the P/S ratio was driven primarily by fluctuations in share price. The period between late 2023 and early 2025 represented a valuation low relative to revenue, while the latter half of 2025 marked a significant expansion in the valuation multiple.
Price to Book Value (P/BV)
General Motors Co., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Ford Motor Co. | ||||||||||||||||||||||||
| Tesla Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a period of consistent growth in book value per share contrasted by significant volatility in market pricing, leading to a fundamental shift in the Price to Book Value (P/BV) relationship over the analyzed timeframe.
- Book Value Per Share (BVPS) Trend
- A steady and uninterrupted upward trajectory is observed in the book value per share, which rose from 42.59 US$ in March 2022 to 70.66 US$ by June 2026. This consistent growth indicates a continuous increase in the net asset value attributable to each share of common stock throughout the entire period.
- P/BV Ratio Undervaluation Phase
- From March 2022 through December 2024, the P/BV ratio remained consistently below 1.0, signifying that the stock traded at a discount to its book value. The ratio reached its lowest point of 0.53 on September 30, 2023, representing a period of significant market undervaluation relative to the company's accounting equity.
- Market Valuation Shift and Premium Phase
- A transition occurred starting in 2025, where the P/BV ratio began to climb, eventually surpassing the 1.0 threshold in September 2025 (0.94) and peaking at 1.28 in December 2025. This shift indicates a market re-evaluation where the stock began trading at a premium to its book value, coinciding with a substantial increase in share price from 45.05 US$ in December 2024 to a peak of 86.38 US$ in September 2025.
- Final Valuation Status
- By the end of the observed period in June 2026, the P/BV ratio stabilized at 1.13. This reflects a sustained change in investor sentiment compared to the 2022-2024 period, as the market continues to value the company above its net asset value.