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).
Historical Valuation Ratios (Summary)
General Motors Co., historical price multiples (quarterly data)
Based on: 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).
The valuation ratios exhibit varied trends over the observed period. Generally, ratios decreased from the first quarter of 2022 through the third quarter of 2023, before showing signs of increase towards the end of 2025. The magnitude of change differs significantly between ratios, suggesting varying investor sentiment towards different aspects of the company’s valuation.
- Price to Earnings (P/E)
- The Price to Earnings ratio demonstrated a gradual decline from 6.37 in March 2022 to a low of 3.94 in September 2023. A subsequent increase is observed, culminating in a value of 24.55 by December 2025. This substantial increase suggests a significant shift in investor expectations regarding future earnings, or potentially a considerable increase in the stock price relative to earnings. The ratio nearly quadrupled in the last year of the observed period.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio generally decreased from 6.84 in March 2022 to 3.56 in September 2023. The ratio then increased, reaching 26.84 in December 2025. The pattern mirrors that of the P/E ratio, indicating a similar dynamic between stock price and operating profitability. The increase from September 2023 to December 2025 is particularly pronounced, even more so than the P/E ratio.
- Price to Sales (P/S)
- The Price to Sales ratio experienced a consistent decline from 0.48 in March 2022 to a low of 0.25 in September 2023. It then showed a moderate recovery, reaching 0.46 in December 2025. This ratio’s movements are less dramatic than the P/E and P/OP ratios, suggesting a more stable relationship between price and revenue. The increase in the final year is less substantial than the earnings-based ratios.
- Price to Book Value (P/BV)
- The Price to Book Value ratio decreased from 0.91 in March 2022 to 0.53 in September 2023, then exhibited a gradual increase, reaching 1.28 in December 2025. This suggests a changing perception of the company’s net asset value relative to its market capitalization. The increase in the final year indicates that the market is placing a higher premium on the company’s book value.
Overall, the observed trends suggest a period of undervaluation followed by a re-evaluation of the company’s prospects. The significant increases in the P/E and P/OP ratios in the latter part of the period are particularly noteworthy, indicating a substantial shift in investor sentiment. The Price to Sales ratio remained relatively stable in comparison, while the Price to Book Value ratio also showed a positive trend, though less dramatic than the earnings-based ratios.
Price to Earnings (P/E)
General Motors Co., historical P/E calculation (quarterly data)
| 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 | 903,967,853 | 932,861,303 | 952,077,801 | 961,434,742 | 995,001,891 | 1,099,595,840 | 1,123,922,119 | 1,140,958,039 | 1,154,433,287 | 1,369,481,206 | 1,375,905,293 | 1,390,123,499 | 1,394,637,226 | 1,420,696,787 | 1,458,048,958 | 1,458,022,912 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income attributable to common stockholders (in millions) | (3,343) | 1,297) | 1,865) | 3,361) | (1,729) | 3,029) | 2,919) | 2,970) | 2,075) | 3,038) | 2,540) | 2,369) | 1,984) | 3,278) | 1,666) | 1,987) | |||||
| Earnings per share (EPS)2 | 3.52 | 5.14 | 6.85 | 7.88 | 7.23 | 10.00 | 9.79 | 9.31 | 8.68 | 7.25 | 7.39 | 6.69 | 6.39 | 6.07 | 5.30 | 6.07 | |||||
| Share price1, 3 | 86.38 | 66.62 | 48.89 | 45.05 | 50.04 | 53.73 | 46.38 | 45.10 | 38.15 | 28.56 | 37.92 | 32.91 | 39.32 | 37.01 | 33.34 | 38.66 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | 24.55 | 12.96 | 7.13 | 5.71 | 6.93 | 5.37 | 4.74 | 4.84 | 4.39 | 3.94 | 5.13 | 4.92 | 6.15 | 6.09 | 6.29 | 6.37 | |||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Ford Motor Co. | — | 11.72 | 13.98 | 8.27 | 6.24 | 11.72 | 11.57 | 13.27 | 11.70 | 6.47 | 12.83 | 16.34 | — | 5.80 | 4.82 | 5.08 | |||||
| Tesla Inc. | 412.00 | 293.83 | 167.41 | 132.18 | 181.57 | 64.86 | 54.89 | 37.27 | 40.55 | 62.68 | 70.03 | 43.84 | 43.65 | 59.61 | 88.39 | 123.10 | |||||
Based on: 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 Q4 2025 Calculation
EPS
= (Net income attributable to common stockholdersQ4 2025
+ Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025
+ Net income attributable to common stockholdersQ1 2025)
÷ No. shares of common stock outstanding
= (-3,343,000,000 + 1,297,000,000 + 1,865,000,000 + 3,361,000,000)
÷ 903,967,853 = 3.52
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 86.38 ÷ 3.52 = 24.55
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuating behavior over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a relatively stable P/E ratio, followed by a period of decline and subsequent increase, culminating in a significantly elevated ratio by the end of the observation window.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The P/E ratio began at 6.37 and remained relatively consistent, fluctuating between 6.09 and 6.39 throughout the first three quarters before closing the year at 6.15. This suggests a period of stable investor valuation relative to earnings.
- Downward Trend (Mar 31, 2023 – Sep 30, 2023)
- A noticeable downward trend emerged in the first three quarters of 2023, with the P/E ratio decreasing from 4.92 to 3.94. This decline coincided with a period of increasing earnings per share, indicating that the share price was not keeping pace with earnings growth.
- Recovery and Increase (Dec 31, 2023 – Dec 31, 2025)
- From December 31, 2023, the P/E ratio began to recover, rising from 4.39 to 4.84 by March 31, 2024, and continuing to increase to 5.37 by September 30, 2024. This upward movement suggests growing investor confidence or expectations. However, the most significant increase occurred in 2025, with the P/E ratio escalating from 5.71 to 12.96 by September 30, 2025, and reaching a high of 24.55 by December 31, 2025. This substantial increase, despite a decrease in earnings per share during the latter part of the period, indicates a significant shift in investor sentiment, potentially driven by factors beyond current earnings.
The observed pattern suggests a transition from a period of stable valuation to one of increasing investor optimism, or potentially speculative behavior, particularly evident in the final quarters of the analyzed timeframe. The dramatic increase in the P/E ratio in late 2025 warrants further investigation to determine the underlying causes.
Price to Operating Profit (P/OP)
General Motors Co., historical P/OP calculation (quarterly data)
| 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 | 903,967,853 | 932,861,303 | 952,077,801 | 961,434,742 | 995,001,891 | 1,099,595,840 | 1,123,922,119 | 1,140,958,039 | 1,154,433,287 | 1,369,481,206 | 1,375,905,293 | 1,390,123,499 | 1,394,637,226 | 1,420,696,787 | 1,458,048,958 | 1,458,022,912 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (in millions) | (3,646) | 1,076) | 2,127) | 3,352) | 1,522) | 3,651) | 3,873) | 3,738) | 918) | 3,013) | 2,789) | 2,578) | 2,611) | 3,392) | 2,116) | 2,196) | |||||
| Operating profit per share2 | 3.22 | 8.66 | 11.19 | 12.90 | 12.85 | 11.08 | 10.27 | 9.17 | 8.05 | 8.03 | 8.26 | 7.69 | 7.40 | 6.49 | 5.13 | 5.65 | |||||
| Share price1, 3 | 86.38 | 66.62 | 48.89 | 45.05 | 50.04 | 53.73 | 46.38 | 45.10 | 38.15 | 28.56 | 37.92 | 32.91 | 39.32 | 37.01 | 33.34 | 38.66 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | 26.84 | 7.69 | 4.37 | 3.49 | 3.89 | 4.85 | 4.52 | 4.92 | 4.74 | 3.56 | 4.59 | 4.28 | 5.32 | 5.70 | 6.50 | 6.84 | |||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Ford Motor Co. | — | 15.24 | 14.98 | 9.63 | 7.03 | 11.05 | 11.11 | 11.39 | 9.32 | 5.49 | 7.99 | 6.69 | 8.40 | 9.58 | 8.95 | 17.27 | |||||
| Tesla Inc. | 358.92 | 329.70 | 175.16 | 128.11 | 181.95 | 110.65 | 104.48 | 69.89 | 68.39 | 62.84 | 67.50 | 40.51 | 40.14 | 53.94 | 78.73 | 108.47 | |||||
Based on: 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 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= (-3,646,000,000 + 1,076,000,000 + 2,127,000,000 + 3,352,000,000)
÷ 903,967,853 = 3.22
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 86.38 ÷ 3.22 = 26.84
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a decreasing trend from 6.84 to a low of 3.56, before experiencing volatility and ultimately a substantial increase towards the end of the observed timeframe.
- Initial Decline (Q1 2022 - Q3 2023)
- From March 31, 2022, through September 30, 2023, the P/OP ratio generally decreased. It began at 6.84 and reached its lowest point of 3.56. This suggests that, during this period, the share price declined at a faster rate than operating profit per share, or that operating profit per share grew at a faster rate than the share price. The ratio experienced some fluctuation within this timeframe, but the overall direction was downward.
- Volatility and Subsequent Increase (Q4 2023 - Q2 2025)
- Beginning in December 2023, the P/OP ratio displayed increased volatility. It rose to 4.74, then decreased to 3.89, before increasing again. This period saw a significant upward trend culminating in a ratio of 26.84 by December 2025. This substantial increase indicates that the share price experienced a much more rapid growth than operating profit per share during this period. The ratio increased from 7.69 in September 2025 to 26.84 in December 2025, representing a significant shift in investor valuation.
- Share Price and Operating Profit Per Share Trends
- The share price demonstrated a general upward trend over the entire period, although with significant quarterly variations. Operating profit per share also generally increased, but at a less pronounced rate than the share price, particularly in the latter half of the period. The divergence between the growth rates of these two components is a key driver of the observed P/OP ratio fluctuations.
The P/OP ratio’s movement suggests changing investor sentiment and expectations regarding the company’s future profitability. The dramatic increase in the ratio towards the end of the period warrants further investigation to determine the underlying factors driving this valuation shift.
Price to Sales (P/S)
General Motors Co., historical P/S calculation (quarterly data)
| 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 | 903,967,853 | 932,861,303 | 952,077,801 | 961,434,742 | 995,001,891 | 1,099,595,840 | 1,123,922,119 | 1,140,958,039 | 1,154,433,287 | 1,369,481,206 | 1,375,905,293 | 1,390,123,499 | 1,394,637,226 | 1,420,696,787 | 1,458,048,958 | 1,458,022,912 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Automotive net sales and revenue (in millions) | 40,985) | 44,256) | 42,869) | 39,861) | 43,599) | 44,735) | 44,060) | 39,212) | 39,260) | 40,498) | 41,254) | 36,646) | 39,834) | 38,703) | 32,614) | 32,824) | |||||
| Sales per share2 | 185.82 | 182.86 | 179.67 | 179.16 | 172.47 | 152.12 | 145.05 | 140.43 | 136.57 | 115.54 | 113.70 | 106.32 | 103.23 | 94.67 | 81.76 | 80.48 | |||||
| Share price1, 3 | 86.38 | 66.62 | 48.89 | 45.05 | 50.04 | 53.73 | 46.38 | 45.10 | 38.15 | 28.56 | 37.92 | 32.91 | 39.32 | 37.01 | 33.34 | 38.66 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | 0.46 | 0.36 | 0.27 | 0.25 | 0.29 | 0.35 | 0.32 | 0.32 | 0.28 | 0.25 | 0.33 | 0.31 | 0.38 | 0.39 | 0.41 | 0.48 | |||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Ford Motor Co. | — | 0.31 | 0.26 | 0.24 | 0.21 | 0.24 | 0.26 | 0.31 | 0.31 | 0.24 | 0.33 | 0.30 | 0.35 | 0.37 | 0.41 | 0.47 | |||||
| Tesla Inc. | 16.48 | 15.61 | 10.62 | 8.44 | 13.18 | 8.61 | 7.24 | 5.46 | 6.28 | 7.03 | 9.08 | 5.99 | 6.73 | 8.91 | 12.52 | 16.63 | |||||
Based on: 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 Q4 2025 Calculation
Sales per share
= (Automotive net sales and revenueQ4 2025
+ Automotive net sales and revenueQ3 2025
+ Automotive net sales and revenueQ2 2025
+ Automotive net sales and revenueQ1 2025)
÷ No. shares of common stock outstanding
= (40,985,000,000 + 44,256,000,000 + 42,869,000,000 + 39,861,000,000)
÷ 903,967,853 = 185.82
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 86.38 ÷ 185.82 = 0.46
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a declining trend from 0.48 in March 2022 to a low of 0.25 in September 2022. Subsequently, the ratio experienced a period of relative stability, oscillating between 0.28 and 0.35 through December 2023. A more pronounced upward trajectory began in March 2024, culminating in a ratio of 0.46 by December 2025.
- Initial Decline (March 2022 - September 2022)
- The P/S ratio decreased consistently during this timeframe. This suggests that while the share price experienced some volatility, sales per share increased at a faster rate, leading to a lower valuation relative to sales. The decline could indicate growing investor skepticism regarding the company’s ability to translate sales into profits, or potentially reflect broader market conditions.
- Period of Stability (September 2022 - December 2023)
- From the latter part of 2022 through the end of 2023, the P/S ratio remained relatively contained, fluctuating within a narrow range. This period suggests a balance between investor sentiment and the company’s performance as reflected in sales. The share price and sales per share both increased during this period, but at roughly similar rates.
- Subsequent Increase (March 2024 - December 2025)
- The P/S ratio increased notably from March 2024 onwards. This increase coincided with a period of sustained growth in both share price and sales per share, but the share price grew at a faster rate. This suggests increasing investor confidence in the company’s future prospects, potentially driven by improved profitability expectations or positive market sentiment. The most significant increase occurred between September 2025 and December 2025, with the ratio rising from 0.36 to 0.46.
Overall, the observed trend in the P/S ratio indicates a shift in investor perception over the analyzed period. The initial decline suggests caution, followed by a period of consolidation, and ultimately, a growing optimism reflected in the increasing ratio towards the end of the observation window.
Price to Book Value (P/BV)
General Motors Co., historical P/BV calculation (quarterly data)
| 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 | 903,967,853 | 932,861,303 | 952,077,801 | 961,434,742 | 995,001,891 | 1,099,595,840 | 1,123,922,119 | 1,140,958,039 | 1,154,433,287 | 1,369,481,206 | 1,375,905,293 | 1,390,123,499 | 1,394,637,226 | 1,420,696,787 | 1,458,048,958 | 1,458,022,912 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Stockholders’ equity (in millions) | 61,119) | 66,374) | 66,363) | 64,372) | 63,072) | 70,935) | 68,633) | 66,598) | 64,286) | 74,475) | 71,655) | 69,877) | 67,792) | 65,268) | 63,954) | 62,095) | |||||
| Book value per share (BVPS)2 | 67.61 | 71.15 | 69.70 | 66.95 | 63.39 | 64.51 | 61.07 | 58.37 | 55.69 | 54.38 | 52.08 | 50.27 | 48.61 | 45.94 | 43.86 | 42.59 | |||||
| Share price1, 3 | 86.38 | 66.62 | 48.89 | 45.05 | 50.04 | 53.73 | 46.38 | 45.10 | 38.15 | 28.56 | 37.92 | 32.91 | 39.32 | 37.01 | 33.34 | 38.66 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | 1.28 | 0.94 | 0.70 | 0.67 | 0.79 | 0.83 | 0.76 | 0.77 | 0.69 | 0.53 | 0.73 | 0.65 | 0.81 | 0.81 | 0.76 | 0.91 | |||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Ford Motor Co. | — | 1.16 | 0.98 | 0.93 | 0.82 | 0.93 | 1.02 | 1.21 | 1.19 | 0.90 | 1.22 | 1.11 | 1.22 | 1.24 | 1.27 | 1.31 | |||||
| Tesla Inc. | 19.03 | 18.67 | 12.74 | 10.82 | 17.66 | 11.96 | 10.38 | 8.03 | 9.71 | 12.61 | 16.70 | 10.72 | 12.26 | 16.74 | 23.12 | 30.33 | |||||
Based on: 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 Q4 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 61,119,000,000 ÷ 903,967,853 = 67.61
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 86.38 ÷ 67.61 = 1.28
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a decline from 0.91 to a low of 0.53, followed by a period of recovery and subsequent increase to 1.28.
- Initial Decline (Mar 31, 2022 – Sep 30, 2023)
- From March 31, 2022, to September 30, 2023, the P/BV ratio generally decreased. It began at 0.91, dipped to 0.76 by June 30, 2022, experienced a slight recovery to 0.81, and then continued its downward trajectory, reaching a low of 0.53 on September 30, 2023. This suggests the market value of the equity was decreasing relative to the book value of equity during this timeframe.
- Recovery and Increase (Dec 31, 2023 – Dec 31, 2025)
- Following the low point in September 2023, the P/BV ratio began to recover. It rose to 0.69 by December 31, 2023, and continued to increase, reaching 0.77, 0.83, 0.79, 0.67, 0.70, 0.94, and culminating in a high of 1.28 on December 31, 2025. This indicates a growing investor confidence and a higher valuation placed on the company’s net assets.
- Relationship to Share Price and BVPS
- The fluctuations in the P/BV ratio correlate with movements in both the share price and the book value per share (BVPS). While BVPS consistently increased throughout the period, the share price experienced more volatility. The P/BV ratio’s decline initially coincided with a decrease in share price relative to the steadily increasing BVPS. The subsequent rise in the P/BV ratio reflects a more substantial increase in share price, outpacing the growth in BVPS.
- Recent Trend
- The most recent observation, December 31, 2025, shows a P/BV ratio of 1.28, representing the highest value within the analyzed period. This suggests the market currently values the company at a premium relative to its book value, potentially indicating positive expectations for future growth or profitability.
Overall, the P/BV ratio demonstrates a dynamic relationship between market perception and the company’s net asset value. The observed trends suggest a shift in investor sentiment over the analyzed period.