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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General Motors Co. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio was not reported for early 2020 periods but appeared starting from March 2021 at 12.66. It showed a downward trend from that point, declining sharply to 6.09 by September 2021. Subsequently, the ratio fluctuated slightly but remained relatively stable around the 6 to 8 range through 2022. From early 2023 onward, the P/E ratio decreased further, reaching a low of 3.94 in September 2023, followed by moderate variations and ending at 5.71 by March 2025. Overall, the trend indicates a general decline in the P/E ratio over the observed timeframe, suggesting a possible increase in earnings relative to stock price or a market reassessment of growth expectations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a similar pattern to the P/E ratio, with no data prior to March 2021. Beginning at 11.92 in March 2021, it decreased significantly to 5.73 by September 2021. Following this, it displayed mild fluctuations, mostly trending downward, with values hovering between approximately 3.5 and 8.5 through 2022 and 2023. By the end of the series in March 2025, the ratio further declined to 3.49. This consistent decrease reflects improving operating profits relative to the stock price or possibly a changing valuation perspective by the market on the company's operating performance.
- Price to Sales (P/S) Ratio
- The P/S ratio was unavailable before March 2021. It started at 0.73 in March 2021, increased slightly to 0.77 in June 2021, but then generally declined over time. By September 2021, the ratio fell to 0.61 and continued to decline, reaching a low around 0.25 by September 2023. Despite minor recoveries around late 2023 and early 2024, it ended lower at 0.25 in March 2025. The decreasing P/S ratio indicates a downward adjustment in valuation relative to revenue, possibly reflecting margin pressures or cautious investor sentiment on sales growth prospects.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio presents a different pattern as it has data beginning from March 2020. Starting at 0.78, it rose steadily and peaked at 1.76 by December 2020. After this peak, the ratio declined markedly to 1.3 by December 2021 and dropped further below 1.0 in 2022, reaching lows near 0.53 in September 2023. In 2024 and early 2025, the ratio modestly recovered, fluctuating between 0.67 and 0.83 before falling again to 0.67 by March 2025. The overall trend reveals an initial increase in market valuation relative to book value, followed by a prolonged decline beneath book value parity, which may indicate reduced investor confidence in the company's net assets or expectations of lower future asset returns.
Price to Earnings (P/E)
General Motors Co., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ1 2025
+ Net income (loss) attributable to common stockholdersQ4 2024
+ Net income (loss) attributable to common stockholdersQ3 2024
+ Net income (loss) attributable to common stockholdersQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods. Initially, there was a steady increase from $21.89 in March 2020 to a peak of $57.58 in March 2021. Following this peak, the share price declined significantly to around the $32.91-$38.15 range by early 2023. Subsequently, a recovery trend emerged, with prices rising back above $45 by the first quarter of 2024, before a moderate decline to $45.05 by March 2025.
Earnings per share (EPS) showed a clear upward trend starting from March 2020, despite missing data in the earliest periods. EPS grew substantially from $4.34 in March 2021 to a peak of $10.00 in March 2024. After reaching this high, EPS experienced a decline to $7.23 by December 2024, with a slight recovery to $7.88 by the end of Q1 2025.
The price-to-earnings (P/E) ratio reflected changing investor sentiment and earnings performance. Initially, P/E was relatively high at 12.66 in March 2021 when earnings were lower. As EPS rose, the P/E ratio dropped significantly, reaching its lowest at 3.94 in September 2023, indicating the stock became more attractively valued relative to earnings at that time. Later, P/E ratios increased moderately to around 6.93 in December 2024, suggesting either a relative increase in share price, reduced earnings growth, or a combination of both.
- Summary of Share Price
- Strong growth through early 2021, followed by a downturn and subsequent recovery to mid-2024, ending with moderate decline by early 2025.
- Summary of Earnings per Share (EPS)
- Consistent growth from 2021 to early 2024, peaking at $10, then declining somewhat but remaining above earlier levels.
- Summary of Price-to-Earnings (P/E) Ratio
- Declined progressively from a high in early 2021 as earnings improved, reaching a historical low in late 2023, before rising slightly through early 2025.
The data indicates a period of strong operational performance reflected in rapidly rising earnings, which lowered valuation multiples despite fluctuations in share price. The recent increase in P/E suggests cautious investor optimism or adjustments in market valuation relative to earnings performance. Overall, the trends reveal improved profitability with periods of valuation adjustment consistent with market dynamics.
Price to Operating Profit (P/OP)
General Motors Co., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the analyzed periods. Beginning at $21.89 in March 2020, it increased significantly to reach a peak around $57.58 in March 2021. Following this peak, a downward trend emerged through 2022, hitting a low near $28.56 in September 2023. Subsequently, the share price demonstrated a recovery, progressively climbing to around $45.05 by March 2025. This pattern suggests an initial growth phase, a correction, and a renewed upward trajectory in market valuation.
Operating profit per share data, available from March 2021 onwards, shows a generally consistent upward trend. Starting at $4.6 in the first quarter of 2021, it rose steadily with minor fluctuations, reaching approximately $12.9 by March 2025. The trend indicates improving operational efficiency or profitability per share over time.
The price to operating profit ratio (P/OP) inversely correlates with the operating profit per share, reflecting changes in market valuation relative to profitability. Initially higher at 11.92 in March 2021, the ratio generally trended downward, indicating that the share price grew more slowly than operating profits or became more attractively valued. By March 2025, the ratio decreased to approximately 3.49, suggesting that shares were valued at a multiple closer to operating profit per share, reflecting potentially increased investor confidence or improved earning quality.
- Share Price Trend
- Significant increase in 2020-early 2021, peak in March 2021, followed by decline through 2022-2023, then a recovery phase towards early 2025.
- Operating Profit per Share Trend
- Continuous growth from March 2021, indicating improved profitability, with some periods of consolidation but overall positive momentum.
- Price to Operating Profit Ratio
- Declined steadily from a high value in early 2021 to a low by early 2025, suggesting multiple contraction and potentially better valuation relative to earnings.
Overall, the financial indicators point to a period of strong operational performance growth, initial share price enthusiasm, subsequent market correction, and eventual stabilization with renewed share price appreciation in line with earnings improvements. The decreasing P/OP ratio underscores an evolving market perception towards a more earnings-driven valuation approach over time.
Price to Sales (P/S)
General Motors Co., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Automotive net sales and revenueQ1 2025
+ Automotive net sales and revenueQ4 2024
+ Automotive net sales and revenueQ3 2024
+ Automotive net sales and revenueQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of General Motors Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a notable increase from March 2020 through December 2021, rising from $21.89 to a peak of $57.58 in March 2021 and remaining relatively stable around the mid-$50 range through the end of 2021. However, from early 2022, the share price experienced a decline, reaching a low of $28.56 in September 2023. Thereafter, a recovery trend emerged, with the price climbing back to $53.73 by September 2024, followed by a slight dip to $45.05 in March 2025.
- Sales per Share Evolution
- Starting from March 2021, the sales per share showed a consistent upward trajectory. Initially recorded at $75.42, the figure gradually increased to $113.70 by September 2023. The growth accelerated thereafter, reaching $179.16 by March 2025. This progression reflects continuous sales growth over the periods analyzed.
- Price-to-Sales (P/S) Ratio Development
- The P/S ratio initially stood at 0.73 in March 2021, then exhibited a general declining trend throughout the observed periods. By September 2023, the ratio had dropped to 0.25, indicating that the share price did not keep pace proportionally with sales growth. After this low, there was a mild increase in the ratio up to 0.35 in September 2024, but it declined again to 0.25 by March 2025.
- Insight and Interpretation
- The diverging trends between sales per share and share price during the later periods suggest that while the company's sales performance improved steadily, investor valuation multiples contracted. This could indicate increased market skepticism or other external factors influencing the share price independently of sales growth. The decline in P/S ratio despite rising sales may suggest the market anticipates pressure on profitability or growth sustainability. The moderate recovery in share price and P/S ratio in late 2023 and 2024 might reflect renewed investor confidence or other strategic developments.
Price to Book Value (P/BV)
General Motors Co., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 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 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The quarterly financial data reveals notable trends in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price experienced significant fluctuations throughout the timeline. It started relatively low at $21.89 in March 2020 and rose sharply to reach a peak of $57.58 by March 2021. Subsequently, the price declined steadily, hitting a low near $28.56 in September 2023. After this dip, the share price demonstrated a recovery trend, climbing back up to $53.73 by September 2024 before slightly decreasing again to $45.05 by March 2025. This pattern indicates considerable volatility with periods of strong growth followed by corrections and partial rebounds.
- Book Value per Share (BVPS)
- The BVPS showed a consistent upward trend across the entire span. Starting at $28.03 in March 2020, it gradually increased each quarter, reaching $66.95 in March 2025. This steady growth indicates an improvement in the company’s net asset value on a per-share basis over time, reflecting underlying balance sheet strength and accumulation of shareholder equity.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited a distinct pattern aligned with fluctuations in the share price relative to the steadily increasing book value. Initially, the ratio rose from 0.78 in March 2020 to peak levels above 1.7 during the first half of 2021, suggesting elevated market valuation relative to book value. Following this period, the P/BV ratio declined steadily, falling below 1.0 in late 2021 and remaining below parity through most of the subsequent quarters. It reached lows around 0.53 in September 2023 and recovered modestly towards 0.79 in March 2025. This decline below 1.0 implies the market valuation was frequently less than the net asset value per share in the later periods, which could reflect market caution or discounted investor sentiment relative to asset values.