# General Motors (GM.US)

Canonical: https://gigainvestors.com/s/GM

Analysis as of: 2026-10-16T07:28:49.111Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $83.66 per share; close as of 2026-10-15.

Estimated value: low $71.66 per share, central $78.24 per share, high $87.00 per share. Buy at or below the central value $78.24 per share. Valuation as of 2026-10-16T07:28:49.111Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.02×

- LTM to Jun 2026: 0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: 6.6 pp

- Typical gross margin (annual median): 17.5%

- Recent gross margin (lower of latest and 3-year median): 10.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.1%

- ROIC including acquisitions, ten-year median: -0.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.6%

- FY2017: 5.5%

- FY2018: 4.0%

- FY2019: 3.1%

- FY2020: 4.1%

- FY2021: 5.2%

- FY2022: 5.7%

- FY2023: 5.5%

- FY2024: 5.4%

- FY2025: 1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.53×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $20B

- Net income, five-year total: $39B

- Return on incremental invested capital: -4.4%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 8.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.26×

- FY2022: 1.00×

- FY2023: 0.58×

- FY2024: 0.10×

- FY2025: 0.55×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.5% vs 5.4%

- Per-share earnings: 5.91 to 5.32 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.1%

- Ordinary dilution, 5-year annual growth: -7.6%

- Market cap gain: $21B

- Cumulative retained earnings: $25B

- Diluted shares, 10-year annual growth: -5.1%

- Diluted shares, 5-year annual growth: -7.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.3%

- Per-share value change: -$0.59

- Per-share value, starting three-year median: $5.91

- Per-share value, ending three-year median: $5.32

- Buybacks concentrated in cheaper years (correlation): 0.02

- Average buyback yield: 6.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $315M

- Cumulative net income, 10 years: $69B

- ROIC, first three-year median: 5.5%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $6.00

- FY2017: $0.02

- FY2018: $5.65

- FY2019: $4.68

- FY2020: $4.46

- FY2021: $6.82

- FY2022: $6.83

- FY2023: $7.32

- FY2024: $5.32

- FY2025: $2.77

### accounting: pass

- Sloan accruals: -8.6%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -8.1%

- FY2018: -3.2%

- FY2019: -3.6%

- FY2020: -4.4%

- FY2021: -2.1%

- FY2022: -2.3%

- FY2023: -4.0%

- FY2024: -5.0%

- FY2025: -8.6%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 2.1% a year for ten years · sales +0.3%

Story as of 2026-10-16T09:58:49.786Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

- 2025-05-02: GM (GM) Hikes 2025 Outlook Despite $5B Tariff Hit Backed by Trump Policy Boost ([finance.yahoo.com](https://finance.yahoo.com/news/gm-gm-hikes-2025-outlook-211547477.html))

- 2025-07-22: GM Stock Drops After Automaker's Earnings Show Tariff Hit ([finance.yahoo.com](https://finance.yahoo.com/m/18c1655e-7815-3aae-bc6e-78d9c1b50c60/gm-stock-drops-after.html))

- 2025-10-21: General Motors surges nearly 15% on earnings beat, raises full-year guidance ([finance.yahoo.com](https://finance.yahoo.com/news/general-motors-surges-nearly-15-151304708.html))

- 2026-05-01: GM bets on trucks and keeps writing down EVs, amid war and trade unease ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gm-bets-trucks-keeps-writing-091000262.html))

- 2026-07-21: General Motors boosts 2026 outlook as North America margins surge ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/general-motors-boosts-2026-outlook-133700030.html))

- 2026-09-28: General Motors (GM) Warns of Tougher US Competition as China Risks Build ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/general-motors-gm-warns-tougher-190416180.html))

### Sales · FY2025–2026

sales +0.3%; source https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm; observed 2026-01-27.

- FY2017: $146B 

- FY2018: $147B 

- FY2019: $137B 

- FY2020: $122B 

- FY2021: $127B 

- FY2022: $157B 

- FY2023: $172B 

- FY2024: $187B 

- FY2025: $185B 

- FY2026: $186B 

### Gross margin · FY2025

gross margin 10.9%; source https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm; observed 2026-01-27.

- FY2016: 18.0% 

- FY2017: 17.5% 

- FY2018: 14.9% 

- FY2019: 14.1% 

- FY2020: 16.2% 

- FY2021: 20.3% 

- FY2022: 19.6% 

- FY2023: 17.8% 

- FY2024: 17.4% 

- FY2025: 10.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto manufacturers; annual sales are USD 185 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm (filed 2026-01-27); FY2025: revenue 185019000000; grossProfit 20096000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GM.US: General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. It operates through GM North America, GM International, and GM Financial segments. The company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names. In addition, it sells trucks, crossovers, cars, and automobile parts through retail dealers, distributors and dealers, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. Further, the company offers various range of after-sale services through dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories, and extended service warranties. Additionally, it provides automotive financing; and software-enabled services and subscriptions. General Motors Company was founded in 1908 and is based in Detroit, Michigan.

### Why customers stay

Margins ranged from 10.9% to 17.8% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2023: grossProfit / revenue = 17.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2024: grossProfit / revenue = 17.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm (filed 2026-01-27); FY2025: grossProfit / revenue = 10.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); 10-year return on capital observations [[2016,0.08585986032651907],[2017,0.05511135803662013],[2018,0.04008784265878451],[2019,0.03054002154495612],[2020,0.04145632168161143],[2021,0.05225149059108384],[2022,0.057462207323345775],[2023,0.05546391137913975],[2024,0.05432197201638638],[2025,0.016026713841654265]]; median 0.05328673130373511. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2021: growth capex 2663363875.0170555; upkeep 19447636124.982944; owner earnings 2622363875.0170555. Growth capex / owner earnings = 1.0156347486291288.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2022: growth capex 9897000000; upkeep 11290000000; owner earnings 9934000000. Growth capex / owner earnings = 0.9962754177571975.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2023: growth capex 8495084721.568871; upkeep 16114915278.43113; owner earnings 5795084721.568871. Growth capex / owner earnings = 1.4659120840720072.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); FY2024: growth capex 8324963074.552261; upkeep 17784036925.44774; owner earnings 612963074.5522614. Growth capex / owner earnings = 13.581508283567045.

- Source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm (filed 2026-01-27); FY2025: growth capex 0; upkeep 15793000000; owner earnings 1492000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); Dividend observations: [[2016,2368000000],[2017,2233000000],[2018,2242000000],[2019,2350000000],[2020,669000000],[2021,186000000],[2022,397000000],[2023,597000000],[2024,653000000],[2025,657000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm (filed 2026-01-27); FY2025: cash repurchases 6041000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GM.US SharesStats.PercentInsiders = 0.17099999999999999 percentage points; cache date 2026-10-16.

### What could break it

"The success of our long-term EV strategy is dependent on consumer adoption of EVs." (SEC filing, Jan 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm (filed 2026-01-27); The success of our long-term EV strategy is dependent on consumer adoption of EVs.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-27); Ten-year compound average after fade. Initial solved rate 0.016953334340902626. Price 83.66; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.8871951219512195 → FY2025 1.5334018499486126. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.60 per share

- 2016-11: $34.53 per share

- 2016-12: $34.84 per share

- 2017-01: $36.61 per share

- 2017-02: $36.84 per share

- 2017-03: $35.36 per share

- 2017-04: $34.64 per share

- 2017-05: $33.93 per share

- 2017-06: $34.93 per share

- 2017-07: $35.98 per share

- 2017-08: $36.54 per share

- 2017-09: $40.38 per share

- 2017-10: $42.98 per share

- 2017-11: $43.09 per share

- 2017-12: $40.99 per share

- 2018-01: $42.41 per share

- 2018-02: $39.35 per share

- 2018-03: $36.34 per share

- 2018-04: $36.74 per share

- 2018-05: $42.70 per share

- 2018-06: $39.40 per share

- 2018-07: $37.91 per share

- 2018-08: $36.05 per share

- 2018-09: $33.67 per share

- 2018-10: $36.59 per share

- 2018-11: $37.95 per share

- 2018-12: $33.45 per share

- 2019-01: $39.02 per share

- 2019-02: $39.48 per share

- 2019-03: $37.10 per share

- 2019-04: $38.95 per share

- 2019-05: $33.34 per share

- 2019-06: $38.53 per share

- 2019-07: $40.34 per share

- 2019-08: $37.09 per share

- 2019-09: $37.48 per share

- 2019-10: $37.16 per share

- 2019-11: $36.00 per share

- 2019-12: $36.60 per share

- 2020-01: $33.39 per share

- 2020-02: $30.50 per share

- 2020-03: $20.78 per share

- 2020-04: $22.29 per share

- 2020-05: $25.88 per share

- 2020-06: $25.30 per share

- 2020-07: $24.89 per share

- 2020-08: $29.63 per share

- 2020-09: $29.59 per share

- 2020-10: $34.53 per share

- 2020-11: $43.84 per share

- 2020-12: $41.64 per share

- 2021-01: $50.68 per share

- 2021-02: $51.33 per share

- 2021-03: $57.46 per share

- 2021-04: $57.22 per share

- 2021-05: $59.31 per share

- 2021-06: $59.17 per share

- 2021-07: $56.84 per share

- 2021-08: $49.01 per share

- 2021-09: $52.71 per share

- 2021-10: $54.43 per share

- 2021-11: $57.87 per share

- 2021-12: $58.63 per share

- 2022-01: $52.73 per share

- 2022-02: $46.72 per share

- 2022-03: $43.74 per share

- 2022-04: $37.91 per share

- 2022-05: $38.68 per share

- 2022-06: $31.76 per share

- 2022-07: $36.26 per share

- 2022-08: $38.21 per share

- 2022-09: $32.09 per share

- 2022-10: $39.25 per share

- 2022-11: $40.56 per share

- 2022-12: $33.64 per share

- 2023-01: $39.32 per share

- 2023-02: $38.74 per share

- 2023-03: $36.68 per share

- 2023-04: $33.04 per share

- 2023-05: $32.41 per share

- 2023-06: $38.56 per share

- 2023-07: $38.37 per share

- 2023-08: $33.51 per share

- 2023-09: $32.97 per share

- 2023-10: $28.20 per share

- 2023-11: $31.60 per share

- 2023-12: $35.92 per share

- 2024-01: $38.80 per share

- 2024-02: $40.98 per share

- 2024-03: $45.35 per share

- 2024-04: $44.53 per share

- 2024-05: $44.99 per share

- 2024-06: $46.46 per share

- 2024-07: $44.32 per share

- 2024-08: $49.78 per share

- 2024-09: $44.84 per share

- 2024-10: $50.76 per share

- 2024-11: $55.59 per share

- 2024-12: $53.27 per share

- 2025-01: $49.46 per share

- 2025-02: $49.13 per share

- 2025-03: $47.03 per share

- 2025-04: $45.24 per share

- 2025-05: $49.61 per share

- 2025-06: $49.21 per share

- 2025-07: $53.34 per share

- 2025-08: $58.59 per share

- 2025-09: $60.97 per share

- 2025-10: $69.09 per share

- 2025-11: $73.52 per share

- 2025-12: $81.32 per share

- 2026-01: $84.00 per share

- 2026-02: $78.71 per share

- 2026-03: $74.50 per share

- 2026-04: $76.89 per share

- 2026-05: $83.24 per share

- 2026-06: $77.08 per share

- 2026-07: $88.86 per share

- 2026-08: $86.32 per share

- 2026-09: $77.00 per share

- 2026-10: $84.00 per share

## Annual estimated value (USD per share)

- FY2023: low $47.63 per share, central $55.10 per share, high $61.48 per share

- FY2024: low $64.87 per share, central $80.37 per share, high $90.61 per share

- FY2025: low $67.55 per share, central $73.47 per share, high $81.34 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:31.471Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm); period 2025-12-31, filed 2026-01-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.