General Motors GM

NYSE · Motor Vehicles & Passenger Car Bodies · $81.1B

$89.33−3.35%Nov 5 close · Databento

Every report since 2023 →

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GM Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $89.331D −3.35%3M +1.56%SMA20 $83.07SMA50 $83.36RSI(14) 60.3

89.33

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 60.3

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

2 stories have a settled next close so far (2 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$81.1B

EV / True FCF3.3x

Revenue$185.0B −1.3%

True FCF (ex-SBC)$17.2B +88.9%

Rule of 408.2%

ROIC6.7%

True FCF Yield21.2%

EPS, diluted$3.27 −48.7%

Modern Valuation (EOD)

Market Cap$81.1B

Enterprise Value$56.8B

EV / True FCF3.30

EV / FCF3.23

EV / Gross Profit—

EV / EBIT19.53

EV / Sales0.31

P / E (GAAP)29.17

P / FCF4.62

P / Oper. CF3.02

P / Book1.28

Owner & Cash Yields

True FCF Yield21.2%

FCF Yield21.7%

Owner Earn. Yield6.3%

Earnings Yield3.4%

Shareholder Yield+7.8%

Buyback Yield7.4%

Dividend Yield0.64%

Dividend / sh$0.57

Payout Ratio24%

FCF / sh$20.82

EPS (diluted)$3.27

Compounder & Returns

Rule of 408.2%

ROIC6.7%

Cash ROIC (CROIC)45.2%

GP / Assets—

ROE4.4%

ROA1.0%

Gross Margin—

Oper. Margin1.6%

Net Margin1.5%

FCF Margin9.5%

True FCF Margin9.3%

Quality & Dilution

Cash Conversion632%

Accrual Ratio−8.6%

SBC % of FCF1.9%

SBC % of Rev0.2%

Reinvest. Rate61%

Sales Growth Y/Y−1.3%

Sales 3Y CAGR+5.7%

EPS Growth Y/Y−48.7%

FCF Growth Y/Y+88.9%

FCF 3Y CAGR+37.2%

Share Change Y/Y−13.8%

Balance Sheet & Scale

Revenue (FY)$185.0B

Gross Profit (FY)—

Oper. Income (FY)$2.9B

GAAP Net Income$2.8B

True FCF (ex-SBC)$17.2B

Cash & Equiv$24.3B

Total Debt—

Net Cash (Debt)$24.3B

Net Cash % MCap+29.9%

Debt / FCF (yrs)—

Current Ratio1.17843.55M sh

Price & Technicals (EOD)

Perf Week+4.21%

Perf Month+10.30%

Perf Quarter+2.00%

Perf Half Y+13.93%

Perf YTD+10.91%

SMA 20 Dist+7.54%$83.07

SMA 50 Dist+7.16%$83.36

SMA 100 Dist+7.78%$82.88

Window High−3.35%$92.43

Window Low+22.99%$72.63

RSI (14) · Vol60.346%v

Income Distribution & Cash Flow ConversionHow every dollar of GM revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$100.5B ($54.3 / $100)

R&D Reinvestment$7.2B ($3.9 / $100)

SG&A & Other OpEx$174.9B ($94.5 / $100)

Tax & Non-Operating$129.0M ($0.1 / $100)

Net Profit Kept$2.8B ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$2.8B (1.5% margin)

Operating Cash Flow (OCF)$26.9B(14.5% of rev)

Less: Capital Expenditures−$9.3B(5.0% of rev)

Standard Free Cash Flow (FCF)$17.6B(9.5% margin)

Less: Stock-Based Comp (SBC)−$334.0M(1.9% of FCF)

True FCF (Owner Cash ex-SBC)$17.2B(9.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$127.0B	$156.7B	$171.8B	$187.4B	$185.0B	−1.3%	+9.9%
Cost of Revenue (COGS)	$100.5B	—	—	—	$100.5B	—	+0.0%
Research & Development (R&D)	—	—	—	—	$7.2B	—	—
Selling, General & Admin (SG&A)	$8.6B	—	—	—	$8.6B	—	+0.0%
Total Operating Expenses	$117.7B	$146.4B	$162.5B	$174.7B	$182.1B	+4.3%	+11.5%
Operating Income (EBIT)	$9.3B	$10.3B	$9.3B	$12.8B	$2.9B	−77.2%	−25.3%
Interest Expense	—	—	—	—	$4.1B	—	—
Income Tax Expense	$2.8B	$1.9B	$563.0M	$2.6B	$338.0M	−86.8%	−40.9%
GAAP Net Income	$9.9B	$9.7B	$9.8B	$6.0B	$2.8B	−53.4%	−27.3%
Diluted EPS	$6.70	$6.13	$7.32	$6.37	$3.27	−48.7%	−16.4%
Diluted Shares	1.47B	1.45B	1.37B	1.13B	973.0M	−13.8%	−9.8%
Balance Sheet
Cash & Equivalents	$23.5B	$21.9B	$21.9B	$23.0B	$24.3B	+5.7%	+0.8%
Inventory	$13.0B	$15.4B	$16.5B	$14.6B	$14.5B	−0.7%	+2.7%
Total Current Assets	$82.1B	$100.5B	$101.6B	$108.5B	$108.8B	+0.2%	+7.3%
Total Assets	$244.7B	$264.0B	$273.1B	$279.8B	$281.3B	+0.5%	+3.5%
Total Current Liabilities	$74.4B	$91.2B	$94.4B	$96.3B	$93.3B	−3.0%	+5.8%
Total Liabilities	$178.9B	$191.8B	$204.8B	$214.2B	$218.1B	+1.8%	+5.1%
Stockholders' Equity	$65.8B	$71.9B	$68.2B	$65.6B	$63.2B	−3.7%	−1.0%
Net Cash / (Net Debt)	$23.5B	$21.9B	$21.9B	$23.0B	$24.3B	+5.7%	+0.8%
Invested Capital	$42.3B	$50.0B	$46.3B	$42.6B	$38.9B	−8.8%	−2.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$15.2B	$16.0B	$20.9B	$20.1B	$26.9B	+33.5%	+15.3%
Depreciation & Amortization (D&A)	$12.0B	$11.3B	$11.7B	$11.5B	$12.0B	+4.6%	−0.1%
Stock-Based Compensation (SBC)	$391.0M	$419.0M	$340.0M	$332.0M	$334.0M	+0.6%	−3.9%
Capital Expenditures (CapEx)	$7.5B	$9.2B	$11.0B	$10.8B	$9.3B	−14.1%	+5.5%
Free Cash Flow (FCF)	$7.7B	$6.8B	$10.0B	$9.3B	$17.6B	+88.9%	+23.0%
True FCF (ex-SBC Owner Cash)	$7.3B	$6.4B	$9.6B	$9.0B	$17.2B	+92.1%	+24.0%
Share Repurchases (Buybacks)	$0	$2.5B	$11.1B	$7.1B	$6.0B	−14.9%	—
Dividends Paid	$186.0M	$397.0M	$597.0M	$653.0M	$657.0M	+0.6%	+37.1%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what GM did at the next close after each story

Oct 20

GM Slides as CEO Barra Warns of ‘Intensifying’ Challenges

Bloomberg Television · 5:49 PM ET

−1.27%

Aug 28

General Motors (GM) Faces Safety Probe Over Engine Failures in Nearly 1 Million Vehicles

Yahoo Finance · 11:26 AM ET

+0.10%

Jul 9

Micron Expands Partnership With General Motors. What That Means for MU Stock.

Yahoo Finance · 10:09 PM ET

—

What happened · big days

20 big days in a year, and what we hold on each

A big day is a close more than 3.86% from the one before, three times GM’s median day (1.29%). On 7 of the 20, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.86%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayGMWhat we hold that dayGroup (median of 4) · each

1 Dec 10, 2025+4.72%
Before our storiesgroup +2.0%, did not move with it
1Dec 10, 2025+4.72%
Before our stories
+2.0% did not move with itPCAR +4.2 · F +2.5 · TSLA +1.4 · RIVN −1.2
2 Jan 8, 2026+3.93%
Before our storiesgroup +1.8%, did not move with it
2Jan 8, 2026+3.93%
Before our stories
+1.8% did not move with itF +4.8 · PCAR +2.5 · TSLA +1.0 · RIVN −0.8
3 Jan 21, 2026+4.01%
Before our storiesgroup +3.1%, moved with GM
3Jan 21, 2026+4.01%
Before our stories
+3.1% moved with GMF +3.7 · PCAR +3.3 · TSLA +2.9 · RIVN +1.9
4 Jan 27, 2026+8.75%
Resultsgroup −1.0%, did not move with it
4Jan 27, 2026+8.75%
ResultsFirst close after the Jan 27 results filing
−1.0% did not move with itF +3.6 · TSLA −1.0 · PCAR −1.1 · RIVN −3.0
5 Feb 9, 2026−4.23%
Before our storiesgroup −0.4%, did not move with it
5Feb 9, 2026−4.23%
Before our stories
−0.4% did not move with itF −1.5 · RIVN −0.7 · PCAR −0.1 · TSLA +1.5
6 Mar 23, 2026+4.00%
Before our storiesgroup +3.1%, moved with GM
6Mar 23, 2026+4.00%
Before our stories
+3.1% moved with GMRIVN +5.8 · TSLA +3.5 · PCAR +2.8 · F +2.1
7 Apr 8, 2026+5.47%
Before our storiesgroup +4.1%, moved with GM
7Apr 8, 2026+5.47%
Before our stories
+4.1% moved with GMF +5.7 · PCAR +5.1 · RIVN +3.1 · TSLA −1.0
8 Apr 17, 2026+4.19%
Before our storiesgroup +2.5%, moved with GM
8Apr 17, 2026+4.19%
Before our stories
+2.5% moved with GMF +3.5 · TSLA +3.0 · RIVN +2.0 · PCAR +1.5
9 May 11, 2026−4.45%
Before our storiesgroup −1.1%, did not move with it
9May 11, 2026−4.45%
Before our stories
−1.1% did not move with itF −2.2 · PCAR −1.2 · RIVN −1.0 · TSLA +3.9
10 May 20, 2026+4.83%
Before our storiesgroup +2.7%, moved with GM
10May 20, 2026+4.83%
Before our stories
+2.7% moved with GMRIVN +6.4 · TSLA +3.3 · PCAR +2.1 · F +1.2
11 May 27, 2026+5.43%
Before our storiesgroup +1.9%, did not move with it
11May 27, 2026+5.43%
Before our stories
+1.9% did not move with itF +3.7 · RIVN +2.1 · TSLA +1.6 · PCAR +0.2
12 Jun 10, 2026−5.21%
Nothing on GMgroup −4.5%, moved with GM
12Jun 10, 2026−5.21%
Nothing on GMNo GM story, brief or results filing in our record that day
−4.5% moved with GMRIVN −6.2 · PCAR −4.8 · F −4.3 · TSLA −3.8
13 Jul 21, 2026+4.91%
Resultsgroup +2.3%, did not move with it
13Jul 21, 2026+4.91%
ResultsFirst close after the Jul 21 results filing
+2.3% did not move with itRIVN +3.0 · TSLA +2.5 · F +2.0 · PCAR +1.5
14 Jul 27, 2026+5.32%
Nothing on GMgroup +1.5%, did not move with it
14Jul 27, 2026+5.32%
Nothing on GMNo GM story, brief or results filing in our record that day
+1.5% did not move with itRIVN +4.0 · F +2.2 · PCAR +0.9 · TSLA −1.2
15 Sep 18, 2026−5.10%
Nothing on GMgroup −1.9%, did not move with it
15Sep 18, 2026−5.10%
Nothing on GMNo GM story, brief or results filing in our record that day
−1.9% did not move with itF −2.9 · RIVN −2.7 · PCAR −1.1 · TSLA −0.5
16 Sep 30, 2026−4.31%
Nothing on GMgroup −1.0%, did not move with it
16Sep 30, 2026−4.31%
Nothing on GMNo GM story, brief or results filing in our record that day
−1.0% did not move with itF −1.9 · PCAR −1.8 · RIVN −0.2 · TSLA +0.6
17 Oct 20, 2026−6.84%
Resultsgroup +1.1%, did not move with it
17Oct 20, 2026−6.84%
ResultsFirst close after the Oct 20 results filing
+1.1% did not move with itF −0.3 · RIVN +0.7 · PCAR +1.5 · TSLA +1.5
18 Oct 27, 2026+5.54%
Nothing on GMgroup +2.3%, did not move with it
18Oct 27, 2026+5.54%
Nothing on GMNo GM story, brief or results filing in our record that day
+2.3% did not move with itTSLA +4.0 · RIVN +3.4 · F +1.1 · PCAR −0.6
19 Oct 29, 2026+3.93%
Nothing on GMgroup −0.2%, did not move with it
19Oct 29, 2026+3.93%
Nothing on GMNo GM story, brief or results filing in our record that day
−0.2% did not move with itF +3.4 · PCAR −0.1 · TSLA −0.2 · RIVN −1.9
20 Nov 4, 2026+4.63%
Nothing on GMgroup +3.5%, moved with GM
20Nov 4, 2026+4.63%
Nothing on GMNo GM story, brief or results filing in our record that day
+3.5% moved with GMRIVN +5.8 · PCAR +4.0 · F +2.9 · TSLA −3.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of TSLA, PCAR, F and RIVN that day, the largest companies in GM’s SEC industry; “moved with GM” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). GM reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 27, 2026

day 1+8.75%day 6+7.91%

Reported Apr 28, 2026

day 1+1.27%day 6−2.32%

Reported Jul 21, 2026

day 1+4.91%day 6+19.13%

Reported Oct 20, 2026

day 1−6.84%day 6−2.67%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 20 report: +11.70%. Four reports is a small sample.

Every report since 2023 →

Each line is GM’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

GM against four carmaker peers, a year at 100

GM is up 30.6% in a year. All four did less: Paccar (+5.9%), Ford Motor (−4.1%), Tesla (−10.3%) and Rivian Automotive (−12.7%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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GM +30.6%. Paccar +5.9%, Ford Motor −4.1%, Tesla −10.3%, Rivian Automotive −12.7%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in GM’s SEC industry (Motor Vehicles & Passenger Car Bodies) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

TSLA	Tesla	$1.52T	−10.77%
PCAR	Paccar	$55.9B	−1.56%
F	Ford Motor	$50.4B	−1.10%
RIVN	Rivian Automotive	$16.7B	−5.48%
LI	Li Auto	$12.4B	+2.94%
OSK	Oshkosh	$8.9B	−4.64%
NIO	NIO	$7.5B	−3.03%
FSS	Federal Signal	$7.2B	−4.96%