# General Motors Company (GM)

> Source: Nexqual · https://nexqual.com/GM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, General Motors Company (GM), nexqual.com/GM" · informational, not investment advice.

**Price:** USD 77.21 (+1.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 76.11 · day 75.4–78.13 · 52w 66.57–91.85 · market cap $67.7B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $187B, net income $3.96B (2.1% margin), free cash flow $14.4B (SEC filings).
- Valuation: P/E 17.1x (avg 14.7x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income $1.19B vs operating income $4.34B over the last four quarters; P/E excluding non-operating income ≈23.5x (estimate: non-operating income taxed at the company's 9.4% effective rate).
- 6 of 80 tracked superinvestors hold GM (13F, Q2 2026): 0 new, 0 added, 4 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $110M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (24 analysts), mean target USD 101.22 (range 75–132).
- Total return with dividends: 1Y +16.5% vs S&P 500 +14.9%; 5Y +39.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 2.44, revenue estimate $44.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $127B | $157B | $172B | $187B | $185B | $187B |
| Gross profit | $26.5B | — | — | — | — | — |
| Operating income | $9.32B | $10.3B | $9.30B | $12.8B | $2.91B | $4.34B |
| Net income | $10.0B | $9.93B | $10.1B | $6.01B | $2.70B | $3.96B |
| EPS (diluted) | $6.70 | $6.13 | $7.32 | $6.37 | $3.27 | — |
| Free cash flow | $7.68B | $6.80B | $9.96B | $9.30B | $17.6B | $14.4B |
| Gross margin | 20.8% | — | — | — | — | — |
| Operating margin | 7.3% | 6.6% | 5.4% | 6.8% | 1.6% | 2.3% |
| Net margin | 7.9% | 6.3% | 5.9% | 3.2% | 1.5% | 2.1% |
| Revenue growth | +3.7% | +23.4% | +9.6% | +9.1% | -1.3% | — |
| Cash + short-term investments | $28.7B | $31.3B | $26.5B | $27.1B | $27.7B | — |
| Total debt | $110B | $116B | $123B | $132B | $132B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 17.1x · P/E ex non-operating (est.) ≈23.5x · P/S 0.4x · P/FCF 4.7x · P/B 1.1x · FCF yield 21.25% · Earnings yield 5.84% · Dividend yield (paid, TTM) 1.75% · Buyback yield (TTM) 11.51%
P/E at fiscal year-ends: Dec 2025 29.3x, Dec 2024 10.0x, Dec 2023 4.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold GM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Harry Burn | Sound Shore | 2.43% | $78.9M | Reduced -1.3% |
| Francis Chou | Chou Associates | 1.85% | $4.0M | Unchanged |
| Samantha McLemore | Patient Capital Management | 1.62% | $48.7M | Reduced -15.2% |
| Bill Nygren | Oakmark Funds | 1.35% | $1.02B | Reduced -1.9% |
| Viking Global | Viking Global Investors | 1.10% | $386M | Reduced -45.5% |
| Prem Watsa | Fairfax Financial Holdings | 1.10% | $29.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-03 | Dixton Grant Michael | Executive Vice President | 40,000 | $3.5M | 42.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-27…2026-07-28 | Barra Mary T | Chair & CEO | 422,809 | $37.7M | 49.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-28 | Hatto Christopher | Vice President & CAO | 6,895 | $621K | 26.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-28 | Reuss Mark L | President | 71,079 | $6.4M | 43.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-27 | Harvey Rory | Executive Vice President | 8,882 | $772K | 23.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-16 | Barra Mary T | Chair & CEO | 99,239 | $8.4M | 14.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-09 | Barra Mary T | Chair & CEO | 20,582 | $1.7M | 3.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-29 | Barra Mary T | Chair & CEO | 23,000 | $2.0M | 3.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-28 | Harvey Rory | Executive Vice President | 9,124 | $775K | 19.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-28 | Hatto Christopher | Vice President & CAO | 6,895 | $586K | 21.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-26…2026-05-28 | Barra Mary T | Chair & CEO | 453,402 | $37.2M | 43.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-22…2026-05-27 | Harvey Rory | Executive Vice President | 85,146 | $7.0M | 64.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Jacobson Paul A | Executive Vice President & CFO | 40,000 | $3.2M | 8.6% | Yes | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 24 analysts; mean target USD 101.22 (low 75, high 132).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | UBS | Target lowered | Buy | $112 → $109 |
| 2026-10-21 | Goldman Sachs | Target lowered | Buy | $112 → $96 |
| 2026-10-21 | TD Cowen | Reiterated | Buy | $132 |
| 2026-10-21 | Barclays | Target lowered | Overweight | $110 → $105 |
| 2026-10-21 | RBC Capital | Target lowered | Outperform | $102 → $98 |
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $101 → $95 |
| 2026-10-12 | JP Morgan | Target lowered | Overweight | $120 → $110 |
| 2026-10-12 | RBC Capital | Target raised | Outperform | $100 → $102 |
| 2026-10-07 | UBS | Target lowered | Buy | $114 → $112 |
| 2026-10-06 | Goldman Sachs | Target raised | Buy | $103 → $112 |
| 2026-09-14 | UBS | Target raised | Buy | $102 → $114 |
| 2026-07-28 | Tigress Financial | Target raised | Strong Buy | $92 → $130 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.5% | +39.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.6% | +6.9% |
| Volatility (annualized) | 32.9% | 35.4% |
| Max drawdown | -16.0% (Jan 2026→Mar 2026) | -57.1% (Nov 2021→Nov 2023) |

## Peers (Auto Manufacturers)
RACE (Ferrari N.V.) USD 397.66 +0.11% · F (Ford Motor Company) USD 11.94 +0.34% · HMC (Honda Motor Company, Ltd.) USD 34.58 +1.80% · TM (Toyota Motor Corporation) USD 198.22 +1.72% · RIVN (Rivian Automotive, Inc.) USD 12.06 -3.21% · STLA (Stellantis N.V.) USD 4.27 +1.18%

## More
Full page: https://nexqual.com/GM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GM's own 10-K filed 2026-01-27 (https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Ultium Cells Holdings | "Our EV portfolio takes advantage of integrated supply chain development, including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hil…" |
| Supplier | LG Energy Solution | "Our EV portfolio takes advantage of integrated supply chain development, including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hil…" |
| Supplier | ARC Automotive | "ARC Matters In May 2023, we initiated a voluntary recall covering nearly one million 2014–2017 model year Buick Enclave, Chevrolet Traverse, and GMC Acadia SUVs equipped with driver front airbag inflators manufactured by…" |
| Partner | Shanghai Automotive Industry | "SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%)." |

Other companies that name GM in their own reports (relationship from GM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | STRATTEC SECURITY CORP (STRT) | 10-K 2026-08-28 | "In fiscal 2026, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 27%, 21% and 16%, respectively, of our annual sales." |
| customer | MALIBU BOATS, INC. (MBUU) | 10-K 2026-08-27 | "We have an engine supply agreement with General Motors LLC ("General Motors") for the supply of engine blocks to use in our Malibu and Axis brand boats through calendar year 2026 and we are currently …" |
| partner | SARATOGA INVESTMENT CORP. (SAJ) | 10-K 2026-05-05 | "Exxon Mobil, General Motors and BP, in securities matters as a partner in Davis Polk's corporate department." |
| partner | Mingteng International Corp Inc. (MTEN) | 20-F 2026-04-30 | "Mingteng Mould's indirect end users include Chinese and foreign joint ventures, such as FAW-Volkswagen, Shanghai General Motors," |
| competitor | Polestar Automotive Holding UK PLC (PSNY) | 20-F 2026-04-17 | "Many of Polestar's competitors, including Tesla, established automakers such as Mercedes-Benz, Audi and General Motors (including via its investments in Cruise Automation), and technology companies in…" |
| competitor | Workhorse Group Inc. (WKHS) | 10-K 2026-03-31 | "Companies currently competing in the fleet logistics market offering alternative fuel medium-duty vehicles include General Motors, Ford Motor Company, Freightliner, Harbinger, and XOS." |
| competitor | Xos, Inc. (XOS) | 10-K 2026-03-30 | "We face competition from many different sources in the commercial vehicle market for medium- and heavy-duty last-mile and return-to-base segments, including existing major commercial vehicle OEMs, suc…" |
| customer | Arbe Robotics Ltd. (ARBE) | 20-F 2026-03-27 | "for all Veoneer, Inc. activities as a supplier to OEM of General Motors." |
| partner | LITHIUM AMERICAS CORP. (LAC) | 10-K 2026-03-19 | "GM and the DOE have rights that may affect other security holders and the Company's actions with respect to the development of Thacker Pass through their respective investor and creditor rights, right…" |
| supplier | UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH) | 10-K 2026-03-16 | "Our top customer, General Motors, represented approximately 25% of revenues; and" |
| partner | Microvast Holdings, Inc. (MVST) | 10-K 2026-03-16 | "In October 2022, we were notified by the DOE that we had been selected, in collaboration with General Motors, to receive $200 million in grant funding as part of the DOE's Battery Materials Processing…" |
| supplier | ASPEN AEROGELS INC (ASPN) | 10-K 2026-03-13 | "GM represented 59% of our total revenue in 2025 and was our only customer representing 10% or more of our revenue for that period." |
| supplier | PAMT CORP (PAMT) | 10-K 2026-03-12 | "Our largest customer, General Motors Company, accounted for approximately 14% of our revenue." |
| supplier | STRATASYS LTD. (SSYS) | 20-F 2026-03-05 | "We have a diverse set of customers worldwide, including, among other prominent companies: General Motors;" |
| supplier | RESEARCH FRONTIERS INC (REFR) | 10-K 2026-03-05 | "July 2025, Gauzy and Research Frontiers announced that SPD-SmartGlass is in serial production and customer deliveries on General Motors'" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| GMNA | $41.42B | 82.8% | +2.1% |
| GM Financial | $4.31B | 8.6% | -0.6% |
| GMI | $4.08B | 8.2% | +12.1% |
| Total revenue | $50.02B | 100% | — |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vehicle, parts, and accessories | $43.55B | 87.1% | +3.3% |
| Services and other | $1.56B | 3.1% | — |
| Used vehicles | $597.0M | 1.2% | +29.5% |
| Total revenue | $50.02B | 100% | — |
The lines above cover 91.4% of total revenue.

## Company outlook (8-K filed 2026-10-20)

- "The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted: Year Ending December 31, 2026 Updated(a) Previous Diluted earnings per common share $ 9.72-10.72 $ 8.98-10.98 Adjustments 3.03 3.02 EPS-diluted-adjusted $ 12.75-13.75 $ 12.00-14.00 __________ (a) Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.44 | $2.70 | -9.5% | $44.50B | 14 |
| Next quarter (ends 2027-03-31) | $3.20 | $3.45 | -7.4% | $44.71B | 8 |
| Current fiscal year (ends 2026-12-31) | $13.36 | $13.15 | +1.5% | $186.28B | 19 |
| Next fiscal year (ends 2027-12-31) | $14.81 | $14.54 | +1.8% | $189.26B | 22 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 34.7% | ±4.1% |
| 2026-11-06 | 14 | 33.2% | ±5.4% |
| 2026-11-13 | 21 | 33.1% | ±6.5% |
| 2026-11-20 | 28 | 31.2% | ±7.0% |
| 2026-11-27 | 35 | 33.8% | ±8.5% |
| 2026-12-04 | 42 | 30.1% | ±8.3% |
| 2026-12-18 | 56 | 30.7% | ±9.7% |
| 2027-01-15 | 84 | 31.2% | ±12.1% |