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General Motors CoGM +0.10%78 Owner Earnings per Share (TTM) is 2.39 as of Mar. 2026, which is 85% below its 10-year median of 15.69. GuruFocus rates GM with a GF Score™ of 78/100 and a GF Value™ of $64.10 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 710 Vehicles & Parts companies, General Motors Co ranks worse than 71.41% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
General Motors Co's Owner Earnings per Share (TTM) ended in Mar. 2026 was $2.39. It's Price-to-Owner-Earnings ratio for today is 32.52.
The historical rank and industry rank for General Motors Co's Owner Earnings per Share (TTM) or its related term are showing as below:
GM'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 6.79 Med: 15.69 Max: 35.48
Current: 32.52
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
General Motors Co Owner Earnings per Share (TTM) Related Terms
General Motors Co Owner Earnings per Share (TTM) Historical Data
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The historical data trend for General Motors Co's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
General Motors Co Owner Earnings per Share (TTM) Chart
GM vs F, RIVN, NIO: Owner Earnings per Share (TTM) Comparison
For the Auto Manufacturers subindustry, General Motors Co's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
General Motors Co Price-to-Owner-Earnings vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, General Motors Co's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where General Motors Co's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
1. Start with "Net Income" from income statement. General Motors Co's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was $2,539 Mil.
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
General Motors Co's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was $-1,170 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $20,753 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
General Motors Co's 5-Year Average Maintenance Capital Expenditure = $20,753 Mil
5. "Change In Working Capital" is from cashflow statement. General Motors Co's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was $6,911 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 2.39 mean?
General Motors Co (GM) has a Owner Earnings per Share (TTM) of 2.39 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on General Motors Co. This is 85% below median its historical median of 15.69. Over the past decade, General Motors Co's Owner Earnings per Share (TTM) has ranged from 6.79 to 35.48. According to the industry distribution chart, General Motors Co ranks #507 out of 710 companies in the Vehicles & Parts industry, placing it in the top 71.4%.
Is General Motors Co's Owner Earnings per Share (TTM) too high?
General Motors Co's current Owner Earnings per Share (TTM) of 2.39 is 85% below median its 10-year median of 15.69. Over the past 10 years, this metric has ranged from a low of 6.79 to a high of 35.48. The Vehicles & Parts industry median Owner Earnings per Share (TTM) is 15.37. General Motors Co's value of 2.39 is 84.5% below this industry median. Based on the distribution chart, General Motors Co ranks #507 out of 710 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, General Motors Co has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does General Motors Co's Owner Earnings per Share (TTM) compare to F and RIVN?
According to the Vehicles & Parts industry distribution chart, General Motors Co ranks #507 out of 710 companies for Owner Earnings per Share (TTM). This places General Motors Co in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 15.37. General Motors Co's value of 2.39 is 84.5% below this benchmark. Historically, General Motors Co's own Owner Earnings per Share (TTM) has ranged from 6.79 to 35.48 over the past decade. While the company's 10-year median is 15.69 vs. the industry median of 15.37, General Motors Co has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a Vehicles & Parts company?
The median Owner Earnings per Share (TTM) among Vehicles & Parts companies is 15.37, based on 710 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. General Motors Co's current Owner Earnings per Share (TTM) of 2.39 is 84.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on General Motors Co. For the Vehicles & Parts industry, the median Owner Earnings per Share (TTM) is 15.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. General Motors Co's current Owner Earnings per Share (TTM) is 2.39, which is 85% below median its own 10-year median of 15.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is General Motors Co stock overvalued right now?
Based on GuruFocus' analysis, General Motors Co (GM) is currently considered Modestly Overvalued. The stock's GF Value™ is $64.10, compared to a current price of $77.72 — trading 21.2% above its estimated fair value. The current Owner Earnings per Share (TTM) is 2.39, which is 85% below median its 10-year median of 15.69 and 84.5% below the Vehicles & Parts industry median of 15.37. General Motors Co's overall GF Score™ is 78/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For General Motors Co (GM), the current Owner Earnings per Share (TTM) is 2.39 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is General Motors Co (GM) Overvalued in 2026?
Based on GuruFocus' analysis, General Motors Co stock appears to be overvalued.
The current stock price of $77.72 is trading 21.2% above its estimated GF Value™ of $64.10.
GuruFocus considers General Motors Co to be Modestly Overvalued.
Key valuation signals for GM:
Owner Earnings per Share (TTM): 2.39 (85% below median its 10-year median of 15.69)
GF Value™: $64.10 vs. price of $77.72 (21.2% above fair value)
Industry Position: 84.5% below the Vehicles & Parts median (#507 of 710)
No single metric tells the full story. See the GM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
General Motors Co. emerged from the bankruptcy of General Motors Corp. (old GM) in July 2009. GM has eight brands and operates under three segments: GM North America, GM International, and GM Financial. The United States now has four brands instead of eight under old GM. The company regained its US market share leadership in 2022, after losing it to Toyota due to the chip shortage in 2021. 2025 US share was 17.4%, up 60 basis points from 2024. The Cruise autonomous vehicle arm, which GM now owns outright, previously operated driverless geofenced AV robotaxi services in San Francisco and other cities, but after a 2023 accident, GM decided that it will focus on personal AVs. GM Financial became the company's captive finance arm in 2010 via the purchase of AmeriCredit.
78GF Score
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