General Motors (GM)财务
NYSE · Consumer Cyclical · Auto - Manufacturers · 员工156,000人 · CEO Mary T. Barra
- 股价
- $87.40 +1.96%
- 市值
- $742亿
- 企业价值
- $1800亿
- 最近财报
- Q3 '26 2026-10-20提交
- 下次财报
- 2027-01-27 EPS预期 $2.60
营收(TTM)$1870亿-0.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)2.3%-2.0 百分点 对比去年同期营业利润 $43.4亿
净利润(TTM)$39.3亿+28.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$165亿+627.1% 对比去年同期资本支出 $69.2亿
稀释EPS(TTM)$4.36-14.2% 对比去年同期最近4个季度之和
净现金-$1010亿+1.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $742亿 EV $1800亿
- 营收
- $1870亿 过去12个月
- 营收增速
- +1% FY2026年一致预期
- 净利润率
- 2.1% 净利润 / 营收,TTM
- P/E
- 19.8× 预期 6.5×(FY2026)
- P/S
- 0.4× 股价 / 营收,TTM
- EV / EBITDA
- 11.9× TTM
- 自由现金流
- $165亿 过去12个月
- 净利润
- $39.3亿 过去12个月
- 营收预期
- $1860亿 FY2026年一致预期
- 盈利
- 2027-01-27 营收预期 $445亿
- 股息
- $0.69 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-20):营收超预期2.5%,EPS 符合预期营收$500亿,预期$488亿(+2.5%);EPS $3.70,预期$3.69(+0.3%)。
- 营收增长加速:同比2.9%Q3 '26营收$500亿,此前四个季度的平均值为-1.1%。
- 营业利润率2.3%(TTM),较去年同期-2.0 百分点营收增长-0.3%,营业利润增长-46.3%。
- 资本支出占营收的3.7%(去年为11.7%)最近4个季度投入$69.2亿(同比-68.5%)。自由现金流$165亿,相当于净利润的420.2%。
- 股东回报$90.1亿 = 自由现金流的54.6%回购$78.3亿(去年为$82亿),股息$11.8亿,股权激励$0(TTM)。
- 稀释股数一年内减少9.1%Q3 '26稀释股数8.87亿,一年前为9.76亿。
- 净债务 $1010亿现金 + 短期投资 $278亿,含租赁债务 $1290亿;一年前净债务 $1030亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $500亿 | $486亿 | +2.9% |
| 毛利率 | 18.5% | 6.4% | +12.1 百分点 |
| 营业利润 | $36亿 | $10.8亿 | +234.4% |
| 营业利润率 | 7.2% | 2.2% | +5.0 百分点 |
| 净利润 | $33.4亿 | $13.3亿 | +151.1% |
| 稀释EPS | $3.73 | $1.35 | +176.3% |
| 经营现金流 | $73.2亿 | $71亿 | +3.0% |
| 资本支出 | $23.5亿 | $21.3亿 | +10.1% |
| 自由现金流 | $49.7亿 | $49.7亿 | 0.0% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-20| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $500亿 | $488亿 | +2.5% |
| EPS(一致预期口径) | $3.70 | $3.69 | +0.3% |
来自2026-10-20发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| GMNA | $457亿 | +3.3% | 47.8% | – | – | |
| Vehicle, parts, and accessories | – | – | – | – | – | |
| GM North America | $414亿 | +2.1% | 43.4% | – | – | |
| GM Financial Segment | $43.1亿 | -0.6% | 4.5% | – | – | |
| GMI | $40.9亿 | +12.1% | 4.3% | – | – | |
| GM Financial | – | – | – | – | – | |
| Services and other | – | – | – | – | – | |
| Used vehicles | – | – | – | – | – | |
| Cruise | – | – | – | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $234亿
- 资本支出
- -$69.2亿
- 股票回购
- -$78.3亿
- 股息
- -$11.8亿
- 收购
- $0
- 债务净发行
- -$28.2亿
- 股权激励费用
- $0
- 自由现金流
- $165亿
- 股东回报 / FCF
- 54.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 19.8× | 10.3× | 4.9× – 24.4× |
| EV / EBITDA | 11.9× | 7.5× | 6.1× – 10.0× |
| EV / 营收 | 1.0× | 1.0× | 0.9× – 1.4× |
| 股价 / FCF | 4.5× | 6.8× 5年中的1年 | 6.8× – 6.8× |
| 股价 / 净资产 | 1.2× | 1.0× | 0.7× – 1.4× |
| FCF收益率 | 22.2% | -4.3% | -10.6% – 14.8% |
| 投入资本回报率 | 1.7% | 3.4% | 1.2% – 4.1% |
| 净资产收益率 | 6.3% | 12.2% | 4.4% – 16.8% |
分析师
一致目标价 $100.83 (+15.4%)
区间 $61.00 – $132.00 · 评级 Buy
强烈买入2
买入32
持有13
卖出4
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1860亿 | +0.6% | $13.54 | +314.1% | 6.5× | 13 |
| FY2027 | $1900亿 | +1.9% | $15.21 | +12.3% | 5.7× | 13 |
| FY2028 | $1920亿 | +1.4% | $17.27 | +13.6% | 5.1× | 7 |
| FY2029 | $1950亿 | +1.3% | $20.41 | +18.2% | 4.3× | 2 |
| FY2030 | $1960亿 | +0.3% | $21.59 | +5.8% | 4.0× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
General Motors Company在近期10-Q / 10-K文件中标记的全部240项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $298亿 | $273亿 | +9.0% | $239亿 | $257亿 | -6.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $171亿 | $171亿 | +0.1% | $131亿 | $128亿 | +1.8% |
| Accrued Liabilities, Current | $331亿 | $295亿 | +12.2% | $338亿 | $312亿 | +8.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$102亿 | -$108亿 | +5.8% | -$103亿 | -$113亿 | +8.1% |
| Additional Paid in Capital | $187亿 | $203亿 | -7.6% | $199亿 | $208亿 | -4.4% |
| Amortization of Intangible Assets | – | – | – | $1.45亿 | $1.46亿 | -0.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.3亿 | $2亿 | -35.0% | $5.31亿 | $5.43亿 | -2.2% |
| Asset Impairment Charges | -$6000万 | $10.4亿 | -105.7% | $26.1亿 | $9.34亿 | +179.3% |
| Assets | $2890亿 | $2880亿 | +0.4% | $2810亿 | $2800亿 | +0.5% |
| Assets, Current | $1160亿 | $1150亿 | +1.1% | $1090亿 | $1090亿 | +0.2% |
| Assets, Noncurrent | $1730亿 | $1740亿 | -0.1% | $1730亿 | $1710亿 | +0.8% |
| Capital Expenditures Incurred but Not yet Paid | $6.41亿 | $4.59亿 | +39.7% | $38.6亿 | $38.6亿 | -0.1% |
| Cash and Cash Equivalents, at Carrying Value | $232亿 | $229亿 | +1.2% | $209亿 | $199亿 | +5.4% |
| Cash and Cash Equivalents, Fair Value Disclosure | $232亿 | $229亿 | +1.2% | $209亿 | $199亿 | +5.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $270亿 | $262亿 | +3.1% | $243亿 | $230亿 | +5.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $34.5亿 | $4.1亿 | +741.0% | $13.2亿 | $10.5亿 | +26.1% |
| Common Stock, Dividends, Per Share, Declared | $0.18 | $0.15 | +20.0% | $0.57 | $0.48 | +18.8% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 50亿 | 50亿 | 0.0% | 50亿 | 50亿 | 0.0% |
| Common Stock, Shares, Issued | 8.49亿 | 9.33亿 | -9.0% | 9.04亿 | 9.95亿 | -9.1% |
| Common Stock, Shares, Outstanding | 8.49亿 | 9.33亿 | -9.0% | 9.04亿 | 9.95亿 | -9.1% |
| Common Stock, Value, Issued | $800万 | $900万 | -11.1% | $900万 | $1000万 | -10.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.13亿 | -$6700万 | +268.7% | $1.26亿 | -$1.76亿 | +171.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $33.6亿 | $14.7亿 | +128.7% | $36.1亿 | $50亿 | -27.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $34.7亿 | $14亿 | +147.7% | $37.3亿 | $48.3亿 | -22.6% |
| Contract with Customer, Liability | $96亿 | $81亿 | +18.5% | $82亿 | $66亿 | +24.2% |
| Contract with Customer, Liability, Current | $39.5亿2025-12-31 | $33.7亿 | +17.2% | $39.5亿 | $33.7亿 | +17.2% |
| Contract with Customer, Liability, Noncurrent | $71亿2025-12-31 | $59.4亿 | +19.5% | $71亿 | $59.4亿 | +19.5% |
| Contract with Customer, Liability, Revenue Recognized | $6.73亿 | $7.86亿 | -14.4% | $26亿 | $20亿 | +30.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.33亿 | $2.02亿 | -34.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $12.4亿 | $6.76亿 | +83.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $15.9亿 | $11.9亿 | +33.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.11亿 | $3.09亿 | -31.7% |
| Debt Securities, Available-for-sale | $99.5亿 | $117亿 | -14.8% | $108亿 | $89.8亿 | +20.8% |
| Debt Securities, Available-for-sale, Current | $46.1亿 | $67.9亿 | -32.1% | $67.2亿 | $72.7亿 | -7.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $35亿 | $49.9亿 | -29.8% | $49.8亿 | $53.9亿 | -7.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $64.4亿 | $66.8亿 | -3.6% | $58.6亿 | $35.9亿 | +63.3% |
| Debt Securities, Available-for-sale, Unrealized Gain (Loss) | – | – | – | $8600万2024-12-31 | $1.96亿 | -56.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$7.89亿 | $8.91亿 | -188.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2.83亿 | $3.76亿 | -175.3% |
| Deferred Income Tax Assets, Net | $221亿 | $217亿 | +2.2% | $230亿 | $213亿 | +8.0% |
| Deferred Income Tax Expense (Benefit) | $6.42亿 | -$7800万 | +923.1% | -$12.5亿 | $13.7亿 | -191.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1.77亿 | $1.01亿 | -275.2% |
| Deferred Tax Assets, Deferred Income | $21.6亿2025-12-31 | $15.7亿 | +38.1% | $21.6亿 | $15.7亿 | +38.1% |
| Deferred Tax Assets, Gross | $349亿2025-12-31 | $329亿 | +6.2% | $349亿 | $329亿 | +6.2% |
| Deferred Tax Assets, Net | $224亿2025-12-31 | $206亿 | +8.5% | $224亿 | $206亿 | +8.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $281亿2025-12-31 | $264亿 | +6.6% | $281亿 | $264亿 | +6.6% |
| Deferred Tax Assets, Other | $34.3亿2025-12-31 | $27.4亿 | +25.3% | $34.3亿 | $27.4亿 | +25.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $9.89亿2025-12-31 | $14.2亿 | -30.4% | $9.89亿 | $14.2亿 | -30.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | $10.6亿2025-12-31 | $10.2亿 | +3.7% | $10.6亿 | $10.2亿 | +3.7% |
| Deferred Tax Assets, Valuation Allowance | $68.4亿2025-12-31 | $65.3亿 | +4.8% | $68.4亿 | $65.3亿 | +4.8% |
| Deferred Tax Liabilities, Intangible Assets | $6.31亿2025-12-31 | $6.35亿 | -0.6% | $6.31亿 | $6.35亿 | -0.6% |
| Deferred Tax Liabilities, Net | $57.2亿2025-12-31 | $57.5亿 | -0.5% | $57.2亿 | $57.5亿 | -0.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $50.9亿2025-12-31 | $51.1亿 | -0.5% | $50.9亿 | $51.1亿 | -0.5% |
| Defined Contribution Plan, Employer Discretionary Contribution Amount | – | – | – | $9.15亿 | $9.08亿 | +0.8% |
| Depreciation | $12亿 | $12亿 | 0.0% | $49亿 | $48亿 | +2.1% |
| Depreciation, Depletion and Amortization | $29.4亿 | $30.7亿 | -4.3% | $120亿 | $115亿 | +4.6% |
| Dividends | $2亿 | $2亿 | 0.0% | $9.26亿 | $3.95亿 | +134.4% |
| Dividends, Common Stock, Cash | $1.56亿 | $1.41亿 | +10.6% | $5.38亿 | $5.3亿 | +1.5% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01