NYSE · Consumer Cyclical

Ford Motor Company

F · Auto Manufacturers

$11.52

▼ -0.36 (-3.03%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 0.9%

Operating Margin -4.9%

Net Income Margin -4.4%

Fin. Health D

Years to Pay Off Debt -20.3 yrs

Working Capital vs Long-Term Debt -$97.4B

Working Capital $8.6B

Valuation B

Price-to-Book 1.26x

Cash Flow A

Free Cash Flow $12.5B

Owner Earnings $14.8B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $46.2B

Enterprise Value $185.1B

P/E (TTM) 6.23

Dividend Yield 5.05%

Exchange NYSE

Key Margins

Gross Profit 0.9%

Operating Margin -4.9%

Net Margin -4.4%

Company Info

Sector Consumer Cyclical

Industry Auto Manufacturers

Employees 168000

Country United States

Visit website

About Ford Motor Company

Ford Motor Company develops, delivers, and services Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles in the United States, Canada, the United Kingdom, Mexico, and internationally. It operates through Ford Blue, Ford Model e, Ford Pro, and Ford Credit segments. The company sells Ford and Lincoln internal combustion engine and hybrid vehicles, electric vehicles, service parts, accessories, and digital services for retail customers; develops EV and digital vehicle technologies, and software; and provides telematics and EV charging solutions. It also sells Ford and Lincoln vehicles, service parts, and accessories through distributors and dealers, as well as through dealerships to commercial fleet customers, daily rental car companies, and governments. In addition, it engages in vehicle-related financing and leasing activities to and through automotive dealers. Further, the company provides retail installment sale contracts for new and used vehicles; and direct financing leases for new vehicles to retail and commercial customers, such as leasing companies, government entities, daily rental companies, and fleet customers. Additionally, it offers wholesale loans to dealers to finance the purchase of vehicle inventory; and loans to dealers to finance working capital and enhance dealership facilities, purchase dealership real estate, and other dealer vehicle programs. Ford Motor Company was incorporated in 1903 and is based in Dearborn, Michigan.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	0.9% ▼	8.4%	9.2%	10.9%	N/A
Operating Margin %	-4.9% ▼	2.8%	3.1%	4.0%	N/A
Net Income %	-4.4% ▼	3.2%	2.5%	-1.3%	N/A
Diluted EPS	-2.06 ▼	1.46	1.08	-0.49	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$289.2B	$285.2B	$273.3B	$255.9B	N/A
Total Debt	$165.7B ↑	$160.9B	$151.1B	$140.5B	N/A
Working Capital	$8.6B ▼	$17.6B	$19.9B	$19.6B	N/A
Years to Pay Debt	-20.26	27.36	34.76	-70.91	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$12.5B ▲	$6.7B	$6.7B	-$13M	N/A
Owner Earnings	$14.8B	$20.4B	$19.1B	$11.4B	N/A
CapEx % of Net Income	N/A	147.7%	189.5%	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	107,260	-7,770	-43,050	-2,150,148
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	3,292,000	14,278,000	12,013,000	12,277,000
Total Unusual Items	346,000	-42,000	-205,000	-7,518,000
Total Unusual Items Excluding Goodwill	346,000	-42,000	-205,000	-7,518,000
Net Income From Continuing Operation Net Minority Interest	-8,182,000	5,879,000	4,347,000	-1,981,000
Reconciled Depreciation	14,135,000	5,867,000	6,523,000	6,493,000
Reconciled Cost Of Revenue	185,587,000	169,486,000	160,031,000	140,893,000
EBITDA	3,638,000	14,236,000	11,808,000	4,759,000
EBIT	-10,497,000	8,369,000	5,285,000	-1,734,000
Net Interest Income	157,000	404,000	249,000	-643,000
Interest Expense	1,333,000	1,136,000	1,318,000	1,282,000
Interest Income	1,490,000	1,540,000	1,567,000	639,000
Normalized Income	-8,420,740	5,913,230	4,508,950	3,386,852
Net Income From Continuing And Discontinued Operation	-8,182,000	5,879,000	4,347,000	-1,981,000
Total Expenses	196,436,000	179,773,000	170,733,000	151,781,000
Total Operating Income As Reported	-9,169,000	5,219,000	5,458,000	6,276,000
Diluted Average Shares	3,979,000	4,021,000	4,041,000	4,014,000
Basic Average Shares	3,979,000	3,978,000	3,998,000	4,014,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	-8,182,000	5,879,000	4,347,000	-1,981,000
Net Income Common Stockholders	-8,182,000	5,879,000	4,347,000	-1,981,000
Net Income	-8,182,000	5,879,000	4,347,000	-1,981,000
Minority Interests	-20,000	-15,000	18,000	171,000
Net Income Including Noncontrolling Interests	-8,162,000	5,894,000	4,329,000	-2,152,000
Net Income Continuous Operations	-8,162,000	5,894,000	4,329,000	-2,152,000
Tax Provision	-3,668,000	1,339,000	-362,000	-864,000
Pretax Income	-11,830,000	7,233,000	3,967,000	-3,016,000
Other Income Expense	-2,818,000	1,610,000	-1,740,000	-8,649,000
Other Non Operating Income Expenses	-20,000	896,000	-1,958,000	1,899,000
Special Income Charges			0	-121,000	-1,702,000
Other Special Charges				121,000	1,702,000
Earnings From Equity Interest	-3,144,000	756,000	423,000	-3,030,000
Gain On Sale Of Security	346,000	-42,000	-205,000	-7,518,000
Net Non Operating Interest Income Expense	157,000	404,000	249,000	-643,000
Interest Expense Non Operating	1,333,000	1,136,000	1,318,000	1,282,000
Interest Income Non Operating	1,490,000	1,540,000	1,567,000	639,000
Operating Income	-9,169,000	5,219,000	5,458,000	6,276,000
Operating Expense	10,849,000	10,287,000	10,702,000	10,888,000
Selling General And Administration	10,849,000	10,287,000	10,702,000	10,888,000
Gross Profit	1,680,000	15,506,000	16,160,000	17,164,000
Cost Of Revenue	185,587,000	169,486,000	160,031,000	140,893,000
Total Revenue	187,267,000	184,992,000	176,191,000	158,057,000
Operating Revenue	187,267,000	184,992,000	176,191,000	158,057,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	220,009		0
Ordinary Shares Number	3,988,843	3,963,445	3,973,624	3,999,960
Share Issued	4,208,852	3,963,445	3,973,624	3,999,960
Net Debt	139,980,000	135,587,000	124,369,000	113,835,000
Total Debt	165,738,000	160,862,000	151,107,000	140,474,000
Tangible Book Value	35,952,000	44,835,000	42,773,000	43,242,000
Invested Capital	199,288,000	203,357,000	192,004,000	182,211,000
Working Capital	8,597,000	17,615,000	19,950,000	19,610,000
Net Tangible Assets	35,952,000	44,835,000	42,773,000	43,242,000
Capital Lease Obligations	2,402,000	2,340,000	1,876,000	1,505,000
Common Stock Equity	35,952,000	44,835,000	42,773,000	43,242,000
Total Capitalization	141,986,000	148,408,000	142,335,000	132,047,000
Total Equity Gross Minority Interest	35,980,000	44,858,000	42,798,000	43,167,000
Minority Interest	28,000	23,000	25,000	-75,000
Stockholders Equity	35,952,000	44,835,000	42,773,000	43,242,000
Gains Losses Not Affecting Retained Earnings	-7,710,000	-9,639,000	-9,042,000	-9,339,000
Other Equity Adjustments	-7,710,000	-9,639,000	-9,042,000	-9,339,000
Treasury Stock	2,810,000	2,810,000	2,384,000	2,047,000
Retained Earnings	22,508,000	33,740,000	31,029,000	31,754,000
Additional Paid In Capital	23,922,000	23,502,000	23,128,000	22,832,000
Capital Stock	42,000	42,000	42,000	42,000
Common Stock	42,000	42,000	42,000	42,000
Total Liabilities Net Minority Interest	253,180,000	240,338,000	230,512,000	212,717,000
Total Non Current Liabilities Net Minority Interest	138,290,000	133,479,000	128,981,000	115,851,000
Other Non Current Liabilities	14,683,000	11,884,000	9,083,000	7,176,000
Derivative Product Liabilities	500,000	900,000	1,300,000	1,700,000
Employee Benefits	8,524,000	9,356,000	11,585,000	10,637,000
Non Current Pension And Other Postretirement Benefit Plans	7,732,000	8,550,000	10,748,000	9,803,000
Non Current Deferred Liabilities	6,714,000	5,984,000	6,056,000	6,432,000
Non Current Deferred Revenue	5,360,000	4,910,000	5,051,000	4,883,000
Non Current Deferred Taxes Liabilities	1,354,000	1,074,000	1,005,000	1,549,000
Long Term Debt And Capital Lease Obligation	107,869,000	105,355,000	100,957,000	89,906,000
Long Term Capital Lease Obligation	1,835,000	1,782,000	1,395,000	1,101,000
Long Term Debt	106,034,000	103,573,000	99,562,000	88,805,000
Current Liabilities	114,890,000	106,859,000	101,531,000	96,866,000
Other Current Liabilities	21,204,000	19,540,000	18,832,000	14,809,000
Current Deferred Liabilities	4,489,000	3,331,000	2,515,000	2,404,000
Current Deferred Revenue	4,489,000	3,331,000	2,515,000	2,404,000
Current Debt And Capital Lease Obligation	57,869,000	55,507,000	50,150,000	50,568,000
Current Capital Lease Obligation	567,000	558,000	481,000	404,000
Current Debt	57,302,000	54,949,000	49,669,000	50,164,000
Other Current Borrowings	57,302,000	54,949,000	49,669,000	50,164,000
Line Of Credit				0	1,500,000
Pensionand Other Post Retirement Benefit Plans Current	4,066,000	3,007,000	2,818,000	2,545,000
Payables And Accrued Expenses	27,262,000	25,474,000	27,216,000	26,540,000
Current Accrued Expenses	1,453,000	1,346,000	1,224,000	935,000
Interest Payable	1,453,000	1,346,000	1,224,000	935,000
Payables	25,809,000	24,128,000	25,992,000	25,605,000
Accounts Payable	25,809,000	24,128,000	25,992,000	25,605,000
Total Assets	289,160,000	285,196,000	273,310,000	255,884,000
Total Non Current Assets	165,673,000	160,722,000	151,829,000	139,408,000
Other Non Current Assets	13,690,000	12,865,000	11,441,000	11,118,000
Non Current Deferred Assets	21,953,000	16,375,000	16,985,000	15,552,000
Non Current Deferred Taxes Assets	21,953,000	16,375,000	16,985,000	15,552,000
Non Current Accounts Receivable	61,449,000	59,786,000	55,650,000	49,903,000
Investments And Advances	2,753,000	6,821,000	5,548,000	2,798,000
Other Investments					26,361,000
Long Term Equity Investment	2,753,000	6,821,000	5,548,000	2,798,000
Investmentsin Associatesat Cost					4,545,000
Goodwill And Other Intangible Assets				2,350,000	2,090,000
Other Intangible Assets				2,350,000	2,090,000
Goodwill					619,000
Net PPE	65,828,000	64,875,000	62,205,000	60,037,000
Accumulated Depreciation	-40,442,000	-37,260,000	-37,529,000	-36,015,000
Gross PPE	106,270,000	102,135,000	99,734,000	96,052,000
Construction In Progress	4,094,000	6,240,000	5,308,000	3,203,000
Other Properties	6,713,000	8,482,000	9,564,000	9,520,000
Machinery Furniture Equipment	79,750,000	73,141,000	71,859,000	71,012,000
Buildings And Improvements	15,305,000	13,912,000	12,636,000	11,946,000
Land And Improvements	408,000	360,000	367,000	371,000
Current Assets	123,487,000	124,474,000	121,481,000	116,476,000
Other Current Assets	5,187,000	4,602,000	3,633,000	3,877,000
Assets Held For Sale Current				97,000	9,000
Inventory	15,285,000	14,951,000	15,651,000	14,080,000
Finished Goods	9,265,000	9,557,000	9,455,000	8,083,000
Raw Materials	6,020,000	5,394,000	6,196,000	5,997,000
Receivables	64,528,000	66,573,000	62,026,000	54,449,000
Accounts Receivable	64,528,000	66,573,000	62,026,000	54,449,000
Allowance For Doubtful Accounts Receivable	-369,000	-331,000	-320,000	-360,000
Gross Accounts Receivable	64,897,000	66,904,000	62,346,000	54,809,000
Cash Cash Equivalents And Short Term Investments	38,487,000	38,348,000	40,171,000	44,070,000
Other Short Term Investments	15,131,000	15,413,000	15,309,000	18,936,000
Cash And Cash Equivalents	23,356,000	22,935,000	24,862,000	25,134,000
Cash Equivalents	7,295,000	7,323,000	8,625,000	9,377,000
Cash Financial	16,061,000	15,612,000	16,237,000	15,757,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	12,467,000	6,739,000	6,682,000	-13,000
Repurchase Of Capital Stock	0	-426,000	-335,000	-484,000
Repayment Of Debt	-50,303,000	-45,680,000	-41,965,000	-45,655,000
Issuance Of Debt	49,688,000	57,312,000	51,659,000	45,470,000
Capital Expenditure	-8,815,000	-8,684,000	-8,236,000	-6,866,000
End Cash Position	23,750,000	23,190,000	25,110,000	25,340,000
Beginning Cash Position	23,190,000	25,110,000	25,340,000	20,737,000
Effect Of Exchange Rate Changes	532,000	-458,000	-104,000	-414,000
Changes In Cash	28,000	-1,462,000	-126,000	5,017,000
Financing Cash Flow	-3,205,000	7,485,000	2,584,000	2,511,000
Cash Flow From Continuing Financing Activities	-3,205,000	7,485,000	2,584,000	2,511,000
Net Other Financing Charges	-255,000	-327,000	-241,000	-271,000
Cash Dividends Paid	-2,989,000	-3,118,000	-4,995,000	-2,009,000
Common Stock Dividend Paid	-2,989,000	-3,118,000	-4,995,000	-2,009,000
Net Common Stock Issuance	0	-426,000	-335,000	-484,000
Common Stock Payments	0	-426,000	-335,000	-484,000
Net Issuance Payments Of Debt	39,000	11,356,000	8,155,000	5,275,000
Net Short Term Debt Issuance	654,000	-276,000	-1,539,000	5,460,000
Net Long Term Debt Issuance	-615,000	11,632,000	9,694,000	-185,000
Long Term Debt Payments	-50,303,000	-45,680,000	-41,965,000	-45,655,000
Long Term Debt Issuance	49,688,000	57,312,000	51,659,000	45,470,000
Investing Cash Flow	-18,049,000	-24,370,000	-17,628,000	-4,347,000
Cash Flow From Continuing Investing Activities	-18,049,000	-24,370,000	-17,628,000	-4,347,000
Net Other Investing Changes	-9,927,000	-14,606,000	-10,632,000	1,055,000
Net Investment Purchase And Sale	163,000	-222,000	3,972,000	1,753,000
Sale Of Investment	10,063,000	12,346,000	12,700,000	19,211,000
Purchase Of Investment	-9,900,000	-12,568,000	-8,728,000	-17,458,000
Net Business Purchase And Sale	530,000	-858,000	-2,732,000	-289,000
Sale Of Business	1,702,000	1,465,000	1,000	449,000
Purchase Of Business	-1,172,000	-2,323,000	-2,733,000	-738,000
Capital Expenditure Reported	-8,815,000	-8,684,000	-8,236,000	-6,866,000
Operating Cash Flow	21,282,000	15,423,000	14,918,000	6,853,000
Cash Flow From Continuing Operating Activities	21,282,000	15,423,000	14,918,000	6,853,000
Dividend Received Cfo			-33,000	3,324,000	116,000
Dividend Paid Cfo			-33,000
Change In Working Capital	12,843,000	1,656,000	1,163,000	-7,051,000
Change In Payables And Accrued Expense	10,103,000	8,425,000	9,829,000	7,268,000
Change In Payable					-36,000
Change In Account Payable					-36,000
Change In Inventory	539,000	27,000	-1,219,000	-2,576,000
Change In Receivables	2,201,000	-6,796,000	-7,447,000	-11,743,000
Changes In Account Receivables	2,201,000	-6,796,000	-7,447,000	-11,743,000
Other Non Cash Items	380,000	439,000	664,000	654,000
Stock Based Compensation	510,000	511,000	460,000	336,000
Provisionand Write Offof Assets	616,000	575,000	438,000	46,000
Asset Impairment Charge	1,295,000	0	0	32,000
Deferred Tax	-4,536,000	350,000	-1,649,000	-1,910,000
Deferred Income Tax	-4,536,000	350,000	-1,649,000	-1,910,000
Depreciation Amortization Depletion	14,135,000	5,867,000	6,523,000	6,493,000
Depreciation And Amortization	14,135,000	5,867,000	6,523,000	6,493,000
Amortization Cash Flow	-1,839,000	-1,700,000	-1,167,000	-1,149,000
Amortization Of Intangibles	-1,839,000	-1,700,000	-1,167,000	-1,149,000
Depreciation	15,974,000	7,567,000	7,690,000	7,642,000
Operating Gains Losses	4,201,000	131,000	2,990,000	10,437,000
Pension And Employee Benefit Expense	1,062,000	149,000	3,052,000	-378,000
Earnings Losses From Equity Investments	3,572,000	-287,000	-33,000	3,324,000
Gain Loss On Investment Securities	-346,000	42,000	205,000	7,518,000
Net Foreign Currency Exchange Gain Loss	-87,000	227,000	-234,000	-27,000
Gain Loss On Sale Of Business					-368,000
Net Income From Continuing Operations	-8,162,000	5,894,000	4,329,000	-2,152,000

These metrics estimate what Ford Motor Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap ÷ Company Value

3.95

P/B Ratio

1.26

Warren's Owner Earnings

$14.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$187.3B

vs > $1.5B revenue

❌ Strong Financial Condition

1.07x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

5.05%

vs Uninterrupted dividends

✅ Earnings Growth

+35.2% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

6.2x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.26x P/B (P/E×P/B: 7.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-32.92

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$-25.86

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	147.7%	189.5%	N/A	N/A
Repurchase of Capital Stock	$0M	-$426M	-$335M	-$484M	N/A
Free Cash Flow	$12.5B ▲	$6.7B ▲	$6.7B ▲	-$13M •	N/A •
Warren's Owner Earnings	$14.8B	$20.4B	$19.1B	$11.4B	N/A

Peers & Industry Comparison

Auto Manufacturers — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
F	$11.52	$46.2B	6.23	0.9%	-4.4%	$187.3B
TSLA Tesla, Inc.	$392.82	$1,475.3B	360.4	19.1%	3.9%	$97.9B
GM General Motors Company	$75.73	$68.3B	27.6	11.1%	1.4%	$184.6B
TM Toyota Motor Corporation	$188.35	$223.0B	10.6	17.6%	7.3%	$50,450.8B
STLA Stellantis N.V.	$7.11	$20.6B	N/A	5.8%	-13.9%	$155.8B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.28%

Low — management has little skin in the game

Return on Equity (ROE)

-22.8%

Weak — poor returns on equity

Return on Assets (ROA)

-2.8%

Poor — assets are not generating adequate returns

Debt Trend YoY

+3.0% YoY

Debt is roughly stable

Leadership Team

William Clay Ford Jr.

Executive Chairman

Age 68

Pay: $5,567,555

James Duncan Farley Jr.

President, CEO & Director

Age 63

Pay: $8,651,249

Sherry House CPA

Chief Financial Officer

Pay: $2,567,795

Alicia Boler Davis

President of Ford Pro

Age 55

Pay: $4,267,315

Ashwani Kumar Galhotra

Chief Operating Officer

Age 60

Pay: $2,160,312

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.05%	471,705,454
Blackrock Inc.	8.96%	350,740,345
State Street Corporation	5.00%	195,833,532
Charles Schwab Investment Management, Inc.	3.88%	152,017,084
Newport Trust Company, LLC	3.51%	137,356,677
Geode Capital Management, LLC	2.72%	106,600,353
NORGES BANK	1.31%	51,405,295
Dimensional Fund Advisors LP	1.17%	45,857,344

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.66

High volatility — moves more than the market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

4.26x

High leverage — significant financial risk

Current Ratio

1.09x

Adequate liquidity

52-Week Price Range

Low: $9.88 Current: $11.52 High: $14.80

Currently at 33% of 52-week range

360investing