General Motors vs Rivian Automotive

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KIRA’s take AI analyst

I put General Motors and Rivian Automotive side by side, using each one’s latest annual report. Here is what stands out:

General Motors is the larger business, with $185.0B of revenue in fiscal 2025 against $5.4B for Rivian Automotive, about 34 times as much.
Rivian Automotive grew revenue faster (8.4%, against −1.3%).
General Motors kept more of each dollar of sales as operating profit (1.6% operating margin, against −66.6%).
General Motors turned more of its sales into free cash flow (9.5% FCF margin, against −46.2%).
General Motors earned a higher return on the capital invested in it (1.5%, against −88.0%).

Who comes out ahead

Of the 8 measures where higher (or lower) is clearly better, how many each company leads.

General Motors

7/8

Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change

Rivian Automotive

RIVN

1/8

Revenue growth

Side by side

Best in the row

Latest fiscal year	GM FY25	RIVN FY25
Size
Market cap	$67.7B	$15.1B
Revenue	$185.0B	$5.4B
Free cash flow	$17.6B	−$2.5B
Net income	$2.7B	−$3.6B
Growth
Revenue growth	−1.3%	8.4%
5-year growth	8.6%	—
Share count change	−13.8%	17.1%
Profitability
Gross margin	—	2.7%
Operating margin	1.6%	−66.6%
Net margin	1.5%	−67.7%
FCF margin	9.5%	−46.2%
Return on capital	1.5%	−88.0%
Return on equity	4.3%	−65.4%
Balance sheet
Net debt	$103.9B	−$1.5B
Net debt / EBITDA	7.0x	—
Dividends and buybacks	$6.7B	$0.0M
Valuation & quality
P/E	16.6x	—
Piotroski F-score	6	4

Ten years

Revenue

FY16

GM $149.2B

RIVN —

FY17

GM $145.6B

RIVN —

FY18

GM $147.0B

RIVN —

FY19

GM $137.2B

RIVN $0.0M

FY20

GM $122.5B

RIVN $0.0M

FY21

GM $127.0B

RIVN $55.0M

FY22

GM $156.7B

RIVN $1.7B

FY23

GM $171.8B

RIVN $4.4B

FY24

GM $187.4B

RIVN $5.0B

FY25

GM $185.0B

RIVN $5.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM RIVN

Operating margin

FY16

GM 5.8%

RIVN —

FY17

GM 6.0%

RIVN —

FY18

GM 3.0%

RIVN —

FY19

GM 4.0%

RIVN —

FY20

GM 5.4%

RIVN —

FY21

GM 7.3%

RIVN −7,672.7%

FY22

GM 6.6%

RIVN −413.5%

FY23

GM 5.4%

RIVN −129.4%

FY24

GM 6.8%

RIVN −94.4%

FY25

GM 1.6%

RIVN −66.6%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM RIVN

Free cash flow

FY16

GM $8.2B

RIVN —

FY17

GM $8.9B

RIVN —

FY18

GM $6.5B

RIVN —

FY19

GM $7.4B

RIVN −$552M

FY20

GM $11.4B

RIVN −$1.8B

FY21

GM $7.7B

RIVN −$4.4B

FY22

GM $6.8B

RIVN −$6.4B

FY23

GM $10.0B

RIVN −$5.9B

FY24

GM $9.3B

RIVN −$2.9B

FY25

GM $17.6B

RIVN −$2.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM RIVN

Return on capital

FY16

GM 7.2%

RIVN —

FY17

GM 4.1%

RIVN —

FY18

GM 3.7%

RIVN —

FY19

GM 4.0%

RIVN —

FY20

GM 4.0%

RIVN —

FY21

GM 5.3%

RIVN —

FY22

GM 5.7%

RIVN −178.5%

FY23

GM 5.5%

RIVN −117.1%

FY24

GM 5.3%

RIVN −96.6%

FY25

GM 1.5%

RIVN −88.0%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM RIVN

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.