General Motors vs Lucid Group

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KIRA’s take AI analyst

I put General Motors and Lucid Group 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 $1.4B for Lucid Group, about 137 times as much.
Lucid Group grew revenue faster (67.6%, against −1.3%).
General Motors kept more of each dollar of sales as operating profit (1.6% operating margin, against −258.7%).
General Motors turned more of its sales into free cash flow (9.5% FCF margin, against −280.7%).
General Motors earned a higher return on the capital invested in it (1.5%, against −136.7%).

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

General Motors

7/9

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

Lucid Group

LCID

2/9

Revenue growth5-year growth

Side by side

Best in the row

Latest fiscal year	GM FY25	LCID FY25
Size
Market cap	$67.7B	$1.3B
Revenue	$185.0B	$1.4B
Free cash flow	$17.6B	−$3.8B
Net income	$2.7B	−$2.7B
Growth
Revenue growth	−1.3%	67.6%
5-year growth	8.6%	220.6%
Share count change	−13.8%	28.2%
Profitability
Gross margin	—	−92.8%
Operating margin	1.6%	−258.7%
Net margin	1.5%	−199.3%
FCF margin	9.5%	−280.7%
Return on capital	1.5%	−136.7%
Return on equity	4.3%	−117.6%
Balance sheet
Net debt	$103.9B	$1.3B
Net debt / EBITDA	7.0x	—
Dividends and buybacks	$6.7B	$0.0M
Valuation & quality
P/E	16.6x	—
Piotroski F-score	6	3

Ten years

Revenue

FY16

GM $149.2B

LCID —

FY17

GM $145.6B

LCID —

FY18

GM $147.0B

LCID —

FY19

GM $137.2B

LCID $4.6M

FY20

GM $122.5B

LCID $4.0M

FY21

GM $127.0B

LCID $27.1M

FY22

GM $156.7B

LCID $608M

FY23

GM $171.8B

LCID $595M

FY24

GM $187.4B

LCID $808M

FY25

GM $185.0B

LCID $1.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM LCID

Operating margin

FY16

GM 5.8%

LCID —

FY17

GM 6.0%

LCID —

FY18

GM 3.0%

LCID —

FY19

GM 4.0%

LCID −5,619.5%

FY20

GM 5.4%

LCID −15,071.1%

FY21

GM 7.3%

LCID −5,645.1%

FY22

GM 6.6%

LCID −426.5%

FY23

GM 5.4%

LCID −520.7%

FY24

GM 6.8%

LCID −373.9%

FY25

GM 1.6%

LCID −258.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM LCID

Free cash flow

FY16

GM $8.2B

LCID —

FY17

GM $8.9B

LCID —

FY18

GM $6.5B

LCID —

FY19

GM $7.4B

LCID −$340M

FY20

GM $11.4B

LCID −$1.0B

FY21

GM $7.7B

LCID −$1.5B

FY22

GM $6.8B

LCID −$3.3B

FY23

GM $10.0B

LCID −$3.4B

FY24

GM $9.3B

LCID −$2.9B

FY25

GM $17.6B

LCID −$3.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM LCID

Return on capital

FY16

GM 7.2%

LCID —

FY17

GM 4.1%

LCID —

FY18

GM 3.7%

LCID —

FY19

GM 4.0%

LCID —

FY20

GM 4.0%

LCID —

FY21

GM 5.3%

LCID —

FY22

GM 5.7%

LCID −188.6%

FY23

GM 5.5%

LCID −86.3%

FY24

GM 5.3%

LCID −91.8%

FY25

GM 1.5%

LCID −136.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

GM LCID

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.