Ford Motor Company key statistics and ratios
In fiscal 2025, Ford Motor Company had return on equity of -20.3%, an operating margin of -4.9%, debt equal to 0.0% of equity and a current ratio of 1.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 15.0% | 19.0% | 16.2% | 15.4% | 18.2% | 13.2% | 16.8% | 16.9% | 16.2% | 15.0% | 13.6% | 11.3% | 15.9% | 15.0% | 14.6% | 14.4% | 6.8% | 8.4% |
| Operating margin | — | — | — | — | — | — | — | — | 3.1% | 2.0% | 0.4% | −3.5% | 3.3% | 4.0% | 3.1% | 2.8% | −4.9% | −3.8% |
| Net margin | 2.3% | 5.1% | 14.9% | 4.2% | 8.1% | 0.9% | 4.9% | 3.0% | 4.9% | 2.3% | 0.0% | −1.0% | 13.2% | −1.3% | 2.5% | 3.2% | −4.4% | −4.2% |
| Free-cash-flow margin | 9.8% | 5.7% | 4.0% | 2.7% | 2.6% | 4.9% | 6.0% | 8.5% | 7.0% | 4.5% | 6.4% | 14.6% | 7.0% | −0.0% | 3.8% | 3.6% | 6.7% | 2.8% |
| Return on equity | — | — | — | 36.6% | 56.9% | 4.9% | 27.8% | 15.9% | 23.9% | 10.3% | 0.1% | −4.0% | 45.3% | −4.3% | 10.1% | 13.4% | −20.3% | −21.4% |
| Return on assets | 1.4% | 3.7% | 11.8% | 3.1% | 6.1% | 0.6% | 3.4% | 2.0% | 3.1% | 1.4% | 0.0% | −0.5% | 6.8% | −0.8% | 1.6% | 2.1% | −2.8% | −2.7% |
| Asset turnover | 0.61 | 0.72 | 0.79 | 0.73 | 0.75 | 0.70 | 0.69 | 0.66 | 0.63 | 0.62 | 0.61 | 0.48 | 0.52 | 0.62 | 0.67 | 0.66 | 0.65 | 0.64 |
| Current ratio | — | — | — | — | — | — | 1.25 | 1.20 | 1.23 | 1.20 | 1.16 | 1.20 | 1.20 | 1.20 | 1.20 | 1.16 | 1.07 | 1.08 |
| Debt to equity | — | — | 673.2% | 661.5% | 438.7% | 487.6% | 463.8% | 490.1% | 433.7% | 1.7% | 1.8% | 1.5% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest cover (operating income ÷ interest) | — | — | — | — | — | — | — | — | 1.1x | 0.6x | 0.1x | n/m | 1.0x | 1.4x | 0.7x | 4.7x | n/m | n/m |
| Effective tax rate | −4.3% | 8.3% | — | 26.5% | 16.9% | 0.3% | 28.1% | 32.2% | 4.9% | 15.0% | — | — | −0.7% | — | −9.1% | 18.5% | — | — |
| R&D as % of revenue | 4.0% | 3.9% | 3.9% | 4.1% | 4.2% | 4.7% | 4.5% | 4.8% | 5.1% | 5.1% | 4.7% | 5.6% | 5.6% | 4.9% | 4.7% | 4.3% | 5.0% | — |
| SG&A as % of revenue | 11.2% | 9.2% | 8.0% | 8.6% | 7.4% | 8.2% | 7.2% | 7.2% | 7.4% | 7.1% | 7.2% | 8.0% | 8.7% | 6.9% | 6.1% | 5.6% | 5.8% | 6.2% |
| Capital spending as % of revenue | 3.5% | 3.2% | 3.2% | 4.1% | 4.5% | 5.2% | 4.8% | 4.6% | 4.5% | 4.9% | 4.9% | 4.5% | 4.6% | 4.3% | 4.7% | 4.7% | 4.7% | 5.3% |
| Free cash flow ÷ net income | 420.2% | 112.6% | 27.2% | 63.4% | 32.2% | 572.2% | 122.5% | 280.2% | 142.9% | 196.8% | >999% | — | 53.3% | — | 153.7% | 114.6% | — | — |
| Dividends ÷ net income | — | 0.0% | 0.0% | 13.6% | 13.2% | 158.6% | 32.3% | 73.6% | 33.4% | 79.0% | >999% | — | 2.2% | — | 114.9% | 53.0% | — | — |
| Dividends and buybacks ÷ free cash flow | — | 0.0% | 0.0% | 25.0% | 46.5% | 55.6% | 27.8% | 27.4% | 24.6% | 42.4% | 26.2% | 3.2% | 4.2% | — | 79.8% | 52.6% | 24.0% | 52.8% |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 14.3% | 13.5% | 11.8% | 14.1% | −12.5% | 18.4% | 12.6% | 14.9% |
| Operating margin | 2.6% | 0.8% | 1.0% | 3.1% | −25.2% | 5.4% | 1.3% | 2.9% |
| Net margin | 3.8% | 1.2% | −0.1% | 4.8% | −24.1% | 5.9% | −2.7% | 4.1% |
| Free-cash-flow margin | 1.1% | 4.6% | 8.4% | 10.4% | 2.4% | −2.5% | 4.1% | 6.3% |
| Current ratio | 1.16 | 1.13 | 1.10 | 1.12 | 1.07 | 1.09 | 1.09 | 1.08 |
| SG&A as % of revenue | 5.8% | 6.0% | 5.4% | 5.4% | 6.5% | 6.5% | 5.6% | 6.2% |
Financial health
- Short-term assets cover short-term liabilities $121.3bn of assets due within a year against $112.0bn of liabilities due within a year.
- Short-term assets cover long-term liabilities $121.3bn short-term assets against $143.6bn of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Operating income of −$7.1bn against $1.4bn of interest.
Moat
Weak moat
How hard Ford Motor's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 3 / 20
Cash operating profit has been a median 4.2% of total assets over 10 years.
- Pricing power 8 / 20
Gross margin has been a median 14.2%, moving by 2.1 percentage points (standard deviation) across 10 years.
- Durability 0 / 20
Operating margin has been a median 1.5%; its worst year was -3.8%.
- Cash conversion 13 / 20
Free cash flow was positive in 10 of 10 years, at a median 5.6% of revenue.
- Discipline 17 / 20
The diluted share count fell 0.0% over five years; stock-based pay has been a median 0.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (41 before it).
Compare with peers
More: Automobile Manufacturers stocks compared, Consumer Discretionary sector, rankings of US companies