General Motors: A Cheap Stock With One Big Question Into Q2 Earnings

General Motors still looks cheap, but the real debate is whether the cash flow is clean enough to deserve a higher multiple. Q1-2026 showed strong adjusted numbers, but the large EV-related add-back kept the quality question alive. Q2-2026 needs to prove that GMNA margins, lower EV losses, and buybacks can support the story without another messy adjustment bridge. My $94 price target assumes only a modest re-rating, with GM still trading at a demanding FCF yield even if the stock works from here.

General Motors ( GM ) has been a disappointing stock this year, with shares underperforming despite what still looks like a very cheap valuation. In my previous coverage, I argued that GM’s re-rating into 2026 would not