Maybe. Net tangible assets are $30 billion. Obviously much like GM, they're carrying a large pile of liabilities around on their balance sheet. I suspect Ford has to keep a significant amount of cash on hand for numerous legacy reasons (pensions?) to support their credit rating. $244b in assets stacked against $213b in liabilities.

GM is far more profitable than Ford, has $22b in cash, and $39b in net tangible assets. With a $53b market cap, GM is sporting a realistic 4.x to 5.x PE ratio currently (depending on how you want to account for their 4Q16).