Explain this page
Arphra AIPlain-English read on Tesla, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +25.28% | +25.60% | +18.25% | +17.86% | +18.03% | +18.05% | +17.66% | +17.97% | +17.77% |
| Operating margin | +12.12% | +16.76% | +9.19% | +7.24% | +4.59% | +7.18% | +6.88% | +6.99% | +6.95% |
| EBITDA margin | +17.88% | +21.68% | +15.29% | +15.06% | +12.41% | +13.91% | +14.43% | +14.46% | +13.88% |
| EBIT margin | +12.47% | +17.08% | +10.47% | +9.56% | +5.92% | +8.49% | +8.41% | +8.56% | +8.56% |
| Pre-tax margin | +11.78% | +16.84% | +10.31% | +9.20% | +5.57% | +8.31% | +8.39% | +8.30% | +8.39% |
| Net margin | +10.26% | +15.45% | +15.50% | +7.30% | +4.00% | +7.16% | +6.85% | +6.99% | +7.12% |
| Cost structure | |||||||||
| Cost of revenue / sales | +74.72% | +74.40% | +81.75% | +82.14% | +81.97% | +83.24% | +79.79% | +84.26% | +80.64% |
| R&D intensity | +4.82% | +3.77% | +4.10% | +4.65% | +6.76% | +5.15% | +5.32% | +5.06% | +5.18% |
| SG&A intensity | +8.39% | +4.84% | +4.96% | +5.27% | +6.15% | +5.38% | +5.50% | +5.56% | +5.36% |
| Effective tax rate | +11.02% | +8.25% | -50.15% | +20.43% | +26.96% | +23.50% | +24.22% | +23.89% | +23.86% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +17.49% | +27.42% | +23.58% | +9.68% | +4.58% | +9.61% | +9.01% | +8.94% | +9.18% |
| Return on assets (ROA) | +8.89% | +15.28% | +14.07% | +5.84% | +2.75% | +5.62% | +5.44% | +5.55% | +5.68% |
| Return on capital (ROC) | +16.12% | +26.44% | +12.15% | +8.11% | +4.77% | +8.41% | +7.92% | +7.83% | +7.86% |
| Return on invested capital (ROIC) | +13.65% | +24.36% | +20.50% | +8.17% | +4.16% | +8.38% | +7.88% | +7.83% | +8.07% |
| Asset turnover | +86.63% | +98.94% | +90.77% | +80.03% | +68.81% | +78.52% | +79.44% | +79.45% | +79.78% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.26% | +15.45% | +15.50% | +7.30% | +4.00% | +7.16% | +6.85% | +6.99% | +7.12% |
| Asset turnover (× revenue / assets) | +86.63% | +98.94% | +90.77% | +80.03% | +68.81% | +78.52% | +79.44% | +79.45% | +79.78% |
| Equity multiplier (× assets / equity) | +196.72% | +179.39% | +167.61% | +165.68% | +166.30% | +170.89% | +165.52% | +161.08% | +161.46% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.87 | 0.99 | 0.91 | 0.80 | 0.69 | 0.79 | 0.79 | 0.79 | 0.80 |
| Fixed-asset turnover | 1.73 | 2.22 | 2.14 | 1.90 | 2.33 | — | — | — | — |
| Inventory turnover | 6.99 | 4.72 | 5.81 | 6.68 | 6.27 | — | — | — | — |
| Receivables turnover | 28.14 | 27.60 | 27.59 | 22.11 | 20.72 | — | — | — | — |
| Payables turnover | 4.01 | 3.97 | 5.48 | 6.43 | 5.81 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 12.97 | 13.23 | 13.23 | 16.51 | 17.61 | — | — | — | — |
| Days inventory outstanding (DIO) | 52.25 | 77.32 | 62.87 | 54.66 | 58.19 | — | — | — | — |
| Days payables outstanding (DPO) | 90.98 | 91.87 | 66.58 | 56.74 | 62.78 | — | — | — | — |
| Cash conversion cycle | -25.76 | -1.32 | 9.52 | 14.43 | 13.02 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.08 | 1.17 | 0.88 | 2.09 | 3.89 | 2.11 | 2.12 | 2.08 | 2.13 |
| FCF / Net income | 0.63 | 0.60 | 0.29 | 0.50 | 1.64 | 0.67 | 0.71 | 0.72 | 0.69 |
| FCF margin | +6.47% | +9.27% | +4.50% | +3.67% | +6.56% | +4.81% | +4.84% | +5.00% | +4.93% |
| OCF margin | +21.36% | +18.07% | +13.70% | +15.28% | +15.55% | +15.13% | +14.51% | +14.54% | +15.19% |
| CapEx / Revenue | +14.89% | +8.80% | +9.20% | +11.61% | +8.99% | +10.01% | +10.16% | +9.81% | +9.96% |
| CapEx / D&A | 2.75 | 2.02 | 1.91 | 2.11 | 1.39 | — | — | — | — |
| Stock-based comp / Revenue | +3.94% | +1.92% | +1.87% | +2.05% | +2.98% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.63 | 3.62 | 4.31 | 2.04 | 1.08 | 1.90 | 2.44 | 3.21 | 6.50 |
| EPS · basic | 1.87 | 4.02 | 4.73 | 2.23 | 1.18 | 2.06 | 2.68 | 3.56 | 7.02 |
| Book value / share | 9.33 | 13.21 | 18.26 | 21.06 | 23.49 | 21.52 | 25.50 | 31.21 | 49.40 |
| Tangible BV / share | 8.82 | 13.04 | 18.09 | 20.64 | 23.38 | 21.52 | 25.50 | 31.21 | 49.40 |
| Sales / share | 15.90 | 23.44 | 27.79 | 27.93 | 26.88 | 28.87 | 33.53 | 39.94 | 63.63 |
| Operating CF / share | 3.40 | 4.24 | 3.81 | 4.27 | 4.18 | 4.37 | 4.87 | 5.81 | 9.67 |
| Free cash flow / share | 1.03 | 2.17 | 1.25 | 1.02 | 1.76 | 1.39 | 1.62 | 2.00 | 3.14 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +51.35% | +18.80% | +0.95% | -2.93% | +8.36% | +14.81% | +18.29% | +60.41% | +19.50% |
| Gross profit · YoY | — | +53.26% | -15.31% | -1.19% | -2.04% | +8.51% | +12.32% | +20.38% | +58.58% | +14.35% |
| Profit | ||||||||||
| Operating income · YoY | — | +109.35% | -34.89% | -20.41% | -38.45% | +69.51% | +10.02% | +20.12% | +59.35% | +11.47% |
| EBITDA · YoY | — | +83.45% | -16.20% | -0.59% | -20.02% | +21.49% | +19.12% | +18.52% | +53.92% | +15.77% |
| Net income · YoY | — | +127.79% | +19.20% | -52.46% | -46.79% | +93.97% | +9.79% | +20.71% | +63.51% | +14.17% |
| Operating | ||||||||||
| EBIT · YoY | — | +107.18% | -27.18% | -7.79% | -39.87% | +55.31% | +13.69% | +20.43% | +60.49% | +14.01% |
| R&D · YoY | — | +18.59% | +29.07% | +14.39% | +41.21% | -17.38% | +18.46% | +12.52% | +64.25% | +20.59% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +122.09% | +19.06% | -52.71% | -47.01% | +76.27% | +27.96% | +31.92% | +102.19% | +18.87% |
| EPS · basic · YoY | — | +114.97% | +17.66% | -52.85% | -47.09% | +74.97% | +30.02% | +32.79% | +96.88% | +17.98% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $8.87B | $5.75B | $9.57B | $13.62B | $8.38B | $11.22B | $12.8B | $15.5B | $23.96B |
| Net debt | -$8.7B | -$10.51B | -$6.83B | -$2.52B | -$8.14B | -$5.88B | -$7.07B | -$8.42B | -$14.48B |
| Net debt / EBITDA | -0.90 | -0.59 | -0.46 | -0.17 | -0.69 | -0.41 | -0.42 | -0.42 | -0.47 |
| Debt / equity | 0.28 | 0.13 | 0.15 | 0.18 | 0.10 | 0.15 | 0.14 | 0.14 | 0.14 |
| Debt / assets | +14.28% | +6.98% | +8.98% | +11.16% | +6.08% | +8.57% | +8.62% | +8.83% | +8.54% |
| Equity / assets | +50.83% | +55.74% | +59.66% | +60.36% | +60.13% | +58.52% | +60.41% | +62.08% | +61.94% |
| Coverage | |||||||||
| EBITDA / interest expense | 25.94 | 92.45 | 94.85 | 42.02 | 34.80 | 47.20 | 48.82 | 48.83 | 47.47 |
| Operating income / interest | 17.58 | 71.50 | 56.99 | 20.22 | 12.88 | 24.38 | 23.29 | 23.61 | 23.76 |
| Interest expense | $371M | $191M | $156M | $350M | $338M | $302.81M | $348.74M | $413.27M | $654.32M |
| Liquidity | |||||||||
| Current ratio | 1.38 | 1.53 | 1.73 | 2.02 | 2.16 | — | — | — | — |
| Quick ratio | 1.00 | 0.94 | 1.13 | 1.42 | 1.53 | — | — | — | — |
| Cash ratio | 0.89 | 0.61 | 0.57 | 0.56 | 0.52 | — | — | — | — |
| Working capital | $7.4B | $14.21B | $20.87B | $29.54B | $36.93B | — | — | — | — |
| Working capital / revenue | +13.74% | +17.44% | +21.56% | +30.24% | +38.94% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).