Common-Size Balance Sheet: Assets
Quarterly Data
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Tesla Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets has undergone notable shifts over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A significant trend involves a decrease in the proportion of cash and cash equivalents relative to total assets, declining from 32.36% in March 2021 to 11.98% in December 2025. Conversely, short-term investments experienced a substantial increase, particularly from September 2022 onwards, reaching 19.99% of total assets by December 2025. Inventory as a percentage of total assets generally increased through December 2022, peaking at 15.59%, before declining to 8.99% by December 2025. The proportion of property, plant, and equipment remained relatively stable, fluctuating between approximately 27.88% and 30.79% throughout the period.
- Liquidity and Current Assets
- Current assets, initially representing 46.64% of total assets, exhibited a fluctuating pattern, generally decreasing to 49.81% in December 2025. The decrease in cash and cash equivalents was partially offset by increases in accounts receivable, inventory, and prepaid expenses, though not consistently. The combined effect of these changes suggests a potential shift in working capital management.
- Long-Term Assets
- Non-current assets accounted for a substantial portion of the asset base, ranging from 50.19% to 56.77% over the period. Within this category, operating lease vehicles and solar energy systems both demonstrated a decreasing trend as a percentage of total assets. Operating lease right-of-use assets remained relatively stable, while digital assets experienced a significant increase in late 2024 and early 2025, rising from 0.12% to 0.98%. Goodwill remained consistently below 0.39% of total assets. Other non-current assets showed an increasing trend, particularly in the latter half of the period.
- Asset Mix Evolution
- The asset mix demonstrates a clear transition away from highly liquid assets (cash) towards investments and potentially longer-term operational assets. The increase in short-term investments suggests a strategy of deploying cash reserves. The fluctuations in inventory levels could be indicative of changes in production cycles or demand. The growth in digital assets warrants further investigation to understand its implications for the company’s long-term strategy.
Overall, the asset composition reflects a dynamic environment, with shifts in liquidity, investment strategies, and the relative importance of various operational asset categories. The observed trends suggest a potential evolution in the company’s financial strategy and operational focus.