Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA) 

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Tesla Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Goodwill 244 253 194 200 207
Intangible assets 150 178 215 257 313
Goodwill and intangible assets 394 431 409 457 520

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Tesla Inc. goodwill increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Intangible assets Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Tesla Inc. intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Tesla Inc. goodwill and intangible assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Adjustments to Financial Statements: Removal of Goodwill

Tesla Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported) 122,070 106,618 82,338 62,131 52,148
Less: Goodwill 244 253 194 200 207
Total assets (adjusted) 121,826 106,365 82,144 61,931 51,941
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 72,913 62,634 44,704 30,189 22,225
Less: Goodwill 244 253 194 200 207
Stockholders’ equity (adjusted) 72,669 62,381 44,510 29,989 22,018

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Tesla Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Tesla Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Total Asset Turnover
Reported total asset turnover 0.80 0.91 0.99 0.87 0.60
Adjusted total asset turnover 0.80 0.91 0.99 0.87 0.61
Financial Leverage
Reported financial leverage 1.67 1.70 1.84 2.06 2.35
Adjusted financial leverage 1.68 1.71 1.85 2.07 2.36
Return on Equity (ROE)
Reported ROE 9.73% 23.94% 28.09% 18.28% 3.24%
Adjusted ROE 9.76% 24.04% 28.21% 18.40% 3.27%
Return on Assets (ROA)
Reported ROA 5.81% 14.07% 15.25% 8.88% 1.38%
Adjusted ROA 5.82% 14.10% 15.29% 8.91% 1.39%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Tesla Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Tesla Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Tesla Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Tesla Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues 97,690 96,773 81,462 53,823 31,536
Total assets 122,070 106,618 82,338 62,131 52,148
Activity Ratio
Total asset turnover1 0.80 0.91 0.99 0.87 0.60
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues 97,690 96,773 81,462 53,823 31,536
Adjusted total assets 121,826 106,365 82,144 61,931 51,941
Activity Ratio
Adjusted total asset turnover2 0.80 0.91 0.99 0.87 0.61

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 97,690 ÷ 122,070 = 0.80

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 97,690 ÷ 121,826 = 0.80

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Tesla Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets 122,070 106,618 82,338 62,131 52,148
Stockholders’ equity 72,913 62,634 44,704 30,189 22,225
Solvency Ratio
Financial leverage1 1.67 1.70 1.84 2.06 2.35
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 121,826 106,365 82,144 61,931 51,941
Adjusted stockholders’ equity 72,669 62,381 44,510 29,989 22,018
Solvency Ratio
Adjusted financial leverage2 1.68 1.71 1.85 2.07 2.36

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 122,070 ÷ 72,913 = 1.67

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 121,826 ÷ 72,669 = 1.68

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Tesla Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders 7,091 14,997 12,556 5,519 721
Stockholders’ equity 72,913 62,634 44,704 30,189 22,225
Profitability Ratio
ROE1 9.73% 23.94% 28.09% 18.28% 3.24%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders 7,091 14,997 12,556 5,519 721
Adjusted stockholders’ equity 72,669 62,381 44,510 29,989 22,018
Profitability Ratio
Adjusted ROE2 9.76% 24.04% 28.21% 18.40% 3.27%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROE = 100 × Net income attributable to common stockholders ÷ Stockholders’ equity
= 100 × 7,091 ÷ 72,913 = 9.73%

2 Adjusted ROE = 100 × Net income attributable to common stockholders ÷ Adjusted stockholders’ equity
= 100 × 7,091 ÷ 72,669 = 9.76%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders 7,091 14,997 12,556 5,519 721
Total assets 122,070 106,618 82,338 62,131 52,148
Profitability Ratio
ROA1 5.81% 14.07% 15.25% 8.88% 1.38%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders 7,091 14,997 12,556 5,519 721
Adjusted total assets 121,826 106,365 82,144 61,931 51,941
Profitability Ratio
Adjusted ROA2 5.82% 14.10% 15.29% 8.91% 1.39%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net income attributable to common stockholders ÷ Total assets
= 100 × 7,091 ÷ 122,070 = 5.81%

2 Adjusted ROA = 100 × Net income attributable to common stockholders ÷ Adjusted total assets
= 100 × 7,091 ÷ 121,826 = 5.82%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Tesla Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.