Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

Common-Size Balance Sheet: Assets 
Quarterly Data

Tesla Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 11.55 11.98 13.68 12.12 13.07 13.22 15.11 12.97 10.81 15.38 16.96 16.88 18.48 19.74 26.24 26.75 26.51 28.29 27.78 29.43 32.36
Short-term investments 19.58 19.99 17.47 16.49 16.50 16.73 12.96 14.26 13.79 11.91 10.80 8.59 7.32 7.20 2.12 0.86 0.77 0.21 0.05 0.00 0.00
Accounts receivable, net 2.75 3.32 3.52 2.99 3.02 3.62 2.76 3.31 3.56 3.29 2.68 3.81 3.45 3.59 2.95 3.04 3.50 3.08 3.39 3.86 3.57
Inventory 10.04 8.99 9.18 11.33 10.96 9.84 12.12 12.58 14.68 12.78 14.61 15.85 16.55 15.59 13.88 11.83 10.13 9.27 8.99 8.58 7.80
Prepaid expenses and other current assets 4.60 5.53 4.51 4.62 3.92 4.39 4.08 3.83 3.44 3.18 2.88 3.31 3.72 3.57 3.18 3.09 3.08 2.77 3.02 2.91 2.91
Current assets 48.53% 49.81% 48.34% 47.55% 47.47% 47.81% 47.04% 46.95% 46.27% 46.54% 47.93% 48.43% 49.52% 49.69% 48.36% 45.57% 43.99% 43.62% 43.23% 44.78% 46.64%
Operating lease vehicles, net 3.15 3.56 3.75 4.07 4.38 4.57 4.49 4.91 5.25 5.62 6.51 6.55 6.30 6.12 6.48 6.98 7.19 7.26 7.21 6.80 6.41
Energy generation and storage systems, net 3.18 3.34 3.49 3.72 3.88 4.03 4.21 4.52 4.73 4.90 5.63 5.92 6.25 6.67 7.47 8.21 8.61 9.28 10.07 10.67 11.20
Property, plant and equipment, net 30.07 29.49 29.47 30.00 29.64 29.36 30.13 29.16 28.78 27.88 29.53 29.13 28.76 28.60 29.46 30.79 30.33 30.39 29.91 28.41 26.18
Operating lease right-of-use assets 4.41 4.37 4.32 4.38 4.26 4.23 4.06 4.04 4.00 3.92 3.87 3.70 3.22 3.11 3.02 3.19 3.30 3.24 3.39 3.14 3.11
Digital assets 0.55 0.73 0.98 0.96 0.76 0.88 0.15 0.16 0.17 0.17 0.20 0.20 0.21 0.22 0.29 0.32 1.91 2.03 2.18 2.38 2.51
Deferred tax assets 4.91 5.03 4.96 5.23 5.34 5.34 5.41 5.93 6.20 6.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other non-current assets 5.21 3.66 4.67 4.09 4.26 3.78 4.51 4.32 4.61 4.65 6.32 6.06 5.74 5.59 4.91 4.95 4.68 4.18 4.02 3.83 3.95
Non-current assets 51.47% 50.19% 51.66% 52.45% 52.53% 52.19% 52.96% 53.05% 53.73% 53.46% 52.07% 51.57% 50.48% 50.31% 51.64% 54.43% 56.01% 56.38% 56.77% 55.22% 53.36%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 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 asset composition demonstrates a strategic reallocation of liquidity and a shifting balance between current and non-current assets over the analyzed period. The overall structure remains divided relatively evenly between current and non-current assets, with current assets fluctuating between approximately 43% and 50% of the total base.

Liquidity and Cash Management
A pronounced shift in the liquidity profile is observed. Cash and cash equivalents declined steadily from 32.36% of total assets in March 2021 to 11.55% by March 2026. This decline was offset by a substantial increase in short-term investments, which rose from negligible levels to 19.58% of total assets. This trend indicates a strategic transition from holding idle cash to utilizing short-term investment vehicles to optimize returns on liquid assets.
Inventory and Working Capital Trends
Inventory levels exhibited a period of expansion, peaking at 16.55% in March 2023. Following this peak, a downward trend occurred, with inventory returning to 10.04% by March 2026. This suggests an initial phase of inventory accumulation followed by improved operational efficiency or a realignment of production volumes with demand. Accounts receivable remained relatively stable, generally fluctuating between 2.6% and 3.8% of total assets.
Capital Assets and Infrastructure
Property, plant, and equipment maintained a consistent presence, fluctuating within a narrow band between 26.18% and 30.13%. This stability suggests that investments in physical infrastructure have scaled proportionally with the overall growth of the asset base. In contrast, energy generation and storage systems saw a significant relative decline, falling from 11.20% in March 2021 to 3.18% by March 2026, indicating a reduced weight of this segment relative to total assets.
Other Non-Current Asset Dynamics
Digital assets experienced a sharp reduction, moving from 2.51% in early 2021 to 0.55% by March 2026. A new component, deferred tax assets, became a visible factor in the final quarters, appearing in December 2023 at 6.32% and stabilizing around 4.91% by the end of the period. Operating lease right-of-use assets showed a gradual increase from 3.11% to 4.41%, suggesting a slight increase in the reliance on leased facilities or equipment.

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