Common-Size Balance Sheet: Assets
Tesla Inc., common-size consolidated balance sheet: assets
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).
- Liquidity and Cash Position
- There is a clear declining trend in cash and cash equivalents as a percentage of total assets, decreasing from 37.17% in 2020 to 13.22% in 2024. Conversely, short-term investments have increased significantly, starting at negligible levels in 2020 to 16.73% in 2024. This shift suggests a strategic move towards higher-yielding or more diverse liquid asset placements away from cash.
- Receivables and Inventory
- Accounts receivable as a share of total assets show relative stability, fluctuating mildly around the 3.0-3.6% range across the years. Inventory exhibits more volatility, rising sharply to 15.59% in 2022 before declining to 9.84% in 2024, indicating possible inventory buildup followed by reduction or improved inventory management.
- Current Assets Composition
- The total current assets percentage has moderately decreased from 51.23% in 2020 to approximately 47.81% in 2024 with some fluctuations. This reflects a slight overall reduction but generally stable current asset composition in relation to total assets over the observed period.
- Property and Equipment
- Property, plant, and equipment (PP&E) remain a significant asset component, increasing from 24.44% in 2020 to a peak of 30.39% in 2021 and stabilizing around the high 20% to low 30% range thereafter, ending at 29.36% in 2024. This indicates sustained investment or retention in fixed assets.
- Operating Lease and Solar Energy Assets
- Operating lease vehicles as a percentage of total assets decreased from 5.93% in 2020 to 4.57% in 2024, showing a gradual reduction in these leased vehicle assets. Solar energy systems also declined notably from 11.47% to 4.03% over the same period, pointing to either asset disposals or reduced capitalization in this segment.
- Right-of-Use and Digital Assets
- The operating lease right-of-use assets experienced a modest increase from 2.99% to 4.23%, reflecting growth in lease-related assets. Digital assets emerged from no presence in 2020 to accounting for 0.88% by 2024, indicating new investments or recognition in this category.
- Intangibles and Goodwill
- Both intangible assets and goodwill have shown a gradual decline relative to total assets, suggesting amortization, impairment, or limited new acquisitions in these asset classes. Intangibles dropped from 0.6% to 0.12%, while goodwill declined from 0.4% to 0.2% between 2020 and 2024.
- Deferred Tax and Other Non-Current Assets
- Deferred tax assets experienced substantial growth, rising sharply from 0.13% in 2020 to 6.32% in 2023 before slightly declining to 5.34% in 2024. This may indicate recognition of significant deferred tax benefits or losses. Other non-current assets also increased moderately, peaking in 2022 at 4.69% and then decreasing to 3.45% in 2024.
- Non-Current Assets Composition
- Non-current assets as a proportion of total assets showed an increase from 48.77% in 2020 to 56.38% in 2021, followed by a moderate decrease and stabilization around the low 50% range by 2024. This signifies a balanced but slightly increasing emphasis on long-term assets over time.
- Overall Asset Structure
- The total asset distribution remains consistent with assets summing to 100% for all periods. The observed trends reflect strategic shifts from cash holdings into short-term investments, changes in inventory levels, stable investment in fixed assets, reduction in solar and leased assets, and growth in deferred tax assets. These changes likely represent responses to evolving operational needs and financial strategy.