Tesla Inc. (NASDAQ:TSLA)

The analysis of the financial data reveals several notable trends and shifts across the observed periods.

Revenue Composition

Automotive sales consistently represent the majority of revenues, peaking around 82.5% in 2022 before declining to 74.19% in 2024. Automotive regulatory credits show a declining trend from 5.01% in 2020 to a low of 1.85% in 2023, followed by a slight increase to 2.83% in 2024. Automotive leasing contributes a small but diminishing portion of revenue, decreasing from 3.34% in 2020 to 1.87% in 2024. Overall automotive revenues trend similarly to automotive sales, starting at 86.36% and decreasing to 78.89% in 2024. In contrast, energy generation and storage revenues increase notably, especially in the last period, moving from 6.32% in 2020 to 10.32% in 2024. Services and other revenues also rise steadily from 7.31% to 10.78% over the same time frame.

Cost of Revenues

The cost associated with automotive sales remains persistently high but exhibits some fluctuation, starting at -62.46% and peaking at -67.29% in 2023 before improving slightly to -63.33% in 2024. Automotive leasing cost also shows a declining burden, consistent with the reduced leasing revenue share. Overall automotive cost of revenues aligns closely with sales costs. Energy generation and storage costs increase in magnitude in 2024 (-7.62%), paralleling the revenue rise in this segment. The total cost of revenues peaks at -82.14% in 2024, marking an increase from earlier periods.

Profitability

Gross profit percentage shows an upward trend from 21.02% in 2020 to a peak of 25.6% in 2022, before declining significantly to 17.86% in 2024. Operating expenses as a percentage of revenues decline from -14.7% to around -8.83% by 2022, but then increase again to -10.62% by 2024. This reflects a contraction in spending efficiency or increased operating costs in recent years. Income from operations follows a similar pattern, rising to 16.76% in 2022 but dropping to 7.24% in 2024, indicating reduced operating profitability.

Research and Development and Selling Expenses

Research and development expenses remain fairly stable, fluctuating between -4.73% and -4.65%, with a small dip to -3.77% in 2022. Selling, general, and administrative expenses show a marked improvement between 2020 and 2022, decreasing from -9.97% to -4.84%, followed by a slight increase again by 2024.

Other Financial Items

Interest income significantly increases over time, from 0.1% to 1.61%, while interest expense decreases markedly from -2.37% in 2020 to around -0.36% in 2024, indicating improved net interest position. Other income (expense), net fluctuates near zero but shows positive movement in the last two years.

Income Before and After Taxes

Income before income taxes peaks in 2022 at 16.84%, followed by a decline to 9.2% in 2024. The provision for income taxes fluctuates, with an unusual positive benefit in 2023 of 5.17%, contrasting with generally negative tax impacts in other years. Net income attributable to common stockholders rises from 2.29% in 2020 to a high of 15.5% in 2023 before decreasing to 7.26% in 2024.

Summary of Trends

The company demonstrates strong growth and profitability improvements up to 2022, with increasing gross margins and net income percentages. The subsequent years indicate challenges, with revenue composition shifting away from core automotive sales towards energy and services segments. Profitability margins decline after 2022, accompanied by higher operating expenses and cost pressures, although improving interest income and reduced interest expenses partly mitigate these trends. The tax provision anomaly in 2023 merits further investigation.