Debt to Equity
since 2010
Calculation
Tesla Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt and finance leases1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 0.11 | = | 8,213) | ÷ | 72,913) |
| Dec 31, 2023 | 0.08 | = | 5,230) | ÷ | 62,634) |
| Dec 31, 2022 | 0.07 | = | 3,099) | ÷ | 44,704) |
| Dec 31, 2021 | 0.23 | = | 6,834) | ÷ | 30,189) |
| Dec 31, 2020 | 0.53 | = | 11,688) | ÷ | 22,225) |
| Dec 31, 2019 | 2.03 | = | 13,419) | ÷ | 6,618) |
| Dec 31, 2018 | 2.43 | = | 11,971) | ÷ | 4,923) |
| Dec 31, 2017 | 2.43 | = | 10,315) | ÷ | 4,237) |
| Dec 31, 2016 | 1.50 | = | 7,120) | ÷ | 4,753) |
| Dec 31, 2015 | 2.46 | = | 2,674) | ÷ | 1,089) |
| Dec 31, 2014 | 2.67 | = | 2,430) | ÷ | 912) |
| Dec 31, 2013 | 0.91 | = | 607) | ÷ | 667) |
| Dec 31, 2012 | 3.74 | = | 467) | ÷ | 125) |
| Dec 31, 2011 | 1.25 | = | 280) | ÷ | 224) |
| Dec 31, 2010 | 0.35 | = | 73) | ÷ | 207) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
1 US$ in millions
The analysis of the financial data reveals several notable trends in the company's capital structure over the observed period.
- Total debt and finance leases
- From 2010 through 2019, total debt exhibited a general increasing trend, rising from US$73 million in 2010 to a peak of US$13,419 million in 2018. This was preceded by some fluctuations, including a sharp increase between 2013 and 2015, culminating at US$2,674 million in 2015, followed by more pronounced growth to over US$11 billion by 2017-2018. After 2019, a marked deleveraging trend is observed with debt falling substantially to US$6,834 million in 2020 and further to US$3,099 million in 2021. However, debt levels subsequently increased again in 2023 and 2024, reaching US$8,213 million by the end of 2024.
- Stockholders’ equity
- Equity values demonstrate consistent growth over the entire period, albeit with some variability. Initial values were modest, at US$207 million in 2010, but by 2013 equity had increased substantially to US$667 million. This growth trend continued with occasional plateaus, notably a slight dip in 2017, but overall equity expanded dramatically in the later years, rising to US$22,225 million in 2020 and accelerating thereafter to reach US$72,913 million by the end of 2024. This sustained increase indicates strong capital accumulation and possibly retained earnings or capital injections over the years.
- Debt to equity ratio
- The debt to equity ratio oscillated significantly throughout the period. Initially low at 0.35 in 2010, it surged to a peak of 3.74 in 2012, indicating a period of high leverage relative to equity. This high leverage was followed by fluctuations, stabilizing around 2.4 during 2017-2018. Post-2019, there is a marked reduction in leverage, with the ratio dropping sharply to 0.53 in 2019 and then further decreasing to a very low level around 0.07–0.11 by 2023-2024. This implies a substantial deleveraging and a much stronger equity base compared to debt in recent years.
Overall, the data suggests that while the company initially relied heavily on debt financing with volatile leverage, it has transitioned toward strengthening its equity base and reducing relative debt. The considerable equity growth combined with recent low debt to equity ratios points to a more conservative financial position and potentially improved financial stability going forward. The partial increase in debt post-2021 may indicate strategic borrowing to support growth or capital investment, but leverage remains low compared to earlier periods.
Comparison to Competitors
Tesla Inc., debt to equity, long-term trends, comparison to competitors
| Tesla Inc. | Ford Motor Co. | General Motors Co. | |
|---|---|---|---|
| Dec 31, 2024 | 0.11 | 3.54 | 2.06 |
| Dec 31, 2023 | 0.08 | 3.49 | 1.89 |
| Dec 31, 2022 | 0.07 | 3.21 | 1.69 |
| Dec 31, 2021 | 0.23 | 2.85 | 1.83 |
| Dec 31, 2020 | 0.53 | 5.27 | 2.44 |
| Dec 31, 2019 | 2.03 | 4.68 | 2.47 |
| Dec 31, 2018 | 2.43 | 4.29 | 2.70 |
| Dec 31, 2017 | 2.43 | 4.42 | 2.69 |
| Dec 31, 2016 | 1.50 | 4.90 | 1.93 |
| Dec 31, 2015 | 2.46 | 4.64 | 1.58 |
| Dec 31, 2014 | 2.67 | 4.80 | 1.32 |
| Dec 31, 2013 | 0.91 | 4.35 | 0.85 |
| Dec 31, 2012 | 3.74 | 6.59 | 0.44 |
| Dec 31, 2011 | 1.25 | 6.63 | 0.36 |
| Dec 31, 2010 | 0.35 | — | 0.32 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
Comparison to Sector (Automobiles & Components)
Tesla Inc., debt to equity, long-term trends, comparison to sector (automobiles & components)
| Tesla Inc. | Automobiles & Components | |
|---|---|---|
| Dec 31, 2024 | 0.11 | 1.64 |
| Dec 31, 2023 | 0.08 | 1.63 |
| Dec 31, 2022 | 0.07 | 1.65 |
| Dec 31, 2021 | 0.23 | 1.84 |
| Dec 31, 2020 | 0.53 | 2.89 |
| Dec 31, 2019 | 2.03 | 3.33 |
| Dec 31, 2018 | 2.43 | 3.40 |
| Dec 31, 2017 | 2.43 | 3.49 |
| Dec 31, 2016 | 1.50 | 3.02 |
| Dec 31, 2015 | 2.46 | 2.85 |
| Dec 31, 2014 | 2.67 | 2.75 |
| Dec 31, 2013 | 0.91 | 2.17 |
| Dec 31, 2012 | 3.74 | 2.32 |
| Dec 31, 2011 | 1.25 | 2.13 |
| Dec 31, 2010 | 0.35 | 3.25 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
Comparison to Industry (Consumer Discretionary)
Tesla Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Tesla Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2024 | 0.11 | 1.08 |
| Dec 31, 2023 | 0.08 | 1.31 |
| Dec 31, 2022 | 0.07 | 1.48 |
| Dec 31, 2021 | 0.23 | 1.44 |
| Dec 31, 2020 | 0.53 | 2.22 |
| Dec 31, 2019 | 2.03 | 2.60 |
| Dec 31, 2018 | 2.43 | 2.59 |
| Dec 31, 2017 | 2.43 | 2.55 |
| Dec 31, 2016 | 1.50 | 2.21 |
| Dec 31, 2015 | 2.46 | 1.88 |
| Dec 31, 2014 | 2.67 | 1.60 |
| Dec 31, 2013 | 0.91 | 1.25 |
| Dec 31, 2012 | 3.74 | 1.19 |
| Dec 31, 2011 | 1.25 | 1.09 |
| Dec 31, 2010 | 0.35 | 1.26 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).