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, 2025 | 0.10 | = | 8,376) | ÷ | 82,137) |
| 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: 2025-12-31), 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 relationship between total debt and stockholders’ equity exhibited significant fluctuations over the analyzed period. Initially, the debt-to-equity ratio was relatively low, but it increased substantially before stabilizing and then declining markedly.
- Early Stage (2010-2012)
- From 2010 to 2012, the debt-to-equity ratio increased from 0.35 to 3.74. This indicates a growing reliance on debt financing relative to equity. Total debt increased from US$73 million to US$467 million, while stockholders’ equity initially rose slightly before decreasing significantly in 2012.
- Growth and Stabilization (2013-2017)
- The ratio decreased to 0.91 in 2013, then fluctuated between 2.43 and 2.67 over the next four years. Total debt increased considerably during this period, peaking at US$10,315 million in 2017. Simultaneously, stockholders’ equity also grew, but at a slower pace than debt until 2016, after which it began to accelerate. This suggests a period of substantial investment and expansion financed by both debt and equity.
- Deleveraging Phase (2018-2025)
- From 2018 onwards, a clear downward trend in the debt-to-equity ratio is observed. The ratio decreased from 2.03 to 0.10 over the seven-year period. This decline was driven by a substantial increase in stockholders’ equity, which grew from US$6,618 million in 2019 to US$82,137 million in 2025, while total debt remained relatively stable, with a slight increase from US$13,419 million to US$8,376 million. This indicates a significant strengthening of the company’s financial position and a reduced reliance on debt financing.
The most recent values suggest a very conservative capital structure, with a debt-to-equity ratio of 0.10 in 2025. This implies that for every dollar of debt, there are approximately ten dollars of equity, indicating a strong financial foundation.
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Comparison to Competitors
Tesla Inc., debt to equity, long-term trends, comparison to competitors
| Tesla Inc. | Ford Motor Co. | General Motors Co. | |
|---|---|---|---|
| Dec 31, 2025 | 0.10 | 4.54 | 2.13 |
| 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: 2025-12-31), 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, 2025 | 0.10 | 1.69 |
| 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: 2025-12-31), 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, 2025 | 0.10 | 0.89 |
| Dec 31, 2024 | 0.11 | 1.06 |
| Dec 31, 2023 | 0.08 | 1.28 |
| Dec 31, 2022 | 0.07 | 1.44 |
| Dec 31, 2021 | 0.23 | 1.41 |
| Dec 31, 2020 | 0.53 | 2.17 |
| 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: 2025-12-31), 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).