Price to Operating Profit (P/OP)
since 2010
Calculation
Tesla Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income (loss) from operations1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | 358.92 | = | 416.56 | ÷ | 1.16 | 1.16 | = | 4,355 | ÷ | 3,752,431,984 | |
| Jan 30, 2025 | 181.95 | = | 400.28 | ÷ | 2.20 | 2.20 | = | 7,076 | ÷ | 3,216,517,037 | |
| Jan 29, 2024 | 68.39 | = | 190.93 | ÷ | 2.79 | 2.79 | = | 8,891 | ÷ | 3,184,790,415 | |
| Jan 31, 2023 | 40.14 | = | 173.22 | ÷ | 4.32 | 4.32 | = | 13,656 | ÷ | 3,164,102,701 | |
| Feb 7, 2022 | 143.76 | = | 302.45 | ÷ | 2.10 | 2.10 | = | 6,523 | ÷ | 3,100,522,833 | |
| Feb 8, 2021 | 415.63 | = | 287.81 | ÷ | 0.69 | 0.69 | = | 1,994 | ÷ | 2,879,560,512 | |
| Feb 13, 2020 | — | = | 53.60 | ÷ | -0.03 | -0.03 | = | -69 | ÷ | 2,720,123,790 | |
| Feb 19, 2019 | — | = | 20.38 | ÷ | -0.15 | -0.15 | = | -388 | ÷ | 2,590,822,305 | |
| Feb 23, 2018 | — | = | 23.47 | ÷ | -0.64 | -0.64 | = | -1,632 | ÷ | 2,533,799,115 | |
| Mar 1, 2017 | — | = | 16.67 | ÷ | -0.28 | -0.28 | = | -667 | ÷ | 2,425,056,420 | |
| Feb 24, 2016 | — | = | 11.93 | ÷ | -0.36 | -0.36 | = | -717 | ÷ | 1,980,845,070 | |
| Feb 26, 2015 | — | = | 13.81 | ÷ | -0.10 | -0.10 | = | -187 | ÷ | 1,886,442,525 | |
| Feb 26, 2014 | — | = | 16.87 | ÷ | -0.03 | -0.03 | = | -61 | ÷ | 1,847,879,070 | |
| Mar 7, 2013 | — | = | 2.55 | ÷ | -0.23 | -0.23 | = | -394 | ÷ | 1,717,769,595 | |
| Feb 27, 2012 | — | = | 2.24 | ÷ | -0.16 | -0.16 | = | -251 | ÷ | 1,569,060,660 | |
| Mar 3, 2011 | — | = | 1.62 | ÷ | -0.10 | -0.10 | = | -147 | ÷ | 1,430,030,565 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Tesla Inc. Annual Report.
The Price to Operating Profit (P/OP) ratio exhibits a dramatic evolution over the observed period. Initially unavailable, the ratio becomes calculable in 2021, coinciding with the company achieving positive operating profit per share. Prior to this, operating profit per share remained consistently negative, rendering the P/OP ratio undefined.
- Initial Period (2011-2020)
- From 2011 through 2020, operating profit per share was negative. Consequently, the P/OP ratio could not be determined. The share price, however, fluctuated considerably, ranging from a low of $1.62 to a high of $53.60, indicating significant market speculation and investor sentiment despite the lack of profitability.
- Transition to Profitability (2021-2022)
- In 2021, operating profit per share turned positive, resulting in a very high P/OP ratio of 415.63. This suggests a substantial valuation relative to current earnings. The ratio decreased significantly in 2022 to 143.76, indicating that while the share price remained high, operating profit per share increased at a faster rate, bringing the valuation more in line with earnings.
- Recent Fluctuations (2023-2026)
- The P/OP ratio experienced further fluctuations in subsequent years. It decreased to 40.14 in 2023, then rose to 68.39 in 2024, followed by an increase to 181.95 in 2025, and finally settled at 358.92 in 2026. These changes suggest a dynamic relationship between share price and operating profit, potentially influenced by factors such as growth expectations, market conditions, and investor confidence. The increase in 2025 and 2026 indicates that the share price grew at a faster rate than operating profit per share during those periods.
Overall, the P/OP ratio demonstrates a transition from being undefined due to negative earnings to exhibiting considerable volatility as the company achieved and maintained profitability. The ratio’s fluctuations highlight the sensitivity of the company’s valuation to changes in both share price and operating performance.
Comparison to Competitors
Tesla Inc., P/OP, long-term trends, comparison to competitors
| Tesla Inc. | Ford Motor Co. | General Motors Co. | |
|---|---|---|---|
| Jan 29, 2026 | 358.92 | — | 26.84 |
| Jan 30, 2025 | 181.95 | 7.03 | 3.89 |
| Jan 29, 2024 | 68.39 | 9.32 | 4.74 |
| Jan 31, 2023 | 40.14 | 8.40 | 5.32 |
| Feb 7, 2022 | 143.76 | 15.90 | 8.34 |
| Feb 8, 2021 | 415.63 | — | 11.92 |
| Feb 13, 2020 | — | 57.40 | 9.13 |
| Feb 19, 2019 | — | 10.82 | 12.66 |
| Feb 23, 2018 | — | — | 5.86 |
| Mar 1, 2017 | — | — | 5.51 |
| Feb 24, 2016 | — | — | 9.12 |
| Feb 26, 2015 | — | — | 37.71 |
| Feb 26, 2014 | — | — | 10.92 |
| Mar 7, 2013 | — | — | — |
| Feb 27, 2012 | — | — | 7.32 |
| Mar 3, 2011 | — | — | 10.12 |
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).