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 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: 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.
- Share Price Trend
- The share price exhibits a general upward trajectory over the analyzed period, starting at $1.62 in March 2011 and reaching $400.28 by January 2025. Between 2011 and 2013, the price increased gradually from $1.62 to $2.55. A substantial jump occurred in 2014, with the price rising to $16.87, followed by minor fluctuations until 2018, where the price peaked at $23.47. Between 2019 and 2021, a marked acceleration is apparent, peaking at $287.81 in February 2021. A slight decline followed in 2023 to $173.22 but recovered to $400.28 by 2025, suggesting strong market confidence on a longer-term basis.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share remained consistently negative from 2011 to 2019, reflecting operating losses during this period. The negative OPPS ranged from -$0.64 to -$0.03, with some volatility but no positive figures. Starting in 2020, a significant turnaround is observed, with OPPS becoming positive ($0.69) and increasing further to reach a peak of $4.32 in 2023. A slight decline followed in the subsequent periods to $2.79 in 2024 and $2.20 in 2025. This indicates improved operational efficiency and profitability beginning in 2020, sustained through to 2025 despite minor fluctuations.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio can be calculated from 2021 onward due to positive operating profits per share. In 2021, the ratio was extraordinarily high at 415.63, implying the share price was valued very high compared to operating profit. This ratio sharply declined to 143.76 in 2022 and further to 40.14 in 2023, suggesting that stock price growth was outpacing gains in operating profit initially but then began reflecting improved profitability. However, a rise in P/OP is noted again in 2024 and 2025 to 68.39 and 181.95 respectively, indicating renewed market optimism or potentially rising share prices relative to operating earnings in those years.
- Overall Financial Insights
- The overall financial data indicates a company that experienced prolonged operating losses prior to 2020 but achieved significant operational turnaround beginning that year. The surging share price over this period denotes increasing investor confidence, especially post-2019, correlating with the transition to operating profitability. The fluctuations in the P/OP ratio underscore varying market sentiments regarding the valuation relative to profit generation, with periods of positive corrections followed by renewed optimism.
Comparison to Competitors
Tesla Inc., P/OP, long-term trends, comparison to competitors
| Tesla Inc. | Ford Motor Co. | General Motors Co. | |
|---|---|---|---|
| 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: 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).