Price to Sales (P/S)
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2010
- Current Ratio since 2010
- Price to Operating Profit (P/OP) since 2010
- Aggregate Accruals
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Calculation
Tesla Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | = | ÷ | = | ÷ | |||||||
| Jan 30, 2025 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2024 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2018 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2014 | = | ÷ | = | ÷ | |||||||
| Mar 7, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2012 | = | ÷ | = | ÷ | |||||||
| Mar 3, 2011 | = | ÷ | = | ÷ |
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-Sales (P/S) ratio exhibited significant fluctuations over the observed period. Initially high, the ratio demonstrated a decreasing trend before experiencing substantial increases and subsequent moderation.
- Early Period (2011-2013)
- From 2011 to 2013, the P/S ratio decreased from 19.84 to 10.60. This decline coincided with increasing sales per share, suggesting that while the share price also increased, sales growth outpaced price appreciation during this timeframe. The ratio remained relatively high, indicating a premium valuation based on sales.
- Stabilization and Decline (2014-2016)
- The period between 2014 and 2016 saw further moderation in the P/S ratio, falling from 15.48 to 5.84. Share price volatility was present, but sales per share continued to rise, contributing to the decreasing ratio. This suggests a potential shift in investor sentiment or a reassessment of the company’s growth prospects relative to its sales.
- Low Point and Rebound (2017-2020)
- The P/S ratio reached a low of 5.06 in 2018 before beginning a substantial increase. By 2020, it had risen to 5.93. This increase occurred alongside continued growth in sales per share, but was also driven by a significant increase in share price, particularly in 2020. The ratio remained relatively low compared to its earlier levels.
- Significant Increase and Recent Moderation (2021-2025)
- A dramatic increase in the P/S ratio was observed from 2021 to 2024, peaking at 26.28 in 2021. This surge was primarily fueled by a substantial increase in share price, outpacing the growth in sales per share. More recently, in 2025, the P/S ratio has begun to moderate, decreasing to 13.18, potentially indicating a correction or a shift in market expectations. The most recent value in 2026 is 16.48, continuing the moderation.
- Overall Trend
- The overall trend demonstrates a cyclical pattern. The P/S ratio began at a high level, decreased through 2016, experienced a period of relative stability, and then underwent a significant increase followed by a recent moderation. This suggests that investor expectations regarding the company’s future sales growth and valuation have been dynamic over the period.
Comparison to Competitors
Tesla Inc., P/S, long-term trends, comparison to competitors
| Tesla Inc. | Ford Motor Co. | General Motors Co. | |
|---|---|---|---|
| Jan 29, 2026 | |||
| Jan 30, 2025 | |||
| Jan 29, 2024 | |||
| Jan 31, 2023 | |||
| Feb 7, 2022 | |||
| Feb 8, 2021 | |||
| Feb 13, 2020 | |||
| Feb 19, 2019 | |||
| Feb 23, 2018 | |||
| Mar 1, 2017 | |||
| Feb 24, 2016 | |||
| Feb 26, 2015 | |||
| Feb 26, 2014 | |||
| Mar 7, 2013 | |||
| Feb 27, 2012 | |||
| Mar 3, 2011 |
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., P/S, long-term trends, comparison to sector (automobiles & components)
| Tesla Inc. | Automobiles & Components | |
|---|---|---|
| Jan 29, 2026 | ||
| Jan 30, 2025 | ||
| Jan 29, 2024 | ||
| Jan 31, 2023 | ||
| Feb 7, 2022 | ||
| Feb 8, 2021 | ||
| Feb 13, 2020 | ||
| Feb 19, 2019 | ||
| Feb 23, 2018 | ||
| Mar 1, 2017 | ||
| Feb 24, 2016 | ||
| Feb 26, 2015 | ||
| Feb 26, 2014 | ||
| Mar 7, 2013 | ||
| Feb 27, 2012 | ||
| Mar 3, 2011 |
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., P/S, long-term trends, comparison to industry (consumer discretionary)
| Tesla Inc. | Consumer Discretionary | |
|---|---|---|
| Jan 29, 2026 | ||
| Jan 30, 2025 | ||
| Jan 29, 2024 | ||
| Jan 31, 2023 | ||
| Feb 7, 2022 | ||
| Feb 8, 2021 | ||
| Feb 13, 2020 | ||
| Feb 19, 2019 | ||
| Feb 23, 2018 | ||
| Mar 1, 2017 | ||
| Feb 24, 2016 | ||
| Feb 26, 2015 | ||
| Feb 26, 2014 | ||
| Mar 7, 2013 | ||
| Feb 27, 2012 | ||
| Mar 3, 2011 |
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).