Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Tesla Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The liquidity profile exhibits a sustained period of strengthening from the first quarter of 2022 through the end of 2025, followed by a moderate decline throughout 2026. This trajectory indicates a significant accumulation of short-term assets relative to current liabilities during the bulk of the analyzed period, resulting in a robust safety margin that peaked in December 2025.
- Current Ratio
- A consistent upward trend is observed from March 2022 (1.35) through December 2025, where the ratio reached its peak at 2.16. This progression suggests an increasing capacity to cover short-term obligations. However, a reversal occurred in 2026, with the ratio descending to 1.74 by September 30, 2026, indicating a reduction in the relative volume of current assets.
- Quick Ratio
- The quick ratio remained relatively stable between 0.93 and 1.07 from early 2022 until mid-2023. A period of expansion followed, with the ratio climbing to a peak of 1.53 in December 2025. Similar to the current ratio, a downward trend emerged in 2026, ending the period at 1.24. The movement suggests that the improvement in liquidity was not solely dependent on inventory levels but was driven by more liquid assets.
- Cash Ratio
- The cash ratio closely mirrors the trajectory of the quick ratio, starting at 0.84 in March 2022 and ascending to a peak of 1.39 in December 2025. The convergence between the cash ratio and the quick ratio indicates that cash and cash equivalents comprise the vast majority of the company's highly liquid assets. The ratio concluded the period at 1.12 in September 2026.
The tight correlation between the quick and cash ratios reveals that inventory levels had a minimal impact on the overall liquidity volatility. The synchronized peak across all three metrics in December 2025 suggests a maximum liquidity position, while the subsequent decline in 2026 reflects a shift in the balance between current assets and current liabilities.
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Current Ratio
Tesla Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 70,402) | 68,758) | 69,748) | 68,642) | 64,653) | 61,133) | 59,389) | 58,360) | 56,379) | 52,977) | 50,535) | 49,616) | 45,026) | 43,875) | 42,997) | 40,917) | 35,990) | 31,222) | 29,050) | ||||||
| Current liabilities | 40,492) | 35,425) | 34,138) | 31,714) | 31,290) | 30,008) | 29,753) | 28,821) | 30,577) | 27,729) | 29,453) | 28,748) | 26,640) | 27,592) | 27,436) | 26,709) | 24,611) | 21,821) | 21,455) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.74 | 1.94 | 2.04 | 2.16 | 2.07 | 2.04 | 2.00 | 2.02 | 1.84 | 1.91 | 1.72 | 1.73 | 1.69 | 1.59 | 1.57 | 1.53 | 1.46 | 1.43 | 1.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | — | 1.09 | 1.09 | 1.07 | 1.12 | 1.10 | 1.13 | 1.16 | 1.15 | 1.17 | 1.17 | 1.20 | 1.21 | 1.20 | 1.20 | 1.20 | 1.20 | 1.16 | 1.17 | ||||||
| General Motors Co. | 1.09 | 1.14 | 1.15 | 1.17 | 1.23 | 1.22 | 1.21 | 1.13 | 1.21 | 1.18 | 1.16 | 1.08 | 1.14 | 1.15 | 1.10 | 1.10 | 1.14 | 1.15 | 1.11 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 70,402 ÷ 40,492 = 1.74
2 Click competitor name to see calculations.
An analysis of the liquidity position reveals a sustained period of strengthening in the short-term solvency profile, followed by a contraction in the final quarters of the observed timeframe. Total current assets demonstrated consistent growth, more than doubling over the period, which initially enhanced the capacity to meet short-term obligations.
- Current Asset Expansion
- Current assets exhibited a continuous upward trajectory, increasing from 29,050 million US dollars in March 2022 to 70,402 million US dollars by September 2026. This steady accumulation reflects a significant growth in liquid resources over the analyzed period.
- Current Liability Dynamics
- Current liabilities grew from 21,455 million US dollars in March 2022 to 40,492 million US dollars in September 2026. While the growth remained relatively controlled for the majority of the period, a sharp acceleration in liability accumulation is observed between March 2026 and September 2026, where obligations rose by approximately 6,354 million US dollars in six months.
- Current Ratio Trajectory
- The current ratio improved steadily from 1.35 in March 2022 to a peak of 2.16 in December 2025, indicating an increasing margin of safety for creditors. However, a downward trend emerged in 2026, with the ratio falling to 1.74 by September 2026. This recent decline is primarily driven by the rapid increase in current liabilities outpacing the growth rate of current assets during the final three quarters of the reporting period.
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Quick Ratio
Tesla Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 17,853) | 15,219) | 16,603) | 16,513) | 18,289) | 15,587) | 16,352) | 16,139) | 18,111) | 14,635) | 11,805) | 16,398) | 15,932) | 15,296) | 16,048) | 16,253) | 19,532) | 18,324) | 17,505) | ||||||
| Short-term investments | 27,594) | 28,305) | 28,140) | 27,546) | 23,358) | 21,195) | 20,644) | 20,424) | 15,537) | 16,085) | 15,058) | 12,696) | 10,145) | 7,779) | 6,354) | 5,932) | 1,575) | 591) | 508) | ||||||
| Accounts receivable, net | 4,636) | 4,087) | 3,959) | 4,576) | 4,703) | 3,838) | 3,782) | 4,418) | 3,313) | 3,737) | 3,887) | 3,508) | 2,520) | 3,447) | 2,993) | 2,952) | 2,192) | 2,081) | 2,311) | ||||||
| Total quick assets | 50,083) | 47,611) | 48,702) | 48,635) | 46,350) | 40,620) | 40,778) | 40,981) | 36,961) | 34,457) | 30,750) | 32,602) | 28,597) | 26,522) | 25,395) | 25,137) | 23,299) | 20,996) | 20,324) | ||||||
| Current liabilities | 40,492) | 35,425) | 34,138) | 31,714) | 31,290) | 30,008) | 29,753) | 28,821) | 30,577) | 27,729) | 29,453) | 28,748) | 26,640) | 27,592) | 27,436) | 26,709) | 24,611) | 21,821) | 21,455) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 1.24 | 1.34 | 1.43 | 1.53 | 1.48 | 1.35 | 1.37 | 1.42 | 1.21 | 1.24 | 1.04 | 1.13 | 1.07 | 0.96 | 0.93 | 0.94 | 0.95 | 0.96 | 0.95 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | — | 0.88 | 0.88 | 0.90 | 0.94 | 0.91 | 0.92 | 0.98 | 0.94 | 0.96 | 0.95 | 1.01 | 0.99 | 0.99 | 0.99 | 1.02 | 0.99 | 0.95 | 0.96 | ||||||
| General Motors Co. | 0.86 | 0.89 | 0.89 | 0.92 | 0.98 | 0.97 | 0.96 | 0.90 | 0.95 | 0.91 | 0.88 | 0.83 | 0.88 | 0.88 | 0.82 | 0.86 | 0.88 | 0.85 | 0.84 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 50,083 ÷ 40,492 = 1.24
2 Click competitor name to see calculations.
The overall liquidity position exhibits a significant strengthening over the analyzed period, characterized by a transition from a deficit in immediate liquidity to a substantial surplus. The trend indicates a strategic increase in highly liquid assets relative to short-term obligations.
- Total Quick Assets Trend
- A consistent and aggressive growth pattern is observed in total quick assets, which rose from 20,324 million USD in March 2022 to 50,083 million USD by September 2026. This growth was largely linear, with a notable acceleration occurring between December 2023 and December 2025, where assets increased by approximately 16 billion USD.
- Current Liabilities Dynamics
- Current liabilities demonstrated a general upward trend but with higher volatility compared to assets. While liabilities grew from 21,455 million USD in March 2022 to 40,492 million USD in September 2026, there were distinct periods of contraction, particularly during the middle of 2024 and the end of 2024, which temporarily lowered the short-term debt burden.
- Quick Ratio Trajectory
- The quick ratio remained below the 1.0 threshold from March 2022 through June 2023, fluctuating between 0.93 and 0.96, suggesting that quick assets were slightly insufficient to cover current liabilities. A structural shift occurred in September 2023, as the ratio climbed above 1.0 and reached a peak of 1.53 by December 2025. This indicates a period of significant liquidity accumulation. Following this peak, a gradual decline is observed through September 2026, with the ratio settling at 1.24, though it remains well above the historical baseline established in 2022.
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Cash Ratio
Tesla Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 17,853) | 15,219) | 16,603) | 16,513) | 18,289) | 15,587) | 16,352) | 16,139) | 18,111) | 14,635) | 11,805) | 16,398) | 15,932) | 15,296) | 16,048) | 16,253) | 19,532) | 18,324) | 17,505) | ||||||
| Short-term investments | 27,594) | 28,305) | 28,140) | 27,546) | 23,358) | 21,195) | 20,644) | 20,424) | 15,537) | 16,085) | 15,058) | 12,696) | 10,145) | 7,779) | 6,354) | 5,932) | 1,575) | 591) | 508) | ||||||
| Total cash assets | 45,447) | 43,524) | 44,743) | 44,059) | 41,647) | 36,782) | 36,996) | 36,563) | 33,648) | 30,720) | 26,863) | 29,094) | 26,077) | 23,075) | 22,402) | 22,185) | 21,107) | 18,915) | 18,013) | ||||||
| Current liabilities | 40,492) | 35,425) | 34,138) | 31,714) | 31,290) | 30,008) | 29,753) | 28,821) | 30,577) | 27,729) | 29,453) | 28,748) | 26,640) | 27,592) | 27,436) | 26,709) | 24,611) | 21,821) | 21,455) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 1.12 | 1.23 | 1.31 | 1.39 | 1.33 | 1.23 | 1.24 | 1.27 | 1.10 | 1.11 | 0.91 | 1.01 | 0.98 | 0.84 | 0.82 | 0.83 | 0.86 | 0.87 | 0.84 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | — | 0.29 | 0.29 | 0.33 | 0.36 | 0.33 | 0.32 | 0.36 | 0.34 | 0.33 | 0.33 | 0.40 | 0.41 | 0.42 | 0.41 | 0.45 | 0.45 | 0.42 | 0.46 | ||||||
| General Motors Co. | 0.26 | 0.26 | 0.26 | 0.30 | 0.32 | 0.31 | 0.30 | 0.28 | 0.34 | 0.32 | 0.28 | 0.28 | 0.36 | 0.35 | 0.31 | 0.34 | 0.35 | 0.34 | 0.33 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 45,447 ÷ 40,492 = 1.12
2 Click competitor name to see calculations.
An analysis of the liquidity position between March 31, 2022, and September 30, 2026, reveals a significant strengthening of the immediate solvency profile. The overall trend is characterized by a substantial accumulation of cash assets that has outpaced the growth of current liabilities, resulting in a transition from a sub-1.0 cash ratio to a position of significant liquidity surplus.
- Total Cash Assets
- A consistent upward trajectory is observed in cash holdings, which grew from 18,013 million US$ in March 2022 to 45,447 million US$ by September 2026. Notable acceleration occurred between December 2023 and September 2024, where assets increased from 29,094 million US$ to 33,648 million US$, and again throughout 2025, peaking at 44,059 million US$ in December 2025.
- Current Liabilities
- Current obligations exhibited a general increase over the period, rising from 21,455 million US$ to 40,492 million US$. However, the growth was non-linear; liabilities remained relatively stable or decreased slightly between March 2023 and June 2024, fluctuating within the 27,000 to 29,000 million US$ range before resuming an upward trend in 2025 and 2026.
- Cash Ratio Dynamics
- The cash ratio underwent three distinct phases. From March 2022 to June 2023, the ratio remained stable but below unity, ranging between 0.82 and 0.87, indicating that cash assets alone did not fully cover current liabilities. A critical inflection point occurred in December 2023, when the ratio first exceeded 1.0. A period of peak liquidity was reached between June 2024 and December 2025, with the ratio climbing to a maximum of 1.39. In the final three quarters ending September 2026, a gradual decline is noted, with the ratio settling at 1.12, though it remains well above the initial 2022 levels.
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