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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current Ratio Trend
- The current ratio shows a general upward trend from March 31, 2020, to June 30, 2025. It initially increased from 1.24 to a peak of 1.88 by December 31, 2020, then experienced a slight decline and stabilization around 1.35 to 1.53 through the end of 2022. Starting in 2023, the ratio began to rise steadily again, reaching above 2.0 by mid-2025, indicating improving short-term liquidity and greater ability to cover current liabilities with current assets over time.
- Quick Ratio Trend
- The quick ratio follows a somewhat similar pattern to the current ratio but with more fluctuation. It rose sharply from 0.78 in March 2020 to around 1.49 by December 2020, suggesting an improvement in immediate liquidity excluding inventories. However, from 2021 through late 2022, the ratio declined slightly and remained under 1.0 for several quarters, reflecting more conservative liquidity excluding less liquid current assets. Beginning in early 2023, the quick ratio regained strength, consistently rising to approximately 1.37 by mid-2025, indicating enhanced liquid asset availability relative to current liabilities.
- Cash Ratio Trend
- The cash ratio displayed an initial increase from 0.67 to 1.36 by December 2020, indicating that cash and cash equivalents were growing relative to current liabilities. Following this peak, the ratio decreased moderately and fluctuated between 0.82 and 0.91 throughout 2021 and 2022, showing a reduction in cash relative to current liabilities. From early 2023 onwards, the cash ratio improved again, reaching 1.23 by June 2025. This suggests an overall strengthening of the most liquid assets available to cover short-term liabilities, with some volatility in the interim periods.
- General Liquidity Insights
- The data reflects a pronounced liquidity improvement during 2020, likely related to external events impacting cash management strategies. Mid-2021 through 2022 saw a moderation or slight decline in liquidity ratios, signifying a period of cautious asset management or increased liabilities. From 2023 onward, all three liquidity measures exhibited a steady increase, indicating an ongoing effort to enhance financial stability and short-term solvency. The maintained upward trends in the current, quick, and cash ratios by 2025 suggest a stronger liquidity position with growing buffers against immediate obligations.
Current Ratio
Tesla Inc., current ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 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) | 27,100) | 25,002) | 24,693) | 24,705) | 26,717) | 21,744) | 15,336) | 14,893) | |||||||
| Current liabilities | 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) | 19,705) | 18,051) | 16,371) | 14,877) | 14,248) | 13,302) | 12,270) | 11,986) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 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 | 1.38 | 1.39 | 1.51 | 1.66 | 1.88 | 1.63 | 1.25 | 1.24 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Ford Motor Co. | 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 | 1.20 | 1.20 | 1.21 | 1.21 | 1.20 | 1.20 | 1.34 | 1.32 | |||||||
| General Motors Co. | 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 | 1.10 | 1.08 | 1.10 | 1.08 | 1.01 | 1.11 | 1.12 | 1.07 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 61,133 ÷ 30,008 = 2.04
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several trends and patterns in the company's working capital position over the period from March 2020 through June 2025.
- Current Assets
- The current assets show a consistent upward trend throughout the analyzed period. Beginning at approximately $14.9 billion in the first quarter of 2020, current assets increased steadily to reach over $61 billion by mid-2025. This growth appears relatively stable, with no significant quarter-to-quarter decreases, indicating expanding liquidity and available resources to meet short-term obligations.
- Current Liabilities
- Current liabilities also follow an increasing trend, rising from about $12.0 billion in March 2020 to approximately $30.0 billion by June 2025. However, the increase in liabilities is less pronounced than that of current assets. Some fluctuations occur, such as slight decreases observed in certain quarters within 2024 and 2025, but the overall trajectory remains upward.
- Current Ratio
- The current ratio, which measures the ability to cover current liabilities with current assets, begins at 1.24 in March 2020. It rises to a peak of around 1.88 by the end of 2020, indicating improved short-term financial stability. Afterward, the ratio exhibits some volatility, dipping to approximately 1.35 in early 2022 but then steadily increasing again. By June 2025, the current ratio reaches about 2.04. This suggests that the company's liquidity position has strengthened over time, with the ratio remaining consistently above 1, reflecting a generally healthy margin of safety in covering short-term obligations.
Overall, the data indicate that both current assets and current liabilities have grown significantly over the period, with current assets expanding at a faster rate. The improvement and maintenance of the current ratio above 1.3 throughout most of the timeline demonstrate enhanced liquidity and prudent working capital management.
Quick Ratio
Tesla Inc., quick ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 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) | 17,576) | 16,065) | 16,229) | 17,141) | 19,384) | 14,531) | 8,615) | 8,080) | |||||||
| Short-term investments | 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) | 131) | 30) | —) | —) | —) | —) | —) | —) | |||||||
| Accounts receivable, net | 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) | 1,913) | 1,962) | 2,129) | 1,890) | 1,886) | 1,757) | 1,485) | 1,274) | |||||||
| Total quick assets | 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) | 19,620) | 18,057) | 18,358) | 19,031) | 21,270) | 16,288) | 10,100) | 9,354) | |||||||
| Current liabilities | 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) | 19,705) | 18,051) | 16,371) | 14,877) | 14,248) | 13,302) | 12,270) | 11,986) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 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 | 1.00 | 1.00 | 1.12 | 1.28 | 1.49 | 1.22 | 0.82 | 0.78 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Ford Motor Co. | 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 | 1.03 | 1.01 | 1.01 | 1.03 | 1.05 | 1.04 | 1.17 | 1.14 | |||||||
| General Motors Co. | 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 | 0.84 | 0.79 | 0.83 | 0.83 | 0.79 | 0.89 | 0.88 | 0.88 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 40,620 ÷ 30,008 = 1.35
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibit an overall increasing trend from March 31, 2020, through June 30, 2025. Starting at approximately $9.35 billion, this figure rises substantially to peak at around $40.98 billion by March 31, 2025. There are periods of steady growth, particularly notable between December 31, 2020, and March 31, 2024, with intermittent slight fluctuations or stabilization, such as from March 31, 2025, to June 30, 2025.
- Current Liabilities
- Current liabilities follow an upward trajectory over the reported periods, increasing from about $11.99 billion in March 31, 2020, to nearly $30.01 billion by June 30, 2025. This growth is relatively steady, with occasional plateaus or minor reductions, for example between March 31, 2024, and June 30, 2024, and again near the end of the period. The rate of increase, however, appears less steep than that of total quick assets over the longer term.
- Quick Ratio
- The quick ratio demonstrates variability across the timeline. Initially below 1 (0.78 in March 31, 2020), it climbs above 1 by September 30, 2020, and peaks at roughly 1.49 at the end of 2020, indicating relatively strong short-term liquidity at that time. Subsequently, the ratio declines, reaching values near or slightly below 1 between mid-2021 and early 2023, suggesting tighter liquidity conditions during this span. From mid-2023 onward, the quick ratio again increases, surpassing 1 consistently and rising to approximately 1.42 by March 31, 2025, indicating improved liquidity relative to current liabilities in recent periods.
- Overall Insights
- The data reflects expansion in asset base alongside rising liabilities, yet with an improving liquidity position over the longer term as seen by the upward trend in the quick ratio in the later quarters. The fluctuating quick ratio suggests varying management of liquid assets and obligations, possibly influenced by operational or market factors in the intermediary quarters. The recovery and improvement in the quick ratio past mid-2023 could imply enhanced financial stability and better capacity to meet short-term obligations without relying on inventory sales.
Cash Ratio
Tesla Inc., cash ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 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) | 17,576) | 16,065) | 16,229) | 17,141) | 19,384) | 14,531) | 8,615) | 8,080) | |||||||
| Short-term investments | 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) | 131) | 30) | —) | —) | —) | —) | —) | —) | |||||||
| Total cash assets | 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) | 17,707) | 16,095) | 16,229) | 17,141) | 19,384) | 14,531) | 8,615) | 8,080) | |||||||
| Current liabilities | 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) | 19,705) | 18,051) | 16,371) | 14,877) | 14,248) | 13,302) | 12,270) | 11,986) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 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 | 0.90 | 0.89 | 0.99 | 1.15 | 1.36 | 1.09 | 0.70 | 0.67 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Ford Motor Co. | 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 | 0.55 | 0.52 | 0.49 | 0.49 | 0.51 | 0.48 | 0.62 | 0.49 | |||||||
| General Motors Co. | 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 | 0.39 | 0.33 | 0.39 | 0.38 | 0.36 | 0.46 | 0.48 | 0.51 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 36,782 ÷ 30,008 = 1.23
2 Click competitor name to see calculations.
- Total Cash Assets
-
Total cash assets demonstrated a significant upward trajectory over the period analyzed. Starting from 8,080 million US dollars in March 2020, there was a marked increase reaching a peak of approximately 29,094 million by December 2023. While there was some fluctuation in 2024, with values dipping slightly to 26,863 million in September 2024, the general trend remained positive, culminating close to 36,782 million by June 2025. This consistent increase reflects an improving liquidity position and strong cash accumulation strategies.
- Current Liabilities
-
Current liabilities also showed an increasing trend but with more variability compared to total cash assets. Beginning at 11,986 million US dollars in March 2020, liabilities rose steadily, peaking multiple times with the highest recorded value of 30,008 million in June 2025. There were periodic fluctuations, such as a small decrease in some quarters (e.g., from 27,592 million in June 2023 to 26,640 million in September 2023) and intermittent rises. Overall, liabilities increased at a pace somewhat aligned with cash assets, indicating potential growth in short-term obligations parallel to cash growth.
- Cash Ratio
-
The cash ratio, representing cash and cash equivalents relative to current liabilities, fluctuated around unity throughout the periods. Initially, the ratio increased from 0.67 in March 2020 to a high of 1.36 by December 2020, indicating a strong liquidity position with cash covering current liabilities more than once. Subsequent quarters saw a decline and some stabilization around 0.82 to 0.9 during 2021 and 2022, indicating nearer parity. From late 2023 onward, the ratio again improved, consistently exceeding 0.9 and frequently surpassing 1.0, reaching 1.27 by March 2025. This trend suggests enhanced liquidity management and a generally solid ability to meet short-term liabilities with cash resources over time.
- Overall Insights
-
The financial data indicate a robust accumulation of cash assets alongside growing current liabilities, with cash assets generally outpacing liabilities in recent quarters. The rising cash ratio illustrates improved liquidity, implying effective cash management and an ability to cover short-term obligations comfortably. The periodic fluctuations in both cash and liabilities suggest operational adjustments or seasonal impacts, but the overarching pattern points to strengthening financial stability and liquidity capacity over the period examined.