Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Tesla Inc., long-term (investment) activity ratios
Based on: 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Tesla Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Tesla Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Tesla Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Tesla Inc. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover
Tesla Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 96,773) | 81,462) | 53,823) | 31,536) | 24,578) | |
| Property, plant and equipment, net | 29,725) | 23,548) | 18,884) | 12,747) | 10,396) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 3.26 | 3.46 | 2.85 | 2.47 | 2.36 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Ford Motor Co. | 4.06 | 4.00 | 3.40 | 3.13 | 3.94 | |
| General Motors Co. | 3.13 | 3.18 | 2.76 | 2.89 | 3.17 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Automobiles & Components | 3.48 | 3.53 | 3.02 | 2.93 | 3.40 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | 3.24 | 3.18 | 2.98 | 2.99 | 3.28 | |
Based on: 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).
1 2023 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= 96,773 ÷ 29,725 = 3.26
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Tesla Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Tesla Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 96,773) | 81,462) | 53,823) | 31,536) | 24,578) | |
| Property, plant and equipment, net | 29,725) | 23,548) | 18,884) | 12,747) | 10,396) | |
| Operating lease right-of-use assets | 4,180) | 2,563) | 2,016) | 1,558) | 1,218) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 33,905) | 26,111) | 20,900) | 14,305) | 11,614) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.85 | 3.12 | 2.58 | 2.20 | 2.12 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Ford Motor Co. | 3.89 | 3.85 | 3.28 | 3.02 | 3.79 | |
| General Motors Co. | 3.07 | 3.11 | 2.69 | 2.81 | 3.08 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Automobiles & Components | 3.29 | 3.37 | 2.89 | 2.81 | 3.26 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | 2.53 | 2.48 | 2.32 | 2.34 | 2.83 | |
Based on: 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).
1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 96,773 ÷ 33,905 = 2.85
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Tesla Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Total Asset Turnover
Tesla Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 96,773) | 81,462) | 53,823) | 31,536) | 24,578) | |
| Total assets | 106,618) | 82,338) | 62,131) | 52,148) | 34,309) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.91 | 0.99 | 0.87 | 0.60 | 0.72 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Ford Motor Co. | 0.61 | 0.58 | 0.49 | 0.43 | 0.56 | |
| General Motors Co. | 0.58 | 0.55 | 0.46 | 0.46 | 0.54 | |
| Total Asset Turnover, Sector | ||||||
| Automobiles & Components | 0.64 | 0.62 | 0.52 | 0.46 | 0.56 | |
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | 0.95 | 0.93 | 0.84 | 0.81 | 0.92 | |
Based on: 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).
1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 96,773 ÷ 106,618 = 0.91
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Tesla Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Equity Turnover
Tesla Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 96,773) | 81,462) | 53,823) | 31,536) | 24,578) | |
| Stockholders’ equity | 62,634) | 44,704) | 30,189) | 22,225) | 6,618) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.55 | 1.82 | 1.78 | 1.42 | 3.71 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Ford Motor Co. | 3.88 | 3.45 | 2.60 | 3.78 | 4.33 | |
| General Motors Co. | 2.45 | 2.12 | 1.90 | 2.41 | 2.94 | |
| Equity Turnover, Sector | ||||||
| Automobiles & Components | 2.48 | 2.40 | 2.12 | 2.62 | 3.57 | |
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | 3.85 | 4.15 | 3.60 | 4.40 | 5.13 | |
Based on: 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).
1 2023 Calculation
Equity turnover = Revenues ÷ Stockholders’ equity
= 96,773 ÷ 62,634 = 1.55
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Tesla Inc. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |