Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

Analysis of Short-term (Operating) Activity Ratios

Microsoft Excel LibreOffice Calc

Short-term Activity Ratios (Summary)

Tesla Inc., short-term (operating) activity ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Turnover Ratios
Inventory turnover 6.07 5.77 5.59 4.21 2.61
Receivables turnover 16.72 18.56 22.61 22.82 14.02
Payables turnover 4.12 5.44 5.12 3.99 2.90
Working capital turnover 2.53 17.12 16.17
Average No. Days
Average inventory processing period 60 63 65 87 140
Add: Average receivable collection period 22 20 16 16 26
Operating cycle 82 83 81 103 166
Less: Average payables payment period 89 67 71 91 126
Cash conversion cycle -7 16 10 12 40

Based on: 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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Tesla Inc. inventory turnover ratio improved from 2018 to 2019 and from 2019 to 2020.
Receivables turnover An activity ratio equal to revenue divided by receivables. Tesla Inc. receivables turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Tesla Inc. payables turnover ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Tesla Inc. number of days of inventory outstanding improved from 2018 to 2019 and from 2019 to 2020.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Tesla Inc. number of days of receivables outstanding deteriorated from 2018 to 2019 and from 2019 to 2020.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Tesla Inc. number of days of payables outstanding decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Tesla Inc. cash conversion cycle deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Inventory Turnover

Tesla Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Cost of revenues 24,906  20,509  17,419  9,536  5,401 
Inventory 4,101  3,552  3,113  2,264  2,067 
Short-term Activity Ratio
Inventory turnover1 6.07 5.77 5.59 4.21 2.61
Benchmarks
Inventory Turnover, Competitors2
Ford Motor Co. 10.43 12.49 12.15 12.78 14.18
General Motors Co. 9.53 10.64 12.29 10.77 9.89
Inventory Turnover, Sector
Automobiles & Components 9.35 10.75 11.36 11.02 10.82
Inventory Turnover, Industry
Consumer Discretionary 7.25 7.32 7.62 7.31 7.52

Based on: 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).

1 2020 Calculation
Inventory turnover = Cost of revenues ÷ Inventory
= 24,906 ÷ 4,101 = 6.07

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Tesla Inc. inventory turnover ratio improved from 2018 to 2019 and from 2019 to 2020.

Receivables Turnover

Tesla Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Revenues 31,536  24,578  21,461  11,759  7,000 
Accounts receivable, net 1,886  1,324  949  515  499 
Short-term Activity Ratio
Receivables turnover1 16.72 18.56 22.61 22.82 14.02
Benchmarks
Receivables Turnover, Competitors2
Ford Motor Co. 11.60 15.55 13.25 13.74 12.75
General Motors Co. 13.52 18.05 20.32 16.35 16.27
Receivables Turnover, Sector
Automobiles & Components 12.86 16.76 16.20 15.09 14.38
Receivables Turnover, Industry
Consumer Discretionary 20.73 20.31 20.92 20.66 21.12

Based on: 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).

1 2020 Calculation
Receivables turnover = Revenues ÷ Accounts receivable, net
= 31,536 ÷ 1,886 = 16.72

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Tesla Inc. receivables turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Payables Turnover

Tesla Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Cost of revenues 24,906  20,509  17,419  9,536  5,401 
Accounts payable 6,051  3,771  3,404  2,390  1,860 
Short-term Activity Ratio
Payables turnover1 4.12 5.44 5.12 3.99 2.90
Benchmarks
Payables Turnover, Competitors2
Ford Motor Co. 5.08 6.52 6.33 5.64 5.93
General Motors Co. 4.89 5.26 5.41 4.80 5.06
Payables Turnover, Sector
Automobiles & Components 4.88 5.85 5.81 5.16 5.35
Payables Turnover, Industry
Consumer Discretionary 4.70 5.35 5.58 5.28 5.65

Based on: 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).

1 2020 Calculation
Payables turnover = Cost of revenues ÷ Accounts payable
= 24,906 ÷ 6,051 = 4.12

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Tesla Inc. payables turnover ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Working Capital Turnover

Tesla Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Current assets 26,717  12,103  8,306  6,571  6,260 
Less: Current liabilities 14,248  10,667  9,992  7,675  5,827 
Working capital 12,469  1,436  (1,686) (1,104) 433 
 
Revenues 31,536  24,578  21,461  11,759  7,000 
Short-term Activity Ratio
Working capital turnover1 2.53 17.12 16.17
Benchmarks
Working Capital Turnover, Competitors2
Ford Motor Co. 5.93 9.02 7.77 6.84 7.79
General Motors Co. 107.17
Working Capital Turnover, Sector
Automobiles & Components 7.75 39.11 28.98 24.13 31.70
Working Capital Turnover, Industry
Consumer Discretionary 16.26 31.30 19.91 20.39 22.87

Based on: 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).

1 2020 Calculation
Working capital turnover = Revenues ÷ Working capital
= 31,536 ÷ 12,469 = 2.53

2 Click competitor name to see calculations.


Average Inventory Processing Period

Tesla Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data
Inventory turnover 6.07 5.77 5.59 4.21 2.61
Short-term Activity Ratio (no. days)
Average inventory processing period1 60 63 65 87 140
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Ford Motor Co. 35 29 30 29 26
General Motors Co. 38 34 30 34 37
Average Inventory Processing Period, Sector
Automobiles & Components 39 34 32 33 34
Average Inventory Processing Period, Industry
Consumer Discretionary 50 50 48 50 49

Based on: 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).

1 2020 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 6.07 = 60

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Tesla Inc. number of days of inventory outstanding improved from 2018 to 2019 and from 2019 to 2020.

Average Receivable Collection Period

Tesla Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data
Receivables turnover 16.72 18.56 22.61 22.82 14.02
Short-term Activity Ratio (no. days)
Average receivable collection period1 22 20 16 16 26
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Ford Motor Co. 31 23 28 27 29
General Motors Co. 27 20 18 22 22
Average Receivable Collection Period, Sector
Automobiles & Components 28 22 23 24 25
Average Receivable Collection Period, Industry
Consumer Discretionary 18 18 17 18 17

Based on: 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).

1 2020 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 16.72 = 22

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Tesla Inc. number of days of receivables outstanding deteriorated from 2018 to 2019 and from 2019 to 2020.

Operating Cycle

Tesla Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data
Average inventory processing period 60 63 65 87 140
Average receivable collection period 22 20 16 16 26
Short-term Activity Ratio
Operating cycle1 82 83 81 103 166
Benchmarks
Operating Cycle, Competitors2
Ford Motor Co. 66 52 58 56 55
General Motors Co. 65 54 48 56 59
Operating Cycle, Sector
Automobiles & Components 67 56 55 57 59
Operating Cycle, Industry
Consumer Discretionary 68 68 65 68 66

Based on: 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).

1 2020 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 60 + 22 = 82

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Average Payables Payment Period

Tesla Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data
Payables turnover 4.12 5.44 5.12 3.99 2.90
Short-term Activity Ratio (no. days)
Average payables payment period1 89 67 71 91 126
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Ford Motor Co. 72 56 58 65 62
General Motors Co. 75 69 67 76 72
Average Payables Payment Period, Sector
Automobiles & Components 75 62 63 71 68
Average Payables Payment Period, Industry
Consumer Discretionary 78 68 65 69 65

Based on: 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).

1 2020 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 4.12 = 89

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Tesla Inc. number of days of payables outstanding decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Cash Conversion Cycle

Tesla Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data
Average inventory processing period 60 63 65 87 140
Average receivable collection period 22 20 16 16 26
Average payables payment period 89 67 71 91 126
Short-term Activity Ratio
Cash conversion cycle1 -7 16 10 12 40
Benchmarks
Cash Conversion Cycle, Competitors2
Ford Motor Co. -6 -4 0 -9 -7
General Motors Co. -10 -15 -19 -20 -13
Cash Conversion Cycle, Sector
Automobiles & Components -8 -6 -8 -14 -9
Cash Conversion Cycle, Industry
Consumer Discretionary -10 0 0 -1 1

Based on: 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).

1 2020 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 60 + 2289 = -7

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Tesla Inc. cash conversion cycle deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.