Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Tesla Inc. (NASDAQ:TSLA)

Analysis of Short-term (Operating) Activity Ratios

Beginner level

Short-term Activity Ratios (Summary)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Turnover Ratios
Inventory turnover 5.77 5.59 4.21 2.61 2.44
Receivables turnover 18.56 22.61 22.82 14.02 23.95
Payables turnover 5.44 5.12 3.99 2.90 3.41
Working capital turnover 17.12 16.17
Average No. Days
Average inventory processing period 63 65 87 140 149
Add: Average receivable collection period 20 16 16 26 15
Operating cycle 83 81 103 166 164
Less: Average payables payment period 67 71 91 126 107
Cash conversion cycle 16 10 12 40 57

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Tesla Inc.’s inventory turnover ratio improved from 2017 to 2018 and from 2018 to 2019.
Receivables turnover An activity ratio equal to revenue divided by receivables. Tesla Inc.’s receivables turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Tesla Inc.’s payables turnover ratio increased from 2017 to 2018 and from 2018 to 2019.

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.’s number of days of inventory outstanding improved from 2017 to 2018 and from 2018 to 2019.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Tesla Inc.’s operating cycle improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.
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.’s number of days of payables outstanding decreased from 2017 to 2018 and from 2018 to 2019.
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.’s cash conversion cycle improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Inventory Turnover

Tesla Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Cost of revenues 20,509  17,419  9,536  5,401  3,123 
Inventory 3,552  3,113  2,264  2,067  1,278 
Short-term Activity Ratio
Inventory turnover1 5.77 5.59 4.21 2.61 2.44
Benchmarks
Inventory Turnover, Competitors2
General Motors Co. 10.64 12.29 10.77 9.89 9.32
Inventory Turnover, Sector
Automobiles & Parts 9.40 10.68 9.62 8.94 8.74
Inventory Turnover, Industry
Consumer Goods 5.72 6.18 5.93 6.02 6.05

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Inventory turnover = Cost of revenues ÷ Inventory
= 20,509 ÷ 3,552 = 5.77

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.’s inventory turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Receivables Turnover

Tesla Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Revenues 24,578  21,461  11,759  7,000  4,046 
Accounts receivable, net 1,324  949  515  499  169 
Short-term Activity Ratio
Receivables turnover1 18.56 22.61 22.82 14.02 23.95
Benchmarks
Receivables Turnover, Competitors2
General Motors Co. 18.05 20.32 16.35 16.27 17.50
Receivables Turnover, Sector
Automobiles & Parts 18.14 20.61 16.73 16.16 17.63
Receivables Turnover, Industry
Consumer Goods 13.25 14.35 13.22 13.55 14.22

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Receivables turnover = Revenues ÷ Accounts receivable, net
= 24,578 ÷ 1,324 = 18.56

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.’s receivables turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Payables Turnover

Tesla Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Cost of revenues 20,509  17,419  9,536  5,401  3,123 
Accounts payable 3,771  3,404  2,390  1,860  916 
Short-term Activity Ratio
Payables turnover1 5.44 5.12 3.99 2.90 3.41
Benchmarks
Payables Turnover, Competitors2
General Motors Co. 5.26 5.41 4.80 5.06 5.33
Payables Turnover, Sector
Automobiles & Parts 5.29 5.37 4.73 4.92 5.26
Payables Turnover, Industry
Consumer Goods 4.46 4.70 4.54 4.76 5.28

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Payables turnover = Cost of revenues ÷ Accounts payable
= 20,509 ÷ 3,771 = 5.44

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.’s payables turnover ratio increased from 2017 to 2018 and from 2018 to 2019.

Working Capital Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current assets 12,103  8,306  6,571  6,260  2,792 
Less: Current liabilities 10,667  9,992  7,675  5,827  2,816 
Working capital 1,436  (1,686) (1,104) 433  (25)
 
Revenues 24,578  21,461  11,759  7,000  4,046 
Short-term Activity Ratio
Working capital turnover1 17.12 16.17
Benchmarks
Working Capital Turnover, Competitors2
General Motors Co. 22.31
Working Capital Turnover, Sector
Automobiles & Parts 23.01
Working Capital Turnover, Industry
Consumer Goods 29.22 32.63 19.11

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Working capital turnover = Revenues ÷ Working capital
= 24,578 ÷ 1,436 = 17.12

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Inventory turnover 5.77 5.59 4.21 2.61 2.44
Short-term Activity Ratio (no. days)
Average inventory processing period1 63 65 87 140 149
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
General Motors Co. 34 30 34 37 39
Average Inventory Processing Period, Sector
Automobiles & Parts 39 34 38 41 42
Average Inventory Processing Period, Industry
Consumer Goods 64 59 62 61 60

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.77 = 63

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.’s number of days of inventory outstanding improved from 2017 to 2018 and from 2018 to 2019.

Average Receivable Collection Period

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Receivables turnover 18.56 22.61 22.82 14.02 23.95
Short-term Activity Ratio (no. days)
Average receivable collection period1 20 16 16 26 15
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
General Motors Co. 20 18 22 22 21
Average Receivable Collection Period, Sector
Automobiles & Parts 20 18 22 23 21
Average Receivable Collection Period, Industry
Consumer Goods 28 25 28 27 26

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 18.56 = 20

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.

Operating Cycle

Tesla Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Average inventory processing period 63 65 87 140 149
Average receivable collection period 20 16 16 26 15
Short-term Activity Ratio
Operating cycle1 83 81 103 166 164
Benchmarks
Operating Cycle, Competitors2
General Motors Co. 54 48 56 59 60
Operating Cycle, Sector
Automobiles & Parts 59 52 60 64 63
Operating Cycle, Industry
Consumer Goods 92 84 90 88 86

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 63 + 20 = 83

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. Tesla Inc.’s operating cycle improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.

Average Payables Payment Period

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Payables turnover 5.44 5.12 3.99 2.90 3.41
Short-term Activity Ratio (no. days)
Average payables payment period1 67 71 91 126 107
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
General Motors Co. 69 67 76 72 68
Average Payables Payment Period, Sector
Automobiles & Parts 69 68 77 74 69
Average Payables Payment Period, Industry
Consumer Goods 82 78 80 77 69

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.44 = 67

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.’s number of days of payables outstanding decreased from 2017 to 2018 and from 2018 to 2019.

Cash Conversion Cycle

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

No. days

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Average inventory processing period 63 65 87 140 149
Average receivable collection period 20 16 16 26 15
Average payables payment period 67 71 91 126 107
Short-term Activity Ratio
Cash conversion cycle1 16 10 12 40 57
Benchmarks
Cash Conversion Cycle, Competitors2
General Motors Co. -15 -19 -20 -13 -8
Cash Conversion Cycle, Sector
Automobiles & Parts -10 -16 -17 -10 -6
Cash Conversion Cycle, Industry
Consumer Goods 10 6 10 11 17

Based on: 10-K (filing date: 2020-02-13), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-24).

1 2019 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 63 + 2067 = 16

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.’s cash conversion cycle improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.