Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Tesla Inc., short-term (operating) activity ratios (quarterly data)
Based on: 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 operational efficiency metrics exhibit a transition from a highly aggressive cash-flow model to a more traditional operational cycle. A general decline in asset turnover ratios is observed, accompanied by a fundamental shift in the timing of cash flows associated with the operating cycle.
- Inventory and Receivables Management
- Inventory turnover shows notable volatility, declining from 6.78 in early 2022 to a low of 4.60 in March 2023, before fluctuating between 4.86 and 6.68 in subsequent periods. This trend is mirrored in the average inventory processing period, which expanded from 54 days to a peak of 79 days. Receivables turnover remained relatively high but exhibited a gradual softening from 2024 onwards, with the average collection period extending from a low of 10 days in September 2023 to 18 days by late 2025.
- Payables and Working Capital Efficiency
- A consistent increase in payables turnover is observed, rising from 4.06 to a peak of 6.43 in December 2024. This indicates a contraction in the average payables payment period, which dropped from 90 days in March 2022 to a low of 57 days in December 2024. Concurrently, working capital turnover demonstrates a steady and significant downward trajectory, falling from 8.19 in March 2022 to 3.11 by June 2026, suggesting a reduction in the efficiency of working capital utilization relative to revenue generation.
- Operating and Cash Conversion Cycles
- The operating cycle experienced an overall expansion, moving from 68 days in March 2022 to a range between 72 and 85 days across the later periods. Most significantly, the cash conversion cycle shifted from a negative position, starting at -22 days, to a consistently positive position beginning in March 2023. This transition represents a structural change in liquidity management, as the company moved from a state where supplier credit financed operations to a state where cash is tied up in the operating cycle for an average of 7 to 22 days.
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Turnover Ratios
Average No. Days
Inventory Turnover
Tesla Inc., inventory turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Cost of revenues | 23,485) | 17,667) | 19,892) | 23,041) | 18,618) | 16,182) | 21,528) | 20,185) | 20,922) | 17,605) | 20,729) | 19,172) | 20,394) | 18,818) | 18,541) | 16,072) | 12,700) | 13,296) | ||||||
| Inventory | 13,752) | 14,434) | 12,392) | 12,276) | 14,570) | 13,706) | 12,017) | 14,530) | 14,195) | 16,033) | 13,626) | 13,721) | 14,356) | 14,375) | 12,839) | 10,327) | 8,108) | 6,691) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Inventory turnover1 | 6.11 | 5.49 | 6.27 | 6.47 | 5.25 | 5.75 | 6.68 | 5.47 | 5.53 | 4.86 | 5.81 | 5.61 | 5.14 | 4.60 | 4.72 | 5.32 | 6.04 | 6.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 10.56 | 11.41 | 9.94 | 9.32 | 8.78 | 10.60 | 8.77 | 9.04 | 8.18 | 9.62 | 8.05 | 8.15 | 8.64 | 9.55 | 8.48 | 8.92 | 7.81 | ||||||
| General Motors Co. | 10.05 | 10.20 | 11.00 | 10.18 | 9.90 | 9.98 | 10.37 | 8.56 | 8.24 | 8.16 | 8.59 | 7.85 | 7.66 | 7.31 | 8.26 | 7.32 | 6.33 | 7.06 | ||||||
Based on: 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 Q2 2026 Calculation
Inventory turnover
= (Cost of revenuesQ2 2026
+ Cost of revenuesQ1 2026
+ Cost of revenuesQ4 2025
+ Cost of revenuesQ3 2025)
÷ Inventory
= (23,485 + 17,667 + 19,892 + 23,041)
÷ 13,752 = 6.11
2 Click competitor name to see calculations.
The analysis of operational activity from March 2022 through June 2026 reveals a period of initial volatility in inventory management followed by a phase of fluctuating stabilization. The relationship between cost of revenues and inventory levels indicates shifting efficiencies in moving product through the supply chain.
- Inventory Turnover Trends
- A significant downward trend in the inventory turnover ratio is observed from March 2022, where the ratio stood at 6.78, reaching a low of 4.60 by March 2023. This decline suggests a period where inventory accumulation exceeded the rate of sales. A recovery followed, with the ratio rising to 5.81 by December 2023. From 2024 through mid-2026, the ratio exhibited cyclical volatility, peaking at 6.68 in December 2024 and subsequently oscillating between 5.25 and 6.47.
- Inventory Level Dynamics
- Inventory holdings experienced a rapid expansion during 2022, increasing from 6,691 million USD in March to 12,839 million USD by December. After reaching a peak of 16,033 million USD in March 2024, inventory levels transitioned into a stabilization phase, generally fluctuating between 12,017 million USD and 14,570 million USD through June 2026.
- Cost of Revenues and Throughput
- Cost of revenues demonstrated a general upward trajectory, growing from 13,296 million USD in March 2022 to 23,485 million USD by June 2026. Despite this growth, periodic contractions in costs were noted in March 2024 and March 2025, which correlate with fluctuations in the turnover ratio, suggesting seasonal variations in production volume or delivery cycles.
The overall evidence suggests that after an initial period of inefficiency in 2022 and early 2023, a more consistent operational rhythm was established. While the turnover ratio remains volatile, the ability to maintain higher turnover rates despite significantly increased absolute inventory and cost levels indicates an improvement in throughput capacity compared to the 2023 lows.
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Receivables Turnover
Tesla Inc., receivables turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Revenues | 28,236) | 22,387) | 24,901) | 28,095) | 22,496) | 19,335) | 25,707) | 25,182) | 25,500) | 21,301) | 25,167) | 23,350) | 24,927) | 23,329) | 24,318) | 21,454) | 16,934) | 18,756) | ||||||
| Accounts receivable, net | 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) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 25.35 | 24.72 | 20.72 | 20.33 | 24.16 | 25.31 | 22.11 | 29.32 | 25.51 | 24.37 | 27.59 | 38.07 | 27.28 | 28.75 | 27.60 | 34.15 | 32.28 | 26.91 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 10.24 | 11.30 | 9.19 | 8.75 | 9.88 | 11.73 | 10.38 | 10.06 | 8.92 | 10.63 | 10.87 | 11.08 | 10.45 | 9.48 | 9.66 | 9.22 | 9.58 | ||||||
| General Motors Co. | 10.04 | 10.22 | 12.87 | 9.96 | 10.23 | 11.53 | 13.38 | 12.14 | 12.16 | 11.63 | 12.74 | 11.36 | 11.12 | 10.79 | 10.80 | 9.59 | 9.60 | 9.82 | ||||||
Based on: 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 Q2 2026 Calculation
Receivables turnover
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Accounts receivable, net
= (28,236 + 22,387 + 24,901 + 28,095)
÷ 4,087 = 25.35
2 Click competitor name to see calculations.
An analysis of the operating activity ratios reveals a complex relationship between revenue growth and the efficiency of receivables collection over the observed period. While revenues have generally trended upward with notable seasonal fluctuations, the speed at which receivables are converted into cash has experienced a general decline from its peak levels.
- Revenue Trajectory
- Revenues exhibit a pattern of cyclical growth, typically peaking in the fourth or second quarters. Significant growth is observed from the initial 18,756 million USD in March 2022 to a peak of 28,236 million USD by June 2026. Periodic contractions occur consistently in the first quarter of each year, suggesting a seasonal impact on sales volume.
- Accounts Receivable Growth
- Net accounts receivable have increased substantially, rising from 2,311 million USD in March 2022 to 4,087 million USD by June 2026. A significant expansion in the receivables balance is evident starting in late 2024 and continuing through 2025, with a peak of 4,703 million USD in September 2025. This growth in the balance suggests an increase in credit extension to customers or a slower collection cycle.
- Receivables Turnover Performance
- The receivables turnover ratio demonstrates significant volatility, peaking at 38.07 in September 2023, which indicates a period of high efficiency in credit collection. However, a downward trend followed this peak, with the ratio falling to a low of 20.33 in September 2025. The most recent data indicates a slight recovery and stabilization in the 24.72 to 25.35 range during early to mid-2026.
- Correlation and Operational Efficiency
- The decline in the turnover ratio from 2023 to 2025 correlates with the rapid increase in net accounts receivable relative to revenue growth. The compression of the turnover ratio implies that the company is taking longer to collect payments from its customers, which may impact short-term liquidity. The stabilization observed in 2026 suggests a potential realignment of credit policies or an improvement in collection efforts.
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Payables Turnover
Tesla Inc., payables turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Cost of revenues | 23,485) | 17,667) | 19,892) | 23,041) | 18,618) | 16,182) | 21,528) | 20,185) | 20,922) | 17,605) | 20,729) | 19,172) | 20,394) | 18,818) | 18,541) | 16,072) | 12,700) | 13,296) | ||||||
| Accounts payable | 15,324) | 14,696) | 13,371) | 12,819) | 13,212) | 13,471) | 12,474) | 14,654) | 13,056) | 14,725) | 14,431) | 13,937) | 15,273) | 15,904) | 15,255) | 13,897) | 11,212) | 11,171) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | 5.49 | 5.39 | 5.81 | 6.19 | 5.79 | 5.85 | 6.43 | 5.42 | 6.01 | 5.29 | 5.48 | 5.52 | 4.83 | 4.16 | 3.97 | 3.95 | 4.37 | 4.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 6.70 | 6.76 | 5.89 | 5.80 | 5.98 | 6.57 | 5.76 | 6.10 | 5.56 | 5.79 | 5.30 | 5.20 | 5.38 | 5.25 | 4.77 | 5.33 | 4.92 | ||||||
| General Motors Co. | 5.56 | 5.70 | 6.65 | 5.71 | 5.65 | 5.65 | 5.88 | 5.00 | 5.04 | 4.87 | 5.03 | 4.58 | 4.60 | 4.49 | 4.62 | 4.46 | 4.12 | 4.15 | ||||||
Based on: 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 Q2 2026 Calculation
Payables turnover
= (Cost of revenuesQ2 2026
+ Cost of revenuesQ1 2026
+ Cost of revenuesQ4 2025
+ Cost of revenuesQ3 2025)
÷ Accounts payable
= (23,485 + 17,667 + 19,892 + 23,041)
÷ 15,324 = 5.49
2 Click competitor name to see calculations.
The payables turnover ratio exhibits a general upward trajectory over the observed period, transitioning from a baseline of approximately 4.0 in 2022 to a higher range between 5.3 and 6.4 throughout 2024 and 2026. This increase indicates a acceleration in the rate at which supplier obligations are settled relative to the cost of revenues.
- Payables Turnover Trend Analysis
- From March 31, 2022, to December 31, 2022, the turnover ratio remained relatively stable, fluctuating within a narrow band between 3.95 and 4.37. A significant shift occurred during 2023, where the ratio climbed from 4.16 in March to 5.48 by December. This upward momentum peaked in December 2024 at 6.43, before settling into a consolidated range of 5.39 to 6.19 throughout 2025 and the first half of 2026.
- Correlation Between Cost of Revenues and Accounts Payable
- The increase in the turnover ratio is primarily driven by a divergence between the growth of cost of revenues and the growth of accounts payable. While cost of revenues grew substantially from 13,296 million in March 2022 to 23,485 million by June 2026, accounts payable demonstrated limited growth. After peaking at 15,904 million in March 2023, accounts payable levels fluctuated but generally trended lower or remained stagnant, ranging between 12,474 million and 15,324 million. This indicates that the volume of operating expenses is increasing at a faster rate than the credit extended by suppliers.
- Operational Implications
- The transition to a higher turnover ratio suggests a shorter cycle for paying suppliers. The movement from a ratio of 4.06 in early 2022 to 5.49 by June 2026 implies an increase in payment frequency or a strategic shift in managing short-term liabilities. The periodic fluctuations observed in 2024 and 2025, specifically the dip to 5.29 in March 2024 followed by a rise to 6.01 in June 2024, suggest seasonal variations in procurement or payment scheduling.
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Working Capital Turnover
Tesla Inc., working capital turnover calculation (quarterly data)
| 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 | 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) | ||||||
| Less: Current liabilities | 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) | ||||||
| Working capital | 33,333) | 35,610) | 36,928) | 33,363) | 31,125) | 29,636) | 29,539) | 25,802) | 25,248) | 21,082) | 20,868) | 18,386) | 16,283) | 15,561) | 14,208) | 11,379) | 9,401) | 7,595) | ||||||
| Revenues | 28,236) | 22,387) | 24,901) | 28,095) | 22,496) | 19,335) | 25,707) | 25,182) | 25,500) | 21,301) | 25,167) | 23,350) | 24,927) | 23,329) | 24,318) | 21,454) | 16,934) | 18,756) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 3.11 | 2.75 | 2.57 | 2.87 | 2.98 | 3.23 | 3.31 | 3.77 | 3.78 | 4.49 | 4.64 | 5.22 | 5.77 | 5.53 | 5.73 | 6.58 | 7.14 | 8.19 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 18.28 | 20.24 | 12.54 | 14.83 | 11.89 | 9.80 | 10.64 | 9.88 | 9.59 | 8.32 | 7.80 | 7.75 | 8.12 | 7.60 | 7.96 | 9.89 | 7.91 | ||||||
| General Motors Co. | 12.78 | 11.63 | 10.89 | 7.99 | 8.36 | 8.94 | 13.97 | 8.38 | 9.76 | 10.90 | 21.98 | 11.38 | 11.11 | 17.09 | 15.52 | 10.96 | 10.19 | 12.98 | ||||||
Based on: 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 Q2 2026 Calculation
Working capital turnover
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Working capital
= (28,236 + 22,387 + 24,901 + 28,095)
÷ 33,333 = 3.11
2 Click competitor name to see calculations.
Analysis of the operational efficiency indicates a significant shift in the relationship between short-term liquidity and revenue generation over the observed period.
- Working Capital Expansion
- A consistent upward trajectory is observed in working capital, which grew from 7,595 million USD in March 2022 to a peak of 36,928 million USD by December 2025. This represents a substantial increase in net current assets, ending the period at 33,333 million USD in June 2026.
- Revenue Performance
- Revenues displayed notable volatility without a growth trend that matched the expansion of working capital. While quarterly revenues peaked at 28,236 million USD in June 2026, they experienced several contractions, most notably dropping to 19,335 million USD in March 2025. The lack of consistent, aggressive growth in top-line figures suggests that revenue generation did not scale in proportion to the expansion of the balance sheet's short-term components.
- Working Capital Turnover Degradation
- The working capital turnover ratio underwent a sustained and significant decline, falling from 8.19 in March 2022 to a minimum of 2.57 in December 2025. Although a modest recovery to 3.11 occurred by June 2026, the overall trend indicates a marked reduction in the efficiency with which working capital is utilized to produce sales. This deterioration is a direct result of working capital increasing at a rate that significantly outpaced revenue growth, suggesting a decrease in asset productivity or a strategic accumulation of liquidity that has not yielded proportional increases in sales volume.
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Average Inventory Processing Period
Tesla Inc., average inventory processing period calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Inventory turnover | 6.11 | 5.49 | 6.27 | 6.47 | 5.25 | 5.75 | 6.68 | 5.47 | 5.53 | 4.86 | 5.81 | 5.61 | 5.14 | 4.60 | 4.72 | 5.32 | 6.04 | 6.78 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average inventory processing period1 | 60 | 67 | 58 | 56 | 70 | 63 | 55 | 67 | 66 | 75 | 63 | 65 | 71 | 79 | 77 | 69 | 60 | 54 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 35 | 32 | 37 | 39 | 42 | 34 | 42 | 40 | 45 | 38 | 45 | 45 | 42 | 38 | 43 | 41 | 47 | ||||||
| General Motors Co. | 36 | 36 | 33 | 36 | 37 | 37 | 35 | 43 | 44 | 45 | 43 | 46 | 48 | 50 | 44 | 50 | 58 | 52 | ||||||
Based on: 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 Q2 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 6.11 = 60
2 Click competitor name to see calculations.
The analysis of inventory activity ratios reveals a cyclical pattern in operational efficiency, characterized by an initial decline in inventory turnover speed followed by a recovery phase and subsequent stabilization.
- Inventory Turnover Dynamics
- A consistent downward trend was observed from March 2022, where the turnover ratio stood at 6.78, reaching a trough of 4.60 by March 2023. This decline indicates a slowing rate of inventory replacement during that period. A recovery phase followed, with the ratio improving to 5.81 by December 2023 and peaking at 6.68 in December 2024. From early 2025 through June 2026, the ratio exhibited moderate volatility, fluctuating between a low of 5.25 and a high of 6.47.
- Average Inventory Processing Period
- The duration required to process inventory increased from 54 days in March 2022 to a peak of 79 days in March 2023, reflecting a period of reduced liquidity in inventory movement. A contraction in this period occurred throughout the remainder of 2023 and 2024, resulting in a low of 55 days by December 2024. The data from 2025 and the first half of 2026 shows a stabilization of the processing cycle, with values generally oscillating between 56 and 70 days.
- Operational Efficiency Correlation
- A strong inverse correlation is maintained between the turnover ratio and the average processing period. The most significant improvements in efficiency occurred between the first quarter of 2023 and the end of 2024, where the reduction in processing days aligned with a rise in the turnover ratio. This suggests an optimization of supply chain management or a more effective alignment between production output and market demand during this window.
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Average Receivable Collection Period
Tesla Inc., average receivable collection period calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Receivables turnover | 25.35 | 24.72 | 20.72 | 20.33 | 24.16 | 25.31 | 22.11 | 29.32 | 25.51 | 24.37 | 27.59 | 38.07 | 27.28 | 28.75 | 27.60 | 34.15 | 32.28 | 26.91 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 14 | 15 | 18 | 18 | 15 | 14 | 17 | 12 | 14 | 15 | 13 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 36 | 32 | 40 | 42 | 37 | 31 | 35 | 36 | 41 | 34 | 34 | 33 | 35 | 39 | 38 | 40 | 38 | ||||||
| General Motors Co. | 36 | 36 | 28 | 37 | 36 | 32 | 27 | 30 | 30 | 31 | 29 | 32 | 33 | 34 | 34 | 38 | 38 | 37 | ||||||
Based on: 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 Q2 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 25.35 = 14
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a period of relative stability in receivable management, followed by a temporary decline in collection efficiency that peaked in late 2025 before returning to historical norms by mid-2026.
- Receivables Turnover Trends
- The receivables turnover ratio exhibited significant volatility over the observed period. An initial upward trend was noted throughout 2022, reaching a peak of 38.07 in September 2023, indicating a high velocity of credit recovery. However, a subsequent downward trajectory occurred between late 2023 and September 2025, where the ratio reached a low of 20.33. A moderate recovery is evident in the final quarters, with the ratio climbing back to 25.35 by June 2026.
- Average Receivable Collection Period Analysis
- The average collection period moved in inverse correlation with the turnover ratio. For the majority of 2022 and 2023, the collection cycle remained highly efficient, fluctuating between 10 and 14 days. The shortest collection window of 10 days was recorded in September 2023. A gradual lengthening of the collection cycle began in 2024, with a notable spike to 17 days in December 2024, eventually peaking at 18 days during the second half of 2025. This suggests a temporary slowdown in the conversion of accounts receivable into cash during this window.
- Operational Cycle Stabilization
- Following the peak collection period of 18 days in December 2025, a corrective trend is observed. The collection period decreased to 15 days in March 2026 and further to 14 days by June 2026. This return to the 14-day benchmark indicates that the factors contributing to the slower collections in 2025 were likely transitory, and the organization has successfully restored its previous credit collection efficiency.
Overall, while there was a discernible period of reduced efficiency between late 2024 and late 2025, the organization maintains a consistently lean receivable cycle, generally keeping the collection period under 20 days.
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Operating Cycle
Tesla Inc., operating cycle calculation (quarterly data)
No. days
| 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 | ||||||||||||||||||||||||
| Average inventory processing period | 60 | 67 | 58 | 56 | 70 | 63 | 55 | 67 | 66 | 75 | 63 | 65 | 71 | 79 | 77 | 69 | 60 | 54 | ||||||
| Average receivable collection period | 14 | 15 | 18 | 18 | 15 | 14 | 17 | 12 | 14 | 15 | 13 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Operating cycle1 | 74 | 82 | 76 | 74 | 85 | 77 | 72 | 79 | 80 | 90 | 76 | 75 | 84 | 92 | 90 | 80 | 71 | 68 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Cycle, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 71 | 64 | 77 | 81 | 79 | 65 | 77 | 76 | 86 | 72 | 79 | 78 | 77 | 77 | 81 | 81 | 85 | ||||||
| General Motors Co. | 72 | 72 | 61 | 73 | 73 | 69 | 62 | 73 | 74 | 76 | 72 | 78 | 81 | 84 | 78 | 88 | 96 | 89 | ||||||
Based on: 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 Q2 2026 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 60 + 14 = 74
2 Click competitor name to see calculations.
The analysis of the operating cycle reveals a dynamic relationship between inventory management and receivables collection over the period from March 2022 to June 2026.
- Average Inventory Processing Period
- Significant volatility is observed in the duration required to process inventory. An upward trend occurred between March 2022 (54 days) and March 2023, where the period peaked at 79 days. Subsequent quarters show a fluctuating pattern, with notable contractions in December 2023 (63 days) and December 2024 (55 days). The period continues to fluctuate through 2025 and 2026, typically ranging between 56 and 70 days, suggesting periodic variances in production efficiency or demand alignment.
- Average Receivable Collection Period
- The collection of receivables remains relatively stable and efficient throughout the analyzed timeframe. The period generally fluctuates within a narrow range of 10 to 18 days. A slight increase is noted between December 2024 (17 days) and September 2025 (18 days), before reverting to 14 days by June 2026. The low magnitude of this ratio indicates that the conversion of receivables into cash is handled rapidly and has a minimal impact on the total operating cycle.
- Operating Cycle
- The overall operating cycle exhibits a cyclical trend that closely mirrors the movements of the inventory processing period. The cycle expanded from 68 days in March 2022 to a peak of 92 days in March 2023. Following this peak, the cycle shows a pattern of periodic expansion and contraction, often reaching local minima toward the end of the calendar year. By June 2026, the operating cycle is recorded at 74 days, reflecting a stabilization compared to the 2023 peaks, though remaining elevated relative to the earliest data points.
In summary, the operating efficiency is primarily contingent upon the speed of inventory turnover, as the receivable collection period remains consistently low and stable. The recurring fluctuations in the operating cycle suggest a sensitivity to seasonal or quarterly inventory build-ups.
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Average Payables Payment Period
Tesla Inc., average payables payment period calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Payables turnover | 5.49 | 5.39 | 5.81 | 6.19 | 5.79 | 5.85 | 6.43 | 5.42 | 6.01 | 5.29 | 5.48 | 5.52 | 4.83 | 4.16 | 3.97 | 3.95 | 4.37 | 4.06 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | 67 | 68 | 63 | 59 | 63 | 62 | 57 | 67 | 61 | 69 | 67 | 66 | 76 | 88 | 92 | 92 | 84 | 90 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 54 | 54 | 62 | 63 | 61 | 56 | 63 | 60 | 66 | 63 | 69 | 70 | 68 | 70 | 77 | 68 | 74 | ||||||
| General Motors Co. | 66 | 64 | 55 | 64 | 65 | 65 | 62 | 73 | 72 | 75 | 73 | 80 | 79 | 81 | 79 | 82 | 89 | 88 | ||||||
Based on: 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 Q2 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.49 = 67
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a significant contraction in the duration of the payables cycle from early 2022 through mid-2026. A consistent inverse correlation is observed between the payables turnover ratio and the average payables payment period, indicating a systemic acceleration in the settlement of obligations to suppliers.
- Payables Turnover Trends
- The payables turnover ratio exhibited a general upward trajectory, increasing from 4.06 in March 2022 to a peak of 6.43 by December 2024. Despite minor quarterly fluctuations, the ratio remained consistently above 5.00 from September 2023 through the end of the analyzed period, reflecting a more rapid turnover of accounts payable compared to the 2022 baseline.
- Average Payables Payment Period Evolution
- The average payment period experienced a marked decline, moving from a range of 84 to 92 days in 2022 to a minimum of 57 days in December 2024. A period of rapid acceleration occurred throughout 2023, with the payment duration dropping from 88 days in March to 66 days by September. From 2025 through June 2026, the payment period stabilized, fluctuating within a tighter corridor between 59 and 68 days.
- Operational Analysis
- The overall reduction in the payment period by approximately 30 days suggests a strategic shift in working capital management. The acceleration of payment outflows may indicate a transition toward more aggressive settlement schedules, potentially to optimize supplier relationships or capitalize on early-payment discounts. The stabilization observed in the final four quarters suggests that the organization has reached a new operational equilibrium in its credit management strategy.
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Cash Conversion Cycle
Tesla Inc., cash conversion cycle calculation (quarterly data)
No. days
| 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 | ||||||||||||||||||||||||
| Average inventory processing period | 60 | 67 | 58 | 56 | 70 | 63 | 55 | 67 | 66 | 75 | 63 | 65 | 71 | 79 | 77 | 69 | 60 | 54 | ||||||
| Average receivable collection period | 14 | 15 | 18 | 18 | 15 | 14 | 17 | 12 | 14 | 15 | 13 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | ||||||
| Average payables payment period | 67 | 68 | 63 | 59 | 63 | 62 | 57 | 67 | 61 | 69 | 67 | 66 | 76 | 88 | 92 | 92 | 84 | 90 | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Cash conversion cycle1 | 7 | 14 | 13 | 15 | 22 | 15 | 15 | 12 | 19 | 21 | 9 | 9 | 8 | 4 | -2 | -12 | -13 | -22 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Conversion Cycle, Competitors2 | ||||||||||||||||||||||||
| Ford Motor Co. | — | 17 | 10 | 15 | 18 | 18 | 9 | 14 | 16 | 20 | 9 | 10 | 8 | 9 | 7 | 4 | 13 | 11 | ||||||
| General Motors Co. | 6 | 8 | 6 | 9 | 8 | 4 | 0 | 0 | 2 | 1 | -1 | -2 | 2 | 3 | -1 | 6 | 7 | 1 | ||||||
Based on: 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 Q2 2026 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 60 + 14 – 67 = 7
2 Click competitor name to see calculations.
The operational efficiency of the company experienced a significant transition between March 2022 and June 2026, moving from a negative cash conversion cycle to a positive one. This shift indicates a change in working capital dynamics, where the company transitioned from utilizing supplier credit to finance its operations to a model requiring more internal liquidity to support its operating cycle.
- Average Inventory Processing Period
- A general upward trend was observed from early 2022, peaking at 79 days in March 2023. Following this peak, the period exhibited volatility, fluctuating between 55 and 75 days. The cycle ended at 60 days in June 2026, suggesting a moderate increase in the time required to convert raw materials into finished goods compared to the baseline of 54 days in March 2022.
- Average Receivable Collection Period
- Collection efficiency remained consistently high and stable throughout the period. The duration fluctuated within a narrow range of 10 to 18 days, indicating a disciplined approach to credit management and a rapid conversion of sales into cash.
- Average Payables Payment Period
- A pronounced downward trend is evident in the payment of obligations to suppliers. The period decreased from a high of 90 days in March 2022 to a low of 57 days in December 2024. While there was a slight recovery toward 67 days by June 2026, the overall reduction signifies that the company is paying its suppliers more quickly than it did at the start of the analyzed period.
- Cash Conversion Cycle
- The cash conversion cycle shifted from a highly favorable negative position of -22 days in March 2022 to a positive position starting in March 2023. The cycle reached a peak of 22 days in June 2025 before trending downward to 7 days by June 2026. This transition was primarily driven by the simultaneous increase in inventory processing time and the reduction in the payables payment period, effectively reducing the company's reliance on spontaneous financing from suppliers.
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