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: 2026-03-31), 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 analysis of short-term operating activity reveals a significant transition in liquidity management and operational efficiency over the observed period. A general decline in turnover ratios is evident, particularly regarding working capital, coinciding with a structural shift in the cash conversion cycle.
- Inventory and Receivables Management
- Inventory turnover has exhibited volatility, fluctuating between a high of 6.78 in March 2022 and a low of 4.60 in March 2023. The average inventory processing period followed a corresponding pattern, peaking at 79 days before stabilizing between 55 and 70 days in later periods. Receivables turnover shows a gradual downward trajectory, declining from peaks above 34.00 in 2022 to values frequently below 25.00 by 2025. This is reflected in the average receivable collection period, which has expanded from a low of 10 days to a range of 15 to 18 days, suggesting a slight slowdown in the collection of outstanding payments.
- Payables and Supplier Relations
- There is a observable increase in payables turnover, which rose from approximately 4.06 in early 2022 to peak at 6.43 in December 2024. This upward trend in turnover indicates a reduction in the average payables payment period, which dropped from 90 days in March 2022 to a range of 57 to 68 days in the final years of the period. This suggests a strategic or operational shift toward settling supplier obligations more rapidly.
- Working Capital and Operating Cycle
- A consistent and steep decline is observed in working capital turnover, which fell from 8.19 in March 2022 to 2.75 by March 2026. This indicates a diminishing efficiency in utilizing net current assets to generate revenue. The operating cycle has remained relatively volatile, fluctuating between 68 and 92 days, with no clear long-term directional trend, although it generally remained elevated compared to the start of the period.
- Cash Conversion Cycle (CCC) Dynamics
- The most notable trend is the transition of the cash conversion cycle from a negative to a positive state. In early 2022, the company maintained a negative CCC, reaching -22 days, meaning supplier credit effectively financed the operating cycle. However, the CCC turned positive in March 2023 and has since remained in positive territory, peaking at 22 days in June 2025. This shift is the result of combined pressures from a shortening payables payment period and a lengthening receivables collection period, indicating that more internal capital is now tied up in operations.
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Turnover Ratios
Average No. Days
Inventory Turnover
Tesla Inc., inventory turnover calculation (quarterly data)
| 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 | 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 | 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 | 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. | — | 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. | — | 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: 2026-03-31), 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 Q1 2026 Calculation
Inventory turnover
= (Cost of revenuesQ1 2026
+ Cost of revenuesQ4 2025
+ Cost of revenuesQ3 2025
+ Cost of revenuesQ2 2025)
÷ Inventory
= (17,667 + 19,892 + 23,041 + 18,618)
÷ 14,434 = 5.49
2 Click competitor name to see calculations.
The analysis of inventory turnover reveals a cyclical pattern characterized by an initial contraction, a subsequent recovery, and ongoing quarterly volatility between March 2022 and March 2026. The inventory turnover ratio, reflecting the efficiency of inventory management relative to the cost of revenues, fluctuated between a minimum of 4.60 and a maximum of 6.78.
- Inventory Accumulation and Efficiency Decline (2022)
- A sustained downward trend in turnover was observed throughout 2022, decreasing from 6.78 in March to 4.72 by December. This decline was primarily driven by a rapid expansion of inventory levels, which grew from 6.69 billion USD to 12.84 billion USD, significantly outpacing the growth in the cost of revenues during the same period.
- Recovery and Stabilization Phase (2023)
- The inventory turnover ratio entered a recovery phase in 2023, ascending from 4.60 in March to 5.81 by December. This improvement resulted from a stabilization of inventory holdings, which remained largely between 13.6 billion USD and 14.4 billion USD, while the cost of revenues trended upward to a peak of 20.73 billion USD in the fourth quarter.
- Operational Volatility and Inventory Optimization (2024 - 2026)
- The period from 2024 to early 2026 was marked by significant fluctuations. A notable decrease in turnover to 4.86 occurred in March 2024, coinciding with a peak in inventory levels at 16.03 billion USD. Subsequently, a sharp increase in efficiency was recorded in December 2024, where the turnover ratio reached 6.68. This peak was achieved through a substantial reduction in inventory to 12.02 billion USD paired with a cost of revenues of 21.53 billion USD. From 2025 through March 2026, the ratio continued to oscillate, ending the period at 5.49, reflecting ongoing adjustments in production and distribution scales.
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Receivables Turnover
Tesla Inc., receivables turnover calculation (quarterly data)
| 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 | 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 | 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 | 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. | — | 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. | — | 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: 2026-03-31), 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 Q1 2026 Calculation
Receivables turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Accounts receivable, net
= (22,387 + 24,901 + 28,095 + 22,496)
÷ 3,959 = 24.72
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a gradual decline in the efficiency of receivables management over the period from March 2022 through March 2026. While revenue experienced fluctuations and periodic growth, the balance of net accounts receivable grew more consistently, leading to a compression of the receivables turnover ratio.
- Revenue Trends
- Quarterly revenues exhibited significant volatility, ranging from a low of 16,934 million US dollars in June 2022 to a peak of 28,095 million US dollars in September 2025. Despite these fluctuations, the overall revenue trajectory remained uneven, with notable contractions in the first quarters of 2025 and 2026.
- Accounts Receivable Growth
- Net accounts receivable demonstrated a sustained upward trend, increasing from 2,311 million US dollars in March 2022 to a peak of 4,703 million US dollars in September 2025. This consistent increase in the receivables balance suggests an accumulation of credit sales or a deceleration in the collection process over the analyzed period.
- Receivables Turnover Performance
- The receivables turnover ratio shows a general downward trajectory over the long term. High efficiency was observed during 2022 and 2023, reaching a peak of 38.07 in September 2023. However, a marked decline began in 2024, with the ratio falling to 22.11 by December 2024 and reaching a low of 20.33 in September 2025. A slight recovery to 24.72 was noted by March 2026, yet the ratio remains significantly lower than the levels observed in the 2022-2023 period.
- Operational Implications
- The divergence between revenue patterns and the increase in accounts receivable indicates an expansion of the average collection period. The reduction in the turnover ratio suggests that assets are being tied up in receivables for longer durations, which may impact short-term liquidity and the overall cash conversion cycle.
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Payables Turnover
Tesla Inc., payables turnover calculation (quarterly data)
| 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 | 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 | 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 | 5.39 | 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. | — | 6.76 | 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. | — | 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: 2026-03-31), 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 Q1 2026 Calculation
Payables turnover
= (Cost of revenuesQ1 2026
+ Cost of revenuesQ4 2025
+ Cost of revenuesQ3 2025
+ Cost of revenuesQ2 2025)
÷ Accounts payable
= (17,667 + 19,892 + 23,041 + 18,618)
÷ 14,696 = 5.39
2 Click competitor name to see calculations.
The payables turnover ratio exhibits a general upward trend over the analyzed period, indicating an acceleration in the rate at which supplier obligations are settled. The ratio transitioned from a relatively stable range of 3.95 to 4.37 throughout 2022 to a higher operational baseline, peaking at 6.43 in December 2024 before moderating to 5.39 by March 2026.
- Revenue Cost Dynamics
- Cost of revenues demonstrated significant growth and volatility, rising from 13,296 million USD in March 2022 to a peak of 23,041 million USD in September 2025. This upward trajectory in costs provided the primary momentum for the increase in the turnover ratio, as the volume of expenditures grew more rapidly than the liabilities held on the balance sheet.
- Accounts Payable Trends
- Accounts payable experienced an initial increase, reaching a peak of 15,904 million USD in March 2023. However, for the remainder of the period, the balance remained relatively range-bound, fluctuating between a low of 12,474 million USD in December 2024 and a high of 14,696 million USD in March 2026. This relative stability in payable balances, contrasted with rising costs, contributed to the higher turnover figures.
- Turnover Ratio Interpretation
- A marked shift in efficiency is observed starting in mid-2023, where the ratio climbed from 4.16 in March 2023 to 5.48 by December 2023. The acceleration continued into 2024, reaching its maximum value of 6.43. This suggests a strategic shift toward shorter payment cycles or an increase in the proportion of costs settled immediately rather than through credit. The subsequent decline toward 5.39 in early 2026 indicates a return toward previous payment patterns or an increase in available supplier credit.
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Working Capital Turnover
Tesla Inc., working capital turnover calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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 | 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. | — | 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. | — | 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: 2026-03-31), 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 Q1 2026 Calculation
Working capital turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Working capital
= (22,387 + 24,901 + 28,095 + 22,496)
÷ 35,610 = 2.75
2 Click competitor name to see calculations.
The analyzed period is characterized by a significant expansion of the working capital base coupled with a corresponding decline in the efficiency of that capital in generating revenue.
- Working Capital Expansion
- A consistent upward trend in working capital is observed, rising from 7,595 million US$ in March 2022 to 35,610 million US$ by March 2026. This growth indicates a substantial accumulation of net current assets over the period, with a particularly notable acceleration between December 2023 and December 2025.
- Revenue Performance
- Revenues exhibited volatility and lacked a sustained linear growth trajectory commensurate with the increase in working capital. While figures fluctuated between a minimum of 16,934 million US$ in June 2022 and a peak of 28,095 million US$ in September 2025, the revenue levels remained relatively stagnant compared to the multi-fold increase in net current assets.
- Working Capital Turnover Efficiency
- The working capital turnover ratio demonstrates a pronounced and steady decline, falling from 8.19 in March 2022 to 2.75 by March 2026. This downward trajectory signifies a diminishing capacity to generate sales per unit of working capital invested. Although a brief period of stabilization occurred between March 2024 and September 2024, where the ratio hovered around 3.7, the subsequent decline through 2025 indicates a continuing reduction in operational efficiency regarding short-term asset utilization.
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Average Inventory Processing Period
Tesla Inc., average inventory processing period calculation (quarterly data)
| 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 | 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 | 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. | — | 32 | 37 | 39 | 42 | 34 | 42 | 40 | 45 | 38 | 45 | 45 | 42 | 38 | 43 | 41 | 47 | ||||||
| General Motors Co. | — | 33 | 36 | 37 | 37 | 35 | 43 | 44 | 45 | 43 | 46 | 48 | 50 | 44 | 50 | 58 | 52 | ||||||
Based on: 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 Q1 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.49 = 67
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a period of significant volatility in inventory management efficiency. A distinct cyclical pattern is evident, characterized by an initial degradation of turnover speed followed by intermittent recoveries and subsequent fluctuations through the first quarter of 2026.
- Inventory Turnover Trends
- The inventory turnover ratio experienced a steady decline from a high of 6.78 in March 2022 to a trough of 4.60 in March 2023. Following this low point, a recovery trend was observed through December 2023, with the ratio reaching 5.81. Subsequent volatility occurred through 2024 and 2025, highlighted by a peak of 6.68 in December 2024, before ending the observed period at 5.49 in March 2026.
- Average Inventory Processing Period
- The duration required to process inventory mirrors the inverse movement of the turnover ratio. The processing period expanded from 54 days in March 2022 to a peak of 79 days in March 2023, indicating a marked slowdown in inventory movement. Efficiency improved through the end of 2023, decreasing to 63 days. A secondary peak occurred in March 2024 at 75 days, followed by a sharp contraction to 55 days by December 2024. The period concluded with a rise back to 67 days in March 2026.
- Operational Efficiency Insights
- The highest levels of operational efficiency were recorded in March 2022 and December 2024, where the processing periods were at their lowest (54 and 55 days, respectively). The fluctuations observed between 2024 and 2026 suggest inconsistent inventory throughput or periodic adjustments in production and delivery cycles, as the processing period varied between 55 and 70 days within this window.
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Average Receivable Collection Period
Tesla Inc., average receivable collection period calculation (quarterly data)
| 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 | 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 | 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. | — | 32 | 40 | 42 | 37 | 31 | 35 | 36 | 41 | 34 | 34 | 33 | 35 | 39 | 38 | 40 | 38 | ||||||
| General Motors Co. | — | 28 | 37 | 36 | 32 | 27 | 30 | 30 | 31 | 29 | 32 | 33 | 34 | 34 | 38 | 38 | 37 | ||||||
Based on: 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 Q1 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 24.72 = 15
2 Click competitor name to see calculations.
The analyzed period reveals a high level of efficiency in receivables management, characterized by rapid turnover and short collection cycles. While performance remained robust throughout the timeframe, there is a discernible trend toward slower collection speeds and lower turnover ratios starting in late 2024.
- Receivables Turnover Dynamics
- The receivables turnover ratio exhibited significant volatility, reaching a peak of 38.07 in September 2023. Following this high, a general downward trajectory was observed, with the ratio declining to a period low of 20.33 by September 2025. A modest recovery occurred in the final quarter, with the ratio returning to 24.72 by March 2026.
- Average Receivable Collection Period Patterns
- The collection period remained consistently lean between March 2022 and September 2023, fluctuating between 10 and 14 days. However, a gradual lengthening of the collection cycle began in December 2024, when the period increased to 17 days. This upward trend peaked at 18 days during the second and third quarters of 2025, before stabilizing at 15 days by March 2026.
- Correlation and Operational Insights
- A strict inverse correlation exists between the turnover ratio and the collection period. The most efficient operational window occurred in September 2023, where the highest turnover coincided with the shortest collection period of 10 days. The subsequent increase in the collection period throughout 2025 suggests a slight deceleration in the conversion of receivables to cash, although the overall cycle remains relatively short compared to typical industry standards.
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Operating Cycle
Tesla Inc., operating cycle calculation (quarterly data)
No. days
| 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 | 67 | 58 | 56 | 70 | 63 | 55 | 67 | 66 | 75 | 63 | 65 | 71 | 79 | 77 | 69 | 60 | 54 | ||||||
| Average receivable collection period | 15 | 18 | 18 | 15 | 14 | 17 | 12 | 14 | 15 | 13 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Operating cycle1 | 82 | 76 | 74 | 85 | 77 | 72 | 79 | 80 | 90 | 76 | 75 | 84 | 92 | 90 | 80 | 71 | 68 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Cycle, Competitors2 | |||||||||||||||||||||||
| Ford Motor Co. | — | 64 | 77 | 81 | 79 | 65 | 77 | 76 | 86 | 72 | 79 | 78 | 77 | 77 | 81 | 81 | 85 | ||||||
| General Motors Co. | — | 61 | 73 | 73 | 69 | 62 | 73 | 74 | 76 | 72 | 78 | 81 | 84 | 78 | 88 | 96 | 89 | ||||||
Based on: 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 Q1 2026 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 67 + 15 = 82
2 Click competitor name to see calculations.
The operating cycle exhibits notable volatility over the analyzed period, primarily driven by fluctuations in inventory management. The total cycle duration increased from 68 days in March 2022 to a peak of 92 days by March 2023, before stabilizing within a range of 72 to 85 days through March 2026.
- Average Inventory Processing Period
- This metric represents the primary driver of the overall operating cycle. A significant upward trend is observed from March 2022 (54 days) to March 2023 (79 days). Following this peak, the period became cyclical, reaching a low of 55 days in December 2024 and 56 days in June 2025, before concluding at 67 days in March 2026. These fluctuations indicate varying levels of inventory turnover efficiency over the multi-year period.
- Average Receivable Collection Period
- The collection period remains relatively stable and low, fluctuating between a minimum of 10 days in September 2023 and a maximum of 18 days in late 2025. The narrow range of these values suggests that the conversion of receivables into cash is managed with high consistency and has a negligible impact on the total duration of the operating cycle.
- Operating Cycle Correlation
- A strong positive correlation is evident between the operating cycle and the inventory processing period. Because the receivable collection period remains consistently low, any expansion or contraction in the total operating cycle is almost exclusively attributable to changes in inventory processing. The most significant extension of the cycle occurred between late 2022 and early 2023, while the most efficient operational window was observed in December 2024, when the cycle dropped to 72 days.
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Average Payables Payment Period
Tesla Inc., average payables payment period calculation (quarterly data)
| 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 | 5.39 | 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 | 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 | 62 | 63 | 61 | 56 | 63 | 60 | 66 | 63 | 69 | 70 | 68 | 70 | 77 | 68 | 74 | ||||||
| General Motors Co. | — | 55 | 64 | 65 | 65 | 62 | 73 | 72 | 75 | 73 | 80 | 79 | 81 | 79 | 82 | 89 | 88 | ||||||
Based on: 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 Q1 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.39 = 68
2 Click competitor name to see calculations.
An analysis of the operating activity ratios reveals a significant shift in the management of accounts payable, characterized by a systemic acceleration in the settlement of supplier obligations. There is a clear inverse correlation between the payables turnover ratio and the average payables payment period throughout the observed timeframe.
- Payables Turnover Trends
- The payables turnover ratio exhibited a consistent upward trajectory, rising from an initial range of 3.95 to 4.37 in 2022 to a peak of 6.43 by December 31, 2024. This increase indicates that the company transitioned toward a more frequent cycle of settling its short-term liabilities.
- Average Payables Payment Period Contraction
- A pronounced downward trend is observed in the average payment period, which declined from a high of 92 days in late 2022 to a low of 57 days by December 31, 2024. This reduction suggests a strategic or operational shift toward faster payment execution, effectively shortening the credit window utilized from suppliers.
- Stabilization and Recent Variance
- Following the low point in late 2024, the payment period entered a phase of relative stabilization throughout 2025, fluctuating minimally between 59 and 63 days. However, a slight reversal is noted by March 31, 2026, where the payment period increased to 68 days, corresponding with a decrease in the turnover ratio to 5.39.
- Operational Implications
- The overall reduction in the payment cycle from approximately 90 days to the 60-day range reflects a tighter management of payables. While this acceleration indicates strong liquidity to meet short-term obligations, it also suggests a reduction in the use of spontaneous financing provided by vendors.
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Cash Conversion Cycle
Tesla Inc., cash conversion cycle calculation (quarterly data)
No. days
| 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 | 67 | 58 | 56 | 70 | 63 | 55 | 67 | 66 | 75 | 63 | 65 | 71 | 79 | 77 | 69 | 60 | 54 | ||||||
| Average receivable collection period | 15 | 18 | 18 | 15 | 14 | 17 | 12 | 14 | 15 | 13 | 10 | 13 | 13 | 13 | 11 | 11 | 14 | ||||||
| Average payables payment period | 68 | 63 | 59 | 63 | 62 | 57 | 67 | 61 | 69 | 67 | 66 | 76 | 88 | 92 | 92 | 84 | 90 | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Cash conversion cycle1 | 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. | — | 10 | 15 | 18 | 18 | 9 | 14 | 16 | 20 | 9 | 10 | 8 | 9 | 7 | 4 | 13 | 11 | ||||||
| General Motors Co. | — | 6 | 9 | 8 | 4 | 0 | 0 | 2 | 1 | -1 | -2 | 2 | 3 | -1 | 6 | 7 | 1 | ||||||
Based on: 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 Q1 2026 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 67 + 15 – 68 = 14
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a significant transition in the cash conversion cycle, which shifted from a negative value of -22 days in March 2022 to a consistently positive range, peaking at 22 days in June 2025. This trend indicates a fundamental change in working capital dynamics, moving from a state where supplier financing effectively funded operations to a state where cash is tied up in the operating cycle for a longer duration.
- Average Inventory Processing Period
- An initial expansion is observed from March 2022 to March 2023, during which the processing time increased from 54 days to a peak of 79 days. Subsequent periods exhibited volatility, including a notable decline to 55 days by December 2024, before stabilizing between 56 and 70 days through March 2026.
- Average Receivable Collection Period
- The collection period remained relatively stable and efficient throughout the analyzed timeframe, generally oscillating between 10 and 18 days. This consistency suggests a disciplined approach to credit management and prompt payment collection, meaning this metric contributed minimally to the overall fluctuations in the cash conversion cycle.
- Average Payables Payment Period
- A persistent downward trend is evident in the payment of payables. Beginning at 90 days in March 2022, the period declined significantly to a low of 57 days in December 2024. The reduction in this period indicates a shorter window for utilizing supplier-provided financing, serving as a primary driver in the shift toward a positive cash conversion cycle.
- Cash Conversion Cycle Synthesis
- The shift from a negative to a positive cash conversion cycle was established in March 2023. The combination of a decreasing payables payment period and a fluctuating inventory processing period has resulted in a sustained positive cash gap. In the final quarters of the analysis, the cycle settled into a range of 12 to 15 days, indicating a new equilibrium in operational liquidity management.
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