Tesla Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to common stockholders	14,997)	12,556)	5,519)	721)	(862)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)	31)	125)	141)	87)
Net noncash charges	530)	5,849)	5,186)	4,897)	3,529)
Changes in operating assets and liabilities	(2,248)	(3,712)	667)	184)	(349)
Net cash provided by operating activities	13,256)	14,724)	11,497)	5,943)	2,405)
Cash paid during the period for interest, net of amounts capitalized, net of tax¹	100)	139)	237)	332)	359)
Capitalized interest, net of tax²	—)	—)	47)	36)	24)
Purchases of property and equipment excluding finance leases, net of sales	(8,898)	(7,158)	(6,482)	(3,157)	(1,327)
Purchase of intangible assets	—)	(9)	—)	(10)	(5)
Leased assets obtained in exchange for finance lease liabilities	(10)	(58)	(486)	(188)	(616)
Free cash flow to the firm (FCFF)	4,448)	7,638)	4,813)	2,956)	841)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Tesla Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Tesla Inc. FCFF increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Tesla Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.00%	8.25%	11.02%	25.30%	21.00%
Interest Paid, Net of Tax
Cash paid during the period for interest, net of amounts capitalized, before tax	126)	152)	266)	444)	455)
Less: Cash paid during the period for interest, net of amounts capitalized, tax²	26)	13)	29)	112)	96)
Cash paid during the period for interest, net of amounts capitalized, net of tax	100)	139)	237)	332)	359)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	—)	—)	53)	48)	31)
Less: Capitalized interest, tax³	—)	—)	6)	12)	7)
Capitalized interest, net of tax	—)	—)	47)	36)	24)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash paid during the period for interest, net of amounts capitalized, tax = Cash paid during the period for interest, net of amounts capitalized × EITR
= 126 × 21.00% = 26

³ 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 0 × 21.00% = 0

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Tesla Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	519,606)
Free cash flow to the firm (FCFF)	4,448)
Valuation Ratio
EV/FCFF	116.83
Benchmarks
EV/FCFF, Competitors¹
Ford Motor Co.	9.31
General Motors Co.	10.39
EV/FCFF, Sector
Automobiles & Components	22.04
EV/FCFF, Industry
Consumer Discretionary	31.61

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Tesla Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	584,941)	529,785)	927,706)	821,920)	153,799)
Free cash flow to the firm (FCFF)²	4,448)	7,638)	4,813)	2,956)	841)
Valuation Ratio
EV/FCFF³	131.52	69.36	192.76	278.10	182.89
Benchmarks
EV/FCFF, Competitors⁴
Ford Motor Co.	9.24	34.79	9.64	5.16	7.12
General Motors Co.	9.84	11.80	16.37	13.12	16.93
EV/FCFF, Sector
Automobiles & Components	23.62	32.62	41.76	29.48	15.94
EV/FCFF, Industry
Consumer Discretionary	32.37	55.70	66.77	52.40	31.02

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 584,941 ÷ 4,448 = 131.52

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Tesla Inc. EV/FCFF ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Tesla Inc. (NASDAQ:TSLA)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical