Tesla Inc., current enterprise value calculation

Current share price (P)	$395.56
No. shares of common stock outstanding	3,752,431,984
US$ in millions
Common equity (market value)¹	1,484,312)
Add: Preferred stock; $0.001 par value; no shares issued and outstanding (per books)	—)
Add: Noncontrolling interests in subsidiaries (per books)	670)
Total equity	1,484,982)
Add: Current portion of debt and finance leases (per books)	1,640)
Add: Debt and finance leases, net of current portion (per books)	6,736)
Total equity and debt	1,493,358)
Less: Cash and cash equivalents	16,513)
Less: Short-term investments	27,546)
Enterprise value (EV)	1,449,299)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 395.56 × 3,752,431,984

Tesla Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$416.56	$400.28	$190.93	$173.22	$302.45
No. shares of common stock outstanding¹	3,752,431,984	3,216,517,037	3,184,790,415	3,164,102,701	3,100,522,833
US$ in millions
Common equity (market value)³	1,563,113)	1,287,507)	608,072)	548,086)	937,753)
Add: Preferred stock; $0.001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests in subsidiaries (book value)	670)	704)	733)	785)	826)
Total equity	1,563,783)	1,288,211)	608,805)	548,871)	938,579)
Add: Current portion of debt and finance leases (book value)	1,640)	2,456)	2,373)	1,502)	1,589)
Add: Debt and finance leases, net of current portion (book value)	6,736)	5,757)	2,857)	1,597)	5,245)
Total equity and debt	1,572,159)	1,296,424)	614,035)	551,970)	945,413)
Less: Cash and cash equivalents	16,513)	16,139)	16,398)	16,253)	17,576)
Less: Short-term investments	27,546)	20,424)	12,696)	5,932)	131)
Enterprise value (EV)	1,528,100)	1,259,861)	584,941)	529,785)	927,706)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Tesla Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 416.56 × 3,752,431,984

The enterprise value exhibited significant fluctuation over the observed period. Initially, a substantial decrease is noted, followed by a period of recovery and subsequent growth. The relationship between common equity, total equity, and total equity plus debt provides context for understanding these changes in enterprise value.

Enterprise Value Trend: Enterprise value decreased considerably from US$927.706 million in 2021 to US$529.785 million in 2022. This represents a significant contraction. A subsequent increase was observed in 2023, reaching US$584.941 million. The most substantial growth occurred between 2023 and 2024, with enterprise value rising to US$1,259.861 million. This upward trend continued into 2025, reaching US$1,528.100 million.
Equity Components: Common equity (market value) mirrored the enterprise value trend, declining from US$937.753 million in 2021 to US$548.086 million in 2022, then increasing to US$608.072 million in 2023, and accelerating to US$1,287.507 million in 2024 and US$1,563.113 million in 2025. Total equity followed a similar pattern, remaining closely aligned with common equity throughout the period.
Debt Influence: Total equity and debt, while increasing each year, exhibited a more moderate growth rate compared to common equity and enterprise value, particularly in the later years. The difference between total equity and total equity plus debt represents the company’s debt. The relatively stable debt levels suggest that the fluctuations in enterprise value are primarily driven by changes in equity valuation rather than significant shifts in debt financing.

The substantial increase in enterprise value from 2023 to 2025 suggests a positive reassessment of the company’s future prospects by the market. The close correlation between common equity and enterprise value indicates that investor sentiment regarding the company’s equity is a key driver of its overall valuation.

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Tesla Inc. (NASDAQ:TSLA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)