Tesla Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss) attributable to common stockholders	12,556)	5,519)	721)	(862)	(976)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	31)	125)	141)	87)	(86)
Net noncash charges	6,045)	5,335)	4,897)	3,529)	3,102)
Changes in operating assets and liabilities	(3,908)	518)	184)	(349)	58)
Net cash provided by operating activities	14,724)	11,497)	5,943)	2,405)	2,098)
Purchases of property and equipment excluding finance leases, net of sales	(7,158)	(6,482)	(3,157)	(1,327)	(2,101)
Purchase of intangible assets	(9)	—)	(10)	(5)	—)
Proceeds from issuances of debt	—)	8,883)	9,713)	10,669)	6,176)
Repayments of convertible and other debt	(3,364)	(14,167)	(11,623)	(9,161)	(5,247)
Repayments of borrowings issued to related parties	—)	—)	—)	—)	(100)
Collateralized lease repayments	—)	(9)	(240)	(389)	(559)
Principal payments on finance leases	(502)	(439)	(338)	(321)	(181)
Debt issuance costs	—)	(9)	(6)	(37)	(15)
Purchase of convertible note hedges	—)	—)	—)	(476)	—)
Free cash flow to equity (FCFE)	3,691)	(726)	282)	1,358)	71)

Based on: 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), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Tesla Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Tesla Inc. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Tesla Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	3,178,921,391
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,691)
FCFE per share	1.16
Current share price (P)	243.84
Valuation Ratio
P/FCFE	210.01
Benchmarks
P/FCFE, Competitors¹
Ford Motor Co.	8.38
General Motors Co.	2.95
P/FCFE, Sector
Automobiles & Components	35.15
P/FCFE, Industry
Consumer Discretionary	43.75

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

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

Tesla Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	3,164,102,701	3,100,522,833	2,879,560,512	2,720,123,790	2,590,822,305
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,691)	(726)	282)	1,358)	71)
FCFE per share³	1.17	-0.23	0.10	0.50	0.03
Share price^1, 4	173.22	302.45	287.81	53.60	20.38
Valuation Ratio
P/FCFE⁵	148.49	—	2,938.89	107.36	741.08
Benchmarks
P/FCFE, Competitors⁶
Ford Motor Co.	10.02	—	2.12	3.39	3.34
General Motors Co.	3.50	9.87	5.04	27.87	4.58
P/FCFE, Sector
Automobiles & Components	26.63	—	25.38	17.76	6.32
P/FCFE, Industry
Consumer Discretionary	35.22	79.59	31.45	28.60	20.22

Based on: 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), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,691,000,000 ÷ 3,164,102,701 = 1.17

⁴ Closing price as at the filing date of Tesla Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 173.22 ÷ 1.17 = 148.49

⁶ Click competitor name to see calculations.

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Tesla Inc. (NASDAQ:TSLA)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical