Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Tesla Inc., FCFE calculation

US$ in millions

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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).

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.

Price to FCFE Ratio, Current

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

Microsoft Excel
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.


Price to FCFE Ratio, Historical

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

Microsoft Excel
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 price1, 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.