Stock Analysis on Net
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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net income attributable to common stockholders 7,091 14,997 12,556 5,519 721
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 62 (23) 31 125 141
Net noncash charges 7,689 530 5,849 5,186 4,897
Changes in operating assets and liabilities 81 (2,248) (3,712) 667 184
Net cash provided by operating activities 14,923 13,256 14,724 11,497 5,943
Purchases of property and equipment excluding finance leases, net of sales (11,339) (8,898) (7,158) (6,482) (3,157)
Purchase of intangible assets — — (9) — (10)
Proceeds from issuances of debt 5,744 3,931 — 8,883 9,713
Repayments of debt (2,500) (1,351) (3,364) (14,167) (11,623)
Collateralized lease repayments — — — (9) (240)
Principal payments on finance leases (381) (464) (502) (439) (338)
Debt issuance costs (14) (29) — (9) (6)
Free cash flow to equity (FCFE) 6,433 6,445 3,691 (726) 282

Based on: 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), 10-K (reporting date: 2020-12-31).

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 increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Price to FCFE Ratio, Current

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

Microsoft Excel
No. shares of common stock outstanding 3,220,956,211
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 6,433
FCFE per share 2.00
Current share price (P) 292.03
Valuation Ratio
P/FCFE 146.22
Benchmarks
P/FCFE, Competitors1
Ford Motor Co. 2.22
General Motors Co. 3.10
P/FCFE, Sector
Automobiles & Components 25.95
P/FCFE, Industry
Consumer Discretionary 32.97

Based on: 10-K (reporting date: 2024-12-31).

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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
No. shares of common stock outstanding1 3,216,517,037 3,184,790,415 3,164,102,701 3,100,522,833 2,879,560,512
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 6,433 6,445 3,691 (726) 282
FCFE per share3 2.00 2.02 1.17 -0.23 0.10
Share price1, 4 400.28 190.93 173.22 302.45 287.81
Valuation Ratio
P/FCFE5 200.14 94.35 148.49 — 2,938.89
Benchmarks
P/FCFE, Competitors6
Ford Motor Co. 2.03 3.43 10.02 — 2.12
General Motors Co. 3.30 2.84 3.50 9.87 5.04
P/FCFE, Sector
Automobiles & Components 34.69 19.12 26.63 — 25.38
P/FCFE, Industry
Consumer Discretionary 39.60 30.84 36.19 82.92 32.04

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,433,000,000 ÷ 3,216,517,037 = 2.00

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

5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 400.28 ÷ 2.00 = 200.14

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Tesla Inc. P/FCFE ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.