Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Tesla Inc., FCFE calculation
US$ in millions
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).
The analysis of the financial data reveals notable trends in the company's cash flow activities over the five-year period ending December 31, 2024.
- Net Cash Provided by Operating Activities
- There is a consistent and substantial increase in net cash provided by operating activities from 2020 through 2022, rising from 5,943 million USD in 2020 to a peak of 14,724 million USD in 2022. However, a slight decline occurs in 2023, with cash flow decreasing to 13,256 million USD. This is followed by a recovery in 2024, reaching 14,923 million USD, the highest level observed in the five-year span. The overall trend indicates strong operational cash generation with minor fluctuations in the latter years.
- Free Cash Flow to Equity (FCFE)
- The FCFE figures display more volatility compared to operating cash flow. The year 2020 starts with a positive FCFE of 282 million USD, but a negative value is observed in 2021, with a deficit of 726 million USD. From 2022 onwards, the FCFE demonstrates significant improvement, rising sharply to 3,691 million USD in 2022 and peaking at 6,445 million USD in 2023. In 2024, FCFE remains robust, slightly decreasing to 6,433 million USD but still indicative of strong free cash generation available to equity holders. This rebound after 2021 suggests effective management of capital expenditures, financing activities, or working capital.
Overall, the data points to a solid improvement in free cash flow to equity following a temporary setback in 2021, alongside continuous growth in operating cash flows. This pattern suggests enhanced capacity for returning value to shareholders or reinvesting in the business, with sustained operational efficiency and cash generation.
Price to FCFE Ratio, Current
Tesla Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 3,220,956,211 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 6,433) |
| FCFE per share | 2.00 |
| Current share price (P) | 322.16 |
| Valuation Ratio | |
| P/FCFE | 161.30 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Ford Motor Co. | 2.33 |
| General Motors Co. | 3.07 |
| P/FCFE, Sector | |
| Automobiles & Components | 28.43 |
| P/FCFE, Industry | |
| Consumer Discretionary | 35.42 |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Tesla Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,216,517,037 | 3,184,790,415 | 3,164,102,701 | 3,100,522,833 | 2,879,560,512 | |
| Selected Financial Data (US$) | ||||||
| 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.
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.
The analysis of the financial data reveals several notable trends and fluctuations over the five-year period under review.
- Share Price
- The share price experienced an initial increase from $287.81 in 2020 to $302.45 in 2021, followed by a significant decline to $173.22 in 2022. This downward trend reversed moderately in 2023 with a rise to $190.93 and then a pronounced surge to $400.28 by the end of 2024. Overall, the share price demonstrated volatility but ended with a substantial increase compared to the starting point.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed notable variability as well. In 2020, it was positive but low at $0.10 per share, turning negative in 2021 at -$0.23, suggesting cash outflows to equity holders or investments exceeding inflows. A strong recovery occurred thereafter, with FCFE per share climbing to $1.17 in 2022 and further to $2.02 in 2023, before slightly declining to $2.00 in 2024. This pattern indicates an overall improvement in the company’s capacity to generate cash available to equity holders after 2021.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio displayed extreme volatility and partial data. The ratio was extraordinarily high at 2938.89 in 2020, reflecting a relatively low FCFE per share combined with a high share price, possibly indicating market expectations for future growth or overvaluation at that time. Data for 2021 was missing, which complicates trend interpretation for that year. In 2022 and 2023, the ratio sharply decreased to 148.49 and 94.35, respectively, suggesting a market reassessment of valuation relative to FCFE or improved cash flow performance. However, in 2024, the ratio increased again to 200.14, possibly reflecting the sharp rise in share price outpacing the slight decrease in FCFE per share.
In summary, the share price and FCFE per share exhibited significant fluctuations, with a particularly sharp decline in 2022 followed by recovery and growth. The P/FCFE ratio's large swings indicate considerable changes in market valuation relative to cash flow metrics over the period, suggesting evolving investor sentiment and company performance dynamics.