Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2010
- Current Ratio since 2010
- Price to Operating Profit (P/OP) since 2010
- Aggregate Accruals
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Current Valuation Ratios
Tesla Inc., current price multiples
| Tesla Inc. | Ford Motor Co. | General Motors Co. | Automobiles & Components | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | ||||||||
| No. shares of common stock outstanding | ||||||||
| Growth rate (g) | ||||||||
| Earnings per share (EPS) | ||||||||
| Next year expected EPS | ||||||||
| Operating profit per share | ||||||||
| Sales per share | ||||||||
| Book value per share (BVPS) | ||||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | ||||||||
| Price to next year expected earnings | ||||||||
| Price-earnings-growth (PEG) | ||||||||
| Price to operating profit (P/OP) | ||||||||
| Price to sales (P/S) | ||||||||
| Price to book value (P/BV) | ||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Tesla Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios demonstrate significant fluctuations over the five-year period. Generally, ratios decreased from 2021 to 2023, followed by substantial increases in 2024 and 2025. This suggests a period of re-evaluation followed by renewed optimism or speculative activity in the market.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a dramatic decline from 169.91 in 2021 to 40.55 in 2023, indicating a substantial decrease in investor willingness to pay for each dollar of earnings. However, this was followed by a significant increase to 181.57 in 2024 and a further surge to 412.00 in 2025. This suggests a considerable shift in market sentiment regarding future earnings potential.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio decreased from 143.76 in 2021 to 40.14 in 2022, and then to 68.39 in 2023. The ratio then increased sharply to 181.95 in 2024 and 358.92 in 2025. This pattern mirrors the P/E ratio, indicating that market valuation relative to operating profitability has become more volatile.
- Price to Sales (P/S)
- The Price to Sales ratio decreased from a high of 17.42 in 2021 to 6.28 in 2023, suggesting a reduction in the premium investors were willing to pay for each dollar of revenue. The ratio then increased to 13.18 in 2024 and 16.48 in 2025, though it did not reach the levels observed in 2021. This indicates a recovery in revenue multiple, but not to the prior peak.
- Price to Book Value (P/BV)
- The Price to Book Value ratio exhibited a substantial decrease from 31.06 in 2021 to 9.71 in 2023, implying a diminishing premium placed on the company’s net asset value. The ratio increased to 17.66 in 2024 and 19.03 in 2025, but remained significantly below the 2021 level. This suggests a re-evaluation of the company’s asset base and its contribution to market valuation.
Overall, the observed trends indicate a period of valuation compression between 2021 and 2023, followed by a significant re-expansion in 2024 and 2025 across all examined price multiples. The magnitude of the increases in 2024 and 2025 is particularly noteworthy, suggesting a potential shift in investor expectations or a change in market conditions.
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to common stockholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Ford Motor Co. | ||||||
| General Motors Co. | ||||||
| P/E Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/E Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to common stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Tesla Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited significant fluctuations over the five-year period. Initial values were high, followed by a substantial decrease, then a period of relative stability before increasing dramatically again.
- Share Price
- The share price demonstrated a considerable decline from 2021 to 2022, falling from 302.45 US$ to 173.22 US$. A modest recovery occurred in 2023, reaching 190.93 US$, before a substantial increase to 400.28 US$ in 2024. This upward momentum continued into 2025, with the share price reaching 416.56 US$.
- Earnings Per Share (EPS)
- Earnings per share increased steadily from 1.78 US$ in 2021 to 4.71 US$ in 2023. However, a significant decrease was observed in 2024, with EPS falling to 2.20 US$. This downward trend continued in 2025, with EPS declining further to 1.01 US$.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at a high of 169.91 in 2021. A marked decrease was then observed in 2022, with the ratio falling to 43.65. The ratio remained relatively stable in 2023 at 40.55. A substantial increase occurred in 2024, reaching 181.57, and continued into 2025, with the P/E ratio rising to 412.00. The fluctuations in the P/E ratio largely reflect the interplay between the share price and earnings per share, with the most recent years showing a significant increase in the ratio driven by a decreasing EPS and a rising share price.
The observed trends suggest a period of investor optimism followed by correction, then renewed optimism, and finally, a potential overvaluation based on the increasing P/E ratio in the latter years. The divergence between share price and EPS in 2024 and 2025 is particularly noteworthy.
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Income from operations (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Ford Motor Co. | ||||||
| General Motors Co. | ||||||
| P/OP Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/OP Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
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 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Tesla Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited significant fluctuations over the observed five-year period. Initial values were high, followed by a substantial decrease, then a period of increase culminating in a peak at the end of the period. This movement appears strongly correlated with changes in both share price and operating profit per share.
- Overall Trend
- The P/OP ratio demonstrated considerable volatility. It began at 143.76 in 2021, decreased sharply to 40.14 in 2022, increased to 68.39 in 2023, then rose dramatically to 181.95 in 2024, and finally reached 358.92 in 2025. This indicates a growing investor premium placed on each dollar of operating profit generated by the company.
- Share Price Influence
- The share price experienced a decline from US$302.45 in 2021 to US$173.22 in 2022, which likely contributed to the initial decrease in the P/OP ratio. Subsequently, the share price increased to US$190.93 in 2023 and then significantly to US$400.28 in 2024, and further to US$416.56 in 2025. These increases, particularly in the later years, appear to have driven the upward trend in the P/OP ratio.
- Operating Profit per Share Influence
- Operating profit per share initially increased from US$2.10 in 2021 to US$4.32 in 2022, partially offsetting the share price decline and contributing to the lower P/OP ratio in 2022. However, operating profit per share then decreased to US$2.79 in 2023, US$2.20 in 2024, and further to US$1.16 in 2025. Despite this decline in operating profit, the substantial increase in share price in 2024 and 2025 resulted in a significant increase in the P/OP ratio.
The substantial increase in the P/OP ratio in 2025 suggests that investors were willing to pay a considerably higher price for each dollar of operating profit compared to earlier periods. This could be attributed to factors such as increased investor confidence, expectations of future growth, or a shift in market sentiment. The interplay between share price and operating profit per share is critical in understanding the observed fluctuations in the P/OP ratio.
Price to Sales (P/S)
Tesla Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Ford Motor Co. | ||||||
| General Motors Co. | ||||||
| P/S Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/S Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
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 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Tesla Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited significant fluctuation over the observed period. Initially, the ratio decreased substantially before increasing again, suggesting shifts in market valuation relative to revenue generation.
- Share Price
- The share price demonstrated a considerable decline from 2021 to 2022, falling from US$302.45 to US$173.22. A partial recovery occurred in 2023, reaching US$190.93, followed by more substantial increases in 2024 and 2025, culminating in US$416.56. This indicates increasing investor confidence or changing market conditions in the latter years.
- Sales per Share
- Sales per share generally increased from US$17.36 in 2021 to US$30.39 in 2023, demonstrating revenue growth relative to the number of outstanding shares. However, a slight decrease to US$30.37 in 2024 was observed, followed by a more pronounced decline to US$25.27 in 2025. This suggests a potential slowing of revenue growth or an increase in the number of shares outstanding.
- Price-to-Sales Ratio
- The price-to-sales ratio began at 17.42 in 2021 and experienced a dramatic reduction to 6.73 in 2022, coinciding with the share price decline. A further decrease to 6.28 occurred in 2023. Subsequently, the ratio increased to 13.18 in 2024 and continued to rise to 16.48 in 2025. This pattern suggests that the market initially devalued the company relative to its sales, but then reassessed its valuation as the share price recovered and sales per share fluctuated. The increasing ratio in the final two years indicates investors were willing to pay more for each dollar of sales.
The interplay between share price and sales per share significantly influenced the price-to-sales ratio. The initial decline in the ratio was primarily driven by the substantial drop in share price, while the subsequent increases were influenced by both share price appreciation and changes in sales per share.
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Ford Motor Co. | ||||||
| General Motors Co. | ||||||
| P/BV Ratio, Sector | ||||||
| Automobiles & Components | ||||||
| P/BV Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
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 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Tesla Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited considerable fluctuation over the five-year period. Initially high, the ratio decreased substantially before stabilizing and then increasing again towards the end of the period. This suggests a changing perception of the market value relative to the net asset value of the company.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 31.06 in 2021, indicating a significant premium placed on the company’s stock price compared to its book value. A marked decline was observed in 2022, with the ratio falling to 12.26. This decrease continued into 2023, reaching a low of 9.71. Subsequently, the ratio increased to 17.66 in 2024 and further to 19.03 in 2025, though not returning to the levels seen in 2021.
The share price demonstrated a similar pattern of decline followed by recovery. The share price decreased from US$302.45 in 2021 to US$173.22 in 2022, before beginning a recovery to US$190.93 in 2023. Further gains were observed in 2024 and 2025, reaching US$400.28 and US$416.56 respectively.
- Book Value Per Share (BVPS) Trend
- Book value per share consistently increased throughout the period, rising from US$9.74 in 2021 to US$21.89 in 2025. This indicates a steady growth in the net asset value attributable to each share. The rate of increase was most pronounced between 2022 and 2023, growing from US$14.13 to US$19.67. The increase slowed in 2024 and 2025, with BVPS reaching US$22.67 and US$21.89 respectively.
The combined effect of the share price fluctuations and the consistent increase in book value per share resulted in the observed P/BV ratio trend. The initial high ratio reflected strong market optimism, while the subsequent decline suggests a reassessment of the company’s value. The later increase in the P/BV ratio, coupled with the continued growth in BVPS, indicates a renewed, though not equivalent, market confidence.