Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Tesla Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios exhibit a distinct cyclical pattern characterized by an initial period of multiple compression followed by a phase of aggressive expansion. From the first quarter of 2022 through the first quarter of 2024, a consistent downward trend is observed across all valuation metrics, suggesting a market correction or an increase in fundamental performance that outpaced share price growth during that window.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced a significant decline from 123.10 in March 2022 to a trough of 37.27 in March 2024. Following this low, the ratio entered a period of rapid escalation, peaking at 460.11 by September 2026. This extreme surge indicates a substantial divergence between the share price and earnings per share in the latter half of the analyzed period.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E trend, the P/OP ratio contracted from 108.47 in March 2022 to approximately 40.14 by December 2022. After maintaining a relative plateau through early 2023, the ratio climbed sharply, reaching 427.19 by September 2026, reflecting a heightened valuation of operating profits by the market.
- Price to Sales (P/S) Ratio
- The P/S ratio decreased from 16.63 in March 2022 to a minimum of 5.46 in March 2024. A subsequent recovery is noted, with the ratio ascending to 16.48 in December 2025 before stabilizing at 14.30 by September 2026. This suggests a return to valuation levels similar to those seen at the start of the period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed the general trend of contraction and expansion, falling from 30.33 in March 2022 to a low of 8.03 in March 2024. The ratio subsequently recovered to end the period at 16.58 in September 2026, indicating a moderate increase in the premium paid over the company's book value.
The analysis reveals that while all ratios bottomed out around the first quarter of 2024, the recovery in earnings-based multiples (P/E and P/OP) was far more aggressive than the recovery in asset- or revenue-based multiples (P/BV and P/S). The sharp spike in P/E and P/OP ratios toward the end of 2025 and into 2026 suggests that market expectations shifted toward future growth or that actual earnings declined significantly relative to the stock price.
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Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,952,757,946 | 3,949,547,394 | 3,755,723,871 | 3,752,431,984 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 3,189,196,167 | 3,184,790,415 | 3,178,921,391 | 3,173,994,467 | 3,169,504,301 | 3,164,102,701 | 3,157,752,449 | 3,133,470,045 | 3,108,029,775 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to common stockholders (in millions) | 787) | 1,114) | 477) | 840) | 1,373) | 1,172) | 409) | 2,128) | 2,173) | 1,400) | 1,390) | 7,928) | 1,853) | 2,703) | 2,513) | 3,687) | 3,292) | 2,259) | 3,318) | ||||||
| Earnings per share (EPS)2 | 0.81 | 0.96 | 1.03 | 1.01 | 1.53 | 1.82 | 1.90 | 2.20 | 4.02 | 3.94 | 4.35 | 4.71 | 3.38 | 3.84 | 3.71 | 3.97 | 3.54 | 3.04 | 2.70 | ||||||
| Share price1, 3 | 374.58 | 319.69 | 373.72 | 416.56 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 460.11 | 331.92 | 363.44 | 412.00 | 293.83 | 167.41 | 132.18 | 181.57 | 64.86 | 54.89 | 37.27 | 40.55 | 62.68 | 70.03 | 43.84 | 43.65 | 59.61 | 88.39 | 123.10 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | — | — | — | — | 11.72 | 13.98 | 8.27 | 6.24 | 11.72 | 11.57 | 13.27 | 11.70 | 6.47 | 12.83 | 16.34 | — | 5.80 | 4.82 | 5.08 | ||||||
| General Motors Co. | 16.83 | 37.61 | 29.26 | 24.55 | 12.96 | 7.13 | 5.71 | 6.93 | 5.37 | 4.74 | 4.84 | 4.39 | 3.94 | 5.13 | 4.92 | 6.15 | 6.09 | 6.29 | 6.37 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income attributable to common stockholdersQ3 2026
+ Net income attributable to common stockholdersQ2 2026
+ Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025)
÷ No. shares of common stock outstanding
= (787,000,000 + 1,114,000,000 + 477,000,000 + 840,000,000)
÷ 3,952,757,946 = 0.81
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 374.58 ÷ 0.81 = 460.11
5 Click competitor name to see calculations.
The valuation metrics for the period between March 31, 2022, and September 30, 2026, reveal a significant divergence between market pricing and fundamental earnings performance.
- Share Price Trajectory
- An initial period of volatility and decline is observed from March 2022 to March 2023, with prices falling from 332.67 to 162.55. This was followed by a recovery phase and a substantial rally beginning in late 2024, peaking at 448.98 in September 2025, before stabilizing between 319.69 and 374.58 through 2026.
- Earnings per Share (EPS) Trends
- Earnings displayed a growth trend in the first two years, rising from 2.70 in March 2022 to a peak of 4.71 in December 2023. However, a consistent and sharp downward trajectory followed, with EPS declining every quarter from March 2024 (4.35) to September 2026 (0.81), representing a significant erosion of profitability per share over the latter half of the period.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio underwent three distinct phases. First, a compression phase occurred from March 2022 to March 2023, where the ratio dropped from 123.10 to 43.84. Second, a period of moderate fluctuation was observed throughout 2023 and early 2024. Third, an aggressive expansion phase began in June 2024, culminating in a peak P/E of 460.11 by September 2026. This extreme increase is the result of the inverse correlation between rising share prices and falling earnings per share.
The final analyzed quarters indicate a valuation profile where the market is pricing in future growth expectations that are not supported by current realized earnings, as evidenced by the P/E ratio reaching historical highs despite a multi-year decline in EPS.
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Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,952,757,946 | 3,949,547,394 | 3,755,723,871 | 3,752,431,984 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 3,189,196,167 | 3,184,790,415 | 3,178,921,391 | 3,173,994,467 | 3,169,504,301 | 3,164,102,701 | 3,157,752,449 | 3,133,470,045 | 3,108,029,775 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in millions) | 718) | 398) | 941) | 1,409) | 1,624) | 923) | 399) | 1,583) | 2,717) | 1,605) | 1,171) | 2,064) | 1,764) | 2,399) | 2,664) | 3,901) | 3,688) | 2,464) | 3,603) | ||||||
| Operating profit per share2 | 0.88 | 1.11 | 1.30 | 1.16 | 1.36 | 1.74 | 1.96 | 2.20 | 2.35 | 2.07 | 2.32 | 2.79 | 3.37 | 3.99 | 4.01 | 4.32 | 3.92 | 3.41 | 3.07 | ||||||
| Share price1, 3 | 374.58 | 319.69 | 373.72 | 416.56 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 427.19 | 288.80 | 286.62 | 358.92 | 329.70 | 175.16 | 128.11 | 181.95 | 110.65 | 104.48 | 69.89 | 68.39 | 62.84 | 67.50 | 40.51 | 40.14 | 53.94 | 78.73 | 108.47 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | — | — | — | — | 15.24 | 14.98 | 9.63 | 7.03 | 11.05 | 11.11 | 11.39 | 9.32 | 5.49 | 7.99 | 6.69 | 8.40 | 9.58 | 8.95 | 17.27 | ||||||
| General Motors Co. | 14.99 | 38.44 | 28.67 | 26.84 | 7.69 | 4.37 | 3.49 | 3.89 | 4.85 | 4.52 | 4.92 | 4.74 | 3.56 | 4.59 | 4.28 | 5.32 | 5.70 | 6.50 | 6.84 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (718,000,000 + 398,000,000 + 941,000,000 + 1,409,000,000)
÷ 3,952,757,946 = 0.88
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 374.58 ÷ 0.88 = 427.19
5 Click competitor name to see calculations.
The analysis of the valuation ratios reveals a significant divergence between the equity market's valuation of the company and its actual operating performance over the observed period. While the share price exhibited high volatility with a general upward trajectory in later periods, the operating profit per share entered a sustained decline, leading to a dramatic expansion of the Price to Operating Profit (P/OP) multiple.
- Share Price Trends
- The share price experienced an initial contraction, falling from 332.67 US$ in March 2022 to a low of 162.13 US$ by March 2024. Subsequently, a strong recovery occurred, with the price peaking at 448.98 US$ in September 2025 before stabilizing in the 319.69 US$ to 374.58 US$ range through September 2026.
- Operating Profit per Share Performance
- Operating profit per share initially grew, peaking at 4.32 US$ in December 2022. Following this peak, a consistent and prolonged downward trend is observed. The profit per share declined steadily from 4.01 US$ in March 2023 to a period low of 0.88 US$ by September 2026, representing a substantial erosion of operational profitability per unit of equity.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio underwent three distinct phases. First, a period of valuation compression occurred between March 2022 and December 2022, where the ratio dropped from 108.47 to 40.14. Second, a phase of relative stability was observed from March 2023 to March 2024, with the ratio fluctuating between approximately 40 and 70. Third, an aggressive expansion occurred starting in June 2024; as operating profits continued to fall while share prices remained elevated or increased, the P/OP ratio escalated sharply, reaching a terminal value of 427.19 by September 2026.
The overarching trend indicates a shift from a valuation based on operational growth to one driven by factors decoupled from current operating profits. The extreme increase in the P/OP ratio in the final two years suggests that the market is pricing in future expectations or non-operating value, as the current operating profit is no longer the primary driver of the share price.
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Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,952,757,946 | 3,949,547,394 | 3,755,723,871 | 3,752,431,984 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 3,189,196,167 | 3,184,790,415 | 3,178,921,391 | 3,173,994,467 | 3,169,504,301 | 3,164,102,701 | 3,157,752,449 | 3,133,470,045 | 3,108,029,775 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | 28,046) | 28,236) | 22,387) | 24,901) | 28,095) | 22,496) | 19,335) | 25,707) | 25,182) | 25,500) | 21,301) | 25,167) | 23,350) | 24,927) | 23,329) | 24,318) | 21,454) | 16,934) | 18,756) | ||||||
| Sales per share2 | 26.20 | 26.24 | 26.06 | 25.27 | 28.75 | 28.75 | 29.72 | 30.37 | 30.26 | 29.84 | 29.71 | 30.39 | 30.18 | 29.62 | 27.14 | 25.75 | 23.71 | 21.44 | 20.01 | ||||||
| Share price1, 3 | 374.58 | 319.69 | 373.72 | 416.56 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 14.30 | 12.19 | 14.34 | 16.48 | 15.61 | 10.62 | 8.44 | 13.18 | 8.61 | 7.24 | 5.46 | 6.28 | 7.03 | 9.08 | 5.99 | 6.73 | 8.91 | 12.52 | 16.63 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | — | 0.35 | 0.27 | 0.32 | 0.31 | 0.26 | 0.24 | 0.21 | 0.24 | 0.26 | 0.31 | 0.31 | 0.24 | 0.33 | 0.30 | 0.35 | 0.37 | 0.41 | 0.47 | ||||||
| General Motors Co. | 0.38 | 0.41 | 0.43 | 0.46 | 0.36 | 0.27 | 0.25 | 0.29 | 0.35 | 0.32 | 0.32 | 0.28 | 0.25 | 0.33 | 0.31 | 0.38 | 0.39 | 0.41 | 0.48 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= (28,046,000,000 + 28,236,000,000 + 22,387,000,000 + 24,901,000,000)
÷ 3,952,757,946 = 26.20
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 374.58 ÷ 26.20 = 14.30
5 Click competitor name to see calculations.
The valuation trajectory of the equity exhibits significant volatility, characterized by a sharp contraction in the Price-to-Sales (P/S) ratio during the first half of the period, followed by a recovery and subsequent stabilization at a higher multiple.
- Price-to-Sales (P/S) Ratio Trends
- A pronounced downward trend is observed from March 31, 2022, where the P/S ratio stood at 16.63, reaching a cyclical low of 5.46 by March 31, 2024. This represents a significant compression in valuation multiples. Following this trough, a rapid expansion occurred, with the ratio peaking at 16.48 by December 31, 2025. The period concludes with the ratio stabilizing around 14.30 by September 30, 2026, indicating a return to valuation levels similar to the start of the observed period.
- Sales per Share Performance
- Sales per share demonstrated consistent growth from March 31, 2022 (20.01 US$), peaking at 30.39 US$ in December 31, 2023. After this peak, a gradual decline and subsequent plateau are evident, with values fluctuating between 28.75 US$ and 26.20 US$ through September 30, 2026. The divergence between growing sales and a falling P/S ratio between 2022 and early 2024 suggests that share price depreciation outpaced operational revenue growth during that window.
- Equity Price Volatility and Valuation Correlation
- The P/S ratio movements are heavily driven by share price fluctuations. A substantial price decline from 332.67 US$ (March 2022) to 162.13 US$ (March 2024) drove the initial valuation contraction. Conversely, the surge in share price to 400.28 US$ by December 31, 2024, and a peak of 448.98 US$ in September 30, 2025, acted as the primary catalyst for the expansion of the P/S ratio. The final phase of the data indicates a period of relative stabilization, where the P/S ratio remained elevated despite a moderate decrease in sales per share.
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Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,952,757,946 | 3,949,547,394 | 3,755,723,871 | 3,752,431,984 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 3,189,196,167 | 3,184,790,415 | 3,178,921,391 | 3,173,994,467 | 3,169,504,301 | 3,164,102,701 | 3,157,752,449 | 3,133,470,045 | 3,108,029,775 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 89,289) | 86,858) | 84,116) | 82,137) | 79,970) | 77,314) | 74,653) | 72,913) | 69,931) | 66,468) | 64,378) | 62,634) | 53,466) | 51,130) | 48,054) | 44,704) | 39,851) | 36,376) | 34,085) | ||||||
| Book value per share (BVPS)2 | 22.59 | 21.99 | 22.40 | 21.89 | 24.05 | 23.97 | 23.18 | 22.67 | 21.78 | 20.81 | 20.19 | 19.67 | 16.82 | 16.11 | 15.16 | 14.13 | 12.62 | 11.61 | 10.97 | ||||||
| Share price1, 3 | 374.58 | 319.69 | 373.72 | 416.56 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 16.58 | 14.54 | 16.69 | 19.03 | 18.67 | 12.74 | 10.82 | 17.66 | 11.96 | 10.38 | 8.03 | 9.71 | 12.61 | 16.70 | 10.72 | 12.26 | 16.74 | 23.12 | 30.33 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | — | 1.71 | 1.29 | 1.54 | 1.16 | 0.98 | 0.93 | 0.82 | 0.93 | 1.02 | 1.21 | 1.19 | 0.90 | 1.22 | 1.11 | 1.22 | 1.24 | 1.27 | 1.31 | ||||||
| General Motors Co. | 1.04 | 1.13 | 1.14 | 1.28 | 0.94 | 0.70 | 0.67 | 0.79 | 0.83 | 0.76 | 0.77 | 0.69 | 0.53 | 0.73 | 0.65 | 0.81 | 0.81 | 0.76 | 0.91 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 89,289,000,000 ÷ 3,952,757,946 = 22.59
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 374.58 ÷ 22.59 = 16.58
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through September 2026 reveals a period of significant volatility in market valuation contrasted with a steady growth in underlying book value.
- Book Value Per Share (BVPS) Progression
- A consistent upward trend in BVPS is observed from March 2022 ($10.97) through September 2025 ($24.05). This trajectory indicates a steady accumulation of net assets per share over the majority of the analyzed period. A brief contraction occurred in December 2025, where the value decreased to $21.89, before recovering to $22.59 by September 2026.
- Price to Book Value (P/BV) Trends
- The P/BV ratio underwent a substantial contraction during the first two years, falling from a peak of 30.33 in March 2022 to a cycle low of 8.03 by March 2024. This decline was driven by a reduction in share price that outpaced the growth of the book value. Following this trough, the ratio entered a volatile recovery phase, reaching 19.03 in December 2025 before stabilizing at 16.58 by September 2026.
- Market Price Dynamics
- Share prices exhibited high variance, fluctuating between a low of $162.13 in March 2024 and a peak of $448.98 in September 2025. The spikes in the P/BV ratio correspond directly with these price surges, particularly in late 2024 and mid-2025, while the underlying BVPS remained relatively stable, highlighting a disconnect between market sentiment and tangible asset growth during peak periods.
Overall, the data demonstrates a transition from an extremely high valuation premium in early 2022 to a more moderate, though still volatile, valuation range by 2026. The divergence between the steady increase in book value and the erratic movements of the share price suggests that market-driven expectations were the primary catalysts for the changes in the P/BV ratio.
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