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).
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- Income Statement
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2010
- Net Profit Margin since 2010
- Debt to Equity since 2010
- Total Asset Turnover since 2010
- Price to Earnings (P/E) since 2010
- Price to Book Value (P/BV) since 2010
- Price to Sales (P/S) since 2010
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Historical Valuation Ratios (Summary)
Tesla Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits a notably high level and considerable volatility throughout the observed period. Initially, data for the early quarters in 2020 are not provided. Starting from March 31, 2021, the P/E ratio shows a declining trend from 1149.47 to 43.65 by December 31, 2022, indicating a substantial improvement in earnings relative to price or a correction in valuation. Following this, the ratio fluctuates moderately between lows around 37.98 at June 30, 2024, and highs reaching 181.57 at March 31, 2025. Overall, the P/E ratio trajectory suggests a normalization from extremely elevated levels, with later periods demonstrating increased volatility.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio follows a pattern similar to the P/E ratio with high initial values recorded from March 31, 2021 (415.63) gradually declining to 40.14 at December 31, 2022. This decline indicates enhanced operating profitability relative to stock price or a market valuation adjustment. Post-2022, the ratio shows erratic fluctuations, rising again to values above 100 at March 31, 2025, revealing increased uncertainty or changes in operating profit margins or market perceptions. The overall trend points to a significant reduction in the ratio from peak levels, followed by moderate resurgence in valuation multiples.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio presents a downward trajectory after peaking in the first half of 2021 with a value of 26.28 at March 31, 2021, decreasing steadily to reach a low of 5.46 by December 31, 2024. This consistent decline suggests a strengthening sales base relative to stock price or a shift toward more conservative market valuations. Minor rebounds are observed, for example, at September 30, 2024 (8.61) and March 31, 2025 (13.18), indicating some variability in market expectations or revenue growth prospects. The data reveals an overall trend toward lower P/S multiples over time.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio shows a peak during late 2020 at 37.29 (December 31, 2020), followed by a declining trend through 2023 reaching a low of 8.03 on December 31, 2024. This decline suggests an increase in book value relative to market price or a more cautious valuation environment. Moderate fluctuations occur after the trough, with the ratio rising to 17.66 by March 31, 2025, indicating some rebound in market valuation relative to book value. The overall pattern reflects a contraction from elevated valuations to more normalized levels over the period.
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to common stockholdersQ1 2025
+ Net income attributable to common stockholdersQ4 2024
+ Net income attributable to common stockholdersQ3 2024
+ Net income attributable to common stockholdersQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several distinct trends in the key metrics over the observed periods.
- Share Price
- The share price exhibited substantial growth from March 2020 through December 2020, increasing from approximately $52.13 to $287.81. Following this peak, the price fluctuated with a general decline through December 2022, reaching a low near $173.22. Subsequently, the share price showed increased volatility from early 2023 to March 2025, with notable rises and falls; it recovered to around $269.06 in mid-2023, then declined again before spiking to a high of $400.28 by December 2024, ending at $250.74 in the first quarter of 2025. Overall, the share price has experienced cycles of rapid growth followed by corrections, suggesting periods of high investor enthusiasm and subsequent retrenchment.
- Earnings Per Share (EPS)
- Starting from a base of zero or no data before 2020, EPS showed steady and strong growth from the fourth quarter of 2020 onward. It increased from $0.25 to a peak of $4.71 in the first quarter of 2024. However, after this peak, EPS displayed a downward trend, declining to $1.98 by March 2025. This pattern indicates an initial phase of significant earnings improvement followed by a reduction in profitability towards the most recent periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was exceptionally high in late 2020, reflecting a combination of rising share prices and relatively low EPS values, starting around 1149.47. It showed a sharp downward trend throughout 2021 and 2022, dropping to around 43.65 by the end of 2022. This decline suggests an improving earnings base relative to share price, moving towards more normalized valuation levels. Nevertheless, the P/E ratio rose again in 2023 and early 2024, reaching values above 70, before gradually falling back to near 126.77 by March 2025, indicating renewed investor caution or lower earnings expectations relative to the share price.
In summary, the data depicts a dynamic financial profile characterized by rapid share price appreciation followed by volatility, consistent growth in earnings until early 2024, and fluctuating valuation multiples. Such patterns may reflect changing market perceptions, evolving earnings performance, and broader economic or company-specific factors influencing investor sentiment across the periods analyzed.
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024
+ Income from operationsQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed financial data reveals notable trends in share price, operating profit per share, and the price-to-operating profit ratio over the quarterly periods from 2020 to 2025.
- Share Price
- The share price exhibits significant volatility across the observed timeframe. Starting at $52.13 in March 2020, it rose sharply to peak at $287.81 by December 2020. This was followed by fluctuations with a decline generally observable through 2022, reaching as low as $162.55 by March 2023. Subsequently, the share price recovered somewhat, experiencing increases in mid-2023 and notably surging to $400.28 in December 2024 before declining again to $250.74 in March 2025. This pattern indicates periods of rapid growth, correction, and recovery with high amplitude fluctuations.
- Operating Profit per Share
- Operating profit per share shows a clear upward trend from the point data becomes available in March 2021. Starting at $0.69, the metric generally increased to reach a high of $4.32 in December 2022. After this peak, the figure gradually declined, falling to $1.96 by March 2025. This suggests that underlying operating profitability improved markedly through 2021 and 2022 but faced headwinds or reduced gains starting in 2023 and continuing into 2025.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio followed a decreasing trend from early 2021, indicative of valuation adjustment relative to operating profitability. Initially, the ratio was extremely elevated at 415.63 in March 2021, then steadily declined to a low of 40.14 by December 2022, suggesting either market price correction, improved earnings, or a combination of both. Post-2022, the ratio rose again, reaching a peak of 181.95 in December 2024 before settling at 128.11 by March 2025. These movements reflect shifts in market valuation in response to fluctuating profitability and share price volatility.
Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data demonstrates several notable trends in the analyzed periods:
- Share Price
- The share price exhibits significant volatility overall, with an initial upward trend from March 2020 to December 2020, moving from approximately $52 to $288. Subsequently, the price fluctuated, reaching peaks and troughs between $214 and $341 during 2021. From early 2022 through 2023, the share price generally declined from above $330 down to around $163, before recovering in the latter part of 2023 and into 2024, reaching an all-time high near $400 by the end of 2024, followed by a decline to approximately $251 in early 2025.
- Sales per Share
- The sales per share data, available from March 2020 onward, shows consistent growth throughout the timeframe. Starting near $11, it steadily increased quarter over quarter, peaking around $30 in late 2023 and maintaining a plateau near this value into early 2025. This trend suggests strengthening sales performance per share over the multi-year period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio has undergone a general downtrend despite fluctuations. Early figures in 2020 denote very high valuations exceeding 26 times sales, which decrease progressively through the periods. Notably, the ratio fell below 10 from late 2021 onward, hitting lows near 5.46 around mid-2024. There are temporary rebounds in this ratio during 2023 and again at the end of 2024, reaching above 13 briefly, before settling around 8.44 by early 2025. This indicates a relative decline in market valuation multiples compared to sales over time.
Overall, the data reflects that while sales per share have grown reliably, the stock price has been more volatile, with price multiples contracting after early high valuations. This pattern suggests increasing revenue generation capacity alongside fluctuating market sentiment and valuation adjustments throughout the observed quarters.
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed data indicates several notable trends in the company's financial metrics across the quarterly periods.
- Share Price (US$)
- The share price displayed substantial growth initially, rising sharply from $52.13 in March 2020 to a peak of $341.62 in September 2021. Following this peak, the price showed a decline with intermittent fluctuations, reaching a low of $162.55 by March 2023. Afterward, a partial recovery occurred, with the share price rising again to $400.28 by December 2024. However, it slightly retraced to $250.74 by March 2025, indicating volatility and periods of both bullish and bearish market sentiment.
- Book Value Per Share (BVPS) (US$)
- The book value per share exhibited a consistent upward trajectory over the entire period. Starting at $3.30 in March 2020, it gradually increased each quarter, reaching $23.18 by March 2025. This steady growth suggests continuous strengthening of the company’s net asset position on a per-share basis, reflecting sustained accumulation of equity.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book value ratio experienced pronounced volatility aligned with changes in the share price and BVPS. Initially, the ratio increased sharply from 15.8 in March 2020 to a high of 38.04 in September 2021, indicating that the market price was substantially higher relative to the book value at that time. Subsequently, the ratio declined markedly to a low of 8.03 in March 2024, reflecting a correction or market re-rating despite the continuing increase in book value. By the end of the period, the ratio rebounded to 10.82 in March 2025, suggesting a partial market revaluation but remaining well below the earlier peak levels.
Overall, the data reveal a company whose intrinsic book value has steadily and robustly increased, whereas its share price has undergone significant volatility with strong peaks and corrections. The P/BV ratio's fluctuation underscores changing investor expectations and market dynamics affecting valuation multiples over time.