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).
Paying user area
Try for free
Tesla Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Current Ratio since 2010
- Price to Operating Profit (P/OP) since 2010
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Tesla Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Tesla Inc., historical price multiples (quarterly data)
Based on: 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 significant compression followed by an aggressive expansion in multiples through late 2025.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- The P/E ratio experienced a sharp decline from 123.10 in March 2022 to a low of 37.27 in March 2024. Subsequently, a rapid acceleration occurred, with the ratio peaking at 412.00 in December 2025 before moderating to 331.92 by June 2026. The P/OP ratio followed a nearly identical trajectory, descending from 108.47 in early 2022 to a trough around 40.00 in early 2023, before escalating to a peak of 358.92 in December 2025. This high degree of synchronization suggests that valuation movements were primarily driven by equity pricing shifts rather than isolated changes in operational profitability.
- Price to Sales (P/S)
- A consistent downward trend in the P/S ratio is observed from March 2022 (16.63) through March 2024 (5.46), representing a substantial reduction in the revenue multiple. This trend reversed in the latter half of 2024, climbing to a peak of 16.48 in December 2025. By June 2026, the ratio settled at 12.19, indicating a return to premium valuation levels compared to the 2023-2024 period.
- Price to Book Value (P/BV)
- The P/BV ratio mirrored the broader valuation trend, falling from 30.33 in March 2022 to a minimum of 8.03 in March 2024. A subsequent recovery saw the ratio reach 19.03 in December 2025, followed by a moderate decline to 14.54 by June 2026. The magnitude of this fluctuation indicates significant volatility in the market's assessment of the company's net asset value relative to its market capitalization.
In summary, the analysis reveals a period of valuation normalization between 2022 and early 2024, followed by a substantial expansion in multiples that reached a zenith in the fourth quarter of 2025. The slight downward adjustment observed in the first half of 2026 across all metrics suggests a transition toward a stabilization phase following the peak expansion.
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 Calculation
EPS
= (Net income attributable to common stockholdersQ2 2026
+ Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025
+ Net income attributable to common stockholdersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile exhibits a significant transition from a period of multiple compression between early 2022 and early 2024 to a phase of aggressive multiple expansion through mid-2026. This trajectory is characterized by a decoupling of the share price from underlying earnings performance.
- Share Price Trends
- The share price experienced a volatile downward trend from March 2022, declining from 332.67 to a low of 162.13 by March 2024. Subsequently, a strong recovery occurred, peaking at 448.98 in September 2025, before settling at 319.69 by June 2026.
- Earnings Per Share (EPS) Performance
- Earnings showed a consistent growth phase from March 2022, rising from 2.70 to a peak of 4.71 in December 2023. Following this peak, a sustained downward trend is observed, with EPS declining steadily to 0.96 by June 2026, representing a significant contraction in profitability over the final two years of the period.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio initially contracted from 123.10 in March 2022 to 37.27 in March 2024, as earnings growth outpaced share price movements. However, a sharp reversal occurred after March 2024; the ratio expanded exponentially, reaching a maximum of 412.00 in December 2025. This surge was driven by the simultaneous increase in share price and the collapse of EPS, indicating a market valuation increasingly based on future expectations rather than current earnings.
The overall analysis reveals a divergence in fundamental value and market pricing. While the period from 2022 to 2023 saw the valuation align more closely with earnings growth, the period from 2024 to 2026 demonstrates extreme valuation inflation, with the P/E ratio remaining elevated above 300 despite a substantial decline in quarterly earnings per share.
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 Calculation
Operating profit per share
= (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
A significant divergence is observed between the company's equity valuation and its fundamental operating performance from March 2022 through June 2026. While the share price exhibited high volatility with an overall upward trajectory in the latter half of the period, operating profit per share entered a consistent long-term decline, leading to a substantial expansion of the Price to Operating Profit (P/OP) multiple.
- Share Price Trends
- The share price experienced a sharp contraction throughout 2022, falling from 332.67 US$ to 173.22 US$. Following a period of volatility in 2023, a strong bullish trend emerged in 2024, with the price peaking at 400.28 US$ by December 31, 2024. The upward momentum continued into 2025, reaching an all-time high of 448.98 US$ in September 2025, before correcting to 319.69 US$ by June 30, 2026.
- Operating Profit per Share Performance
- Operating profit per share peaked early in the observed period at 4.32 US$ in December 2022. Subsequent quarters showed a sustained downward trend. Despite a minor recovery to 1.30 US$ in March 2026, the overall trajectory remained negative, with profit per share declining to 1.11 US$ by June 30, 2026. This represents a significant erosion of quarterly operating profitability per share over the four-year span.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio underwent three distinct phases. Initially, the ratio contracted from 108.47 to 40.14 in 2022, driven by falling share prices and rising operating profits. In the second phase, between early 2023 and late 2024, the ratio began to climb as share prices recovered while profits stagnated or declined. The final phase, from 2025 to 2026, saw an aggressive expansion of the multiple, peaking at 358.92 in December 2025. This extreme valuation suggests that the market price became increasingly decoupled from current operating earnings, as the ratio remained above 280 through the end of the period.
The analysis indicates that the valuation multiple expanded not due to growth in operating efficiency, but rather due to share price appreciation occurring simultaneously with a decline in operating profit per share. The result is a valuation profile characterized by high premium expectations despite deteriorating quarterly operating margins per share.
Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit significant volatility over the analyzed period, characterized by a sharp compression of the Price to Sales (P/S) ratio followed by a substantial expansion and a subsequent moderating trend. The fluctuations in the P/S ratio appear to be primarily driven by aggressive movements in the share price rather than proportional changes in sales per share.
- Price to Sales (P/S) Ratio Cycle
- A pronounced downward trend is observed from March 31, 2022, to March 31, 2024, where the P/S ratio declined from 16.63 to a period low of 5.46. Following this trough, a rapid expansion occurred, peaking at 16.48 by December 31, 2025. The most recent data through June 30, 2026, indicates a corrective phase, with the ratio descending to 12.19.
- Share Price Dynamics
- The share price demonstrated high instability, dropping from 332.67 in early 2022 to a low of 162.13 by March 31, 2024. This was followed by a strong recovery and peak of 448.98 on September 30, 2025. The share price movements were the primary catalyst for the volatility seen in the P/S ratio, as price swings far outweighed the variance in sales performance.
- Sales per Share Performance
- Sales per share showed a consistent growth trajectory from March 31, 2022 (20.01) through December 31, 2023 (30.39). However, after reaching this peak, the metric entered a period of stagnation and slight decline, fluctuating between 25.27 and 30.37. The disconnect between the rising P/S ratio in 2024 and 2025 and the flat or declining sales per share suggests that the valuation increase was driven by market sentiment or future expectations rather than immediate fundamental revenue growth.
- Correlation Analysis
- Between March 2022 and December 2023, the P/S ratio declined despite an increase in sales per share, indicating a devaluation of each dollar of revenue by the market. Conversely, from March 2024 to December 2025, the P/S ratio expanded sharply while sales per share remained stagnant or decreased, reflecting a significant increase in the premium the market was willing to pay relative to actual revenue generation.
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the valuation ratios from March 2022 through June 2026 reveals a period of significant volatility in market pricing contrasted by a steady increase in the underlying book value of the company. The Price to Book Value (P/BV) ratio experienced a substantial contraction in the first half of the period before entering a recovery phase, reflecting shifting market sentiment regarding the company's asset-based valuation.
- Book Value Per Share (BVPS) Growth
- A consistent upward trajectory in Book Value Per Share is observed from March 31, 2022, at 10.97 US$, peaking at 24.05 US$ by September 30, 2025. This represents more than a doubling of the net asset value per share over the period. A slight correction occurred in late 2025 and 2026, with the value stabilizing around 21.99 US$ by June 30, 2026.
- P/BV Ratio Volatility and Compression
- The P/BV ratio began at a high of 30.33 in March 2022, indicating a significant premium over the accounting value. A sustained downward trend followed, reaching a cyclical low of 8.03 by March 31, 2024. This compression suggests a period where the market valuation aligned more closely with the tangible net assets of the firm.
- Valuation Recovery and Peak
- Following the March 2024 low, the P/BV ratio entered a recovery phase, driven by a surge in share price. The ratio climbed steadily to reach 19.03 by December 31, 2025. This resurgence indicates a renewed market premium attributed to growth expectations that exceeded the growth of the physical asset base.
- Correlation Between Price and Book Value
- The fluctuations in the P/BV ratio are primarily attributable to share price volatility rather than changes in book value. While the BVPS grew linearly, the share price exhibited sharp swings—ranging from a low of 162.13 US$ in March 2024 to a high of 448.98 US$ in September 2025—resulting in the observed instability of the valuation multiple.