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: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Tesla Inc. P/E ratio decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Tesla Inc. P/OP ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Tesla Inc. P/S ratio decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Tesla Inc. P/BV ratio decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 3,100,522,833 | 3,012,794,556 | 2,970,045,474 | 2,889,991,344 | 2,879,560,512 | 2,843,702,199 | 2,795,425,890 | 2,780,566,575 | 2,720,123,790 | 2,703,672,870 | 2,686,908,585 | 2,605,812,015 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in millions) | 1,129) | 7,928) | 1,853) | 2,703) | 2,513) | 3,687) | 3,292) | 2,259) | 3,318) | 2,321) | 1,618) | 1,142) | 438) | 270) | 331) | 104) | 16) | 105) | 143) | (408) | (702) | |||||||
| Earnings per share (EPS)2 | 4.27 | 4.71 | 3.38 | 3.84 | 3.71 | 3.97 | 3.54 | 3.04 | 2.70 | 1.78 | 1.15 | 0.73 | 0.40 | 0.25 | 0.20 | 0.13 | -0.05 | -0.32 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | 302.45 | 341.62 | 214.93 | 231.47 | 287.81 | 140.09 | 98.43 | 52.13 | 53.60 | 21.08 | 15.72 | 16.10 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 37.98 | 40.55 | 62.68 | 70.03 | 43.84 | 43.65 | 59.61 | 88.39 | 123.10 | 169.91 | 296.78 | 292.69 | 585.25 | 1,149.47 | 715.90 | 746.75 | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Ford Motor Co. | — | 11.70 | 6.47 | 12.83 | 16.34 | — | 5.80 | 4.82 | 5.08 | 4.01 | 23.50 | 16.81 | 11.30 | — | — | — | — | 701.03 | — | — | — | |||||||
| General Motors Co. | 4.84 | 4.39 | 3.94 | 5.13 | 4.92 | 6.15 | 6.09 | 6.29 | 6.37 | 7.90 | 7.20 | 6.09 | 9.31 | 12.66 | 16.54 | 24.34 | 6.65 | 7.61 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ1 2024
+ Net income (loss) attributable to common stockholdersQ4 2023
+ Net income (loss) attributable to common stockholdersQ3 2023
+ Net income (loss) attributable to common stockholdersQ2 2023)
÷ No. shares of common stock outstanding
= (1,129,000,000 + 7,928,000,000 + 1,853,000,000 + 2,703,000,000)
÷ 3,189,196,167 = 4.27
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 162.13 ÷ 4.27 = 37.98
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Tesla Inc. P/E ratio decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 3,100,522,833 | 3,012,794,556 | 2,970,045,474 | 2,889,991,344 | 2,879,560,512 | 2,843,702,199 | 2,795,425,890 | 2,780,566,575 | 2,720,123,790 | 2,703,672,870 | 2,686,908,585 | 2,605,812,015 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income (loss) from operations (in millions) | 1,171) | 2,064) | 1,764) | 2,399) | 2,664) | 3,901) | 3,688) | 2,464) | 3,603) | 2,613) | 2,004) | 1,312) | 594) | 575) | 809) | 327) | 283) | 359) | 261) | (167) | (522) | |||||||
| Operating profit per share2 | 2.32 | 2.79 | 3.37 | 3.99 | 4.01 | 4.32 | 3.92 | 3.41 | 3.07 | 2.10 | 1.49 | 1.11 | 0.80 | 0.69 | 0.63 | 0.44 | 0.26 | -0.03 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | 302.45 | 341.62 | 214.93 | 231.47 | 287.81 | 140.09 | 98.43 | 52.13 | 53.60 | 21.08 | 15.72 | 16.10 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 69.89 | 68.39 | 62.84 | 67.50 | 40.51 | 40.14 | 53.94 | 78.73 | 108.47 | 143.76 | 229.48 | 194.03 | 290.22 | 415.63 | 224.02 | 223.65 | 196.99 | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Ford Motor Co. | — | 9.32 | 5.49 | 7.99 | 6.69 | 8.40 | 9.58 | 8.95 | 17.27 | 15.90 | 50.21 | 24.45 | — | — | — | — | — | 57.40 | — | — | — | |||||||
| General Motors Co. | 4.92 | 4.74 | 3.56 | 4.59 | 4.28 | 5.32 | 5.70 | 6.50 | 6.84 | 8.34 | 7.45 | 5.73 | 9.03 | 11.92 | 16.05 | 31.06 | 6.40 | 9.13 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023
+ Income (loss) from operationsQ3 2023
+ Income (loss) from operationsQ2 2023)
÷ No. shares of common stock outstanding
= (1,171,000,000 + 2,064,000,000 + 1,764,000,000 + 2,399,000,000)
÷ 3,189,196,167 = 2.32
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 162.13 ÷ 2.32 = 69.89
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Tesla Inc. P/OP ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 3,100,522,833 | 3,012,794,556 | 2,970,045,474 | 2,889,991,344 | 2,879,560,512 | 2,843,702,199 | 2,795,425,890 | 2,780,566,575 | 2,720,123,790 | 2,703,672,870 | 2,686,908,585 | 2,605,812,015 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues (in millions) | 21,301) | 25,167) | 23,350) | 24,927) | 23,329) | 24,318) | 21,454) | 16,934) | 18,756) | 17,719) | 13,757) | 11,958) | 10,389) | 10,744) | 8,771) | 6,036) | 5,985) | 7,384) | 6,303) | 6,350) | 4,541) | |||||||
| Sales per share2 | 29.71 | 30.39 | 30.18 | 29.62 | 27.14 | 25.75 | 23.71 | 21.44 | 20.01 | 17.36 | 15.55 | 14.09 | 12.44 | 10.95 | 9.91 | 9.20 | 9.36 | 9.04 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | 302.45 | 341.62 | 214.93 | 231.47 | 287.81 | 140.09 | 98.43 | 52.13 | 53.60 | 21.08 | 15.72 | 16.10 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 5.46 | 6.28 | 7.03 | 9.08 | 5.99 | 6.73 | 8.91 | 12.52 | 16.63 | 17.42 | 21.97 | 15.25 | 18.61 | 26.28 | 14.14 | 10.70 | 5.57 | 5.93 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Ford Motor Co. | — | 0.31 | 0.24 | 0.33 | 0.30 | 0.35 | 0.37 | 0.41 | 0.47 | 0.57 | 0.54 | 0.46 | 0.38 | 0.39 | 0.26 | 0.22 | 0.15 | 0.23 | — | — | — | |||||||
| General Motors Co. | 0.32 | 0.28 | 0.25 | 0.33 | 0.31 | 0.38 | 0.39 | 0.41 | 0.48 | 0.68 | 0.67 | 0.61 | 0.77 | 0.73 | 0.52 | 0.36 | 0.26 | 0.41 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023
+ RevenuesQ2 2023)
÷ No. shares of common stock outstanding
= (21,301,000,000 + 25,167,000,000 + 23,350,000,000 + 24,927,000,000)
÷ 3,189,196,167 = 29.71
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 162.13 ÷ 29.71 = 5.46
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Tesla Inc. P/S ratio decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 3,100,522,833 | 3,012,794,556 | 2,970,045,474 | 2,889,991,344 | 2,879,560,512 | 2,843,702,199 | 2,795,425,890 | 2,780,566,575 | 2,720,123,790 | 2,703,672,870 | 2,686,908,585 | 2,605,812,015 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 64,378) | 62,634) | 53,466) | 51,130) | 48,054) | 44,704) | 39,851) | 36,376) | 34,085) | 30,189) | 27,053) | 24,804) | 23,017) | 22,225) | 16,031) | 9,855) | 9,173) | 6,618) | 6,040) | 5,715) | 4,606) | |||||||
| Book value per share (BVPS)2 | 20.19 | 19.67 | 16.82 | 16.11 | 15.16 | 14.13 | 12.62 | 11.61 | 10.97 | 9.74 | 8.98 | 8.35 | 7.96 | 7.72 | 5.64 | 3.53 | 3.30 | 2.43 | 2.23 | 2.13 | 1.77 | |||||||
| Share price1, 3 | 162.13 | 190.93 | 212.08 | 269.06 | 162.55 | 173.22 | 211.25 | 268.43 | 332.67 | 302.45 | 341.62 | 214.93 | 231.47 | 287.81 | 140.09 | 98.43 | 52.13 | 53.60 | 21.08 | 15.72 | 16.10 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 8.03 | 9.71 | 12.61 | 16.70 | 10.72 | 12.26 | 16.74 | 23.12 | 30.33 | 31.06 | 38.04 | 25.74 | 29.06 | 37.29 | 24.85 | 27.92 | 15.80 | 22.03 | 9.44 | 7.39 | 9.11 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Ford Motor Co. | — | 1.19 | 0.90 | 1.22 | 1.11 | 1.22 | 1.24 | 1.27 | 1.31 | 1.48 | 1.84 | 1.66 | 1.33 | 1.49 | 0.95 | 0.85 | 0.71 | 0.99 | 0.96 | 1.04 | 1.14 | |||||||
| General Motors Co. | 0.77 | 0.69 | 0.53 | 0.73 | 0.65 | 0.81 | 0.81 | 0.76 | 0.91 | 1.30 | 1.45 | 1.48 | 1.73 | 1.76 | 1.23 | 0.94 | 0.78 | 1.20 | 1.22 | 1.34 | 1.36 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 64,378,000,000 ÷ 3,189,196,167 = 20.19
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 162.13 ÷ 20.19 = 8.03
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Tesla Inc. P/BV ratio decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |