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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2010
- Return on Assets (ROA) since 2010
- Total Asset Turnover since 2010
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Tesla Inc., historical price multiples (quarterly data)
Based on: 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 three-phase trajectory characterized by an initial contraction, a period of stabilization and volatility, and a subsequent aggressive expansion of multiples. Throughout the period from March 2022 to March 2026, there is a high degree of correlation across all primary valuation metrics, indicating that changes in market valuation were driven by broad sentiment rather than isolated fundamental shifts in a single metric.
- Price to Earnings (P/E)
- A significant contraction occurred between March 2022 and March 2023, with the ratio falling from 123.10 to a period low of 37.27. Following a phase of moderate fluctuation, an exponential increase began in late 2024, rising from 64.86 in September 2024 to 181.57 in December 2024. This upward momentum peaked in December 2025 at 412.00 before experiencing a slight correction to 363.44 by March 2026.
- Price to Operating Profit (P/OP)
- The operating profit multiple mirrors the P/E trend, declining from 108.47 in March 2022 to 40.14 by December 2022. After maintaining a range between 40 and 110 for several quarters, the ratio accelerated sharply in late 2024 and 2025, reaching a maximum of 358.92 in December 2025. A reduction to 286.62 is observed by the end of the period in March 2026.
- Price to Sales (P/S)
- The P/S ratio shifted from a high of 16.63 in March 2022 to a trough of 5.46 in March 2023. A gradual recovery was observed through 2024, culminating in a sharp spike to 13.18 in December 2024. The ratio reached a secondary peak of 16.48 in December 2025, returning the valuation to levels comparable to the beginning of the analyzed timeframe before dipping to 14.34 in March 2026.
- Price to Book Value (P/BV)
- The book value multiple followed a similar cyclical pattern, starting at 30.33 in March 2022 and descending to 8.03 by March 2023. A consistent recovery trend followed, with the ratio climbing to 19.03 in December 2025. The period concluded with a decline to 16.69 in March 2026.
The overall data suggests a period of severe valuation compression during 2022 and early 2023, followed by a transition into an extreme premium valuation phase starting in late 2024. The simultaneous surge across P/E, P/OP, P/S, and P/BV ratios indicates a substantial increase in the price paid per unit of earnings, sales, and assets, reflecting significantly higher growth expectations or market speculation during the 2025 calendar year.
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025
+ Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit three distinct phases characterized by initial ratio compression, a period of volatility, and a subsequent extreme expansion of the price-to-earnings (P/E) multiple.
- P/E Ratio Trajectory
- A significant contraction in the P/E ratio occurred between March 2022 and March 2023, falling from 123.10 to 43.84. This trend reversed sharply starting in late 2024, with the ratio ascending from 64.86 in September 2024 to a peak of 412.00 by December 2025, before settling at 363.44 in March 2026.
- Earnings per Share (EPS) Performance
- Earnings demonstrated a growth trend through 2022 and 2023, reaching a peak of 4.71 US$ in December 2023. However, a consistent downward trend emerged starting in late 2024, with EPS declining from 2.20 US$ in December 2024 to 1.01 US$ by December 2025, indicating a substantial erosion of quarterly profitability during this period.
- Share Price Correlation
- Share prices remained volatile throughout the analyzed period. A notable recovery began in early 2024, with the price increasing from 162.13 US$ in March 2024 to a high of 448.98 US$ in September 2025. The divergence between rising share prices and falling earnings after December 2023 is the primary driver for the accelerated increase in the P/E ratio.
- Valuation Divergence Analysis
- The data reveals a stark decoupling of market valuation from current earnings performance in the final six quarters. While EPS decreased by approximately 78% from its December 2023 peak to its December 2025 low, the P/E ratio increased more than tenfold over a similar timeframe. This suggests a transition from a valuation based on realized earnings to one driven by speculative growth expectations or external market factors.
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit a significant divergence between market pricing and operating performance over the analyzed period. While the Price to Operating Profit (P/OP) ratio initially contracted, it transitioned into a phase of aggressive expansion, reaching levels that indicate a substantial premium placed on the stock relative to its actual operating earnings.
- Share Price Volatility
- The share price underwent a period of contraction from March 2022, descending from 332.67 US$ to a low of 162.13 US$ by March 2024. Following this trough, a strong recovery trend emerged, with the price peaking at 448.98 US$ in September 2025 before moderating to 373.72 US$ by March 2026.
- Operating Profit per Share Trajectory
- Operating profit per share showed an initial increase, peaking at 4.32 US$ in December 2022. This was followed by a prolonged and steady decline over the subsequent three years. The profit per share reached a nadir of 1.16 US$ in December 2025, signaling a consistent erosion of operating profitability per share throughout the latter half of the period.
- P/OP Ratio Analysis
- The P/OP ratio transitioned through three distinct phases. First, a valuation contraction occurred between March 2022 and December 2022, where the ratio dropped from 108.47 to 40.14 as profit growth outpaced price declines. Second, a period of relative stabilization and gradual increase was observed through 2023. Third, a sharp valuation spike occurred from 2024 onward, with the ratio accelerating from 69.89 in March 2024 to a peak of 358.92 in December 2025. This final phase highlights a stark divergence, as the market valuation surged while operating profits continued to diminish.
The overall trend suggests a shift in market sentiment, moving from a valuation based on realized operating profits toward one based on future expectations or non-operating factors, given that the P/OP ratio expanded nearly ninefold from its December 2022 low despite the simultaneous decline in operating profit per share.
Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibited significant volatility over the analyzed period, characterized by an initial phase of steep compression followed by a period of aggressive expansion and subsequent stabilization.
- Valuation Compression Phase (March 2022 – March 2024)
- A sustained downward trend in the P/S ratio is observed, falling from a high of 16.63 in March 2022 to a period low of 5.46 by March 2024. This contraction occurred despite a consistent increase in sales per share, which grew from 20.01 to 29.71 over the same interval. The divergence between rising revenue per share and a declining P/S ratio indicates that the reduction in valuation was primarily driven by a significant decline in share price, which fell from 332.67 to 162.13.
- Valuation Expansion Phase (March 2024 – December 2025)
- A strong recovery in valuation is evident starting in March 2024, with the P/S ratio ascending from 5.46 to a peak of 16.48 by December 2025. Notably, this expansion in the multiple was not supported by revenue growth; sales per share remained stagnant or declined, moving from 29.71 in March 2024 to 25.27 by December 2025. The increase in the P/S ratio during this phase is attributable solely to the sharp appreciation of the share price, which reached a peak of 448.98 in September 2025.
- Recent Stabilization and Adjustment (December 2025 – March 2026)
- The final quarter of the period shows a moderate correction. The P/S ratio decreased from 16.48 to 14.34, coinciding with a share price reduction to 373.72. This adjustment occurred while sales per share showed a slight recovery to 26.06, suggesting a marginal realignment of the valuation multiple relative to the underlying sales performance.
Overall, the data reveals a cyclical pattern where the valuation multiple shifted from being revenue-supported during the early period to being driven by share price volatility in the latter period. The peak P/S ratios observed in late 2025 reflect a market valuation that decoupled from the trend in sales per share, which peaked in late 2023 and trended lower thereafter.
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit a period of significant contraction followed by a phase of recovery and heightened volatility. While the underlying book value demonstrated consistent growth, the market valuation ratio remained highly sensitive to share price fluctuations.
- Book Value Per Share (BVPS) Progression
- A sustained upward trend is observed in the book value per share, which increased from 10.97 US$ in March 2022 to 22.40 US$ by March 2026. This progression represents a near-doubling of the intrinsic value per share over the analyzed period, characterized by steady quarterly gains with only a minor contraction recorded in December 2025.
- Price to Book Value (P/BV) Dynamics
- The P/BV ratio experienced a substantial decline during the initial two years of the period, falling from a peak of 30.33 in March 2022 to a low of 8.03 in March 2024. This compression indicates a significant correction in the market premium relative to the company's accounting value. Following this trough, the ratio entered a recovery phase, reaching a secondary peak of 19.03 in December 2025 before moderating to 16.69 by March 2026.
- Correlation Between Market Price and Valuation Ratios
- The volatility of the P/BV ratio is primarily driven by share price movements rather than shifts in book value. The steep decline in the ratio between 2022 and early 2024 aligned with a decrease in share price from 332.67 US$ to 162.13 US$. Subsequently, the expansion of the P/BV ratio throughout 2024 and 2025 was catalyzed by a sharp increase in share price, which reached a maximum of 448.98 US$ in September 2025.