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
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Selected Financial Data since 2010
- Net Profit Margin since 2010
- Operating Profit Margin since 2010
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Tesla Inc., historical price multiples (quarterly data)
Based on: 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), 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).
The analysis of the quarterly financial ratios reveals several notable trends across the periods under review.
- Price to Earnings (P/E) Ratio
- Data for this metric commences from March 31, 2020, showing an initial extremely high P/E ratio of 1149.47, reflecting very high market valuation relative to earnings, possibly due to low or negative earnings in earlier periods. Thereafter, a consistent downward trend is observed, with values declining to a low of 37.27 by June 30, 2024. This suggests a normalization as earnings improved or the market adjusted expectations. However, from mid-2024 onwards, the P/E ratio demonstrates volatility, increasing again to 181.57 by June 30, 2025, indicating renewed market optimism or fluctuations in earnings.
- Price to Operating Profit (P/OP) Ratio
- Starting at a very high level of 415.63 in March 2020, the P/OP ratio steadily decreased throughout the timeline, reaching a trough of 40.14 by December 31, 2022. This consistent reduction indicates improving operating profitability or a correction in the market’s premium on operating profits. Following this, the ratio experienced a resurgence, climbing to 181.95 by June 30, 2025, mirroring the P/E ratio's pattern and suggesting increased valuation relative to operating profits during this later period.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a generally downward trajectory from 26.28 in March 2020, decreasing steadily to 5.46 by December 31, 2023. This decline points to either an increase in sales relative to market price gains or a market valuation adjustment. After this low point, there is a noticeable rebound from 5.46 to 13.18 by March 31, 2025, followed by a slight reduction to 10.62 by June 30, 2025. This pattern indicates variability in market valuation relative to sales in the latest quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio data begins earlier than the others, with a figure of 15.8 at March 31, 2020. It shows a sharp rise to a peak of 38.04 by September 30, 2021, signaling strong market valuation relative to the book value during this period. Subsequent quarters show a persistent decline, reaching a low of 8.03 on March 31, 2024, reflecting a property of either rising book value or falling market valuation. Thereafter, the ratio oscillates between roughly 10 and 17, suggesting relative stabilization with some fluctuation towards the end of the period analyzed.
Overall, the financial multiples indicate a trend of very high market valuation relative to earnings, operating profit, sales, and book value in the early 2020 period, followed by a significant and sustained correction through to late 2023 and early 2024. The ratios then exhibit signs of renewed increase or volatility into mid-2025. This pattern may reflect the company's evolving financial performance, market sentiment adjustments, and broader economic or sector-specific influences affecting investor valuation metrics over time.
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
EPS
= (Net income attributable to common stockholdersQ2 2025
+ Net income attributable to common stockholdersQ1 2025
+ Net income attributable to common stockholdersQ4 2024
+ Net income attributable to common stockholdersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data across the observed periods reveal several pertinent trends related to share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price
- The share price experienced significant growth during 2020, rising sharply from $52.13 in March 2020 to a peak of $341.62 in September 2021. This was followed by a general decline through 2022, reaching a low of $162.55 in March 2023. Subsequent periods show fluctuations with partial recoveries, culminating in a pronounced increase to $400.28 by December 2024, before settling around $250–$305 in the first half of 2025. The overall pattern suggests considerable volatility with phases of rapid appreciation and correction.
- Earnings Per Share (EPS)
- EPS values were initially unavailable but commenced reporting from December 2020 at $0.25, then demonstrated a steady upward trend reaching a peak of approximately $4.71 by March 2024. However, EPS experienced a decline thereafter, dropping to $1.82 by June 2025. The earlier period reflects strong earnings growth, but the notable decline in 2024 and 2025 indicates potential challenges in profitability or operational performance during the latter timeframe.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio commenced at an extremely high level of 1149.47 in December 2020, coinciding with low EPS and rapidly appreciating share price. Over subsequent periods, the ratio steadily decreased, stabilizing around the 40 to 70 range during 2022 and early 2023, reflecting more normalized valuation relative to earnings growth. However, in the periods following March 2024, the P/E ratio increased sharply again, rising to over 180 before moderating slightly. This resurgence suggests increased market valuation relative to earnings amid the observed EPS decline.
In summary, the data indicates an initial phase of sharp share price appreciation coupled with rising earnings, resulting in a declining but still elevated P/E ratio. This was followed by a period of earnings peak and subsequent decline, share price volatility, and corresponding fluctuations in valuation metrics. Such patterns may reflect broader market dynamics, company-specific performance changes, or external economic factors influencing investor sentiment and financial results over the examined quarters.
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Operating profit per share
= (Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends and shifts over the observed periods for the key metrics of share price, operating profit per share, and the price-to-operating profit (P/OP) ratio.
- Share Price Trends
- The share price exhibits considerable volatility, with an overall upward trajectory from early 2020 through 2025, albeit with intermittent declines and recoveries. Initial growth from approximately $52 in March 2020 climbs steeply to a peak near $343 in September 2021. Following this peak, the share price declines sharply towards the end of 2022, bottoming out near $162 in December 2022. After this low point, there is another period of fluctuation characterized by a rebound in mid-2023, followed by renewed volatility. Notably, the share price surges sharply toward the end of 2024 and early 2025, reaching its highest recorded value around $400 in December 2024 before moderating somewhat in the first half of 2025.
- Operating Profit Per Share
- Operating profit per share emerges from missing data in the early periods, becoming available from the end of 2020 onward. The metric shows a strong upward trend from $0.69 in the first quarter of 2021 to a peak of $4.32 in March 2023, indicating substantial improvements in operating profitability. After this peak, operating profit per share declines gradually, falling to $1.74 by June 2025. This pattern suggests that after a period of robust profit growth, operating profitability has moderated and reversed somewhat in the later periods.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio reflects the relationship between share price and operating profit per share, served as a valuation multiple. In early 2021, the ratio starts at an extremely high level above 400, indicating a high market valuation relative to operating profitability. This ratio declines markedly through 2021 and 2022, reaching its lowest values between approximately 40 and 70 from late 2022 through early 2023, consistent with rising operating profits and declining share prices reducing valuation multiples. From mid-2023 onward, the P/OP ratio rises again, peaking above 180 near the end of 2024, which corresponds with the substantial share price spike combined with lower operating profit per share figures. The ratio then decreases slightly in the first half of 2025, suggesting some revaluation or adjustment closer to profitability levels.
In summary, there has been a significant evolution in both market valuation and profitability metrics over the period analyzed. Initial rapid share price appreciation and rising operating profits suggest strong growth phases, followed by some volatility and signs of moderation in profitability. The P/OP ratio's dynamics imply fluctuating market expectations and shifting investor sentiment in relation to underlying operating performance. The late surge in share price coupled with reduced operating profit dampens valuation rationality, potentially indicating speculative factors or changing external market conditions during that period.
Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable volatility over the observed periods. Initial data points show a substantial increase from $52.13 in March 2020 to a peak of $341.62 in September 2021, followed by periods of decline and partial recovery. Noteworthy is the surge toward the end of the time frame, with the share price reaching $400.28 in December 2024 before moderating to $305.30 by June 2025.
Sales per share, beginning in the first quarter of 2021, exhibit a consistent upward trend from $10.95 to a high of $30.39 in December 2023. Afterward, the figure plateaus and slightly declines, ending at $28.75 in June 2025. This suggests steady revenue growth through 2023, followed by stabilization and minor decreases.
The Price-to-Sales (P/S) ratio shows a declining pattern from the inception of sales data, starting at 26.28 in March 2021 and falling markedly to a low of 5.46 in December 2023. This indicates increasing sales relative to share price during this period. Subsequent data reflect a rise in the P/S ratio to 13.18 by March 2025, signaling either a relative decrease in sales per share or an increase in share price outpacing sales growth at that time. The P/S ratio decreases again slightly by June 2025 to 10.62. These fluctuations imply changes in market valuation relative to sales performance over the evaluated period.
- Share Price Trends
- Substantial growth and volatility with a peak in late 2021, followed by fluctuations and a significant rise at the end of 2024.
- Sales per Share Trends
- Continuous increase from early 2021 through late 2023, followed by a stabilization period and mild decline thereafter.
- Price-to-Sales Ratio Trends
- Overall downward trend until late 2023 indicating improved sales valuation, with a subsequent increase reflecting valuation shifts in 2024 and early 2025.
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 2025-06-30), 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), 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 Q2 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed significant volatility over the observed periods. It began at $52.13 in March 2020, followed by a steady increase peaking at $341.62 in September 2021. After this peak, the price exhibited a downward correction, falling to $162.13 by March 2024. Subsequently, a rebound occurred, with the price rising sharply to $400.28 by December 2024 before adjusting downward again to $305.30 in June 2025. This pattern indicates periods of rapid appreciation interspersed with corrections, reflecting changing market sentiments and possible external factors influencing valuation.
- Book Value Per Share (BVPS) Trends
- The book value per share showed a consistent, stable upward trend throughout the entire timeframe. Starting from $3.30 in March 2020, it increased steadily each quarter, reaching $23.97 by June 2025. This consistent growth in BVPS suggests continuous accumulation of equity and retained earnings, reflecting an improvement in the company's intrinsic value over time.
- Price-to-Book Value Ratio (P/BV) Trends
- The price-to-book value ratio followed a notably volatile trajectory corresponding with fluctuations in the share price. Initially, it escalated from 15.8 in March 2020 to a peak of 38.04 in September 2021, signaling significant market premiums relative to book value during that period. Afterward, it declined sharply, reaching a low of 8.03 by March 2024, indicating a more conservative valuation. Toward the end of the period, the ratio increased again moderately, reaching 12.74 by June 2025. The variations in P/BV imply changing investor expectations and risk assessment relative to the company’s tangible asset base.
- Overall Observations
- The data reveals a company undergoing phases of rapid market revaluation accompanied by steady internal value growth. The steady increase in book value per share suggests ongoing business expansion and value creation. However, share price volatility and fluctuations in the P/BV ratio indicate that market perceptions of growth prospects and risk levels varied significantly over time, possibly influenced by external economic conditions, sector performance, or company-specific news events. The recent rebound in share price combined with a moderate P/BV ratio could imply renewed investor confidence aligned more closely with fundamental value than prior peaks.