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: 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), 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).
The analysis of the given financial ratios over multiple quarterly periods reveals significant fluctuations and trends that are indicative of the company’s valuation dynamics relative to its earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates a general declining trend from extremely high levels in early 2021, starting at 585.25 and reducing sharply to 37.27 by the first quarter of 2024, reflecting a substantial contraction in valuation relative to earnings. However, after this trough, there is a noticeable reversal with the ratio increasing sharply again, climbing to as high as 293.83 by the third quarter of 2025. This indicates a period of fluctuating investor optimism or variability in earnings performance impacting valuation metrics.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio follows a downward trajectory from 290.22 in the first quarter of 2021 to a low near 40 by the end of 2022 and early 2023. Thereafter, it sees a resurgence with values reaching a peak of 329.7 by the third quarter of 2025. The pattern closely mirrors the P/E ratio, suggesting that operating profit trends have played a significant role in influencing the stock price relative to operational earnings, with a notable period of compression followed by expansion in valuation multiples.
- Price to Sales (P/S) Ratio
- The P/S ratio starts at a high of 18.61 and generally declines until early 2024, reaching a minimum around 5.46. Post this period, it exhibits a rising pattern, increasing to 15.61 by the third quarter of 2025. This trend points to changes in sales valuation dynamics, where earlier contraction may be due to increasing sales or moderating price expectations, followed by increased price premiums on sales later on.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio follows a similar trajectory of decline from 29.06 in early 2021 down to under 10 by early 2024, indicative of a reduction in price premium relative to the net asset value. Subsequently, it increases again to 18.67 in the third quarter of 2025. This cycle suggests shifts in investor perception about the company's asset base and its future growth potential, with periods of undervaluation followed by renewed confidence.
Overall, the financial ratios collectively indicate a market cycle where valuation metrics contracted significantly over approximately three years, reaching lows around early 2024. Following this period, a recovery or re-rating phase is observed where investors have increased valuation multiples across earnings, operating profit, sales, and book value. These changes may be driven by shifts in profitability, growth expectations, or broader market sentiment impacting how the company is valued relative to its fundamental financial measures.
Price to Earnings (P/E)
Tesla Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to common stockholders (in millions) | 1,373) | 1,172) | 409) | 2,128) | 2,173) | 1,400) | 1,390) | 7,928) | 1,853) | 2,703) | 2,513) | 3,687) | 3,292) | 2,259) | 3,318) | 2,321) | 1,618) | 1,142) | 438) | ||||||
| Earnings per share (EPS)2 | 1.53 | 1.82 | 1.90 | 2.20 | 4.02 | 3.94 | 4.35 | 4.71 | 3.38 | 3.84 | 3.71 | 3.97 | 3.54 | 3.04 | 2.70 | 1.78 | 1.15 | 0.73 | 0.40 | ||||||
| Share price1, 3 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 293.83 | 167.41 | 132.18 | 181.57 | 64.86 | 54.89 | 37.27 | 40.55 | 62.68 | 70.03 | 43.84 | 43.65 | 59.61 | 88.39 | 123.10 | 169.91 | 296.78 | 292.69 | 585.25 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | 11.72 | 13.98 | 8.27 | 6.24 | 11.72 | 11.57 | 13.27 | 11.70 | 6.47 | 12.83 | 16.34 | — | 5.80 | 4.82 | 5.08 | 4.01 | 23.50 | 16.81 | 11.30 | ||||||
| General Motors Co. | 12.96 | 7.13 | 5.71 | 6.93 | 5.37 | 4.74 | 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 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025
+ Net income attributable to common stockholdersQ1 2025
+ Net income attributable to common stockholdersQ4 2024)
÷ No. shares of common stock outstanding
= (1,373,000,000 + 1,172,000,000 + 409,000,000 + 2,128,000,000)
÷ 3,325,819,167 = 1.53
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 448.98 ÷ 1.53 = 293.83
5 Click competitor name to see calculations.
The share price of the company has demonstrated notable volatility over the analyzed period. Starting at $231.47 in March 2021, it experienced a rise reaching a peak above $340 by September 2021, followed by a gradual decline towards the end of 2022, hitting a low near $162. The price then showed some fluctuation, including a recovery phase in mid-2023 and a strong upward trend in late 2024 and into 2025, ultimately reaching a high of approximately $449 by the third quarter of 2025. This indicates a pattern of significant short-term variability coupled with a longer-term upward trajectory towards the end of the period.
Earnings per share (EPS) exhibited a general upward trend from early 2021 through 2023, starting at $0.40 and rising to a peak of approximately $4.71 at the end of 2023. This growth suggests improvements in profitability or income generation per share during this interval. However, beginning in 2024, EPS began to decline steadily, dropping to $1.53 by the third quarter of 2025. This decline could signal emerging challenges in sustaining profitability or increased expenses impacting net income relative to outstanding shares.
The price-to-earnings (P/E) ratio started extremely high at 585.25 in March 2021, reflecting a possibly overvalued stock price relative to earnings or very low earnings at that time. Over the next two years, the P/E ratio declined significantly, reaching its lowest point around 37.27 by the first quarter of 2024. This decrease aligns with the rise in EPS, indicating that earnings growth outpaced share price increases, thereby improving valuation metrics. However, the P/E ratio trend altered direction thereafter, increasing again steeply to approximately 294 by the third quarter of 2025.
- Summary of Trends:
-
The share price experienced substantial fluctuations but demonstrated an overall upward momentum toward the end of the period analyzed.
EPS growth was strong in the first three years but weakened notably during 2024 and 2025, indicating potential challenges to earnings sustainability.
The P/E ratio declined significantly early in the period, reflecting improved earnings relative to price, but increased sharply in the most recent quarters, suggesting that share price gains outpaced EPS performance or increased market expectations despite declining earnings.
Price to Operating Profit (P/OP)
Tesla Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in millions) | 1,624) | 923) | 399) | 1,583) | 2,717) | 1,605) | 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) | ||||||
| Operating profit per share2 | 1.36 | 1.74 | 1.96 | 2.20 | 2.35 | 2.07 | 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 | ||||||
| Share price1, 3 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 329.70 | 175.16 | 128.11 | 181.95 | 110.65 | 104.48 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | 15.24 | 14.98 | 9.63 | 7.03 | 11.05 | 11.11 | 11.39 | 9.32 | 5.49 | 7.99 | 6.69 | 8.40 | 9.58 | 8.95 | 17.27 | 15.90 | 50.21 | 24.45 | — | ||||||
| General Motors Co. | 7.69 | 4.37 | 3.49 | 3.89 | 4.85 | 4.52 | 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 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ No. shares of common stock outstanding
= (1,624,000,000 + 923,000,000 + 399,000,000 + 1,583,000,000)
÷ 3,325,819,167 = 1.36
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 448.98 ÷ 1.36 = 329.70
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the observed periods.
- Share Price
- The share price exhibited significant fluctuations throughout the period. Initially, there was an upward movement from approximately $231 to a peak near $342 by late 2021. This peak was followed by a noticeable decline throughout 2022, hitting lows around $162 by the first quarter of 2023. After this trough, the share price experienced recovery and growth, with some volatility, reaching a new high close to $449 by the third quarter of 2025. The pattern suggests periods of strong investor confidence followed by corrections and subsequent recoveries, indicating market sensitivity to earnings and possibly external factors.
- Operating Profit per Share (OP)
- Operating profit per share showed a generally increasing trend from early 2021 through to 2022, starting near $0.80 and peaking above $4.30 by the end of 2021. From early 2023 onwards, a gradual decline in operating profit per share is observed, dropping to approximately $1.36 by the third quarter of 2025. This decline could reflect challenges in operational efficiency or increased costs affecting profitability on a per-share basis after an earlier strong growth phase.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio decreased markedly from an extremely high 290.22 in the first quarter of 2021 to a low near 40 by early 2022, reflecting the rapid improvement in operating profits relative to share price or a market correction adjusting valuation multiples. However, from 2023 onwards, the P/OP ratio rose again, reaching levels above 300 by the third quarter of 2025. This upward trend in P/OP ratio, despite declining operating profit per share, suggests increasing investor expectations or optimism about future profitability, pushing share prices higher relative to current operating profit.
In summary, the data indicates an initial phase of profit growth accompanied by rising share prices and improving operating profit ratios, followed by a phase of profit decline. Throughout this latter phase, share prices recovered and increased strongly, causing the P/OP ratio to rise to elevated levels, potentially implying heightened market expectations or speculative valuation dynamics. The contrasting trends between profitability metrics and share price valuation multiples highlight a complex market environment combining operational performance challenges and variable investor sentiment.
Price to Sales (P/S)
Tesla Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | 28,095) | 22,496) | 19,335) | 25,707) | 25,182) | 25,500) | 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) | ||||||
| Sales per share2 | 28.75 | 28.75 | 29.72 | 30.37 | 30.26 | 29.84 | 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 | ||||||
| Share price1, 3 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 15.61 | 10.62 | 8.44 | 13.18 | 8.61 | 7.24 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | 0.31 | 0.26 | 0.24 | 0.21 | 0.24 | 0.26 | 0.31 | 0.31 | 0.24 | 0.33 | 0.30 | 0.35 | 0.37 | 0.41 | 0.47 | 0.57 | 0.54 | 0.46 | 0.38 | ||||||
| General Motors Co. | 0.36 | 0.27 | 0.25 | 0.29 | 0.35 | 0.32 | 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 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= (28,095,000,000 + 22,496,000,000 + 19,335,000,000 + 25,707,000,000)
÷ 3,325,819,167 = 28.75
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 448.98 ÷ 28.75 = 15.61
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price exhibited considerable volatility throughout the quarters. Initially, it decreased slightly from the first quarter of 2021 to the second quarter, followed by a sharp increase peaking in the third quarter of 2021. Subsequently, a downward trend was observed throughout 2022, reaching a low point at the end of that year. In early 2023, the share price remained relatively low but then began a recovery phase, with significant increases through 2024 and reaching its highest recorded value in the third quarter of 2025. This shows a cyclical pattern with periods of both decline and growth, culminating in strong price appreciation in the later years.
- Sales per Share
- Sales per share demonstrated a generally upward trajectory over the entire period. Starting at 12.44 US dollars in the first quarter of 2021, it increased steadily each quarter up through late 2023, peaking around 30.39 US dollars. From the start of 2024 onwards, sales per share stabilized around the high twenties and low thirties range, showing minor fluctuations but no significant decline. This indicates consistent revenue growth on a per-share basis with a plateauing effect in the most recent quarters.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed notable fluctuations and a decreasing trend during the initial periods. From a high of 21.97 in the third quarter of 2021, the ratio saw a significant reduction, dropping to a low of 5.46 by the first quarter of 2024. This downward trend suggests that the share price growth did not keep pace with the increase in sales per share during this time. However, from early 2024 onwards, the P/S ratio began to rise again, reflecting the substantial increase in share price despite relatively stable sales per share. The ratio peaked at 15.61 in the third quarter of 2025, demonstrating enhanced market valuation relative to sales.
In summary, the data indicates that while sales per share grew steadily and later stabilized, share price experienced considerable volatility with an overall upward trend, particularly prominent in the final periods analyzed. The P/S ratio's movement reflects these dynamics, initially decreasing as sales growth outpaced price appreciation, then rising sharply in later quarters as the share price surged ahead.
Price to Book Value (P/BV)
Tesla Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,325,819,167 | 3,225,448,889 | 3,220,956,211 | 3,216,517,037 | 3,210,059,659 | 3,194,640,415 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 79,970) | 77,314) | 74,653) | 72,913) | 69,931) | 66,468) | 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) | ||||||
| Book value per share (BVPS)2 | 24.05 | 23.97 | 23.18 | 22.67 | 21.78 | 20.81 | 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 | ||||||
| Share price1, 3 | 448.98 | 305.30 | 250.74 | 400.28 | 260.48 | 215.99 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 18.67 | 12.74 | 10.82 | 17.66 | 11.96 | 10.38 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Ford Motor Co. | 1.16 | 0.98 | 0.93 | 0.82 | 0.93 | 1.02 | 1.21 | 1.19 | 0.90 | 1.22 | 1.11 | 1.22 | 1.24 | 1.27 | 1.31 | 1.48 | 1.84 | 1.66 | 1.33 | ||||||
| General Motors Co. | 0.94 | 0.70 | 0.67 | 0.79 | 0.83 | 0.76 | 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 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 79,970,000,000 ÷ 3,325,819,167 = 24.05
3 Closing price as at the filing date of Tesla Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 448.98 ÷ 24.05 = 18.67
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the observed periods.
- Share Price
- The share price exhibits considerable volatility across the quarters. Initially, there is an upward momentum reaching a peak in late 2021, followed by a significant decline throughout 2022. In 2023, the price shows fluctuations with a marked decline in the first half and a moderate recovery towards the end of the year. From early 2024 onwards, the share price shows a strong uptrend, culminating in the highest value seen in the final quarter of 2025, indicating renewed market optimism or improved company performance perceptions.
- Book Value Per Share (BVPS)
- BVPS demonstrates a consistent and steady increase throughout the entire timeframe without any significant reversals. This steady growth reflects continual accumulation of equity or retained earnings, contributing to increasing net asset value attributable to shareholders per share. The growth trend in BVPS suggests strengthening fundamentals in the company's balance sheet.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio shows a downward trend from early 2021 through 2022, indicating that the share price declined relative to the book value per share, potentially reflecting market undervaluation or reduced investor confidence during that period. In 2023, the P/BV ratio fluctuates considerably, mirroring the volatility in share price. Starting from 2024, the ratio increases substantially, reaching high levels by the end of 2025. This upward movement suggests that the market price is growing disproportionately compared to the book value, potentially implying heightened market expectations or speculative factors driving the stock price higher.
The combined analysis suggests that while the underlying net asset value has steadily grown, the market valuation experienced notable periods of correction and recovery. The recent surge in share price outpacing book value growth may signal increased investor optimism or speculative interest going forward.