Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Tesla Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	244)	253)	194)	200)	207)
Intangible assets	150)	178)	215)	257)	313)
Goodwill and intangible assets	394)	431)	409)	457)	520)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Tesla Inc. goodwill increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Tesla Inc. intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Tesla Inc. goodwill and intangible assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Tesla Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	122,070)	106,618)	82,338)	62,131)	52,148)
Less: Goodwill	244)	253)	194)	200)	207)
Total assets (adjusted)	121,826)	106,365)	82,144)	61,931)	51,941)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	72,913)	62,634)	44,704)	30,189)	22,225)
Less: Goodwill	244)	253)	194)	200)	207)
Stockholders’ equity (adjusted)	72,669)	62,381)	44,510)	29,989)	22,018)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Tesla Inc., Financial Data: Reported vs. Adjusted

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Tesla Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.80	0.91	0.99	0.87	0.60
Adjusted total asset turnover	0.80	0.91	0.99	0.87	0.61
Financial Leverage
Reported financial leverage	1.67	1.70	1.84	2.06	2.35
Adjusted financial leverage	1.68	1.71	1.85	2.07	2.36
Return on Equity (ROE)
Reported ROE	9.73%	23.94%	28.09%	18.28%	3.24%
Adjusted ROE	9.76%	24.04%	28.21%	18.40%	3.27%
Return on Assets (ROA)
Reported ROA	5.81%	14.07%	15.25%	8.88%	1.38%
Adjusted ROA	5.82%	14.10%	15.29%	8.91%	1.39%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Tesla Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Tesla Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Tesla Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Tesla Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Activity Ratio
Total asset turnover¹	0.80	0.91	0.99	0.87	0.60
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Adjusted total assets	121,826)	106,365)	82,144)	61,931)	51,941)
Activity Ratio
Adjusted total asset turnover²	0.80	0.91	0.99	0.87	0.61

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 97,690 ÷ 122,070 = 0.80

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 97,690 ÷ 121,826 = 0.80

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Tesla Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Stockholders’ equity	72,913)	62,634)	44,704)	30,189)	22,225)
Solvency Ratio
Financial leverage¹	1.67	1.70	1.84	2.06	2.35
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	121,826)	106,365)	82,144)	61,931)	51,941)
Adjusted stockholders’ equity	72,669)	62,381)	44,510)	29,989)	22,018)
Solvency Ratio
Adjusted financial leverage²	1.68	1.71	1.85	2.07	2.36

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 122,070 ÷ 72,913 = 1.67

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 121,826 ÷ 72,669 = 1.68

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Tesla Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Stockholders’ equity	72,913)	62,634)	44,704)	30,189)	22,225)
Profitability Ratio
ROE¹	9.73%	23.94%	28.09%	18.28%	3.24%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Adjusted stockholders’ equity	72,669)	62,381)	44,510)	29,989)	22,018)
Profitability Ratio
Adjusted ROE²	9.76%	24.04%	28.21%	18.40%	3.27%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income attributable to common stockholders ÷ Stockholders’ equity
= 100 × 7,091 ÷ 72,913 = 9.73%

² Adjusted ROE = 100 × Net income attributable to common stockholders ÷ Adjusted stockholders’ equity
= 100 × 7,091 ÷ 72,669 = 9.76%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Profitability Ratio
ROA¹	5.81%	14.07%	15.25%	8.88%	1.38%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Adjusted total assets	121,826)	106,365)	82,144)	61,931)	51,941)
Profitability Ratio
Adjusted ROA²	5.82%	14.10%	15.29%	8.91%	1.39%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income attributable to common stockholders ÷ Total assets
= 100 × 7,091 ÷ 122,070 = 5.81%

² Adjusted ROA = 100 × Net income attributable to common stockholders ÷ Adjusted total assets
= 100 × 7,091 ÷ 121,826 = 5.82%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Tesla Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Tesla Inc. (NASDAQ:TSLA)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Tesla Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Tesla Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)