Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Tesla Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.80 0.91 0.99 0.87 0.60
Adjusted 0.85 0.98 1.01 0.88 0.61
Liquidity Ratio
Current Ratio
Reported 2.02 1.73 1.53 1.38 1.88
Adjusted 2.46 2.04 1.71 1.54 2.17
Solvency Ratios
Debt to Equity
Reported 0.11 0.08 0.07 0.23 0.53
Adjusted 0.17 0.14 0.11 0.24 0.47
Debt to Capital
Reported 0.10 0.08 0.06 0.18 0.34
Adjusted 0.14 0.12 0.10 0.19 0.32
Financial Leverage
Reported 1.67 1.70 1.84 2.06 2.35
Adjusted 1.44 1.46 1.53 1.67 1.86
Profitability Ratios
Net Profit Margin
Reported 7.26% 15.50% 15.41% 10.25% 2.29%
Adjusted 9.22% 12.26% 17.49% 12.05% 6.43%
Return on Equity (ROE)
Reported 9.73% 23.94% 28.09% 18.28% 3.24%
Adjusted 11.23% 17.67% 26.87% 17.72% 7.34%
Return on Assets (ROA)
Reported 5.81% 14.07% 15.25% 8.88% 1.38%
Adjusted 7.82% 12.07% 17.60% 10.60% 3.94%

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 current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Tesla Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Tesla Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Tesla Inc. adjusted debt-to-capital 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 net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Tesla Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted 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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Selected Financial Data (US$ in millions)
Adjusted revenues2 98,060 98,337 82,514 54,580 31,908
Adjusted total assets3 115,546 99,885 82,010 62,042 52,081
Activity Ratio
Adjusted total asset turnover4 0.85 0.98 1.01 0.88 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).

1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= 97,690 ÷ 122,070 = 0.80

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 98,060 ÷ 115,546 = 0.85

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.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 58,360 49,616 40,917 27,100 26,717
Current liabilities 28,821 28,748 26,709 19,705 14,248
Liquidity Ratio
Current ratio1 2.02 1.73 1.53 1.38 1.88
Adjusted
Selected Financial Data (US$ in millions)
Current assets 58,360 49,616 40,917 27,100 26,717
Adjusted current liabilities2 23,736 24,338 23,937 17,555 12,311
Liquidity Ratio
Adjusted current ratio3 2.46 2.04 1.71 1.54 2.17

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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 58,360 ÷ 28,821 = 2.02

2 Adjusted current liabilities. See details »

3 2024 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 58,360 ÷ 23,736 = 2.46

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Tesla Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 8,213 5,230 3,099 6,834 11,688
Stockholders’ equity 72,913 62,634 44,704 30,189 22,225
Solvency Ratio
Debt to equity1 0.11 0.08 0.07 0.23 0.53
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,623 9,573 5,748 8,873 13,228
Adjusted total equity3 80,459 68,224 53,707 37,118 27,973
Solvency Ratio
Adjusted debt to equity4 0.17 0.14 0.11 0.24 0.47

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).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 8,213 ÷ 72,913 = 0.11

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 13,623 ÷ 80,459 = 0.17

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Tesla Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 8,213 5,230 3,099 6,834 11,688
Total capital 81,126 67,864 47,803 37,023 33,913
Solvency Ratio
Debt to capital1 0.10 0.08 0.06 0.18 0.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,623 9,573 5,748 8,873 13,228
Adjusted total capital3 94,082 77,797 59,455 45,991 41,201
Solvency Ratio
Adjusted debt to capital4 0.14 0.12 0.10 0.19 0.32

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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,213 ÷ 81,126 = 0.10

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 13,623 ÷ 94,082 = 0.14

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Tesla Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Selected Financial Data (US$ in millions)
Adjusted total assets2 115,546 99,885 82,010 62,042 52,081
Adjusted total equity3 80,459 68,224 53,707 37,118 27,973
Solvency Ratio
Adjusted financial leverage4 1.44 1.46 1.53 1.67 1.86

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).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 122,070 ÷ 72,913 = 1.67

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 115,546 ÷ 80,459 = 1.44

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.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders 7,091 14,997 12,556 5,519 721
Revenues 97,690 96,773 81,462 53,823 31,536
Profitability Ratio
Net profit margin1 7.26% 15.50% 15.41% 10.25% 2.29%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 9,037 12,054 14,432 6,576 2,052
Adjusted revenues3 98,060 98,337 82,514 54,580 31,908
Profitability Ratio
Adjusted net profit margin4 9.22% 12.26% 17.49% 12.05% 6.43%

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).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to common stockholders ÷ Revenues
= 100 × 7,091 ÷ 97,690 = 7.26%

2 Adjusted net income. See details »

3 Adjusted revenues. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × 9,037 ÷ 98,060 = 9.22%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Tesla Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Selected Financial Data (US$ in millions)
Adjusted net income2 9,037 12,054 14,432 6,576 2,052
Adjusted total equity3 80,459 68,224 53,707 37,118 27,973
Profitability Ratio
Adjusted ROE4 11.23% 17.67% 26.87% 17.72% 7.34%

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).

1 2024 Calculation
ROE = 100 × Net income attributable to common stockholders ÷ Stockholders’ equity
= 100 × 7,091 ÷ 72,913 = 9.73%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 9,037 ÷ 80,459 = 11.23%

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

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Selected Financial Data (US$ in millions)
Adjusted net income2 9,037 12,054 14,432 6,576 2,052
Adjusted total assets3 115,546 99,885 82,010 62,042 52,081
Profitability Ratio
Adjusted ROA4 7.82% 12.07% 17.60% 10.60% 3.94%

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).

1 2024 Calculation
ROA = 100 × Net income attributable to common stockholders ÷ Total assets
= 100 × 7,091 ÷ 122,070 = 5.81%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 9,037 ÷ 115,546 = 7.82%

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