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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.91 0.99 0.87 0.60 0.72
Adjusted 0.98 1.01 0.88 0.61 0.74
Liquidity Ratio
Current Ratio
Reported 1.73 1.53 1.38 1.88 1.13
Adjusted 2.04 1.71 1.54 2.17 1.32
Solvency Ratios
Debt to Equity
Reported 0.08 0.07 0.23 0.53 2.03
Adjusted 0.14 0.11 0.24 0.47 1.26
Debt to Capital
Reported 0.08 0.06 0.18 0.34 0.67
Adjusted 0.12 0.10 0.19 0.32 0.56
Financial Leverage
Reported 1.70 1.84 2.06 2.35 5.18
Adjusted 1.46 1.53 1.67 1.86 2.95
Profitability Ratios
Net Profit Margin
Reported 15.50% 15.41% 10.25% 2.29% -3.51%
Adjusted 12.26% 17.49% 12.05% 6.43% 1.21%
Return on Equity (ROE)
Reported 23.94% 28.09% 18.28% 3.24% -13.03%
Adjusted 17.67% 26.87% 17.72% 7.34% 2.64%
Return on Assets (ROA)
Reported 14.07% 15.25% 8.88% 1.38% -2.51%
Adjusted 12.07% 17.60% 10.60% 3.94% 0.89%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Tesla Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Tesla Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Tesla Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Tesla Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Tesla Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 96,773 81,462 53,823 31,536 24,578
Total assets 106,618 82,338 62,131 52,148 34,309
Activity Ratio
Total asset turnover1 0.91 0.99 0.87 0.60 0.72
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 98,337 82,514 54,580 31,908 25,327
Adjusted total assets3 99,885 82,010 62,042 52,081 34,278
Activity Ratio
Adjusted total asset turnover4 0.98 1.01 0.88 0.61 0.74

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 96,773 ÷ 106,618 = 0.91

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 98,337 ÷ 99,885 = 0.98

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 49,616 40,917 27,100 26,717 12,103
Current liabilities 28,748 26,709 19,705 14,248 10,667
Liquidity Ratio
Current ratio1 1.73 1.53 1.38 1.88 1.13
Adjusted
Selected Financial Data (US$ in millions)
Current assets 49,616 40,917 27,100 26,717 12,103
Adjusted current liabilities2 24,338 23,937 17,555 12,311 9,160
Liquidity Ratio
Adjusted current ratio3 2.04 1.71 1.54 2.17 1.32

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 49,616 ÷ 28,748 = 1.73

2 Adjusted current liabilities. See details »

3 2023 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 49,616 ÷ 24,338 = 2.04

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 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 5,230 3,099 6,834 11,688 13,419
Stockholders’ equity 62,634 44,704 30,189 22,225 6,618
Solvency Ratio
Debt to equity1 0.08 0.07 0.23 0.53 2.03
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 9,573 5,748 8,873 13,228 14,603
Adjusted total equity3 68,224 53,707 37,118 27,973 11,604
Solvency Ratio
Adjusted debt to equity4 0.14 0.11 0.24 0.47 1.26

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 5,230 ÷ 62,634 = 0.08

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 9,573 ÷ 68,224 = 0.14

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 5,230 3,099 6,834 11,688 13,419
Total capital 67,864 47,803 37,023 33,913 20,037
Solvency Ratio
Debt to capital1 0.08 0.06 0.18 0.34 0.67
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 9,573 5,748 8,873 13,228 14,603
Adjusted total capital3 77,797 59,455 45,991 41,201 26,207
Solvency Ratio
Adjusted debt to capital4 0.12 0.10 0.19 0.32 0.56

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 5,230 ÷ 67,864 = 0.08

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 9,573 ÷ 77,797 = 0.12

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 106,618 82,338 62,131 52,148 34,309
Stockholders’ equity 62,634 44,704 30,189 22,225 6,618
Solvency Ratio
Financial leverage1 1.70 1.84 2.06 2.35 5.18
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 99,885 82,010 62,042 52,081 34,278
Adjusted total equity3 68,224 53,707 37,118 27,973 11,604
Solvency Ratio
Adjusted financial leverage4 1.46 1.53 1.67 1.86 2.95

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 106,618 ÷ 62,634 = 1.70

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 99,885 ÷ 68,224 = 1.46

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 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders 14,997 12,556 5,519 721 (862)
Revenues 96,773 81,462 53,823 31,536 24,578
Profitability Ratio
Net profit margin1 15.50% 15.41% 10.25% 2.29% -3.51%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 12,054 14,432 6,576 2,052 306
Adjusted revenues3 98,337 82,514 54,580 31,908 25,327
Profitability Ratio
Adjusted net profit margin4 12.26% 17.49% 12.05% 6.43% 1.21%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to common stockholders ÷ Revenues
= 100 × 14,997 ÷ 96,773 = 15.50%

2 Adjusted net income (loss). See details »

3 Adjusted revenues. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted revenues
= 100 × 12,054 ÷ 98,337 = 12.26%

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders 14,997 12,556 5,519 721 (862)
Stockholders’ equity 62,634 44,704 30,189 22,225 6,618
Profitability Ratio
ROE1 23.94% 28.09% 18.28% 3.24% -13.03%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 12,054 14,432 6,576 2,052 306
Adjusted total equity3 68,224 53,707 37,118 27,973 11,604
Profitability Ratio
Adjusted ROE4 17.67% 26.87% 17.72% 7.34% 2.64%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to common stockholders ÷ Stockholders’ equity
= 100 × 14,997 ÷ 62,634 = 23.94%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 12,054 ÷ 68,224 = 17.67%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Tesla Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders 14,997 12,556 5,519 721 (862)
Total assets 106,618 82,338 62,131 52,148 34,309
Profitability Ratio
ROA1 14.07% 15.25% 8.88% 1.38% -2.51%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 12,054 14,432 6,576 2,052 306
Adjusted total assets3 99,885 82,010 62,042 52,081 34,278
Profitability Ratio
Adjusted ROA4 12.07% 17.60% 10.60% 3.94% 0.89%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 14,997 ÷ 106,618 = 14.07%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 12,054 ÷ 99,885 = 12.07%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Tesla Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.