Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Tesla Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2024 18.16% = 10.60% × 1.71
Jun 30, 2024 18.64% = 10.98% × 1.70
Mar 31, 2024 21.15% = 12.46% × 1.70
Dec 31, 2023 23.94% = 14.07% × 1.70
Sep 30, 2023 20.12% = 11.45% × 1.76
Jun 30, 2023 23.85% = 13.46% × 1.77
Mar 31, 2023 24.45% = 13.53% × 1.81
Dec 31, 2022 28.09% = 15.25% × 1.84
Sep 30, 2022 28.08% = 15.04% × 1.87
Jun 30, 2022 26.16% = 13.89% × 1.88
Mar 31, 2022 24.64% = 12.72% × 1.94
Dec 31, 2021 18.28% = 8.88% × 2.06
Sep 30, 2021 12.82% = 6.00% × 2.14
Jun 30, 2021 8.79% = 3.95% × 2.22
Mar 31, 2021 4.97% = 2.16% × 2.30
Dec 31, 2020 3.24% = 1.38% × 2.35
Sep 30, 2020 3.47% = 1.22% × 2.85
Jun 30, 2020 3.74% = 0.97% × 3.87
Mar 31, 2020 -1.57% = -0.39% × 4.06
Dec 31, 2019 -13.03% = -2.51% × 5.18
Sep 30, 2019 — = — × 5.43
Jun 30, 2019 — = — × 5.58
Mar 31, 2019 — = — × 6.28

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Tesla Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 18.16% = 13.07% × 0.81 × 1.71
Jun 30, 2024 18.64% = 13.00% × 0.84 × 1.70
Mar 31, 2024 21.15% = 14.37% × 0.87 × 1.70
Dec 31, 2023 23.94% = 15.50% × 0.91 × 1.70
Sep 30, 2023 20.12% = 11.21% × 1.02 × 1.76
Jun 30, 2023 23.85% = 12.97% × 1.04 × 1.77
Mar 31, 2023 24.45% = 13.66% × 0.99 × 1.81
Dec 31, 2022 28.09% = 15.41% × 0.99 × 1.84
Sep 30, 2022 28.08% = 14.95% × 1.01 × 1.87
Jun 30, 2022 26.16% = 14.17% × 0.98 × 1.88
Mar 31, 2022 24.64% = 13.51% × 0.94 × 1.94
Dec 31, 2021 18.28% = 10.25% × 0.87 × 2.06
Sep 30, 2021 12.82% = 7.40% × 0.81 × 2.14
Jun 30, 2021 8.79% = 5.21% × 0.76 × 2.22
Mar 31, 2021 4.97% = 3.18% × 0.68 × 2.30
Dec 31, 2020 3.24% = 2.29% × 0.60 × 2.35
Sep 30, 2020 3.47% = 1.97% × 0.62 × 2.85
Jun 30, 2020 3.74% = 1.43% × 0.67 × 3.87
Mar 31, 2020 -1.57% = -0.55% × 0.70 × 4.06
Dec 31, 2019 -13.03% = -3.51% × 0.72 × 5.18
Sep 30, 2019 — = — × — × 5.43
Jun 30, 2019 — = — × — × 5.58
Mar 31, 2019 — = — × — × 6.28

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Tesla Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 18.16% = 1.52 × 0.96 × 8.92% × 0.81 × 1.71
Jun 30, 2024 18.64% = 1.63 × 0.97 × 8.25% × 0.84 × 1.70
Mar 31, 2024 21.15% = 1.55 × 0.98 × 9.46% × 0.87 × 1.70
Dec 31, 2023 23.94% = 1.50 × 0.98 × 10.49% × 0.91 × 1.70
Sep 30, 2023 20.12% = 0.91 × 0.99 × 12.42% × 1.02 × 1.76
Jun 30, 2023 23.85% = 0.91 × 0.99 × 14.36% × 1.04 × 1.77
Mar 31, 2023 24.45% = 0.92 × 0.99 × 15.06% × 0.99 × 1.81
Dec 31, 2022 28.09% = 0.92 × 0.99 × 17.04% × 0.99 × 1.84
Sep 30, 2022 28.08% = 0.91 × 0.98 × 16.79% × 1.01 × 1.87
Jun 30, 2022 26.16% = 0.90 × 0.97 × 16.20% × 0.98 × 1.88
Mar 31, 2022 24.64% = 0.90 × 0.97 × 15.61% × 0.94 × 1.94
Dec 31, 2021 18.28% = 0.89 × 0.94 × 12.24% × 0.87 × 2.06
Sep 30, 2021 12.82% = 0.88 × 0.88 × 9.61% × 0.81 × 2.14
Jun 30, 2021 8.79% = 0.83 × 0.82 × 7.68% × 0.76 × 2.22
Mar 31, 2021 4.97% = 0.76 × 0.69 × 6.07% × 0.68 × 2.30
Dec 31, 2020 3.24% = 0.71 × 0.58 × 5.58% × 0.60 × 2.35
Sep 30, 2020 3.47% = 0.69 × 0.55 × 5.25% × 0.62 × 2.85
Jun 30, 2020 3.74% = 0.80 × 0.40 × 4.49% × 0.67 × 3.87
Mar 31, 2020 -1.57% = — × -0.09 × 2.47% × 0.70 × 4.06
Dec 31, 2019 -13.03% = — × — × -0.27% × 0.72 × 5.18
Sep 30, 2019 — = — × — × — × — × 5.43
Jun 30, 2019 — = — × — × — × — × 5.58
Mar 31, 2019 — = — × — × — × — × 6.28

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

Tesla Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2024 10.60% = 13.07% × 0.81
Jun 30, 2024 10.98% = 13.00% × 0.84
Mar 31, 2024 12.46% = 14.37% × 0.87
Dec 31, 2023 14.07% = 15.50% × 0.91
Sep 30, 2023 11.45% = 11.21% × 1.02
Jun 30, 2023 13.46% = 12.97% × 1.04
Mar 31, 2023 13.53% = 13.66% × 0.99
Dec 31, 2022 15.25% = 15.41% × 0.99
Sep 30, 2022 15.04% = 14.95% × 1.01
Jun 30, 2022 13.89% = 14.17% × 0.98
Mar 31, 2022 12.72% = 13.51% × 0.94
Dec 31, 2021 8.88% = 10.25% × 0.87
Sep 30, 2021 6.00% = 7.40% × 0.81
Jun 30, 2021 3.95% = 5.21% × 0.76
Mar 31, 2021 2.16% = 3.18% × 0.68
Dec 31, 2020 1.38% = 2.29% × 0.60
Sep 30, 2020 1.22% = 1.97% × 0.62
Jun 30, 2020 0.97% = 1.43% × 0.67
Mar 31, 2020 -0.39% = -0.55% × 0.70
Dec 31, 2019 -2.51% = -3.51% × 0.72
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Tesla Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2024 10.60% = 1.52 × 0.96 × 8.92% × 0.81
Jun 30, 2024 10.98% = 1.63 × 0.97 × 8.25% × 0.84
Mar 31, 2024 12.46% = 1.55 × 0.98 × 9.46% × 0.87
Dec 31, 2023 14.07% = 1.50 × 0.98 × 10.49% × 0.91
Sep 30, 2023 11.45% = 0.91 × 0.99 × 12.42% × 1.02
Jun 30, 2023 13.46% = 0.91 × 0.99 × 14.36% × 1.04
Mar 31, 2023 13.53% = 0.92 × 0.99 × 15.06% × 0.99
Dec 31, 2022 15.25% = 0.92 × 0.99 × 17.04% × 0.99
Sep 30, 2022 15.04% = 0.91 × 0.98 × 16.79% × 1.01
Jun 30, 2022 13.89% = 0.90 × 0.97 × 16.20% × 0.98
Mar 31, 2022 12.72% = 0.90 × 0.97 × 15.61% × 0.94
Dec 31, 2021 8.88% = 0.89 × 0.94 × 12.24% × 0.87
Sep 30, 2021 6.00% = 0.88 × 0.88 × 9.61% × 0.81
Jun 30, 2021 3.95% = 0.83 × 0.82 × 7.68% × 0.76
Mar 31, 2021 2.16% = 0.76 × 0.69 × 6.07% × 0.68
Dec 31, 2020 1.38% = 0.71 × 0.58 × 5.58% × 0.60
Sep 30, 2020 1.22% = 0.69 × 0.55 × 5.25% × 0.62
Jun 30, 2020 0.97% = 0.80 × 0.40 × 4.49% × 0.67
Mar 31, 2020 -0.39% = — × -0.09 × 2.47% × 0.70
Dec 31, 2019 -2.51% = — × — × -0.27% × 0.72
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Tesla Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2024 13.07% = 1.52 × 0.96 × 8.92%
Jun 30, 2024 13.00% = 1.63 × 0.97 × 8.25%
Mar 31, 2024 14.37% = 1.55 × 0.98 × 9.46%
Dec 31, 2023 15.50% = 1.50 × 0.98 × 10.49%
Sep 30, 2023 11.21% = 0.91 × 0.99 × 12.42%
Jun 30, 2023 12.97% = 0.91 × 0.99 × 14.36%
Mar 31, 2023 13.66% = 0.92 × 0.99 × 15.06%
Dec 31, 2022 15.41% = 0.92 × 0.99 × 17.04%
Sep 30, 2022 14.95% = 0.91 × 0.98 × 16.79%
Jun 30, 2022 14.17% = 0.90 × 0.97 × 16.20%
Mar 31, 2022 13.51% = 0.90 × 0.97 × 15.61%
Dec 31, 2021 10.25% = 0.89 × 0.94 × 12.24%
Sep 30, 2021 7.40% = 0.88 × 0.88 × 9.61%
Jun 30, 2021 5.21% = 0.83 × 0.82 × 7.68%
Mar 31, 2021 3.18% = 0.76 × 0.69 × 6.07%
Dec 31, 2020 2.29% = 0.71 × 0.58 × 5.58%
Sep 30, 2020 1.97% = 0.69 × 0.55 × 5.25%
Jun 30, 2020 1.43% = 0.80 × 0.40 × 4.49%
Mar 31, 2020 -0.55% = — × -0.09 × 2.47%
Dec 31, 2019 -3.51% = — × — × -0.27%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in net profit margin ratio over Q3 2024 is the increase in operating profitability measured by EBIT margin ratio.