Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Tesla Inc., short-term (operating) activity ratios
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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Tesla Inc. inventory turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Tesla Inc. receivables turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Tesla Inc. payables turnover ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Tesla Inc. working capital turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Tesla Inc. number of days of inventory outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Tesla Inc. operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Tesla Inc. number of days of payables outstanding increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Tesla Inc. cash conversion cycle deteriorated from 2021 to 2022 and from 2022 to 2023. |
Inventory Turnover
Tesla Inc., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cost of revenues | 79,113) | 60,609) | 40,217) | 24,906) | 20,509) | |
| Inventory | 13,626) | 12,839) | 5,757) | 4,101) | 3,552) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 5.81 | 4.72 | 6.99 | 6.07 | 5.77 | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| Ford Motor Co. | 9.62 | 9.55 | 9.50 | 10.43 | 12.49 | |
| General Motors Co. | 8.59 | 8.26 | 7.74 | 9.53 | 10.64 | |
| Inventory Turnover, Sector | ||||||
| Automobiles & Components | 8.11 | 7.61 | 8.29 | 9.35 | 10.75 | |
| Inventory Turnover, Industry | ||||||
| Consumer Discretionary | 6.99 | 6.67 | 7.04 | 7.48 | 7.72 | |
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
Inventory turnover = Cost of revenues ÷ Inventory
= 79,113 ÷ 13,626 = 5.81
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Tesla Inc. inventory turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Receivables Turnover
Tesla Inc., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 96,773) | 81,462) | 53,823) | 31,536) | 24,578) | |
| Accounts receivable, net | 3,508) | 2,952) | 1,913) | 1,886) | 1,324) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 27.59 | 27.60 | 28.14 | 16.72 | 18.56 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Ford Motor Co. | 10.63 | 9.48 | 11.11 | 11.60 | 15.55 | |
| General Motors Co. | 12.74 | 10.80 | 15.36 | 13.52 | 18.05 | |
| Receivables Turnover, Sector | ||||||
| Automobiles & Components | 13.35 | 11.70 | 14.20 | 12.86 | 16.76 | |
| Receivables Turnover, Industry | ||||||
| Consumer Discretionary | 17.84 | 17.95 | 21.21 | 21.81 | 21.46 | |
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
Receivables turnover = Revenues ÷ Accounts receivable, net
= 96,773 ÷ 3,508 = 27.59
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Tesla Inc. receivables turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Payables Turnover
Tesla Inc., payables turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cost of revenues | 79,113) | 60,609) | 40,217) | 24,906) | 20,509) | |
| Accounts payable | 14,431) | 15,255) | 10,025) | 6,051) | 3,771) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 5.48 | 3.97 | 4.01 | 4.12 | 5.44 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Ford Motor Co. | 5.79 | 5.25 | 5.13 | 5.08 | 6.52 | |
| General Motors Co. | 5.03 | 4.62 | 4.93 | 4.89 | 5.26 | |
| Payables Turnover, Sector | ||||||
| Automobiles & Components | 5.41 | 4.71 | 4.84 | 4.88 | 5.85 | |
| Payables Turnover, Industry | ||||||
| Consumer Discretionary | 5.18 | 4.80 | 4.66 | 4.74 | 5.51 | |
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
Payables turnover = Cost of revenues ÷ Accounts payable
= 79,113 ÷ 14,431 = 5.48
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Tesla Inc. payables turnover ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Working Capital Turnover
Tesla Inc., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 49,616) | 40,917) | 27,100) | 26,717) | 12,103) | |
| Less: Current liabilities | 28,748) | 26,709) | 19,705) | 14,248) | 10,667) | |
| Working capital | 20,868) | 14,208) | 7,395) | 12,469) | 1,436) | |
| Revenues | 96,773) | 81,462) | 53,823) | 31,536) | 24,578) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 4.64 | 5.73 | 7.28 | 2.53 | 17.12 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Ford Motor Co. | 8.32 | 7.60 | 6.91 | 5.93 | 9.03 | |
| General Motors Co. | 21.98 | 15.52 | 14.76 | 107.17 | — | |
| Working Capital Turnover, Sector | ||||||
| Automobiles & Components | 8.76 | 8.69 | 8.80 | 7.75 | 39.11 | |
| Working Capital Turnover, Industry | ||||||
| Consumer Discretionary | 14.99 | 18.57 | 11.02 | 13.68 | 25.90 | |
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
Working capital turnover = Revenues ÷ Working capital
= 96,773 ÷ 20,868 = 4.64
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Tesla Inc. working capital turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Average Inventory Processing Period
Tesla Inc., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 5.81 | 4.72 | 6.99 | 6.07 | 5.77 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 63 | 77 | 52 | 60 | 63 | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| Ford Motor Co. | 38 | 38 | 38 | 35 | 29 | |
| General Motors Co. | 43 | 44 | 47 | 38 | 34 | |
| Average Inventory Processing Period, Sector | ||||||
| Automobiles & Components | 45 | 48 | 44 | 39 | 34 | |
| Average Inventory Processing Period, Industry | ||||||
| Consumer Discretionary | 52 | 55 | 52 | 49 | 47 | |
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.81 = 63
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Tesla Inc. number of days of inventory outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Average Receivable Collection Period
Tesla Inc., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 27.59 | 27.60 | 28.14 | 16.72 | 18.56 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 13 | 13 | 13 | 22 | 20 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Ford Motor Co. | 34 | 39 | 33 | 31 | 23 | |
| General Motors Co. | 29 | 34 | 24 | 27 | 20 | |
| Average Receivable Collection Period, Sector | ||||||
| Automobiles & Components | 27 | 31 | 26 | 28 | 22 | |
| Average Receivable Collection Period, Industry | ||||||
| Consumer Discretionary | 20 | 20 | 17 | 17 | 17 | |
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 27.59 = 13
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. |
Operating Cycle
Tesla Inc., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 63 | 77 | 52 | 60 | 63 | |
| Average receivable collection period | 13 | 13 | 13 | 22 | 20 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 76 | 90 | 65 | 82 | 83 | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| Ford Motor Co. | 72 | 77 | 71 | 66 | 52 | |
| General Motors Co. | 72 | 78 | 71 | 65 | 54 | |
| Operating Cycle, Sector | ||||||
| Automobiles & Components | 72 | 79 | 70 | 67 | 56 | |
| Operating Cycle, Industry | ||||||
| Consumer Discretionary | 72 | 75 | 69 | 66 | 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
Operating cycle = Average inventory processing period + Average receivable collection period
= 63 + 13 = 76
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Tesla Inc. operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Average Payables Payment Period
Tesla Inc., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 5.48 | 3.97 | 4.01 | 4.12 | 5.44 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 67 | 92 | 91 | 89 | 67 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Ford Motor Co. | 63 | 70 | 71 | 72 | 56 | |
| General Motors Co. | 73 | 79 | 74 | 75 | 69 | |
| Average Payables Payment Period, Sector | ||||||
| Automobiles & Components | 67 | 77 | 75 | 75 | 62 | |
| Average Payables Payment Period, Industry | ||||||
| Consumer Discretionary | 70 | 76 | 78 | 77 | 66 | |
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.48 = 67
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Tesla Inc. number of days of payables outstanding increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
Cash Conversion Cycle
Tesla Inc., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 63 | 77 | 52 | 60 | 63 | |
| Average receivable collection period | 13 | 13 | 13 | 22 | 20 | |
| Average payables payment period | 67 | 92 | 91 | 89 | 67 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | 9 | -2 | -26 | -7 | 16 | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| Ford Motor Co. | 9 | 7 | 0 | -6 | -4 | |
| General Motors Co. | -1 | -1 | -3 | -10 | -15 | |
| Cash Conversion Cycle, Sector | ||||||
| Automobiles & Components | 5 | 2 | -5 | -8 | -6 | |
| Cash Conversion Cycle, Industry | ||||||
| Consumer Discretionary | 2 | -1 | -9 | -11 | -2 | |
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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 63 + 13 – 67 = 9
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Tesla Inc. cash conversion cycle deteriorated from 2021 to 2022 and from 2022 to 2023. |