Tesla Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	62)	(23)	31)	125)	141)
Net noncash charges	7,689)	530)	5,849)	5,186)	4,897)
Changes in operating assets and liabilities	81)	(2,248)	(3,712)	667)	184)
Net cash provided by operating activities	14,923)	13,256)	14,724)	11,497)	5,943)
Cash paid during the period for interest, net of tax¹	220)	100)	139)	237)	332)
Capitalized interest, net of tax²	—)	—)	—)	47)	36)
Purchases of property and equipment excluding finance leases, net of sales	(11,339)	(8,898)	(7,158)	(6,482)	(3,157)
Purchase of intangible assets	—)	—)	(9)	—)	(10)
Leased assets obtained in exchange for finance lease liabilities	(144)	(10)	(58)	(486)	(188)
Free cash flow to the firm (FCFF)	3,660)	4,448)	7,638)	4,813)	2,956)

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, 2} See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Tesla Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Tesla Inc. FCFF decreased from 2022 to 2023 and from 2023 to 2024.

Tesla Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	20.43%	21.00%	8.25%	11.02%	25.30%
Interest Paid, Net of Tax
Cash paid during the period for interest, before tax	277)	126)	152)	266)	444)
Less: Cash paid during the period for interest, tax²	57)	26)	13)	29)	112)
Cash paid during the period for interest, net of tax	220)	100)	139)	237)	332)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	—)	—)	—)	53)	48)
Less: Capitalized interest, tax³	—)	—)	—)	6)	12)
Capitalized interest, net of tax	—)	—)	—)	47)	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).

¹ See details »

² 2024 Calculation
Cash paid during the period for interest, tax = Cash paid during the period for interest × EITR
= 277 × 20.43% = 57

³ 2024 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 0 × 20.43% = 0

Download chart

Tesla Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	1,112,288)
Free cash flow to the firm (FCFF)	3,660)
Valuation Ratio
EV/FCFF	303.87
Benchmarks
EV/FCFF, Competitors¹
Ford Motor Co.	11.80
General Motors Co.	15.17
EV/FCFF, Sector
Automobiles & Components	39.56
EV/FCFF, Industry
Consumer Discretionary	43.32

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Tesla Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	1,259,861)	584,941)	529,785)	927,706)	821,920)
Free cash flow to the firm (FCFF)²	3,660)	4,448)	7,638)	4,813)	2,956)
Valuation Ratio
EV/FCFF³	344.19	131.52	69.36	192.76	278.10
Benchmarks
EV/FCFF, Competitors⁴
Ford Motor Co.	11.76	13.01	47.17	12.09	7.06
General Motors Co.	15.38	9.84	11.80	16.37	13.12
EV/FCFF, Sector
Automobiles & Components	—	24.92	34.23	42.88	30.62
EV/FCFF, Industry
Consumer Discretionary	—	33.08	50.80	60.24	46.23

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 1,259,861 ÷ 3,660 = 344.19

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Tesla Inc. EV/FCFF ratio increased from 2022 to 2023 and from 2023 to 2024.

Tesla Inc. (NASDAQ:TSLA)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical