Tesla Inc., FCFE 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)
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)
Proceeds from issuances of debt	5,744)	3,931)	—)	8,883)	9,713)
Repayments of debt	(2,500)	(1,351)	(3,364)	(14,167)	(11,623)
Collateralized lease repayments	—)	—)	—)	(9)	(240)
Principal payments on finance leases	(381)	(464)	(502)	(439)	(338)
Debt issuance costs	(14)	(29)	—)	(9)	(6)
Free cash flow to equity (FCFE)	6,433)	6,445)	3,691)	(726)	282)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Tesla Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Tesla Inc. FCFE increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Tesla Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	3,216,517,037
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	6,433)
FCFE per share	2.00
Current share price (P)	227.50
Valuation Ratio
P/FCFE	113.75
Benchmarks
P/FCFE, Competitors¹
Ford Motor Co.	2.07
General Motors Co.	2.93
P/FCFE, Sector
Automobiles & Components	20.54
P/FCFE, Industry
Consumer Discretionary	29.28

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

¹ Click competitor name to see calculations.

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

Tesla Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	3,216,517,037	3,184,790,415	3,164,102,701	3,100,522,833	2,879,560,512
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	6,433)	6,445)	3,691)	(726)	282)
FCFE per share³	2.00	2.02	1.17	-0.23	0.10
Share price^1, 4	400.28	190.93	173.22	302.45	287.81
Valuation Ratio
P/FCFE⁵	200.14	94.35	148.49	—	2,938.89
Benchmarks
P/FCFE, Competitors⁶
Ford Motor Co.	2.03	3.43	10.02	—	2.12
General Motors Co.	3.30	2.84	3.50	9.87	5.04
P/FCFE, Sector
Automobiles & Components	34.69	19.12	26.63	—	25.38
P/FCFE, Industry
Consumer Discretionary	39.60	30.84	36.19	82.92	32.04

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,433,000,000 ÷ 3,216,517,037 = 2.00

⁴ Closing price as at the filing date of Tesla Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 400.28 ÷ 2.00 = 200.14

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Tesla Inc. P/FCFE ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Tesla Inc. (NASDAQ:TSLA)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical