Latest Ratios: P/E Ratio 350.8x · EV/EBITDA 141.7x · ROE 4.8%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.50T | $1.59T | $1.41T | $865.4B | $428.1B | $1.19T | $764.2B | $74.0B | $56.8B | $51.6B | $30.8B |
| Enterprise Value | $1.49T | $1.58T | $1.41T | $858.6B | $417.5B | $1.18T | $758.1B | $82.4B | $66.9B | $60.4B | $36.2B |
| P/E Ratio → | 350.83 | 416.41 | 198.13 | 57.65 | 34.03 | 216.11 | 1120.10 | — | — | — | — |
| P/S Ratio | 15.78 | 16.73 | 14.46 | 8.94 | 5.25 | 22.16 | 24.23 | 3.01 | 2.65 | 4.39 | 4.40 |
| P/B Ratio | 16.13 | 19.15 | 19.17 | 13.60 | 9.33 | 37.77 | 32.27 | 9.13 | 8.99 | 9.16 | 5.22 |
| P/FCF | 240.59 | 255.08 | 394.48 | 198.62 | 56.68 | 342.45 | 282.94 | 76.50 | — | — | — |
| P/OCF | 101.48 | 107.59 | 94.66 | 65.28 | 29.07 | 103.74 | 128.59 | 30.79 | 27.07 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.65 | 14.43 | 8.87 | 5.13 | 22.00 | 24.04 | 3.35 | 3.12 | 5.13 | 5.18 |
| EV / EBITDA | 141.71 | 150.29 | 113.32 | 63.33 | 23.99 | 125.51 | 175.65 | 39.51 | 44.23 | 15095.00 | 129.52 |
| EV / EBIT | 341.76 | 281.07 | 150.98 | 84.76 | 30.02 | 176.36 | 398.59 | 4119.15 | — | — | — |
| EV / FCF | — | 253.77 | 393.78 | 197.06 | 55.29 | 339.95 | 280.68 | 85.11 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.0% | 18.0% | 17.9% | 18.2% | 25.6% | 25.3% | 21.0% | 16.6% | 18.8% | 18.9% | 22.8% |
| Operating Margin | 4.6% | 4.6% | 7.2% | 9.2% | 16.8% | 12.1% | 6.3% | -0.3% | -1.8% | -13.9% | -9.5% |
| Net Profit Margin | 4.0% | 4.0% | 7.3% | 15.5% | 15.4% | 10.3% | 2.3% | -3.5% | -4.5% | -16.7% | -9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 10.4% | 27.4% | 32.5% | 20.0% | 4.5% | -12.0% | -16.3% | -34.0% | -19.3% |
| ROA | 2.9% | 2.9% | 6.2% | 15.9% | 17.4% | 9.7% | 1.7% | -2.7% | -3.3% | -7.6% | -4.4% |
| ROIC | 4.5% | 4.5% | 8.3% | 14.5% | 35.2% | 24.2% | 8.8% | -0.3% | -1.9% | -9.5% | -7.1% |
| ROCE | 4.4% | 4.4% | 8.3% | 13.3% | 27.9% | 16.2% | 6.5% | -0.3% | -1.9% | -8.6% | -6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.18 | 0.15 | 0.13 | 0.28 | 0.56 | 1.80 | 2.19 | 2.15 | 1.49 |
| Debt / EBITDA | 0.80 | 0.80 | 1.09 | 0.71 | 0.33 | 0.94 | 3.08 | 7.00 | 9.14 | 3032.72 | 31.46 |
| Net Debt / Equity | — | -0.10 | -0.03 | -0.11 | -0.23 | -0.28 | -0.26 | 1.03 | 1.61 | 1.56 | 0.92 |
| Net Debt / EBITDA | -0.77 | -0.77 | -0.20 | -0.50 | -0.60 | -0.92 | -1.41 | 4.00 | 6.70 | 2190.74 | 19.33 |
| Debt / FCF | — | -1.31 | -0.70 | -1.57 | -1.39 | -2.50 | -2.26 | 8.61 | — | — | — |
| Interest Coverage | 16.62 | 16.62 | 26.69 | 64.93 | 72.83 | 18.10 | 2.54 | 0.03 | -0.52 | -3.69 | -2.75 |
Net cash position: cash ($16.5B) exceeds total debt ($8.4B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.16 | 2.16 | 2.02 | 1.73 | 1.53 | 1.38 | 1.88 | 1.13 | 0.83 | 0.86 | 1.07 |
| Quick Ratio | 1.77 | 1.77 | 1.61 | 1.25 | 1.05 | 1.08 | 1.59 | 0.80 | 0.52 | 0.56 | 0.72 |
| Cash Ratio | 1.39 | 1.39 | 1.27 | 1.01 | 0.83 | 0.90 | 1.36 | 0.59 | 0.37 | 0.44 | 0.58 |
| Asset Turnover | — | 0.69 | 0.80 | 0.91 | 0.99 | 0.87 | 0.60 | 0.72 | 0.72 | 0.41 | 0.31 |
| Inventory Turnover | 6.27 | 6.27 | 6.68 | 5.81 | 4.72 | 6.99 | 6.07 | 5.77 | 5.60 | 4.21 | 2.61 |
| Days Sales Outstanding | — | 17.61 | 16.51 | 13.23 | 13.23 | 12.97 | 21.83 | 19.66 | 16.14 | 16.00 | 26.03 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 0.2% | 0.5% | 1.7% | 2.9% | 0.5% | 0.1% | — | — | — | — |
| FCF Yield | 0.4% | 0.4% | 0.3% | 0.5% | 1.8% | 0.3% | 0.4% | 1.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $3.5B | $3.5B | $3.5B | $3.5B | $3.4B | $3.2B | $2.7B | $2.6B | $2.5B | $2.2B |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying TSLA stock.
Tesla, Inc.'s current P/E ratio is 350.8x. The historical average is 96.6x. This places it at the 100th percentile of its historical range.
Tesla, Inc.'s current EV/EBITDA is 141.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.8x.
Tesla, Inc.'s return on equity (ROE) is 4.8%. The historical average is -34.2%.
Based on historical data, Tesla, Inc. is trading at a P/E of 350.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tesla, Inc. has 18.0% gross margin and 4.6% operating margin.
Tesla, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
AI capex funding risk
Metrics are mathematically derived from official filings.
Margin Compression Signals Structural Shift
Gross margin fell from 19.8% in 2024Q3 to 16.8% in 2026Q2, while operating margin dropped to 1.4%, according to recent SEC filings, suggesting pricing power is eroding amid competitive pressures.
The sequential rebound in 2026Q1 gross margin to 21.1% appears temporary, as 2026Q2 reverted to 16.8%, indicating that price cuts are outpacing cost reductions. Operating margin at 1.4% in 2026Q2 is a fraction of the 10.8% seen in 2024Q3, implying that fixed costs are not being adequately absorbed at current volume levels. This margin trajectory may reflect a permanent shift toward a more traditional automotive margin profile, rather than a cyclical trough, given the sustained downward trend over eight quarters.
Return on Capital Decays Sharply
ROIC has fallen from 3.1% in 2024Q3 to 0.4% in 2026Q2, while ROE dropped to 1.3%, based on reported figures, indicating that capital deployed is generating diminishing returns.
The decline in ROIC is driven by both margin compression and a rapidly expanding asset base, as total assets grew 36% over the period. With ROE at 1.3% in 2026Q2, the company is barely earning above its cost of equity, suggesting that value creation has stalled. The heavy investment in Gigafactories and AI infrastructure has not yet translated into proportional profitability, and investors should monitor whether these investments eventually yield higher returns or continue to dilute capital efficiency.
Working Capital Efficiency Improves Despite Inventory
Cash conversion cycle shortened to 9 days in 2026Q2 from 17 days in 2024Q1, as per financial statements, driven by faster collection and extended payables, though inventory days remain elevated at 55.
The improvement in CCC is notable, with DSO down to 13 days and DPO up to 58 days, indicating stronger negotiating power with suppliers and efficient receivables management. However, DIO at 55 days suggests that inventory is not turning as quickly as in prior periods, which may signal softer demand or production misalignment. The overall efficiency gains are positive, but they may be masking underlying demand weakness that could pressure future cash conversion.
Low Leverage Masks Refinancing Flexibility
Debt-to-equity stands at 0.11 with interest coverage of 17.4x in 2026Q2, according to recent SEC filings, indicating a conservative capital structure despite a temporary spike in 2025Q3.
The leverage spike to 0.23 in 2025Q3 was quickly reversed, suggesting that management used short-term debt for flexibility rather than long-term financing needs. With D/EBITDA at 6.63, the company's debt load is modest relative to its cash generation, but the negative free cash flow in 2026Q2 raises questions about future funding. The low leverage provides a cushion, but if the AI pivot requires sustained capital, the company may need to tap debt or equity markets, which could alter this comfortable position.
Liquidity Buffer Remains Solid
Current ratio of 1.94 and quick ratio of 1.55 in 2026Q2, as reported in financial statements, indicate a comfortable liquidity position, though negative FCF and rising capex could strain it.
The current ratio has remained above 1.9 for the past year, providing a solid cushion against short-term obligations. However, the quick ratio of 1.55 suggests that inventory is not a major liquidity concern, but the negative free cash flow of -$1.1B in 2026Q2 indicates that the company is burning cash to fund its AI investments. With cash at $15.2B, the company can sustain this burn for several quarters, but investors should monitor whether capex intensity continues to outpace operating cash flow.
P/E Misleads on Future Potential
The trailing P/E of 288.15 and forward P/E of 177.83, based on reported figures, are often misapplied to Tesla, as they fail to capture the value of its software and energy businesses.
Traditional auto manufacturers trade at single-digit P/E multiples, but Tesla's valuation is more akin to a tech growth company, reflecting expectations for autonomous driving and energy storage. The P/E ratio obscures the fact that current earnings are depressed by heavy investment and price cuts, making the multiple appear extreme. A more appropriate metric may be EV/Sales or a sum-of-the-parts analysis that separates the automotive business from the energy and software segments, which have different margin profiles and growth trajectories.