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Tesla, Inc. (TSLA) stock

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NASDAQ: TSLA Nasdaq Automobile Manufacturers

B Fundamentals grade

Tesla, Inc. is a US-listed company in the automobile manufacturers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Tesla, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($20.79) was left out of our combined valuation (it is 0.05x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Tesla, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Tesla files

10-Q filed October 22: Tesla

Revenue for the twelve months to September 2026 reached $103.6bn, an 8.3% rise on the prior year. That pace has eased from 11.8% a quarter earlier, pointing to cooling momentum. Free-cash-flow margin tells a weaker story, slipping to 3.2% from 7.1% a year ago. On the back of this, our fundamentals grade drops a notch from C to D. The model value edges down from $23.74 to $23.15 a share. Set against a current share price of $375, that gap remains wide.

Our model value for Tesla is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Tesla stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $103.6bn, up 11.8% on a year earlier, faster than 2.3% a quarter earlier. Free-cash-flow margin held at 5.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 7 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Tesla, Inc.'s trailing-twelve-month revenue grew 8.3% year on year, with a free-cash-flow margin of 3.2%. Where it stands out: net margin of 3.1% ranks 3 of 23 automobile manufacturers companies we cover.

Our discounted-cash-flow model values the business at ~$21 per share in the base case (~$18–$25 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 8.3% (-3.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Tesla, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • High earnings multiple. The shares trade at 444 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 2.2 against the S&P 500.
  • Insiders selling. 4 insiders sold $88M of stock over the past 365 days and none bought (66% under pre-set trading plans).
  • Growth easing. The growth rate is 3.5 points lower than a quarter earlier.

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$0.48 against an average estimate of $0.45: beat by 6.4%
Revenue
$28.05bn, down 0.2% on a year earlier
Share reaction
+0.2% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
October 21, 2026; average EPS estimate $0.50

Tesla's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+3.1%
  • 1 month+9.0%
  • This year-10.2%
  • 1 year-11.6%
  • 5 years-0.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$104B
Operating margin
3.3%
Net margin
3.1%
EPS (TTM, diluted)
$0.91

Growth

Revenue growth
+8.3%
Change in growth rate
−3.5 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$3.3B
FCF margin
3.2%
Stock pay % of revenue
4.2%

Earnings

Last results
October 21, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Results
  4. Agreement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tesla, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($20.79) was left out of our combined valuation (it is 0.05x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Tesla, Inc.'s free cash flow after stock-based pay ( $2.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Tesla, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.5 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$21 ~$18–$25 Left out: out of range vs price (0.05x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$44 ~$31–$62 Left out: out of range vs price (0.11x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$38 ~$34–$43 Left out: out of range vs price (0.09x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tesla, Inc. with Automobile Manufacturers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$16.00$14.25$20.76$22.19$27.89$235.22$352.26$123.18$248.48$403.84$449.72$403.82
Market value$30.8bn$30.8bn$51.7bn$56.8bn$74.2bn$764.2bn$1.19tn$428.1bn$866.0bn$1.41tn$1.59tn$1.43tn
+ Net debt (− = net cash)$1.5bn$4.1bn$6.9bn$8.3bn$6.2bn−$8.8bn−$12.2bn−$14.2bn−$11.7bn−$8.2bn−$8.3bn−$8.6bn
Enterprise value$32.2bn$34.9bn$58.5bn$65.1bn$80.4bn$755.4bn$1.18tn$413.9bn$854.2bn$1.40tn$1.58tn$1.42tn
Multiples
Price / sales 7.6x4.4x4.4x2.6x3.0x24.2x22.2x5.3x8.9x14.5x16.7x13.8x
Price / earnings —————n/mn/m34.1x57.7x199.2xn/mn/m
Price / free cash flow ————68.8xn/mn/m56.6x198.7xn/mn/mn/m
EV / EBITDA ———90.1x61.8xn/m140.0x25.7x69.9x125.4x168.2x155.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

29 /100

Weak moat

How hard Tesla's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Cash operating profit has been a median 8.1% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 19.5%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.5%; its worst year was -12.1%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 3.9% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 47.1% over five years; stock-based pay has been a median 3.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (34 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.74 +5% $107.8bn +14%
Next $2.16 +24% $122.3bn +14%

Next year's EPS estimate has moved −2.8% in 90 days, across 33 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.1% on 90 days ago. In the last 30 days, 4 analysts raised Tesla, Inc.'s forecast and 9 cut it.

Consensus EPS forecast Tesla, Inc., last 90 days
$1.60 $1.80 $2.00 $2.20 $2.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.78 Current fiscal year, 60 days ago: $1.77 Current fiscal year, 30 days ago: $1.76 Current fiscal year, 7 days ago: $1.74 Current fiscal year, Now: $1.74 $1.74 Next fiscal year, 90 days ago: $2.22 Next fiscal year, 60 days ago: $2.16 Next fiscal year, 30 days ago: $2.17 Next fiscal year, 7 days ago: $2.17 Next fiscal year, Now: $2.16 $2.16

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.78$2.22
60 days ago $1.77$2.16
30 days ago $1.76$2.17
7 days ago $1.74$2.17
Now $1.74$2.16

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.45 $0.48 +6.4%
Jun 2026 $0.54 $0.33 −39.2%
Mar 2026 $0.35 $0.41 +17.2%
Dec 2025 $0.45 $0.50 +11.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026

No numeric guidance in Tesla, Inc.'s latest earnings release (filed October 21, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Tesla, Inc.'s revenue by +12.0% next year and +8.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.7%, weight 70%) and the company's own record (+5.4%, weight 30%) . How the weights are set.

Analyst recommendations

43 analysts, Oct 2026
Buy1944%
Hold2251%
Sell25%

Monthly trend

  1. Oct 20265142243
  2. Sep 20264152144
  3. Aug 20266162047
  4. Jul 202661719448

Counts of recommendations published by analysts covering Tesla, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
2.04
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
44%
of shares
Held by insiders
17.8%
of shares
Employees
134,785
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −11.6%

$456.56 on October 31, 2025 to $403.82

ThenNowEffect
Revenue (last 12 months) $92.7bn $103.6bn +11.8%
Net margin 6.3% 3.7% −42.1%
P/E multiple n/m n/m +37.6%
Share count 3517m 3538m −0.6%

Biggest factor: net margin.

Last 3 years +83.6%

$219.96 on November 3, 2023 to $403.82

ThenNowEffect
Revenue (last 12 months) $94.0bn $103.6bn +10.2%
Net margin 13.0% 3.7% −71.7%
P/E multiple 62.7x n/m +498.7%
Share count 3478m 3538m −1.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TSLA+50%−65%+102%+63%+11%−10%
Industry peers (median)+18%−42%+7%−43%−50%−57%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TSLA67%17%67%58%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TSLA−36%−73%−33%−43%−48%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 74% from November 4, 2021 to January 3, 2023. Getting back needed a 279% gain, reached on December 11, 2024, 708 days after the low.

Price behaviour

52-week range
$298.32 – $489.88
From 52-week high
−17.6%
vs 50-day average
+9.0%
vs 200-day average
+4.9%
Volatility (1 year)
45%
Beta vs S&P 500
2.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.0%
After a week
4 up, 8 down
typical move ±6.4%
After a month
4 up, 7 down
typical move ±7.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +0.2% −0.7% +8.2% —
October 2, 2026 +7.0% +1.4% +8.1% +14.0%
July 22, 2026 −15.6% −1.3% −21.3% −8.9%
July 2, 2026 −1.3% +0.7% −4.1% −24.3%
April 22, 2026 −3.3% +0.6% −3.5% +8.1%
April 2, 2026 −7.5% +0.6% −8.5% +3.0%
January 28, 2026 −3.3% −0.2% −5.8% −6.6%
January 2, 2026 +0.4% +0.9% −1.0% −6.2%
October 22, 2025 +1.4% +0.1% +4.3% −10.7%
October 2, 2025 −6.4% +0.1% −5.2% −0.6%
July 23, 2025 −8.1% +0.9% −3.9% −3.6%
July 2, 2025 +4.9% +1.2% +3.0% +0.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Tesla, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tesla, Inc.
$90B $95B $100B $105B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $96.8B Revenue (TTM), FY24 Q1: $94.7B Revenue (TTM), FY24 Q2: $95.3B Revenue (TTM), FY24 Q3: $97.2B Revenue (TTM), FY24 Q4: $97.7B Revenue (TTM), FY25 Q1: $95.7B Revenue (TTM), FY25 Q2: $92.7B Revenue (TTM), FY25 Q3: $95.6B Revenue (TTM), FY25 Q4: $94.8B Revenue (TTM), FY26 Q1: $97.9B Revenue (TTM), FY26 Q2: $103.6B Revenue (TTM), FY26 Q3: $103.6B $103.6B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $96.8B
FY24 Q1 $94.7B
FY24 Q2 $95.3B
FY24 Q3 $97.2B
FY24 Q4 $97.7B
FY25 Q1 $95.7B
FY25 Q2 $92.7B
FY25 Q3 $95.6B
FY25 Q4 $94.8B
FY26 Q1 $97.9B
FY26 Q2 $103.6B
FY26 Q3 $103.6B
Revenue growth, TTM YoY Tesla, Inc.
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 18.8% Revenue growth, TTM YoY, FY24 Q1: 10.1% Revenue growth, TTM YoY, FY24 Q2: 1.4% Revenue growth, TTM YoY, FY24 Q3: 1.3% Revenue growth, TTM YoY, FY24 Q4: 0.9% Revenue growth, TTM YoY, FY25 Q1: 1.0% Revenue growth, TTM YoY, FY25 Q2: -2.7% Revenue growth, TTM YoY, FY25 Q3: -1.6% Revenue growth, TTM YoY, FY25 Q4: -2.9% Revenue growth, TTM YoY, FY26 Q1: 2.3% Revenue growth, TTM YoY, FY26 Q2: 11.8% Revenue growth, TTM YoY, FY26 Q3: 8.3% 8.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 18.8%
FY24 Q1 10.1%
FY24 Q2 1.4%
FY24 Q3 1.3%
FY24 Q4 0.9%
FY25 Q1 1.0%
FY25 Q2 -2.7%
FY25 Q3 -1.6%
FY25 Q4 -2.9%
FY26 Q1 2.3%
FY26 Q2 11.8%
FY26 Q3 8.3%
Operating margin (TTM) Tesla, Inc.
2% 4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.2% Operating margin (TTM), FY24 Q1: 7.8% Operating margin (TTM), FY24 Q2: 6.9% Operating margin (TTM), FY24 Q3: 7.8% Operating margin (TTM), FY24 Q4: 7.2% Operating margin (TTM), FY25 Q1: 6.6% Operating margin (TTM), FY25 Q2: 6.1% Operating margin (TTM), FY25 Q3: 4.7% Operating margin (TTM), FY25 Q4: 4.6% Operating margin (TTM), FY26 Q1: 5.0% Operating margin (TTM), FY26 Q2: 4.2% Operating margin (TTM), FY26 Q3: 3.3% 3.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.2%
FY24 Q1 7.8%
FY24 Q2 6.9%
FY24 Q3 7.8%
FY24 Q4 7.2%
FY25 Q1 6.6%
FY25 Q2 6.1%
FY25 Q3 4.7%
FY25 Q4 4.6%
FY26 Q1 5.0%
FY26 Q2 4.2%
FY26 Q3 3.3%
FCF margin (TTM) Tesla, Inc.
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.5% FCF margin (TTM), FY24 Q1: 1.5% FCF margin (TTM), FY24 Q2: 1.8% FCF margin (TTM), FY24 Q3: 3.7% FCF margin (TTM), FY24 Q4: 3.7% FCF margin (TTM), FY25 Q1: 7.1% FCF margin (TTM), FY25 Q2: 6.0% FCF margin (TTM), FY25 Q3: 7.1% FCF margin (TTM), FY25 Q4: 6.6% FCF margin (TTM), FY26 Q1: 7.2% FCF margin (TTM), FY26 Q2: 5.6% FCF margin (TTM), FY26 Q3: 3.2% 3.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.5%
FY24 Q1 1.5%
FY24 Q2 1.8%
FY24 Q3 3.7%
FY24 Q4 3.7%
FY25 Q1 7.1%
FY25 Q2 6.0%
FY25 Q3 7.1%
FY25 Q4 6.6%
FY26 Q1 7.2%
FY26 Q2 5.6%
FY26 Q3 3.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Tesla took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $94.8B
  2. Other income $862M · 0.9%
  3. Cost of revenue $77.7B · 82.0%
  4. Gross profit $17.1B · 18.0%
  5. Research and development $6.4B · 6.8%
  6. Selling, general and admin $5.8B · 6.2%
  7. Other operating costs $494M · 0.5%
  8. Operating income $4.4B · 4.6%
  9. Income tax $1.4B · 1.5%
  10. Net income $3.8B · 4.0%

Shares of revenue. Source: Tesla's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.1 0.1 0.2 0.4 2.0 3.2 4.0 7.0 11.8 21.5 24.6 31.5 53.8 81.5 96.8 97.7 94.8 103.6
Gross profit 0.0 0.0 0.1 0.0 0.5 0.9 0.9 1.6 2.2 4.0 4.1 6.6 13.6 20.9 17.7 17.5 17.1 20.0
EBITDA −0.0 −0.1 −0.2 −0.4 0.0 −0.0 −0.4 −0.2 −0.9 0.7 1.3 3.6 8.4 16.1 12.2 11.2 9.4 9.1
Operating income −0.1 −0.1 −0.3 −0.4 −0.1 −0.2 −0.7 −0.7 −1.6 −0.4 −0.1 2.0 6.5 13.7 8.9 7.1 4.4 3.5
Net income −0.1 −0.2 −0.3 −0.4 −0.1 −0.3 −0.9 −0.7 −2.0 −1.0 −0.9 0.7 5.5 12.6 15.0 7.1 3.8 3.2
Diluted EPS — — — −$0.25 −$0.04 −$2.36 −$6.93 −$4.68 −$11.83 −$0.38 −$0.33 $0.21 $1.63 $3.62 $4.30 $2.04 $1.08 $0.91
Growth (year on year)
Revenue — +4.3% +74.9% +102.3% +387.2% +58.8% +26.5% +73.0% +68.0% +82.5% +14.5% +28.3% +70.7% +51.4% +18.8% +0.9% −2.9% +8.3%
EBITDA — — — — — — — — — — +80.2% +173.9% +136.6% +90.6% −24.0% −8.4% −16.2% −2.2%
Operating income — — — — — — — — — — — — +227.1% +109.4% −34.9% −20.4% −38.5% −23.5%
Net income — — — — — — — — — — — — +665.5% +127.5% +19.4% −52.7% −46.5% −36.7%
Diluted EPS — — — — — — — — — — — — +676.2% +122.1% +18.8% −52.6% −47.1% −37.0%
Margins
Gross margin 8.5% 26.3% 30.2% 7.3% 22.7% 27.6% 22.8% 22.8% 18.9% 18.8% 16.6% 21.0% 25.3% 25.6% 18.2% 17.9% 18.0% 19.3%
EBITDA margin −40.2% −117.2% −116.0% −89.3% 1.1% −1.0% −10.8% −2.7% −7.3% 3.4% 5.3% 11.3% 15.7% 19.7% 12.6% 11.5% 9.9% 8.8%
Operating margin −46.4% −125.8% −123.1% −95.4% −3.0% −5.8% −17.7% −9.5% −13.9% −1.8% −0.3% 6.3% 12.1% 16.8% 9.2% 7.2% 4.6% 3.3%
Net margin −49.8% −132.2% −124.6% −95.9% −3.7% −9.2% −22.0% −9.6% −16.7% −4.5% −3.5% 2.3% 10.3% 15.4% 15.5% 7.3% 4.0% 3.1%
Free-cash-flow margin −82.8% −143.9% −152.9% −122.3% −0.3% −32.1% −53.4% −20.1% −29.6% −0.0% 4.4% 8.8% 9.3% 9.3% 4.5% 3.7% 6.6% 3.2%
Cash flow
Cash from operations −0.1 −0.1 −0.1 −0.3 0.3 −0.1 −0.5 −0.1 −0.1 2.1 2.4 5.9 11.5 14.7 13.3 14.9 14.7 18.7
Capital spending 0.0 0.0 0.2 0.2 0.3 1.0 1.6 1.3 3.4 2.1 1.3 3.2 6.5 7.2 8.9 11.3 8.5 15.4
Free cash flow −0.1 −0.2 −0.3 −0.5 −0.0 −1.0 −2.2 −1.4 −3.5 −0.0 1.1 2.8 5.0 7.6 4.4 3.6 6.2 3.3
Stock-based pay 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.3 0.5 0.7 0.9 1.7 2.1 1.6 1.8 2.0 2.8 4.3
Free cash flow after stock pay −0.1 −0.2 −0.3 −0.6 −0.1 −1.2 −2.4 −1.7 −3.9 −0.8 0.2 1.1 2.9 6.0 2.5 1.6 3.4 −1.0
Balance sheet
Cash 0.1 0.1 0.3 0.2 0.8 1.9 1.2 3.4 3.4 3.7 6.3 19.4 17.6 16.3 16.4 16.1 16.5 17.9
Total debt 0.0 0.1 0.3 0.5 0.6 3.0 2.6 7.5 10.2 12.0 12.5 10.6 5.4 2.1 4.7 7.9 8.2 9.3
Net debt (negative = net cash) −0.1 −0.0 0.0 0.3 −0.3 1.1 1.5 4.1 6.9 8.3 6.2 −8.8 −12.2 −14.2 −11.7 −8.2 −8.3 −8.6
Diluted shares — — — 1,610m 1,791m 1,868m 1,923m 2,163m 2,490m 2,559m 2,661m 3,249m 3,386m 3,475m 3,485m 3,498m 3,528m 3,541m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $157.5bn
Short-term assets $70.4bnLonger-term assets $87.1bn
What it owes, and who funded it · $156.9bn
Short-term liabilities $40.5bnLonger-term liabilities $27.1bnShareholders' equity $89.3bn
  • Short-term assets cover short-term liabilities $70.4bn of assets due within a year against $40.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $70.4bn short-term assets against $27.1bn of longer-dated liabilities.
  • More cash than debt $17.9bn of cash against $9.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 10% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 7% to 10% over five years.
  • A year's operating cash flow covers at least 20% of debt $18.7bn of operating cash flow against $9.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.5bn against $348m of interest.

From Tesla, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.5%
year over year
R&D spending
8.6%
of revenue
Sales & admin spending
7.2%
of revenue
Days sales outstanding
16 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in automobile manufacturers
Last 12 months unless stated TSLA HMC STLA GM F TM Median
Revenue, last 12 months $103.6bn $144.8bn $173.6bn $187.0bn $187.0bn $336.8bn $6.5bn
Revenue growth, last 12 months 8.3% 1.7% 2.2% −0.3% −1.4% 6.8% 1.7%
Revenue growth, 3-year average 2.6% — — 2.8% 2.4% — 2.7%
Revenue growth, latest quarter −0.2% — — 2.9% −2.0% — −2.0%
Gross margin 19.3% 16.5% −1.4% 18.3% 8.4% — 13.3%
Operating margin 3.3% −1.9% −17.1% 2.3% −3.8% 7.4% −16.2%
Operating margin, 3-year average 5.3% 3.2% — 4.4% 0.0% — 0.0%
Net margin 3.1% −1.9% −14.5% 2.1% −4.2% 7.6% −14.5%
Cash from operations / revenue 18.1% 5.2% −3.0% 12.5% 8.0% 10.8% 3.4%
Free-cash-flow margin 3.2% 2.4% — 7.7% 2.8% 6.1% 2.1%
Free-cash-flow margin, 3-year average 4.7% 5.3% — 6.7% 4.2% — 4.0%
Stock pay / revenue 4.2% — — 0.2% 0.2% — 1.1%
Change in share count 0.5% −14.4% −3.0% −8.6% −0.3% −1.7% 0.5%

Median of all 23 companies we cover in automobile manufacturers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 automobile manufacturers companies
Measure Company Peer median Rank
Revenue growth Growth 8.3% 1.7% 9 of 23
Change in growth rate Growth -3.5pp -2.1pp 16 of 23
Gross margin Profitability 19.3% 13.0% 5 of 21
Operating margin Profitability 3.3% -16.0% 3 of 22
Net margin Profitability 3.1% -14.5% 3 of 23
Free-cash-flow margin Cash generation 3.2% 2.4% 8 of 22
Stock pay as % of revenue Cash generation 4.2% 1.1% 10 of 15
Long-term debt as % of assets Balance sheet 5.1% 16.3% 4 of 18
Change in share count Balance sheet 0.5% 0.5% 10 of 21
Days sales outstanding Balance sheet 16 days 34 days 4 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Automotive $82.1B 86.5% ▼ 6.3%
Energy Generation and Storage $12.8B 13.5% ▲ 26.6%
Products and services
Line of business Revenue YoY
Sales and Services $92.6B ▼ 2.9%
Automotive Revenues $69.5B ▼ 9.8%
Automotive Sales $65.8B ▼ 9.2%
Energy Generation and Storage $12.8B ▲ 26.6%
Services and Other $12.5B ▲ 18.9%
Energy Generation and Storage Sales $12.3B ▲ 28.3%
Automotive Regulatory Credits $2B ▼ 27.9%
Automotive Leasing $1.7B ▼ 6.3%
Energy Generation and Storage Leasing $501M ▼ 4.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $47.6B 50.2% ▼ 0.2%
Other Countries $26.2B 27.7% ▼ 9.6%
China $21B 22.1% ▲ 0.1%

From Tesla, Inc.'s 10-K filed January 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$708B
Institutions reporting
4,248
Shares held vs prior quarter
▲ 5.1%
Positions opened / closed
230 / 148

Top buyers and sellers, Q2 2026: 2,297 institutions bought and 1,503 sold ; the biggest buyer was SG Americas Securities, LLC (+9.5M shares) and the biggest seller Exoduspoint Capital Management, LP (−4.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $90.1B 214.1M 12.7% ▲ 2.9%
Vanguard Capital Management LLC $77.4B 184.0M 10.9% ▲ 0.6%
State Street Corp $49.4B 117.5M 7.0% ▲ 2.4%
Geode Capital Management, LLC $28.9B 68.9M 4.1% ▲ 1.3%
Invesco Ltd. $23.3B 55.5M 3.3% ▲ 1.1%
Vanguard Portfolio Management LLC $20.8B 49.6M 2.9% ▲ 0.6%
Capital World Investors $19.2B 45.7M 2.7% ▲ 6.6%
Jpmorgan Chase & Co $17.3B 42.0M 2.4% ▼ 8.9%
FMR LLC $16.7B 39.8M 2.4% ▲ 10.4%
Morgan Stanley $16.3B 38.9M 2.3% ▼ 0.8%
Norges Bank $16.3B 38.8M 2.3% —
Goldman Sachs Group Inc $13.1B 31.1M 1.8% ▲ 5.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tesla, Inc.'s complete shareholder register. Values are as reported by the filers ; 13 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $87.7M 66 trades by 4 insiders · 66% under pre-set plans
Net ▼ $87.7M net selling
Insider Date Trade Shares Price Value
Taneja Vaibhav Chief Financial Officer September 8, 2026 Sell 2,606 $360.13 $938,409
Taneja Vaibhav Chief Financial Officer June 8, 2026 Sell 2,606 $402.20 $1M
Taneja Vaibhav Chief Financial Officer May 13, 2026 Sell pre-set plan 3,000 $450.00 $1.4M
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 280 $375.15 $105,042
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 840 $369.01 $309,968
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 1,240 $383.61 $475,676
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 680 $382.41 $260,039
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 6,896 $381.61 $2.6M
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 1,755 $380.76 $668,234
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 1,760 $379.43 $667,797
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 3,480 $378.57 $1.3M
Wilson-Thompson Kathleen Director April 30, 2026 Sell pre-set plan 3,003 $377.49 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 247 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 3 sales of Tesla, Inc. shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 29, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 21, 2026
  • October 2, 2026
  • July 22, 2026
  • July 2, 2026
  • April 22, 2026
  • April 2, 2026

Recent SEC filings

Data status

When each part of this page on Tesla, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tesla, Inc. in brief

What does Tesla, Inc. do?
Tesla, Inc. is a US-listed company in the automobile manufacturers industry. Its financial year ends in December.
What is Tesla, Inc.'s stock ticker?
Tesla, Inc. trades under the ticker TSLA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tesla, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tesla, Inc. reported revenue of $104B, 8.3% higher than a year earlier, according to its SEC filings.
What is Tesla, Inc.'s free cash flow?
Tesla, Inc.'s free-cash-flow margin is 3.2% of revenue over the trailing twelve months, ranking 8 of the 22 automobile manufacturers companies we cover.
Who are Tesla, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Tesla, Inc.'s market cap?
On November 2, 2026, Tesla, Inc.'s market capitalisation was about $1.4T, with a price-to-earnings ratio of 444.4 and net debt of -$8.6B. Market figures come from third-party market data and may be delayed.
How much debt does Tesla, Inc. have?
Tesla, Inc.'s debt-to-equity ratio is 10.4%, from its latest balance sheet (6.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tesla, Inc.'s competitors?
In our Automobile Manufacturers peer group, the companies closest to Tesla, Inc. are Honda Motor Co LTD, Stellantis N.V., General Motors, Ford Motor Company and Toyota Motor Corp/. The side-by-side comparison below sets their revenue, margins and growth against Tesla, Inc.'s.
Are insiders buying or selling Tesla, Inc. stock?
Over the last 12 months, Tesla, Inc.'s directors and officers reported 0 open-market purchases and 66 sales on Form 4. The insider trading page charts every trade.