Tesla, Inc. (TSLA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-95.8%

$17.22

vs $408.66 price

Levered DCF

$16.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

15.36

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	381.12×	181.08×	52.53×	30.64×	188.37×	940.88×	-84.52×	-58.39×
P/B	17.66×	17.71×	12.59×	8.62×	34.53×	29.62×	11.19×	11.53×
P/S	15.29×	13.22×	8.15×	4.73×	19.37×	20.88×	3.01×	2.65×
EV / EBITDA	122.6×	87.61×	52.83×	21.49×	107.39×	154.42×	37.93×	42.93×
Gross margin	18.0%	17.9%	18.2%	25.6%	25.3%	21.0%	16.6%	18.8%
Operating margin	4.6%	7.2%	9.2%	16.8%	12.1%	6.3%	-0.3%	-1.8%
Net margin	4.0%	7.3%	15.5%	15.4%	10.3%	2.3%	-3.5%	-4.5%
Current ratio	2.16×	2.02×	1.73×	1.53×	1.38×	1.88×	1.13×	0.83×
Debt / equity	0.1×	0.19×	0.15×	0.13×	0.29×	0.6×	2.21×	2.81×
Interest coverage	12.88×	20.22×	56.99×	71.5×	17.58×	2.67×	-0.1×	-0.59×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	9.8%	23.9%	28.1%	18.3%	3.2%	-13.0%	-19.8%
Return on invested capital	3.0%	5.8%	11.0%	21.7%	13.1%	3.7%	-0.3%	-1.7%
Return on assets	2.8%	5.8%	14.1%	15.3%	8.9%	1.4%	-2.5%	-3.3%
Free cash flow yield	0.4%	0.3%	0.6%	2.0%	0.3%	0.4%	1.3%	-0.4%
Earnings yield	0.3%	0.6%	1.9%	3.3%	0.5%	0.1%	-1.2%	-1.7%
Enterprise value	$1.4T	$1.3T	$781.7B	$375B	$1T	$652.3B	$82.4B	$66.9B
Net debt / EBITDA	-0.69×	-0.17×	-0.46×	-0.6×	-0.9×	-1.45×	3.84×	6.51×
Cash conversion cycle (days)	13	14	10	-1	-26	-7	16	10