Almost no debt (~0.19x, net cash) and ample liquidity, but earning power fell sharply (margin 16.8%→5.4%, ROE 4.9%). Very expensive at 366x P/E and 18x P/B.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: Company filings · TradingView · S&P Global (margins, debt, liquidity, P/B are TTM), as of 2026-06-18
Tesla's North American Supercharger network was adopted as the industry standard (NACS), so rivals such as Ford, GM, and Rivian pay to access it. Vertical integration spanning cells, batteries, software, and charging, together with accumulated FSD (self-driving) data, are strengths, but its automotive margin advantage is eroding under pressure from rivals like BYD and repeated price cuts (source: company IR · industry reports).
| Supercharger (NACS) | Adopted as the North American charging standard; rivals pay to access it — a network effect. |
| Vertical integration | In-house cells, batteries, drivetrain, software, and charging — cost and OTA-update advantages (now weakening). |
| FSD and data | Millions of vehicles feed driving data for self-driving training; robotaxi commercialization is in progress. |
| Brand and energy | Leading EV brand recognition plus a fast-growing energy-storage (ESS) segment. |
Revenue grew rapidly at a 9-year CAGR of +33.7% (FY2016 $7.0B → FY2025 $94.8B), but operating income declined for three straight years after peaking at $13.7B (16.8% margin) in 2022: $8.9B in 2023, $7.1B in 2024, and $4.4B (4.6% margin) in 2025. Price cuts and intensifying competition squeezed automotive margins, and 2025 revenue contracted -3.0%. That said, Q1 2026 operating income rebounded +135.8% YoY (source: SEC EDGAR · company IR · macrotrends).
| Year | Revenue (B$) | Op. Income (B$) | EPS ($) | P/E (x) | ROE (%) | Op. Margin (%) |
|---|---|---|---|---|---|---|
| 2016 | 7 | -0.67 | — | — | — | -9.5 |
| 2017 | 11.76 | -1.63 | — | — | — | -13.9 |
| 2018 | 21.46 | -0.39 | — | — | — | -1.8 |
| 2019 | 24.58 | -0.07 | — | — | — | -0.3 |
| 2020 | 31.54 | 1.99 | 0.21 | — | 5 | 6.3 |
| 2021 | 53.82 | 6.52 | 1.63 | 216.1 | 21.1 | 12.1 |
| 2022 | 81.46 | 13.66 | 3.62 | 34 | 33.6 | 16.8 |
| 2023 | 96.77 | 8.89 | 4.3 | 57.8 | 27.9 | 9.2 |
| 2024 | 97.69 | 7.08 | 2.04 | 198 | 10.5 | 7.3 |
| 2025 | 94.83 | 4.36 | 1.08 | 416.4 | 4.9 | 4.6 |
Quarterly operating income YoY growth:
9-Year CAGR: Revenue +33.7% · Operating Income turned positive (2020) · Net Income turned positive (2020) · EPS turned positive (2020)
Sources: SEC EDGAR (10-K) · macrotrends · company IR. Revenue and operating income are on a fiscal-year (December) basis. EPS is diluted and adjusted for the 15:1 cumulative split (5:1 in August 2020, 3:1 in August 2022). P/E is fiscal year-end price ÷ diluted EPS; 2020 is excluded as an early-earnings outlier (~1120x), and the 2025 year-end price is preliminary. ROE is on an average-equity basis and differs somewhat from the TTM figure.
Among the peer group, Tesla has the highest trailing P/E at 365.9 (on collapsed earnings). Its 5.4% operating margin is below Toyota's (~10%) but above loss-making Rivian. BYD leads Tesla on both operating margin and growth and has risen to the top of global EV sales (P/E and margins = TTM · sources: TradingView · company filings).
| Metric | ★ TSLA | BYD | Toyota | Rivian |
|---|---|---|---|---|
| P/E (TTM) | 365.9 | ~18 | ~8 | loss |
| Operating Margin | 5.4% | ~6% | ~10% | loss |
| ROE | 4.9% | ~22% | ~13% | loss |
| Revenue YoY Growth | +2.3% | ~+3.5% | ~+5% | negative |
P/E, ROE, operating margin = TTM; revenue growth = latest YoY · BYD/Toyota/Rivian figures are approximate (differing currencies and fiscal years) · sources: TradingView · company filings, as of 2026-06-18.
US · S&P 50 category
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