NASDAQ · Consumer Cyclical

Tesla, Inc.

TSLA · Auto Manufacturers

$391.89

▲ 1.07 (0.28%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Tesla, Inc. at $391.89.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 18.0%

Operating Margin 5.1%

Net Income Margin 4.0%

Fin. Health B

Years to Pay Off Debt 3.9 yrs

Working Capital vs Long-Term Debt $30.3B

Working Capital $36.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 17.92x

Cash Flow C

Free Cash Flow $6.2B

CapEx % of Net Income 224.7%

Owner Earnings $18.5B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $1,471.8B

Enterprise Value $1,439.6B

P/E (TTM) 359.54

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 18.0%

Operating Margin 5.1%

Net Margin 4.0%

Company Info

Sector Consumer Cyclical

Industry Auto Manufacturers

Employees 134785

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Tesla, Inc. at $391.89.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $391.89, the stock trades at a 1600% premium to its Graham Number of $23.05. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 107.4x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Tesla, Inc.

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage. The company offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty maintenance services and collision, automotive insurance services, as well as part sales and retail merchandise sale. It also provides sedans and sport utility vehicles through direct and used vehicle sales, a network of Tesla Superchargers, and in-app upgrades; purchase financing and leasing services; services for electric vehicles through its company-owned service locations and Tesla mobile service technicians; and vehicle limited warranties and extended service plans. In addition, the company engages in the design, manufacture, installation, sale, and leasing of solar energy generation and energy storage products, and related services to residential, commercial, and industrial customers and utilities through its website, stores, and galleries, as well as through a network of channel partners. Further, it provides services and repairs to its energy product customers, including under warranty and extended service plans; and various financing options to its residential customers; lithium-ion battery energy storage products, such as Powerwall and Megapack; energy generation products, including solar panels and solar roof; self-driving development and artificial intelligence software, vehicle control and infotainment software, and battery and powertrain. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was incorporated in 2003 and is headquartered in Austin, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	18.0% ▲	17.9%	18.2%	25.6%	N/A
Operating Margin %	5.1% ▼	7.9%	9.2%	17.0%	N/A
Net Income %	4.0% ▼	7.3%	15.5%	15.4%	N/A
Diluted EPS	1.08 ▼	2.04	4.31	3.62	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$137.8B	$122.1B	$106.6B	$82.3B	N/A
Total Debt	$14.7B ↑	$13.6B	$9.6B	$5.7B	N/A
Working Capital	$36.9B ▲	$29.5B	$20.9B	$14.2B	N/A
Years to Pay Debt	3.88	1.91	0.64	0.46	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$6.2B ▲	$3.6B	$4.4B	$7.6B	N/A
Owner Earnings	$18.5B	$23.8B	$28.6B	$23.5B	N/A
CapEx % of Net Income	224.7%	159.1%	59.3%	57.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-133,380	-136,800	0	-14,080
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	12,258,000	15,392,000	14,796,000	17,833,000
Total Unusual Items	-494,000	-684,000	0	-176,000
Total Unusual Items Excluding Goodwill	-494,000	-684,000	0	-176,000
Net Income From Continuing Operation Net Minority Interest	3,794,000	7,130,000	14,999,000	12,583,000
Reconciled Depreciation	6,148,000	5,368,000	4,667,000	3,747,000
Reconciled Cost Of Revenue	77,733,000	80,240,000	79,113,000	60,609,000
EBITDA	11,764,000	14,708,000	14,796,000	17,657,000
EBIT	5,616,000	9,340,000	10,129,000	13,910,000
Net Interest Income	1,342,000	1,219,000	910,000	106,000
Interest Expense	338,000	350,000	156,000	191,000
Interest Income	1,680,000	1,569,000	1,066,000	297,000
Normalized Income	4,154,620	7,677,200	14,999,000	12,744,920
Net Income From Continuing And Discontinued Operation	3,794,000	7,130,000	14,999,000	12,583,000
Total Expenses	89,978,000	89,930,000	87,882,000	67,630,000
Rent Expense Supplemental		1,003,000	1,268,000	1,509,000	978,000
Total Operating Income As Reported	4,355,000	7,076,000	8,891,000	13,656,000
Diluted Average Shares	3,526,250	3,216,000	3,482,750	3,475,000
Basic Average Shares	3,224,750	3,216,000	3,173,500	3,130,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,794,000	7,130,000	14,999,000	12,584,000
Average Dilution Earnings		0	0	1,000	9,000
Net Income Common Stockholders	3,794,000	7,130,000	14,999,000	12,583,000
Otherunder Preferred Stock Dividend					-5,000
Net Income	3,794,000	7,130,000	14,999,000	12,583,000
Minority Interests	-61,000	-23,000	25,000	-4,000
Net Income Including Noncontrolling Interests	3,855,000	7,153,000	14,974,000	12,587,000
Net Income Continuous Operations	3,855,000	7,153,000	14,974,000	12,587,000
Tax Provision	1,423,000	1,837,000	-5,001,000	1,132,000
Pretax Income	5,278,000	8,990,000	9,973,000	13,719,000
Other Income Expense	-913,000	11,000	172,000	-219,000
Other Non Operating Income Expenses	-419,000	695,000	172,000	-43,000
Special Income Charges	-494,000	-684,000	0	-176,000
Restructuring And Mergern Acquisition	494,000	684,000	0	176,000
Net Non Operating Interest Income Expense	1,342,000	1,219,000	910,000	106,000
Interest Expense Non Operating	338,000	350,000	156,000	191,000
Interest Income Non Operating	1,680,000	1,569,000	1,066,000	297,000
Operating Income	4,849,000	7,760,000	8,891,000	13,832,000
Operating Expense	12,245,000	9,690,000	8,769,000	7,021,000
Research And Development	6,411,000	4,540,000	3,969,000	3,075,000
Selling General And Administration	5,834,000	5,150,000	4,800,000	3,946,000
Gross Profit	17,094,000	17,450,000	17,660,000	20,853,000
Cost Of Revenue	77,733,000	80,240,000	79,113,000	60,609,000
Total Revenue	94,827,000	97,690,000	96,773,000	81,462,000
Operating Revenue	94,827,000	97,690,000	96,773,000	81,462,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	3,751,000	3,216,000	3,185,000	3,164,000
Share Issued	3,751,000	3,216,000	3,185,000	3,164,000
Total Debt	14,719,000	13,623,000	9,573,000	5,748,000
Tangible Book Value	80,748,000	71,443,000	62,019,000	44,111,000
Invested Capital	90,290,000	80,791,000	67,291,000	46,749,000
Working Capital	36,928,000	29,539,000	20,868,000	14,208,000
Net Tangible Assets	80,748,000	71,443,000	62,019,000	44,111,000
Capital Lease Obligations	6,566,000	5,745,000	4,916,000	3,703,000
Common Stock Equity	82,137,000	72,913,000	62,634,000	44,704,000
Total Capitalization	88,721,000	78,448,000	65,316,000	45,733,000
Total Equity Gross Minority Interest	82,865,000	73,680,000	63,609,000	45,898,000
Minority Interest	728,000	767,000	975,000	1,194,000
Stockholders Equity	82,137,000	72,913,000	62,634,000	44,704,000
Gains Losses Not Affecting Retained Earnings	361,000	-670,000	-143,000	-361,000
Other Equity Adjustments	361,000	-670,000	-143,000	-361,000
Retained Earnings	39,003,000	35,209,000	27,882,000	12,885,000
Additional Paid In Capital	42,770,000	38,371,000	34,892,000	32,177,000
Capital Stock	3,000	3,000	3,000	3,000
Common Stock	3,000	3,000	3,000	3,000
Total Liabilities Net Minority Interest	54,941,000	48,390,000	43,009,000	36,440,000
Total Non Current Liabilities Net Minority Interest	23,227,000	19,569,000	14,261,000	9,731,000
Other Non Current Liabilities	1,339,000	1,093,000	876,000	686,000
Preferred Securities Outside Stock Equity					568,000
Non Current Accrued Expenses			3,606,000	2,480,000	1,398,000
Non Current Deferred Liabilities	3,631,000	3,317,000	3,251,000	2,804,000
Non Current Deferred Revenue	3,631,000	3,317,000	3,251,000	2,804,000
Non Current Deferred Taxes Liabilities				82,000	24,000
Long Term Debt And Capital Lease Obligation	12,125,000	10,360,000	6,528,000	3,761,000
Long Term Capital Lease Obligation	5,541,000	4,825,000	3,846,000	2,732,000
Long Term Debt	6,584,000	5,535,000	2,682,000	1,029,000
Long Term Provisions	6,132,000	4,799,000	3,606,000	2,480,000
Current Liabilities	31,714,000	28,821,000	28,748,000	26,709,000
Other Current Liabilities	1,932,000	1,549,000	517,000	354,000
Current Deferred Liabilities	4,735,000	4,161,000	3,740,000	2,810,000
Current Deferred Revenue	4,735,000	4,161,000	3,740,000	2,810,000
Current Debt And Capital Lease Obligation	2,594,000	3,263,000	3,045,000	1,987,000
Current Capital Lease Obligation	1,025,000	920,000	1,070,000	971,000
Current Debt	1,569,000	2,343,000	1,975,000	1,016,000
Other Current Borrowings	1,569,000	2,343,000	1,975,000	1,016,000
Current Provisions	3,004,000	2,222,000	1,765,000	1,295,000
Payables And Accrued Expenses	19,449,000	17,626,000	19,681,000	20,263,000
Current Accrued Expenses	4,484,000	3,785,000	4,046,000	3,773,000
Interest Payable					16,000
Payables	14,965,000	13,841,000	15,635,000	16,490,000
Total Tax Payable	1,594,000	1,367,000	1,204,000	1,235,000
Accounts Payable	13,371,000	12,474,000	14,431,000	15,255,000
Total Assets	137,806,000	122,070,000	106,618,000	82,338,000
Total Non Current Assets	69,158,000	63,715,000	57,003,000	41,421,000
Other Non Current Assets	4,664,000	4,215,000	4,531,000	3,865,000
Non Current Deferred Assets	6,925,000	6,524,000	6,733,000	328,000
Non Current Deferred Taxes Assets	6,925,000	6,524,000	6,733,000	328,000
Goodwill And Other Intangible Assets	1,389,000	1,470,000	615,000	593,000
Other Intangible Assets	1,132,000	1,226,000	362,000	399,000
Goodwill	257,000	244,000	253,000	194,000
Net PPE	56,180,000	51,506,000	45,124,000	36,635,000
Accumulated Depreciation	-23,443,000	-18,898,000	-15,077,000	-11,499,000
Gross PPE	79,623,000	70,404,000	60,201,000	48,134,000
Leases	4,439,000	3,688,000	3,136,000	2,366,000
Construction In Progress	8,786,000	6,783,000	5,791,000	4,281,000
Other Properties	17,711,000	14,195,000	8,819,000	5,142,000
Machinery Furniture Equipment	30,190,000	28,271,000	26,087,000	21,705,000
Land And Improvements	11,837,000	10,677,000	9,498,000	7,751,000
Properties	6,660,000	6,790,000	6,870,000	6,889,000
Current Assets	68,642,000	58,360,000	49,616,000	40,917,000
Other Current Assets	7,615,000	5,362,000	3,388,000	2,941,000
Prepaid Assets					1,723,000
Inventory	12,392,000	12,017,000	13,626,000	12,839,000
Other Inventories	1,296,000	1,303,000	1,171,000	842,000
Finished Goods	4,849,000	3,940,000	5,049,000	3,475,000
Work In Process	1,725,000	1,532,000	2,016,000	2,385,000
Raw Materials	4,522,000	5,242,000	5,390,000	6,137,000
Receivables	4,576,000	4,418,000	3,508,000	2,952,000
Accounts Receivable	4,576,000	4,418,000	3,508,000	2,952,000
Cash Cash Equivalents And Short Term Investments	44,059,000	36,563,000	29,094,000	22,185,000
Other Short Term Investments	27,546,000	20,424,000	12,696,000	5,932,000
Cash And Cash Equivalents	16,513,000	16,139,000	16,398,000	16,253,000
Cash Equivalents	1,890,000	1,753,000	495,000	2,288,000
Cash Financial	14,623,000	14,386,000	15,903,000	13,965,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	6,220,000	3,581,000	4,357,000	7,552,000
Repayment Of Debt	-5,650,000	-2,881,000	-1,815,000	-3,866,000
Issuance Of Debt	5,586,000	5,744,000	3,931,000	0
Capital Expenditure	-8,527,000	-11,342,000	-8,899,000	-7,172,000
Interest Paid Supplemental Data	292,000	277,000	126,000	152,000
Income Tax Paid Supplemental Data		1,331,000	1,119,000	1,203,000	561,000
End Cash Position	17,616,000	17,037,000	17,189,000	16,924,000
Beginning Cash Position	17,037,000	17,189,000	16,924,000	18,144,000
Effect Of Exchange Rate Changes	171,000	-141,000	4,000	-444,000
Changes In Cash	408,000	-11,000	261,000	-776,000
Financing Cash Flow	1,139,000	3,853,000	2,589,000	-3,527,000
Cash Flow From Continuing Financing Activities	1,139,000	3,853,000	2,589,000	-3,527,000
Net Other Financing Charges	17,000	-251,000	-227,000	-202,000
Proceeds From Stock Option Exercised	1,186,000	1,241,000	700,000	541,000
Net Issuance Payments Of Debt	-64,000	2,863,000	2,116,000	-3,866,000
Net Long Term Debt Issuance	-64,000	2,863,000	2,116,000	-3,866,000
Long Term Debt Payments	-5,650,000	-2,881,000	-1,815,000	-3,866,000
Long Term Debt Issuance	5,586,000	5,744,000	3,931,000	0
Investing Cash Flow	-15,478,000	-18,787,000	-15,584,000	-11,973,000
Cash Flow From Continuing Investing Activities	-15,478,000	-18,787,000	-15,584,000	-11,973,000
Net Other Investing Changes				76,000	6,000
Net Investment Purchase And Sale	-6,951,000	-7,445,000	-6,621,000	-5,813,000
Sale Of Investment	30,158,000	28,510,000	12,491,000	22,000
Purchase Of Investment	-37,109,000	-35,955,000	-19,112,000	-5,835,000
Net Business Purchase And Sale	0	0	-64,000	0
Purchase Of Business	0	0	-64,000	0
Net Intangibles Purchase And Sale		0	0	927,000	-1,228,000
Sale Of Intangibles		0	0	936,000	272,000
Purchase Of Intangibles		0	0	-9,000	-1,500,000
Net PPE Purchase And Sale	-8,527,000	-11,342,000	-8,899,000	-7,163,000
Purchase Of PPE	-8,527,000	-11,342,000	-8,899,000	-7,163,000
Operating Cash Flow	14,747,000	14,923,000	13,256,000	14,724,000
Cash Flow From Continuing Operating Activities	14,747,000	14,923,000	13,256,000	14,724,000
Change In Working Capital	642,000	81,000	-2,248,000	-3,712,000
Change In Other Working Capital	363,000	502,000	1,532,000	1,131,000
Change In Other Current Liabilities				1,904,000	476,000
Change In Other Current Assets	-25,000	-590,000	-1,952,000	-1,570,000
Change In Payables And Accrued Expense	4,376,000	3,588,000	2,605,000	8,029,000
Change In Payable	4,376,000	3,588,000	2,605,000	8,029,000
Change In Account Payable	4,376,000	3,588,000	2,605,000	8,029,000
Change In Prepaid Assets	-3,181,000	-3,273,000	-2,652,000	-3,713,000
Change In Inventory	-630,000	937,000	-1,195,000	-6,465,000
Change In Receivables	-261,000	-1,083,000	-586,000	-1,124,000
Changes In Account Receivables	-261,000	-1,083,000	-586,000	-1,124,000
Other Non Cash Items	272,000	172,000	81,000	340,000
Stock Based Compensation	2,825,000	1,999,000	1,812,000	1,560,000
Asset Impairment Charge	362,000	335,000	463,000	177,000
Deferred Tax	123,000	477,000	-6,349,000	-196,000
Deferred Income Tax	123,000	477,000	-6,349,000	-196,000
Depreciation Amortization Depletion	6,148,000	5,368,000	4,667,000	3,747,000
Depreciation And Amortization	6,148,000	5,368,000	4,667,000	3,747,000
Depreciation	6,148,000	5,368,000	4,667,000	3,747,000
Operating Gains Losses	520,000	-662,000	-144,000	221,000
Net Foreign Currency Exchange Gain Loss	452,000	-73,000	-144,000	81,000
Gain Loss On Sale Of PPE	68,000	-589,000	0	140,000
Net Income From Continuing Operations	3,855,000	7,153,000	14,974,000	12,587,000

These metrics estimate what Tesla, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$23.05

Margin of Safety

Market Cap ÷ Company Value

1.07

P/B Ratio

17.92

Warren's Owner Earnings

$18.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$94.8B

vs > $1.5B revenue

✅ Strong Financial Condition

2.16x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-70.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

359.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

17.92x P/B (P/E×P/B: 6442.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$3.65

Trading at 107.4x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$14.35

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	224.7%	159.1%	59.3%	57.0%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$6.2B ▲	$3.6B ▼	$4.4B ▼	$7.6B •	N/A •
Warren's Owner Earnings	$18.5B	$23.8B	$28.6B	$23.5B	N/A

Peers & Industry Comparison

Auto Manufacturers — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TSLA	$391.89	$1,471.8B	359.54	18.0%	4.0%	$94.8B
F Ford Motor Company	$11.52	$46.2B	N/A	7.1%	-3.2%	$189.9B
GM General Motors Company	$75.66	$68.2B	27.6	11.1%	1.4%	$184.6B
TM Toyota Motor Corporation	$188.37	$223.0B	10.6	17.6%	7.3%	$50,450.8B
STLA Stellantis N.V.	$7.09	$20.5B	N/A	5.8%	-13.9%	$155.8B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

11.12%

High — management has strong skin in the game

Return on Equity (ROE)

4.6%

Weak — poor returns on equity

Return on Assets (ROA)

2.8%

Fair — average asset utilization

Debt Trend YoY

+8.0% YoY

Debt is roughly stable

Leadership Team

Elon Musk

Co-Founder, Technoking of Tesla, CEO & Director

Age 54

Vaibhav Taneja

Chief Financial Officer

Age 47

Pay: $306,846

0.008% of net income

Xiaotong Zhu

Senior Vice President of APAC & Global Vehicle Manufacturing

Age 45

Pay: $518,250

0.014% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	6.89%	258,925,024
Blackrock Inc.	5.58%	209,563,808
State Street Corporation	3.06%	114,842,934
Geode Capital Management, LLC	1.75%	65,700,975
JPMORGAN CHASE & CO	1.19%	44,591,616
Capital World Investors	1.13%	42,484,452
FMR, LLC	1.05%	39,484,462
NORGES BANK	1.01%	38,086,143

Risk Analysis

Beta (Market Risk)

1.79

High volatility — moves more than the market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.19x

Conservative balance sheet — low financial risk

Current Ratio

2.04x

Strong liquidity — Graham approved

52-Week Price Range

Low: $271.00 Current: $391.89 High: $498.83

Currently at 53% of 52-week range

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