Company research report

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TeslaSpreadsheet.xlsx
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Ratio analysis

Profit Margin Financial assessment
For the Fiscal year of 2019 2020 2021 2019 2020 2021
Net Income($M) -862 721 5519 Profit Margin -0.0351 0.0229 0.1025
Sales($M) 24578 31536 53823 Asset Turnover 0.7164 0.6047 0.8663
Profit Margin -0.0351 0.0229 0.1025 Equity Multiplier 4.2305 2.2023 1.9672
ROE -0.1063 0.0304 0.1747
Current ratio 1.1346 1.8751 1.3753
Interest Coverage ratio 0.1103 2.4885 18.2207
Asset Turnover
For the Fiscal year of 2019 2020 2021
Sales($M) 24578 31536 53823
Total Assets($M) 34309 52148 62131
Asset Turnover 0.7164 0.6047 0.8663
Equity Multiplier
For the Fiscal year of 2019 2020 2021
Total Assets($M) 34309 52148 62131
Book Value of Equity 8110 23679 31583
Equity Multiplier 4.2305 2.2023 1.9672
ROE
For the Fiscal year of 2019 2020 2021
Profit Margin -0.0351 0.0229 0.1025
Asset Turnover 0.7164 0.6047 0.8663
Equity Multiplier 4.2305 2.2023 1.9672
ROE -10.63% 3.04% 17.47%
Revenue & Profit
2019 2020 2021 CAGR
Revenue 24578 31536 53823 29.86%
Gross Profit 4069 6630 13606
Gross profit total automotive 4423 6977 13839
Gross profit total automotive & services and other segment 3879 6612 13735
Gross profit energy generation and storage segment 190 18 -129
Margins
For the Fiscal year of 2019 2020 2021
Gross margin total automotive 21.20% 25.60% 29.30%
Gross margin total automotive & services and other segment 16.80% 22.40% 26.90%
Gross margin energy generation and storage segment 12.40% 0.90% -4.60%
Total gross margin 16.60% 21.00% 25.30%
ROA
For the Fiscal year of 2019 2020 2021
ROA -2.5% 1.4% 8.9%

Financial Performance of Tesla

Profit Margin 2019 2020 2021 -3.5072015623728539E-2 2.2862760020294266E-2 0.10253980640246735 Asset Turnover 2019 2020 2021 0.71637179748753976 0.60474035437600671 0.86628253206933736 Equity Multiplier 2019 2020 2021 4.2304562268803947 2.2022889480130075 1.9672292055852831 ROE 2019 2020 2021 -0.10628853267570901 3.0448920984838885E-2 0.17474590760852354 Current ratio 2019 2020 2021 1.1346207931002157 1.8751403705783267 1.3752854605430094 Interest Coverage ratio 2019 2020 2021 0.1103448275862069 2.4885204081632653 18.220670391061454

Profits Analyse

Gross profit total automotive Revenue & Profit 4423 6977 13839 Gross profit total automotive & services and other segment Revenue & Profit 3879 6612 13735 Gross profit energy generation and storage segment Revenue & Profit 190 18 -129 Gross Profit 4069 6630 13606

Revenue Analyse

Revenue 2019 2020 2021 24578 31536 53823

Margins Analyse

Gross margin total automotive 2019 2020 2021 0.21199999999999999 0.25600000000000001 0.29299999999999998 Gross margin total automotive & services and other segment 2019 2020 2021 0.16800000000000001 0.224 0.26900000000000002 Gross margin energy generation and storage segment 2019 2020 2021 0.124 8.9999999999999993E-3 -4.5999999999999999E-2 Total gross margin 2019 2020 2021 0.16600000000000001 0.21 0.253

Industry analysis

Profitablitiy analysis
Name Profit Margin Asset Turnover Equity Multiplier Current ratio Interest coverage ratio
TSLA Tesla 13.50% 0.87 1.97 1.35 18.2
TM Toyota Motor 9.99% 0.12 2.56 1.07 85.32
F Ford Motor Company 8.59% 0.14 5.56 1.17 1.62
GM General Motors Company 7.61% 0.15 4.00 1.11 9.72
HMC Honda Motor Company Ltd. 5.56% 0.16 2.27 1.38 70.8
RACE Ferrari N.V. Common Shares 19.45% 0.17 3.13 1.92 0
LCID Lucid Group 0.00% 0 2.00 0.1643 0
RIVN Rivian Automotive 0.00% 0 1.14 14.14 0
NIO Nio Auto -29.26% 0.13 2.38 2.18 0
LI Li Auto -1.19% 0.18 1.52 4.33 2.49
Peer Comparisons
Name Revenue Gross Profit Profit Margin ROE ROA
TSLA Tesla 62190 13610 13.50% 28.26% 10.12%
TM Toyota Motor 30960000 4830000 9.99% 13.06% 3.31%
F Ford Motor Company 134590 16510 8.59% 29.17% 2.27%
GM General Motors Company 130510 18080 7.61% 16.03% 2.61%
HMC Honda Motor Company Ltd. 14300000 2730000 5.56% 6.19% 5.56%
RACE Ferrari N.V. Common Shares 4270 2190 19.45% 41.65% 19.45%
LCID Lucid Group 27.11 -127.79 0.00% -101.35% -20.60%
RIVN Rivian Automotive 55 -465 0.00% -40.11% -19.61%
NIO Nio Auto 36140 6820 -29.26% -30.33% -29.26%
LI Li Auto 27010 5760 -1.19% -0.91% 1.29%
Liquidity Analysis
Name Asset Turnover Current ratio Interest coverage ratio
TSLA Tesla 0.87 1.35 18.2
TM Toyota Motor 0.12 1.07 85.32
F Ford Motor Company 0.14 1.17 1.62
GM General Motors Company 0.15 1.11 9.72
HMC Honda Motor Company Ltd. 0.16 1.38 70.8
RACE Ferrari N.V. Common Shares 0.17 1.92 0
LCID Lucid Group 0 0.1643 0
RIVN Rivian Automotive 0 14.14 0
NIO Nio Auto 0.13 2.18 0
LI Li Auto 0.18 4.33 2.49

Cash flow analysis

Overall cash flow & Quality of earnings
2019 2020 2021
Cash from operation Exclude SBC($M) 2405 5943 11497
Cash fron investing -1436 -3132 -7868
Cash from financing 1529 9973 -5203
Net Income($M) -862 721 5519
Sales 24578 31536 53823
Net change in cash 2506 13118 -1757
Operating cash index -0.4142 5.0929 1.5833
Working capital management
2019 2020 2021
Change in inventories -429 -422 -1709
Change in Acc. Payable 646 2102 4578
Change in Other Net Operating Assets -1000 -1165 -3014
Net working capital 1436 12469 7395
Capital expenditure
2019 2020 2021
Capital expenditure 1432 3232 8014
Depreciation 2048 2271 2759

Working capital management

Change in inventories 2019 2020 2021 -429 -422 -1709 Change in Acc. Payable 2019 2020 2021 646 2102 4578 Change in Other Net Operating Assets 2019 2020 2021 -1000 -1165 -3014 Net working capital

2019 2020 2021 1436 12469 7395

Operating Cash Index

Cash from operation Exclude SBC($M) 2019 2020 2021 2405 5943 11497 Net Income($M) 2019 2020 2021 -862 721 5519 Operating cash index

2019 2020 2021 -0.41415313225058004 5.0929264909847438 1.5832578365645951

Overall cash flow

Cash from operation Exclude SBC($M) 2019 2020 2021 2405 5943 11497 Cash fron investing 2019 2020 2021 -1436 -3132 -7868 Cash from financing 2019 2020 2021 1529 9973 -5203 Net change in cash 2019 2020 2021 2506 13118 -1757

Capex

Capital expenditure 2019 2020 2021 1432 3232 8014 Depreciation 2019 2020 2021 2048 2271 2759

DCF Approach-Income Statement

Tesla, Inc. (TSLA)
Income statement Projections
2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Revenue
Sales 24578.00 31536.00 53823.00 83425.65 108453.35 138820.28 177689.96 222112.45 277640.56 333168.68 399802.41 439782.65 483760.92
Growth rate 28.31% 70.67% 55.00% 30.00% 28.00% 28.00% 25.00% 25.00% 20.00% 20.00% 10.00% 10.00%
Total Revenue 24578.00 31536.00 53823.00 83425.65 108453.35 138820.28 177689.96 222112.45 277640.56 333168.68 399802.41 439782.65 483760.92
Expenses
COGS 20509 24906 40217 58397.96 70494.67 90233.18 106613.98 133267.47 166584.34 199901.21 239881.45 263869.59 290256.55
% of sales 83.4% 79.0% 74.7% 70.0% 65.0% 65.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%
Total Operating Expenses 20509.00 24906.00 40217.00 58397.96 70494.67 90233.18 106613.98 133267.47 166584.34 199901.21 239881.45 263869.59 290256.55
Gross Profit 4069.00 6630.00 13606.00 25027.70 37958.67 48587.10 71075.98 88844.98 111056.23 133267.47 159920.96 175913.06 193504.37
70.0% 65.0% 65.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%
Other Expenses 30.0% 35.0% 35.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
SG&A 2646.00 3188.00 4517.00 5839.80 7591.73 9717.42 12438.30 13326.75 16658.43 19990.12 23988.14 26386.96 29025.66
% of sales 10.77% 10.11% 8.39% 7.00% 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
R&D 1343 1491 2593 4174.01 5426.21 6945.55 8890.31 11112.89 13891.11 16669.33 20003.19 22003.51 24203.86
% of sales 5.46% 4.73% 4.82% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Deprecation 2092 2322 2810 2502.77 3253.60 4164.61 5330.70 6663.37 8329.22 9995.06 11994.07 13193.48 14512.83
% of sales 8.51% 7.36% 5.22% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Total other expenses 6081.16 7001.15 9920.13 12516.70 16271.67 20827.70 26659.42 31103.12 38878.87 46654.62 55985.52 61584.06 67742.46
Total Expenses 26590.16 31907.15 50137.13 70914.65 86766.34 111060.88 133273.40 164370.59 205463.21 246555.82 295866.97 325453.65 357999.01
Operating Income -2012.16 -371.15 3685.87 12511.00 21687.00 27759.40 44416.56 57741.86 72177.36 86612.85 103935.44 114329.00 125761.91
Interest Expense -725.00 -784.00 -358.00 -417.13 -542.27 -694.10 -888.45 -1110.56 -1388.20 -1665.84 -1999.01 -2198.91 -2418.80
% of salses -2.95% -2.49% -0.67% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5%
Invest.Income 44.00 30.00 56.00 83.43 108.45 138.82 177.69 222.11 277.64 333.17 399.80 439.78 483.76
% of salses 0.18% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
Other Non-Operating Income 37.00 28.00 25.00 25.03 32.54 41.65 53.31 66.63 83.29 99.95 119.94 131.93 145.13
% of salses 0.15% 0.09% 0.05% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03%
EBIT -2656.16 -1097.15 3408.87 12202.32 21285.73 27245.76 43759.11 56920.05 71150.09 85380.13 102456.18 112701.80 123972.00
Effective Tax rate 8.89% 9.54% 11.00% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
EBIT(1-τ) (Net Income) -2420.03 -992.48 3033.89 10860.07 18944.30 24248.73 38945.61 50658.84 63323.58 75988.31 91186.00 100304.61 110335.08
-0.10 -0.03 0.06 0.13 0.17 0.17 0.22 0.23 0.23 0.23 0.23 0.23 0.23
Projected Shares outstanding(M) 1030 1030 1030 1030 1030 1030 1030 1030 1030 1030 1030 1030 1030
EPS -2.35 -0.96 2.95 10.54 18.39 23.54 37.81 49.18 61.48 73.78 88.53 97.38 107.12

DCF-Balance Sheet+Cash flow

as % of revenues
Balance Sheet Assumptions
2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Assets
Current Assets
Cash And Equivalents 25.50% 61.47% 32.66% 39.87% 39.87% 39.87% 39.87% 39.87% 39.87% 39.87% 39.87% 39.87% 39.87%
Accounts Receivable 5.39% 6.03% 3.69% 5.04% 5.04% 5.04% 5.04% 5.04% 5.04% 5.04% 5.04% 5.04% 5.04%
Inventory 14.45% 13.00% 10.70% 12.72% 12.72% 12.72% 12.72% 12.72% 12.72% 12.72% 12.72% 12.72% 12.72%
Prepaid Exp. 2.90% 3.46% 2.42% 2.93% 2.93% 2.93% 2.93% 2.93% 2.93% 2.93% 2.93% 2.93% 2.93%
Restricted Cash 1.00% 0.75% 0.64% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% $
Non-current Assets
Net Property, Plant & Equipment 82.18% 74.12% 57.92% 71.41% 71.41% 71.41% 71.41% 71.41% 71.41% 71.41% 71.41% 71.41% 71.41%
Goodwill 0.81% 0.66% 0.37% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61% 0.61%
Other Intangibles 1.38% 0.99% 0.48% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95%
Accounts Receivable Long-Term - 0.23% 0.56% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40%
Other Long-Term Assets 5.98% 4.64% 5.75% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45%
Liabilities
Current Liabilities CAPEX Assumptions
Accounts Payable 15.34% 19.19% 18.63% 17.72% 17.72% 17.72% 17.72% 17.72% 17.72% 17.72% 17.72% 17.72% 17.72% 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Accrued Exp. 4.84% 5.18% 5.51% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% 5.18% CAPEX -5.83% -10.25% -14.89% -10.32% -10.32% -10.32% -10.32% -10.32% -10.32% -10.32% -10.32% -10.32% -10.32%
Curr. Port. of LT Debt 5.69% 5.57% 2.02% 4.43% 4.43% 4.43% 4.43% 4.43% 4.43% 4.43% 4.43% 4.43% 4.43%
Curr. Port. of Leases 2.50% 2.09% 1.61% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07%
Curr. Income Taxes Payable 2.49% 2.46% 2.08% 2.34% 2.34% 2.34% 2.34% 2.34% 2.34% 2.34% 2.34% 2.34% 2.34%
Unearned Revenue, Current 4.73% 4.62% 2.69% 4.01% 4.01% 4.01% 4.01% 4.01% 4.01% 4.01% 4.01% 4.01% 4.01%
Other Current Liabilities 7.81% 6.06% 4.06% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98%
Non-current Liabilities
Long-Term Debt 42.21% 27.18% 7.96% 25.78% 25.78% 25.78% 25.78% 25.78% 25.78% 25.78% 25.78% 25.78% 25.78%
Long-Term Leases 8.90% 7.45% 4.95% 7.10% 7.10% 7.10% 7.10% 7.10% 7.10% 7.10% 7.10% 7.10% 7.10%
Unearned Revenue, Non-Current 4.91% 4.07% 3.81% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26% 4.26%
Def. Tax Liability, Non-Curr. 0.27% 0.48% 0.04% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26%
Other Non-Current Liabilities 6.90% 5.92% 3.38% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40% 5.40%
Cash flow statement Projection
Balance Sheet Projection 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Cash from operation activities
Assets Net Income 10,860.07 18,944.30 24,248.73 38,945.61 50,658.84 63,323.58 75,988.31 91,186.00 100,304.61 110,335.08
Current Assets Depreciation & Amort. 2,502.77 3,253.60 4,164.61 5,330.70 6,663.37 8,329.22 9,995.06 11,994.07 13,193.48 14,512.83
Cash And Equivalents 6268.00 19384.00 17576.00 33265.68 43245.38 55354.09 70853.24 88566.55 110708.18 132849.82 159419.78 175361.76 192897.94 (Increase)Decrease in Acc.Receivables (2,216.20) (1,260.66) (1,529.60) (1,957.89) (2,237.59) (2,796.98) (2,796.98) (3,356.38) (2,013.83) (2,215.21)
Accounts Receivable 1324.00 1903.00 1986.00 4202.20 5462.86 6992.46 8950.35 11187.94 13984.92 16781.90 20138.28 22152.11 24367.32 (Increase)Decrease in Inventories (4,852.60) (3,182.88) (3,861.90) (4,943.23) (5,649.40) (7,061.75) (7,061.75) (8,474.10) (5,084.46) (5,592.91)
Inventory 3552.00 4101.00 5757.00 10609.60 13792.48 17654.38 22597.61 28247.01 35308.76 42370.51 50844.61 55929.07 61521.98 (Increase)Decrease in Prepaid Expense (1,138.01) (732.90) (889.26) (1,138.25) (1,300.86) (1,626.07) (1,626.07) (1,951.28) (1,170.77) (1,287.85)
Prepaid Exp. 713.00 1091.00 1305.00 2443.01 3175.92 4065.18 5203.43 6504.28 8130.35 9756.42 11707.71 12878.48 14166.33 (Increase)Decrease in Restricted Cash (321.45) (199.94) (242.59) (310.51) (354.87) (443.59) (443.59) (532.31) (319.39) (351.32)
Restricted Cash 246.00 238.00 345.00 666.45 866.39 1108.98 1419.49 1774.37 2217.96 2661.55 3193.86 3513.24 3864.57 Increase(Decrease) in Acc.Payable 4,757.04 4,434.61 5,380.66 6,887.25 7,871.14 9,838.92 9,838.92 11,806.71 7,084.03 7,792.43
Total Current Assets 12103.00 26717.00 26969.00 51186.95 66543.04 85175.08 109024.11 136280.14 170350.17 204420.20 245304.24 269834.67 296818.14 Increase(Decrease) in Accrued Exp. 1,295.54 1,571.92 2,012.06 2,299.50 2,874.37 2,874.37 3,449.25 2,069.55 2,276.50 (25,041.53)
Non-current Assets Increase(Decrease) in Unearned Revenue 1,902.15 1,004.75 1,219.09 1,560.44 1,783.36 2,229.20 2,229.20 2,675.03 1,605.02 1,765.52
Net Property, Plant & Equipment 20199.00 23375.00 31176.00 59573.72 77445.84 99130.68 126887.27 158609.08 198261.35 237913.62 285496.35 314045.98 345450.58 Increase(Decrease) in Tax Payable 834.17 586.85 712.05 911.42 1,041.62 1,302.03 1,302.03 1,562.43 937.46 1,031.21
Goodwill 198.00 207.00 200.00 509.89 662.86 848.46 1086.03 1357.54 1696.92 2036.30 2443.57 2687.92 2956.71 Increase(Decrease) in Other Current Liabilities 2,800.19 1,496.16 1,815.34 2,323.63 2,655.58 3,319.48 3,319.48 3,983.37 2,390.02 2,629.02
Other Intangibles 339.00 313.00 257.00 792.35 1030.05 1318.46 1687.63 2109.54 2636.93 3164.31 3797.18 4176.89 4594.58 Total 16,423.66 25,915.80 33,029.19 49,908.66 64,005.57 79,288.39 94,193.85 110,963.09 119,202.67 103,577.27
Accounts Receivable Long-Term 0.00 74.00 303.00 332.71 432.52 553.62 708.64 885.79 1107.24 1328.69 1594.43 1753.87 1929.26
Other Long-Term Assets 1469.00 1462.00 3095.00 4550.37 5915.48 7571.81 9691.92 12114.90 15143.62 18172.34 21806.81 23987.49 26386.24 Cash from investing activities
Total non-current Assets 22205.00 25431.00 35031.00 65759.03 85486.74 109423.03 140061.48 175076.85 218846.06 262615.28 315138.33 346652.16 381317.38 CAPEX (8,610.78) (11,194.01) (14,328.33) (18,340.27) (22,925.34) (28,656.67) (34,388.00) (41,265.60) (45,392.16) (49,931.38)
(Increase)Decrease in Other Long-Term Assets (1,455.37) (1,365.11) (1,656.33) (2,120.11) (2,422.98) (3,028.72) (3,028.72) (3,634.47) (2,180.68) (2,398.75)
Total Assets 34308.00 52148.00 62000.00 116945.98 152029.78 194598.12 249085.59 311356.99 389196.23 467035.48 560442.58 616486.83 678135.52 Total (10,066.14) (12,559.12) (15,984.67) (20,460.38) (25,348.31) (31,685.39) (37,416.73) (44,900.07) (47,572.85) (52,330.13)
Liabilities
Current Liabilities Cash from financing activities
Accounts Payable 3771.00 6051.00 10025.00 14782.04 19216.65 24597.31 31484.56 39355.70 49194.62 59033.55 70840.26 77924.28 85716.71 Long term debt 17,225.55 6,453.17 7,829.84 10,022.20 11,453.94 14,317.42 14,317.42 17,180.91 10,308.54 11,339.40
Accrued Exp. 1190.00 1632.00 2967.00 4318.47 5614.01 7185.93 9197.99 11497.49 14371.86 17246.23 20695.48 22765.03 25041.53 Other Non-current Liabilities 2,685.58 1,351.68 1,640.03 2,099.24 2,399.13 2,998.92 2,998.92 3,598.70 2,159.22 2,375.14
Curr. Port. of LT Debt 1399.00 1758.00 1088.00 3695.23 4803.80 6148.86 7870.54 9838.18 12297.72 14757.27 17708.72 19479.59 21427.55 Long-Term Leases 3,259.43 1,776.43 2,155.40 2,758.91 3,153.04 3,941.31 3,941.31 4,729.57 2,837.74 3,121.51
Curr. Port. of Leases 614.00 660.00 869.00 1725.68 2243.38 2871.53 3675.56 4594.45 5743.06 6891.67 8270.00 9097.00 10006.70 Dividends paid 0 0 0 0 0 0 0 0 0 0
Curr. Income Taxes Payable 611.00 777.00 1122.00 1956.17 2543.02 3255.07 4166.49 5208.11 6510.14 7812.17 9374.60 10312.06 11343.27 Total 23,170.57 9,581.27 11,625.27 14,880.35 17,006.12 21,257.64 21,257.64 25,509.17 15,305.50 16,836.05
Unearned Revenue, Current 1163.00 1458.00 1447.00 3349.15 4353.90 5572.99 7133.42 8916.78 11145.98 13375.17 16050.21 17655.23 19420.75
Other Current Liabilities 1919.00 1912.00 2187.00 4987.19 6483.35 8298.69 10622.32 13277.90 16597.38 19916.85 23900.22 26290.25 28919.27 Net Change in cash 29,528.09 22,937.95 28,669.80 44,328.64 55,663.37 68,860.64 78,034.76 91,572.19 86,935.33 68,083.19
Total current liabilities 10667.00 14248.00 19705.00 34813.93 45258.11 57930.38 74150.88 92688.60 115860.75 139032.91 166839.49 183523.44 201875.78
Non-current Liabilities
Long-Term Debt 10375.00 8571.00 4285.00 21510.55 27963.72 35793.56 45815.75 57269.69 71587.11 85904.53 103085.44 113393.99 124733.38
Long-Term Leases 2188.00 2348.00 2662.00 5921.43 7697.86 9853.26 12612.18 15765.22 19706.53 23647.84 28377.40 31215.14 34336.66
Unearned Revenue, Non-Current 1207.00 1284.00 2052.00 3558.08 4625.51 5920.65 7578.44 9473.04 11841.30 14209.57 17051.48 18756.63 20632.29
Def. Tax Liability, Non-Curr. 66.00 151.00 24.00 220.23 286.30 366.46 469.07 586.33 732.92 879.50 1055.40 1160.94 1277.03
Other Non-Current Liabilities 1696.00 1867.00 1820.00 4505.58 5857.26 7497.29 9596.53 11995.67 14994.58 17993.50 21592.20 23751.42 26126.56
Total non-current liabilities 15532 14221 10843 35715.8791589033 46430.6429065743 59431.2229204152 76071.9653381314 95089.9566726642 118862.44584083 142634.935008996 171161.922010796 188278.114211875 207105.925633063
Total liabilities 26199.00 28469.00 30548.00 70529.81 91688.75 117361.60 150222.85 187778.56 234723.20 281667.84 338001.41 371801.55 408981.70
Total Stockholders' equity 8109.00 23679.00 31452.00 46416.18 60341.03 77236.52 98862.74 123578.43 154473.03 185367.64 222441.17 244685.28 269153.81
Totla Liabilities and stockholders' equity 34308.00 52148.00 62000.00 116945.98 152029.78 194598.12 249085.59 311356.99 389196.23 467035.48 560442.58 616486.83 678135.52
Ratio Analysis
2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
ROE 23.40% 31.40% 31.40% 39.39% 40.99% 40.99% 40.99% 40.99% 40.99% 40.99%
ROA 31.65% 36.33% 39.11% 33.30% 33.32% 32.54% 30.51% 29.29% 25.77% 23.62%
Profit Margin 13.02% 17.47% 17.47% 21.92% 22.81% 22.81% 22.81% 22.81% 22.81% 22.81%

WACC

WACC
Cost of debt:
Cost of debt 4.25%
Tax rate 11%
After-tax cost of debt 3.78%
Cost of equity:
Risk free rate 3%
Beta 1.65
Market premium 5%
Cost of equity 11.25%
Percentage of Capital:
Total Debt/Equity 19.84%
Debt % 16.56%
Equity % 83.44%
WACC:
WACC 10.01%
Valuation
WACC 10.01%
Terminal growth rate 5%
2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Net Income 10,860.07 18,944.30 24,248.73 38,945.61 50,658.84 63,323.58 75,988.31 91,186.00 100,304.61 110,335.08
Depreciation & Amort. 2,502.77 3,253.60 4,164.61 5,330.70 6,663.37 8,329.22 9,995.06 11,994.07 13,193.48 14,512.83
Increase in working capital 9109.02 4911.91 5959.78 7628.52 8718.31 10897.88 10897.88 13077.46 7846.48 8631.12
CAPEX 8,610.78 11,194.01 14,328.33 18,340.27 22,925.34 28,656.67 34,388.00 41,265.60 45,392.16 49,931.38
FCF (4,356.96) 6,091.98 8,125.22 18,307.52 25,678.57 32,098.24 40,697.49 48,837.00 60,259.44 66,285.40
Terminal value $ 1,388,182.82
PV OF FCF $ 148,390.25
PV OF TV $ 534,537.24
Value of the firm $ 682,927.49
Current cash $ 17,576.00
Value of equity $ 700,503.49
# of shares(in Million) 1030
Value per share $ 680.10

EBO

TSLA
PARAMETERS FY1 FY2 Ltg
EPS Forecasts 12.32 15.90 30.00%
Book value/share (last fye) 32.90 30.2%
Discount Rate 8.50%
Dividend Payout Ratio 0
Next Fsc Year end 2022
Current Fsc Mth (1 to 12) 5
Target ROE (industry avg.) 0.2500
Year 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Long-term EPS Growth Rate (Ltg) 0.3024 0.3024 0.3024 0.3024 0.3024
Forecasted EPS 12.32 15.90 20.71 26.97 35.12 45.74 59.57
Beg. of year BV/Shr 32.9 45.22 61.12 81.8275972952 108.7964391658 143.9197043844 189.6630019844
Implied ROE 0.3516143299 0.3388023118 0.3295812508 0.3228346947 0.3178390186 0.3141068701
ROE 0.374 0.352 0.339 0.330 0.323 0.318 0.314 0.301 0.288 0.276 0.263 0.250
Abnormal ROE 0.289 0.267 0.254 0.245 0.238 0.233 0.229 0.216 0.203 0.191 0.178 0.165
Beg of year BV/shr 32.900 45.220 61.120 81.828 108.796 143.920 189.663 249.237 324.329 417.886 533.074 673.177
End of year BV/shr 45.220 61.120 81.828 108.796 143.920 189.663 249.237 324.329 417.886 533.074 673.177 841.471
required rate (r) 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085
discount rate 1.085 1.177 1.277 1.386 1.504 1.631 1.770 1.921 2.084 2.261 2.453 2.662
Perpetuity 103.26 120.49 142.88 169.90 202.45 241.65 288.80 330.21 372.55 414.54 454.60 490.95
PV of Abnormal ROE 0.27 0.23 0.20 0.18 0.16 0.14 0.13 0.11 0.10 0.08 0.07 0.06
Incremental value each year 8.78 10.24 12.14 14.44 17.21 20.54 24.55 28.07 31.67 35.24 38.64 41.73
Cumulative Incremental value 8.78 19.02 31.16 45.60 62.81 83.35 107.90 135.97 167.64 202.87 241.51 283.24
Implied price 150.07 178.51 214.27 257.20 308.73 370.57 444.81 516.75 593.38 673.34 754.83 835.68

Multiple

LTM EPS 8.37
NTM EPS 12.74
LTM Sales 62190
NTM Sales 95197.52
LTM EBITDA 12702
NTM EBITDA 23183.08
Multiples Valuation
Name LTM P/E  NTM P/E LTM EV/Sales NTM EV/Sales LTM EV/EBITDA NTM EV/EBITDA
TM Toyota Motor 9.94 11.16 0.05 1.45 0.32 12.23
F Ford Motor Company 16.47 6.06 4.91 1.08 12.79 9.61
GM General Motors Company 6.35 5.63 5.18 0.96 32.2 5.91
HMC Honda Motor Company Ltd. 7.27 8 0.02 0.66 0.21 7.85
RACE Ferrari N.V. Common Shares 40.2 35.9 41.68 7.03 130.21 20.24
STLA Stellantis N.V. 4.74 2.84 0.15 0.14 1.11 0.95
RIVN Rivian Automotive, Inc. N/A N/A 169.62 2.03 -2.09 N/A
Average 14.16 11.60 31.66 1.91 24.96 9.47
Tesla 106.4 61.76 13 8.46 60.3 34.76
EV 1968846.56 181555.27 317096.36 219427.85
Share price $118.53 $147.76 $1,911.50 $176.27 $307.86 $213.04
Source: Capital IQ
$

Income Statement

Tesla, Inc. (NasdaqGS:TSLA) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Historical
Units: S&P Capital IQ (Default)   Decimals: Capital IQ (Default)
Source: Capital IQ & Proprietary Data  
Income Statement
For the Fiscal Period Ending Restated 12 months Dec-31-2019 12 months Dec-31-2020 12 months Dec-31-2021
Currency USD USD USD
Revenue 24,578.0 31,536.0 53,823.0
Other Revenue - - -
Total Revenue 24,578.0 31,536.0 53,823.0
Cost Of Goods Sold 20,509.0 24,906.0 40,217.0
Gross Profit 4,069.0 6,630.0 13,606.0
Selling General & Admin Exp. 2,646.0 3,188.0 4,517.0
R & D Exp. 1,343.0 1,491.0 2,593.0
Depreciation & Amort. - - -
Other Operating Expense/(Income) - - (27.0)
Other Operating Exp., Total 3,989.0 4,679.0 7,083.0
Operating Income 80.0 1,951.0 6,523.0
Interest Expense (725.0) (784.0) (358.0)
Interest and Invest. Income 44.0 30.0 56.0
Net Interest Exp. (681.0) (754.0) (302.0)
Currency Exchange Gains (Loss) 48.0 (114.0) 97.0
Other Non-Operating Inc. (Exp.) 37.0 28.0 25.0
EBT Excl. Unusual Items (516.0) 1,111.0 6,343.0
Restructuring Charges (87.0) - -
Impairment of Goodwill - - -
Asset Writedown (15.0) - -
In Process R & D Exp. (47.0) - -
Legal Settlements - 43.0 -
Other Unusual Items - - -
EBT Incl. Unusual Items (665.0) 1,154.0 6,343.0
Income Tax Expense 110.0 292.0 699.0
Earnings from Cont. Ops. (775.0) 862.0 5,644.0
Earnings of Discontinued Ops. - - -
Extraord. Item & Account. Change - - -
Net Income to Company (775.0) 862.0 5,644.0
Minority Int. in Earnings (87.0) (141.0) (125.0)
Net Income (862.0) 721.0 5,519.0
Pref. Dividends and Other Adj. 8.0 31.0 (5.0)
NI to Common Incl Extra Items (870.0) 690.0 5,524.0
NI to Common Excl. Extra Items (870.0) 690.0 5,524.0
Per Share Items
Basic EPS ($0.98) $0.74 $5.6
Basic EPS Excl. Extra Items (0.98) 0.74 5.6
Weighted Avg. Basic Shares Out. 887.0 933.0 986.0
Diluted EPS ($0.98) $0.64 $4.9
Diluted EPS Excl. Extra Items (0.98) 0.64 4.9
Weighted Avg. Diluted Shares Out. 887.0 1,083.0 1,129.0
Normalized Basic EPS ($0.46) $0.59 $3.89
Normalized Diluted EPS (0.46) 0.51 3.4
Dividends per Share NA NA NA
Shares per Depository Receipt 0.031 0.031 0.031
Supplemental Items
EBITDA 2,172.0 4,273.0 9,333.0
EBITA 124.0 2,002.0 6,574.0
EBIT 80.0 1,951.0 6,523.0
EBITDAR 2,598.0 4,724.0 9,960.0
As Reported Total Revenue* 24,578.0 31,536.0 53,823.0
Effective Tax Rate % NM 25.3% 11.0%
Current Domestic Taxes 5.0 4.0 9.0
Current Foreign Taxes 86.0 248.0 839.0
Total Current Taxes 91.0 252.0 848.0
Deferred Domestic Taxes (4.0) NA NA
Deferred Foreign Taxes 23.0 40.0 (149.0)
Total Deferred Taxes 19.0 40.0 (149.0)
Normalized Net Income (409.5) 553.4 3,839.4
Interest Capitalized 31.0 48.0 53.0
Interest on Long Term Debt 355.0 506.0 159.0
Filing Date Feb-07-2022 Feb-07-2022 Feb-07-2022
Restatement Type RS NC O
Calculation Type REP REP REP
Supplemental Operating Expense Items
R&D Exp. 1,390.0 1,491.0 2,593.0
Net Rental Exp. 426.0 451.0 627.0
Imputed Oper. Lease Interest Exp. 181.4 215.1 185.4
Imputed Oper. Lease Depreciation 244.6 235.9 441.6
Stock-Based Comp., COGS 128.0 281.0 421.0
Stock-Based Comp., R&D Exp. 285.0 346.0 448.0
Stock-Based Comp., SG&A Exp. 482.0 1,107.0 1,252.0
Stock-Based Comp., Unallocated 3.0 - -
Stock-Based Comp., Total 898.0 1,734.0 2,121.0
* Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue exactly as reported by the firm on its consolidated statement of income.
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.

Balance Sheet

Tesla, Inc. (NasdaqGS:TSLA) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard   Restatement:
Period Type: Annual   Order:
Currency: Reported Currency   Conversion:
Units: S&P Capital IQ (Default)   Decimals:
Source: Capital IQ & Proprietary Data  
Balance Sheet
Balance Sheet as of: Dec-31-2019 Dec-31-2020 Dec-31-2021
Currency USD USD USD
ASSETS
Cash And Equivalents 6,268.0 19,384.0 17,576.0
Short Term Investments - - 131.0
Total Cash & ST Investments 6,268.0 19,384.0 17,707.0
Accounts Receivable 1,324.0 1,903.0 1,986.0
Total Receivables 1,324.0 1,903.0 1,986.0
Inventory 3,552.0 4,101.0 5,757.0
Prepaid Exp. 713.0 1,091.0 1,305.0
Restricted Cash 246.0 238.0 345.0
Other Current Assets - - -
Total Current Assets 12,103.0 26,717.0 27,100.0
Gross Property, Plant & Equipment 25,062.0 29,893.0 39,867.0
Accumulated Depreciation (4,863.0) (6,518.0) (8,691.0)
Net Property, Plant & Equipment 20,199.0 23,375.0 31,176.0
Long-term Investments 1.0 - -
Goodwill 198.0 207.0 200.0
Other Intangibles 339.0 313.0 257.0
Accounts Receivable Long-Term - 74.0 303.0
Other Long-Term Assets 1,469.0 1,462.0 3,095.0
Total Assets 34,309.0 52,148.0 62,131.0
LIABILITIES
Accounts Payable 3,771.0 6,051.0 10,025.0
Accrued Exp. 1,190.0 1,632.0 2,967.0
Curr. Port. of LT Debt 1,399.0 1,758.0 1,088.0
Curr. Port. of Leases 614.0 660.0 869.0
Curr. Income Taxes Payable 611.0 777.0 1,122.0
Unearned Revenue, Current 1,163.0 1,458.0 1,447.0
Other Current Liabilities 1,919.0 1,912.0 2,187.0
Total Current Liabilities 10,667.0 14,248.0 19,705.0
Long-Term Debt 10,375.0 8,571.0 4,285.0
Long-Term Leases 2,188.0 2,348.0 2,662.0
Unearned Revenue, Non-Current 1,207.0 1,284.0 2,052.0
Def. Tax Liability, Non-Curr. 66.0 151.0 24.0
Other Non-Current Liabilities 1,696.0 1,867.0 1,820.0
Total Liabilities 26,199.0 28,469.0 30,548.0
Common Stock 1.0 1.0 1.0
Additional Paid In Capital 12,736.0 27,260.0 29,803.0
Retained Earnings (6,083.0) (5,399.0) 331.0
Treasury Stock - - -
Comprehensive Inc. and Other (36.0) 363.0 54.0
Total Common Equity 6,618.0 22,225.0 30,189.0
Minority Interest 1,492.0 1,454.0 1,394.0
Total Equity 8,110.0 23,679.0 31,583.0
Total Liabilities And Equity 34,309.0 52,148.0 62,131.0
Supplemental Items
Total Shares Out. on Filing Date 906.7 959.9 1,033.5
Total Shares Out. on Balance Sheet Date 905.0 960.0 1,033.0
Book Value/Share $7.31 $23.15 $29.22
Tangible Book Value 6,081.0 21,705.0 29,732.0
Tangible Book Value/Share $6.72 $22.61 $28.78 0.2819238198
Total Debt 14,576.0 13,337.0 8,904.0 0.2819238198
Net Debt 8,308.0 (6,047.0) (8,803.0)
Debt Equivalent Oper. Leases 3,408.0 3,608.0 5,016.0
Total Minority Interest 1,492.0 1,454.0 1,394.0
Inventory Method FIFO FIFO FIFO
Raw Materials Inventory 1,428.0 1,508.0 2,816.0
Work in Progress Inventory 362.0 493.0 1,089.0
Finished Goods Inventory 1,762.0 2,100.0 1,852.0
Land 3,024.0 3,662.0 4,675.0
Machinery 16,062.0 18,030.0 20,453.0
Construction in Progress 782.0 1,649.0 5,577.0
Leasehold Improvements 1,087.0 1,421.0 1,826.0
Full Time Employees 48,016 70,757 99,290
Assets on Oper. Lease, Gross 2,853.0 3,537.0 5,284.0
Assets on Oper. Lease, Accum. Depr. (406.0) (446.0) (773.0)
Filing Date Feb-07-2022 Feb-07-2022 Feb-07-2022
Restatement Type NC NC O
Calculation Type RUP REP REP
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.

Cash flow

Tesla, Inc. (NasdaqGS:TSLA) > Financials > Cash Flow
In Millions of the reported currency, except per share items. Template: Standard   Restatement:
Period Type: Annual   Order:
Currency: Reported Currency   Conversion:
Units: S&P Capital IQ (Default)   Decimals:
Source: Capital IQ & Proprietary Data  
Cash Flow
For the Fiscal Period Ending 12 months Dec-31-2019 12 months Dec-31-2020 12 months Dec-31-2021
Currency USD USD USD
Net Income (862.0) 721.0 5,519.0
Depreciation & Amort. 2,048.0 2,271.0 2,759.0
Amort. of Goodwill and Intangibles 44.0 51.0 51.0
Depreciation & Amort., Total 2,092.0 2,322.0 2,810.0
Asset Writedown & Restructuring Costs 62.0 - -
Stock-Based Compensation 898.0 1,734.0 2,121.0
Other Operating Activities 564.0 982.0 529.0
Change in Acc. Receivable (367.0) (652.0) (130.0)
Change In Inventories (429.0) (422.0) (1,709.0)
Change in Acc. Payable 646.0 2,102.0 4,578.0
Change in Unearned Rev. 801.0 321.0 793.0
Change in Other Net Operating Assets (1,000.0) (1,165.0) (3,014.0)
Cash from Ops. 2,405.0 5,943.0 11,497.0
Capital Expenditure (1,432.0) (3,232.0) (8,014.0)
Sale of Property, Plant, and Equipment - - 272.0
Cash Acquisitions (45.0) (13.0) -
Divestitures - - -
Sale (Purchase) of Intangible assets (5.0) (10.0) -
Invest. in Marketable & Equity Securt. - - (132.0)
Net (Inc.) Dec. in Loans Originated/Sold - - -
Other Investing Activities 46.0 123.0 6.0
Cash from Investing (1,436.0) (3,132.0) (7,868.0)
Short Term Debt Issued - - -
Long-Term Debt Issued 10,669.0 9,713.0 8,883.0
Total Debt Issued 10,669.0 9,713.0 8,883.0
Short Term Debt Repaid - - -
Long-Term Debt Repaid (9,871.0) (12,201.0) (14,615.0)
Total Debt Repaid (9,871.0) (12,201.0) (14,615.0)
Issuance of Common Stock 1,111.0 12,686.0 707.0
Total Dividends Paid - - -
Special Dividend Paid - - -
Other Financing Activities (380.0) (225.0) (178.0)
Cash from Financing 1,529.0 9,973.0 (5,203.0)
Foreign Exchange Rate Adj. 8.0 334.0 (183.0)
Net Change in Cash 2,506.0 13,118.0 (1,757.0)
Supplemental Items
Cash Interest Paid 455.0 444.0 266.0
Cash Taxes Paid 54.0 115.0 561.0
Levered Free Cash Flow 1,308.9 3,221.4 4,628.1
Unlevered Free Cash Flow 1,762.0 3,711.4 4,851.9
Change in Net Working Capital (159.0) (1,678.0) (3,858.0)
Net Debt Issued 798.0 (2,488.0) (5,732.0)
Filing Date Feb-07-2022 Feb-07-2022 Feb-07-2022
Restatement Type NC NC O
Calculation Type REP REP REP