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Thursday 12 November 2026 Export TSLA’s income statement to Excel — free account

Tesla, Inc.

TSLA

Consumer Cyclical Auto Manufacturers

Tesla, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $94.8 billion, down 2.93% from fiscal 2024.

Revenue
−0.17%
EPS
−44.2%
Free cash flow
−61.6%
Total debt
+5.63%

Quarter to September 2026, against a year earlier

396.59 5.75 +1.47%
Market cap
$1.54T
P/E
401×
Fwd P/E
363×
Dividend yield
—
F-score
5/9
ROIC
4.12%
Net debt / EBITDA
−3.4×
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Tesla, Inc. (TSLA) valuation and DCF model

What the price implies · reverse DCF

At $396.59 the price implies revenue of $1,698.15 billion by year ten, growing 32.3% a year, at a 10% free-cash-flow margin then.

Free cash flow after share-based pay grew 16.4% a year over the last five years.

In December 2019 the price assumed 52.0% a year; Tesla, Inc. went on to grow free cash flow after share-based pay 63.9% a year to FY2025.

Price implies
32.3%
Last 5 years, reported
16.4%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
32.3% a year for ten years
$396.59
today’s price
Its base case
37.1% a year for five years, then 22.3%
$330.10
16.8% below today’s price

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Tesla, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Tesla, Inc.’s own cost of capital: risk-free 4.3% + beta 1.75 × equity premium 4.5% = 12.2% cost of equity; weighted, 12.2%.

Use 12.2%
Equity value $1.17t ▼ below market cap $1.40t
Base case value per share $330.10 equity value ÷ 3.54b shares
Current price $396.59 market price per share
Below today’s price 16.8% downside at the base case’s assumptions

How we got there$218.17b 10 years of cash to equity+$912.00b terminal value+$37.31b net cash=$1.17t equity value÷3.54b shares=$330.10 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Auto Manufacturers).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 400.60× 207.21× 313.32× 28% above 16.40× 2343% above
P/FCF 389.85× 240.87× 223.32× 75% above 29.42× 1225% above
P/B 14.30× 13.85× 16.13× 11% below 1.17× 1126% above
EV/EBITDA 122.82× 86.78× 140.39× 13% below 8.31× 1377% above
EV/Sales 12.06× 10.35× 10.31× 17% above 1.57× 670% above
P/E P/FCF P/B EV/EBITDA EV/Sales
83.24×176.41×269.58×362.76×10Y avg 223.32×20192020202120222023202420252026

TSLA trades at 389.85× P/FCF, against a 10-year average of 223.32× (range 39.84×–389.85×). That is dearer than 100% of the last 7 year-end readings; re-rating to the average implies $227.19 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.