Tesla Financial Statements and Financial Ratios Analyzed from 2015 to 2019

Expert Tesla Financial Report & Analysis by Paul Borosky, MBA.

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Hey All,

Thanks for visiting my Tesla Financial Report page. On this page, you will be able to find preliminary information about Tesla current financial performance as well as some historical track records and trends. 

For a more detailed examination of Tesla financial performance, please check out the "Financial Report".  In this report, written by myself, Paul Borosky, MBA., Doctoral Candidate, and published author, you will find:

  • Summarized income statement for the last 5 years.
  • Summarized balance sheet for the last 5 years.
  • Summary analysis by myself of important income statement, balance sheet, and financial ratio trends and other happenings.
  • Five year’s worth of over twenty common financial ratios presented with formulas, calculations, and analysis tips for each ratio.
  • Line by line description, explanation, and analysis tip for most financial statement line items and financial ratios.
  • Professional financial analysis tips provided in each section to help YOU conduct your OWN financial analysis!
  • Each section includes an “in other words” segment.  This is were I use plain English to explain concepts.

Enjoy the preliminary information and for a more detailed analysis, buy the financial report!

Sincerely,

Paul, MBA.

Sample Financial Report

Sample Financial Report by Paul Borosky, MBA.
Financial Report Sample 2

Sample Table of Contents for Financial Reports

Table of Contents

Page Count: 88 Pages

  • Disclaimer 3
    Acknowledgments 4
    Forward 5
    About the Author 7
    Company Summary 8
    Financial Statement Introduction 10
    Income Statement 11
    Walmart’s Income Statement – Summary Analysis 12
    Income Statement Discussion 12
    Balance Sheet 21
    Balance Sheet – Summary Analysis 22
    Balance Sheet Discussion 23
    Financial Ratios 38
    Liquidity Ratios 39
    Liquidity Ratios - Summary Analysis 39
    Liquidity Ratios Discussion 40
    Current Ratio 40
    Quick Ratio 41
    Cash Ratio 42
    Other Liquidity Ratios 42
    Net Operating Working Capital 42
    Asset Ratios 44
    Asset Utilization Ratios - Summary Analysis 45
    Asset Utilization Ratios Discussion 46
    Total Asset Turnover 46
    Fixed Asset Turnover 46
    Days Sales Outstanding 47
    Inventory Turnover 48
    Accounts Receivable Turnover 49
    Accounts Payable Turnover 50
    Other Asset Ratio Calculations 50
    Working Capital Turnover 50
    Average Days in Inventory 51
    Average Days Payable 51
    Profitability Ratios 52
    Profitability Ratios - Summary Analysis 53
    Profitability Ratios Discussion 53
    Return on Assets (ROA) 53
    Return on Equity (ROE) 54
    Profit Margin 55
    Gross Profit Margin 56
    Operating Profit Margin 56
    Basic Earnings Power 57
    ROCE 57
    Capital Employed 58
    Debt Ratios 59
    Walmart’s Debt Ratios - Summary Analysis 59
    Debt Ratios Discussion 60
    Long-Term Debt Ratio 60
    Debt to Equity Ratio 61
    Times Interest Earned 61
    WACC 63
    Book Value of WACC 63
    Free Cash Flow (FCF) 65
    Free Cash Flows – 2016 - 2020 65
    Free Cash Flows – 5 Year Projections 66
    Income Statement – Projections for 5 years 67
    Income Statement – 5 Year Projections 67
    Balance Sheet – Projections for 5 years 68
    Balance Sheet – 5 Year Projections 68
    Company Valuation and Intrinsic Stock Price 70
    Appendix 1: Summarized Income Statement 71
    Appendix 2: Income Statement – Percent of Sales 72
    Appendix 3: Income Statement – Year over Year Growth 73
    Appendix 4: Summarized Balance Sheet 74
    Appendix 5: Balance Sheet as Percent of Total Assets 76
    Appendix 6: Summarized Financial Ratios 77

Tesla: Brief Summary

Tesla Inc. has its global headquarters in Palo Alto, CA.  The company competes in the auto manufacturing industry, specifically in the consumer cyclical sector.  At present, the company employs approximately 40,000 people.  Tesla’s main revenue generator is the design, development, and leasing of electrical vehicles as well as energy generation and storage apparatuses.

From a financial perspective, the company has a market capitalization of $266.8 billion.  The company has a beta of 1.20.  This indicates to investors that the company stock is moderately riskier as compared to the overall market.  In the last several years, Tesla has yet to pay any dividends.  This means that the firm is continually finding ways to re-invest their profits.  As for the stock price range, in the last 52 weeks, the organization stock is ranges from $211 to $1,794.99.

Tesla Financial Report Sources

“Tesla 2019 Company Analysis… For Beginners: Financial Statements and Financial Ratios: Defined, Discussed, and Analyzed for 5 Years” was written by, Paul Borosky, MBA. and owner of Quality Business Plan.  In this report, I used Tesla 2018 10k, 2017 10k annual report, 2016 10k annual report, 2015 10k annual report, and 2019 10k annual report as the basis for information gathering. 

 

Section 1: Tesla Income Statement Analyzed 2015 to 2019

In this section, I walk through a broad definition as to what an income statement is and why it is important.  From this, I then discuss and define income statement line items, such as revenues, gross profits, etc. in detail.  After each line item is defined and discussed, I finally offer a summary analysis of Tesla important income statement line item trends from 2015 to 2019, in most cases.

Tesla Revenue Growth.

In 2015, Tesla had revenues of about $4 billion.  In the next several years, the organization would more than triple the revenues in 2019 ending with $24.5 billion.  Substantial growth indicates that consumers are well-receiving products designed and sold by the company.  Further, this also indicates that Tesla is able to deliver their products in a timely manner, or at least an acceptable manner for their consumers.

Tesla Income Statement 2019

Column1 2019 2018 2017 2016 2015
Revenues                    24,578                    21,461                    11,759                      7,000                        4,046
COGS                    20,509                    17,419                      9,536                      5,400                        3,122
Gross Profit                      4,069                      4,042                      2,223                      1,599                           923
SG&A                      2,646                      2,835                      2,477                      1,432                           922
Depreciation                      2,154                      1,901                      1,636                         947                           422
R & D
Other
Operating Expenses                      4,138                      4,430                      3,855                      2,266                        1,640
EBIT                          (69)                        (388)                     (1,632)                        (667)                         (716)
Other Income
Interest Expense                         685                         663                         471                         198                           118
EBT                        (665)                     (1,005)                     (2,209)                        (746)                         (875)
Taxes                         110                           58                           32                           26                             13
Net Income                       (775)                   (1,063)                   (2,241)                       (773)                        (888)

Section 2: Tesla Balance Sheet Analyzed from 2015 to 2019

For Tesla balance sheet, I again go through each important line item from the balance sheet.  In reviewing each line item, I will define their balance sheet line item, such as cash, property, plant and equipment, and liabilities between 2015 to 2019.  Next, I then offer a summary analysis of their important balance sheet line items.

Tesla Cash.

In my most humble of opinion, the biggest concern that I have with Tesla stock and organization as a whole would be their cash position.  Granted, in 2015, Tesla had approximately $1.1 billion in cash.  Further, the company was able to increase its cash position to $6.2 billion in 2019.  However, the company’s net profits for the last five years has been negative.  This means that the firm may be getting its cash position from taking on additional debt.  If this is the case, then investors should expect or at least hope that the company starts turning a profit in the near future.

Tesla Balance Sheet 2019

Column1 2019 2018 2017 2016 2015
Cash                        6,268                    3,686                    3,367                    3,393                    1,196
Short Term Investment                              -                         -                         -                         -                         -
Account Receivable                        1,324                       949                       515                       499                       168
Inventory                        3,552                    3,113                    2,263                    2,067                    1,277
Other
Current Assets                    12,103                  8,307                  6,570                  6,259                  2,791
Net PPE                      10,396                  11,330                  10,027                    5,982                    3,403
Goodwill                           198                         68                         60                         -
Other
Total Assets                    34,309                29,740                28,655                22,664                  8,092
Accounts Payable                        3,771                    3,405                    2,390                    1,860                       916
Accrued Expense                        2,905                    2,094                    1,731                    1,210                       422
Accrued Taxes
Notes Payable
LT Debt - Current                        1,785                    2,568                    9,415                    5,860                       633
Other
Total Current Liabilities                      10,667                    9,993                    7,674                    5,827                    2,816
LT Debt                      11,634                    9,404                    9,415                    5,860                    2,040
Other
Total Liabilities                    26,199                23,427                23,022                16,750                  6,961
Common Stock                      12,737                  10,249                    9,178                    7,773                    3,414
Treasury
Retained Earnings                      (6,083)                  (5,318)                  (4,974)                  (2,997)                  (2,322)
Other
Total Equity                       6,618                  4,923                  4,237                  4,752                  1,088
Total Equity & Liability                    34,309                29,740                28,655                22,664                  8,092

Section 3: Tesla Financial Ratios Analyzed from 2015 to 2019

For this section, I have chosen several different financial ratios to review for Tesla from 2015 to 2019.  In reviewing each of their financial ratios, I first start with defining the financial ratio.  Next, I supply the financial formula for calculating the specific ratio.  Finally, I offer a brief analysis of their important Financial ratios. 

Tesla Current Ratio.

Tesla had a .99 current ratio in 2015.  The company would slightly increase its current ratio to 1.07 in 2016.  In the next three years, the organization would fluctuate its current ratio from .83 and 2018 to an all-time high, at least for the last five years, of 1.13 and 2019.  The huge fluctuations in the current ratio indicate that the company does not have provable sustainable business models implemented to ensure continuous funding for operations.  In other words, it seems like the company is getting money where it can to sustain operations until growth kicks in.  For a technology company, this is unfortunately almost commonplace.  From an investor’s perspective, this can be skin-crawlingly risky.

Tesla Total Asset Turnover.

Tesla’s total asset turnover in 2015 was .5.  In the next year, the total asset turnover would fall to .31.  Fortunately though, in the next three years, the organization would increase the total asset turnover and in 2019 at .72.  This indicates that the company is finding ways to continually improve the usage of their assets in reference to generating revenues.  As a manufacturer, this is absolutely critical.

Tesla Return on Assets.

Tesla’s return on assets was an embarrassing -10.97% in 2015.  Fortunately, the company would continually improve the return on assets over the next four years ending 2019 at -2.26%.  Until the firm starts turning a profit, and a negative return on assets should be expected.

Tesla Debt ratio.

Tesla had a debt ratio of 25.21% in 2015.  In the next four years, the company would continually increase its debt ratio ending 2019 at 33.91%.  The cumulative growth in debt should be a major concern for investors.  This is because if the company does not start turning her profit, then eventually the company will start borrowing money to pay back previously borrowed money.  A downward spiral that can only lead to pain and aggravation for the company as well as investors, for my most humble of opinions.

Tesla Liquidity Ratios 2019

Ratios 2019 2018 2017 2016 2015
Current Ratio                           1.13                    0.83
Cash Ratio                           0.59                    0.37
Quick Ratio                           0.80                    0.52
Net Working Capital                         4,468                  2,249

Tesla Asset Utilization 2019

Ratios 2019 2018 2017 2016 2015
Total Asset Turnover                           0.72                    0.72
Fixed Asset Turnover                           2.36                    1.89
Days Sales Outstanding                         19.66                  16.14
Inventory Turnover                           6.92                    6.89
Accounts Receivable Turnover                         18.56                  22.61
Working Capital Turnover                           5.50                    9.54
AP Turnover                           6.52                    6.30
Average Days Inventory                           0.02                    0.02
Average Days Payable                           0.02                    0.02

Tesla Profitability Ratios 2019

Ratios 2019 2018 2017 2016 2015
Return on Assets -2.26% -3.57%
Return on Equity -11.71% -21.59%
Net Profit Margin -3.15% -4.95%
Gross Profit Margin 16.56% 18.83%
Operating Profit Margin -0.28% -1.81%
Basic Earning Power -0.20% -1.30%
ROCE -0.29% -1.96%
Capital Employed                       23,642                19,747
ROIC -0.54% -3.02%

Tesla Long-term Debt 2019

Ratios 2019 2018 2017 2016 2015
Debt Ratio 33.91% 31.62%
Debt/Equity 175.79% 191.02%
Times Interest Earned                         (0.10)                  (0.59)