Tesla Financial Statements and Financial Ratios Analyzed

Tesla Financial Statements and Financial Ratios Analyzed

Hey All,

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

For a more detailed examination of Tesla's financial performance, I offer two reports, which are "A Beginner's Guide to Tesla 2022 Financial Analysis" and "Tesla 2021 Financial Report by Paul Borosky, MBA."  Both reports are written by myself, Paul Borosky, MBA., Doctoral Candidate and published author, and include:

  • Summarized income statements for the last 5 years.
  • Summarized balance sheets for the last 5 years.
  • Five years’ 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 are provided in each section to help YOU conduct your OWN financial analysis!
  • Each section includes an “in other words” segment.  This is where I use plain English to explain concepts.


For a MORE in-depth review of the company's financial statements and ratios, make sure to buy my "Tesla 2021 Financial Report".  The financial report includes all aspects of my "Beginner's Guide" plus a whole lot more...

  • Professional financial analysis of important income statements, balance sheets, and financial ratio trends.
  • "Letter Grade" is assigned to most financial statement line items and financial ratios to help you better understand their overall trends for the last 5 years.
  • Overall financial analysis summary for the company.

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


Paul, MBA.

PDF/Downloadable Versions

Tesla 2022 - A Beginner's Guide to Financial Analysis by Paul Borosky, MBA.

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Tesla 2021 Financial Report and Financial Analysis by Paul Borosky, MBA.

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Sample Financial Report

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

Tesla: Brief Summary

Tesla Inc. has its global headquarters in Palo Alto, CA.  The company competes in the auto manufacturing industry, specifically in the cyclical consumer sector.  At present, the company employs approximately 70,000 people.  Tesla’s main revenue generator is the design, development, and leasing of electric vehicles, as well as energy generation and storage devices.

From a financial perspective, the company has a market capitalization of $580 billion.  The company has a beta of 2.0.  This indicates to investors that the company stock is substantially 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 its profits.  As for the stock price range, in the last 52 weeks, the organization’s stock was between $187.43 to $900.40.



Section 1: Tesla Income Statement Analyzed

In this section, I walk through a broad definition of 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's important income statement line item trends from 2016 to 2020, in most cases.

Tesla Revenue Growth.

In the last five years, Tesla’s revenues have grown annually, on average, at a 49% rate.  For a multinational organization, this annual growth rate is astounding.  However, a concerning trend for the organization’s revenue growth rate is that it has been haphazard.  For example, between 2017 and 2018, the firm’s growth rate was 82.5%.  Also, between 2020 and 2021, the organization’s growth rate was 70.7%.  However, from 2018 to 2019, the firm’s growth rate was only 14.5%.  A better strategy would be for the organization to implement operational strategies to ensure consistent revenue growth year over year.

Analyst Grade: A

Tesla 2022 Summarized Income Statements

Column1 2022 2021 2020 2019 2018
Revenues                    81,462                    53,823                    31,536                    24,578                      21,461
COGS                    60,609                    40,217                    24,906                    20,509                      17,419
Gross Profit                    20,853                    13,606                      6,630                      4,069                        4,042
SG&A                      3,946                      4,517                      3,145                      2,646                        2,835
Depreciation                      3,747                      2,911                      2,322                      2,154                        1,901
R & D                      3,075                      2,593                      1,491                      1,343                        1,460
Total Operating Expenses                      7,197                      7,083                      4,636                      4,138                        4,430
EBIT                    13,656                      6,523                      1,994                          (69)                         (388)
Other Income
Interest Expense                         191                         371                         748                         685                           663
EBT                    13,719                      6,343                      1,154                        (665)                      (1,005)
Taxes                      1,132                         699                         292                         110                             58
Net Income                   12,587                     5,644                        862                       (775)                     (1,063)

Section 2: Tesla Balance Sheet Analyzed

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

Tesla Cash.

Tesla’s cash position ended 2017 at $3.3 billion.  In the next two years, the organization’s cash balance would increase moderately, ending 2019 at $6.2 billion.  However, in the next year, the firm’s cash position would balloon to $19.3 billion.  This cash increase may be due to the onset of the COVID-19 pandemic and the organization’s wish to have a substantial cash buffer through the pandemic.  However, the organization’s cash balance remained elevated in 2021, ending the year at $17.5 billion. 

A better strategy would be for the firm to divest some of the cash into short-term investments or reinvest the funds into operational growth opportunities.  In my opinion, this shows the mismanagement of short-term assets.

Analyst Grade: C

Tesla 2022 Summary Balance Sheet

Column1 2022 2021 2020 2019 2018
Cash                      16,253                  17,576                  19,384                    6,268                    3,686
Short Term Investment                        5,932                       131                         -                         -                         -
Account Receivable                        2,952                    1,913                    1,886                    1,324                       949
Inventory                      12,839                    5,757                    4,101                    3,552                    3,113
Current Assets                    40,917                27,100                26,717                12,103                  8,307
Net PPE                      23,548                  18,884                  12,747                  10,396                  11,330
Goodwill                           194                       200                       207                       198                         68
Total Assets                    82,338                62,131                52,148                34,309                29,740
Accounts Payable                      15,255                  10,025                    6,051                    3,771                    3,405
Accrued Expense                        7,142                    5,719                    3,855                    2,905                    2,094
Accrued Taxes
Notes Payable
LT Debt - Current                        1,502                    1,589                    2,132                    1,785                    2,568
Total Current Liabilities                      26,709                  19,705                  14,248                  10,667                    9,993
LT Debt                        1,597                    5,245                    9,556                  11,634                    9,404
Total Liabilities                    36,440                30,548                28,418                26,199                23,427
Common Stock                      32,177                  29,803                  27,260                  12,737                  10,249
Retained Earnings                      12,885                       331                  (5,399)                  (6,083)                  (5,318)
Total Equity                    44,704                30,189                22,225                  6,618                  4,923


Section 3: Tesla Financial Ratios Analyzed

For this section, I have chosen several different financial ratios to review for Tesla.  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 Total Asset Turnover.

Tesla’s total asset turnover ending 2017 was .4.  In the next four years, the organization’s total asset turnover would increase to .87 in 2021.  This shows that the firm is generating more revenues using assets under management on a continuous basis.  Operationally speaking, this is a good trend.

Analyst Grade: A

Tesla Return on Assets.

Tesla’s return on assets ended 2020 at 1.65%.  In the next year, the organization’s return on assets would jump up to 9.08%.  The substantial growth trend should continue into the foreseeable future due to the firm’s revenue growth rate track record as well as its ability to control costs.

Analyst Grade: A