تحليلات المنتج الاختيارية
بإذنك، نستخدم تحليلات محدودة تراعي الخصوصية لفهم مسارات البحث الفعالة. لا نستخدم أدوات تتبع إعلانية أو تسجيل الجلسات. يمكنك تغيير هذا الخيار في التفضيلات. اقرأ سياسة الخصوصية.
Energy growth above 10% through FY2029, accompanied by better consolidated margin and free cash flow, would make the mix benefit more durable.
Automotive revenue growth falls below 2% for two consecutive fiscal years through FY2029.
Sell. At $354.08 on 2026-09-04, the shares stand far above $24.84 Fair value and $33.44 Potential value.3
The main risk is automotive stagnation. Growth below 2% for two consecutive fiscal years would weaken sales, operating leverage, earnings, and free cash flow.
The clearest upside is sustained energy growth with better consolidated margin and cash generation. FY2025 energy revenue was already $12.77 billion, while remained positive.
The constructive cycle requires FY2027 revenue to reach the $120.77 billion analyst estimate from the FY2025 level of $94.83 billion.15
Sell because the report-date valuation leaves little room for an operating miss, even if the cyclical recovery occurs.
Sell because the report-date valuation leaves little room for an operating miss, even if the cyclical recovery occurs.
Tesla, Inc. provides service for its electric vehicles at its company-owned service locations and through Tesla Mobile Service technicians who perform work remotely at customers’ homes or other locations. Servicing the vehicles ourselves allows us to identify problems and implement solutions and improvements faster than traditional automobile manufacturers and their dealer networks. The connectivity of its vehicles also allows us to diagnose and remedy many problems remotely and proactively. The automotive segment includes the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles as well as sales of automotive regulatory credits. Additionally, the automotive segment also includes services and other, which includes sales of used vehicles, non-warranty maintenance services and collision, paid Supercharging sessions, automotive insurance business revenue, part sales and retail merchandise sales.
The energy generation and storage segment includes sales, leasing, and financing of energy generation and storage products, services related to such products and sales of energy generation incentives.
The harsh path combines automotive stagnation, weak margins, fading energy growth, negative free cash flow, and a lower normalized valuation. Each pressure reduces value per share through a separate channel.
This path would reduce sales, operating leverage, earnings, and self-funded investment. It would be disproved by sustained automotive growth, better margin, and positive free cash flow.
Automotive growth below 2% for two consecutive fiscal years would reduce consolidated sales, margin, earnings, and free cash flow.
Operating margin below 4% for two fiscal years would show that revenue growth is not restoring earnings power.
التطورات الخمسة التي قد تضعف أطروحتنا الاستثمارية.
Because automotive was the dominant FY2025 revenue source, a breach would remove support from the largest segment. If pricing also weakens, consolidated sales, operating profit, and free cash flow could fall.
الحالي:FY2025 automotive revenue: $82.06 billion.
تنبيه إذا
The moat rating is None. FY2025 automotive and energy revenue establish business scale, but these observations do not by themselves establish customer switching costs, protected pricing, or another durable structural advantage.
FY2025 operating income was $4.36 billion on $94.83 billion of revenue, while capital spending was $8.53 billion. These levels do not establish protected economic profit.5
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Apply a terminal P/E to the dated forward path, then discount that future share value back to the analysis date.
None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.
The highlighted cell is Fair value when every assumption sits at its base level ($24.84). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $5.0B after modeled capex of $4.6B, with terminal value at 45.6% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
The base path requires revenue recovery, operating margin at or above 4%, and positive annual free cash flow. It fails by FY2029 if automotive or energy breaches its two-year growth trigger.
A beat matters only if margin, energy mix, and free cash flow also improve.
Meeting forecasts would not close the valuation gap without stronger per-share economics.
A miss would weaken the recovery case and increase pressure on margins and cash.
FY2025 cash generation was strong relative to reported profit, but stock compensation remained a material owner cost.5
It drives consolidated sales and margin.6
FY2025 operating cash flow covered capital spending and left positive free cash flow. Two negative years would overturn the evidence for self-funded reinvestment.45
Capital spending and stock compensation must be judged together because both reduce per-share owner economics. FY2025 amounts were $8.53 billion and $2.83 billion, respectively.
FY2025 operating income and capital spending show the earnings and investment burden, but those observations do not establish a multi-period return-on-capital trajectory.
A comparable return spread is not established. The dated enterprise financing hurdle was 10.8953% on 2026-09-09.
FY2025 operating cash flow was $14.75 billion, capital spending was $8.53 billion, and free cash flow was $6.22 billion.
Positive free cash flow reduces near-term dependence on outside financing, provided investment needs do not rise faster than operating cash.
FY2025 stock-based compensation was $2.83 billion, while diluted average shares were 3.528 billion.
Continued share issuance can dilute earnings and cash attributable to each existing share.
| الإيرادات | 94,827,000,000 US$ |
|---|---|
| تكلفة الإيرادات | 77,733,000,000 US$ |
| إجمالي الربح | 17,094,000,000 US$ |
| المصروفات التشغيلية | 12,739,000,000 US$ |
| الدخل التشغيلي | 4,355,000,000 US$ |
| البنود غير التشغيلية والضرائب | -561,000,000 US$ |
| صافي الدخل | 3,794,000,000 US$ |
| إجمالي الأصول | 137,806,000,000 US$ |
|---|---|
| النقد | 16,513,000,000 US$ |
| الأصول المتداولة | 68,642,000,000 US$ |
| إجمالي الالتزامات | 54,941,000,000 US$ |
| الالتزامات المتداولة | 31,714,000,000 US$ |
| حقوق المساهمين | 82,807,000,000 US$ |
| صافي الدخل | 5,519,000,000 US$ |
|---|---|
| التدفق النقدي التشغيلي الداخل | 11,497,000,000 US$ |
| الإهلاك والإطفاء | 2,911,000,000 US$ |
| التعويض القائم على الأسهم | 2,121,000,000 US$ |
| تعديلات تشغيلية أخرى | 946,000,000 US$ |
| التدفق النقدي التشغيلي | 11,497,000,000 US$ |
| النقد المتاح | 30,881,000,000 US$ |
| النقد في بداية الفترة | 19,384,000,000 US$ |
| التدفق الاستثماري الخارج | 7,868,000,000 US$ |
| النفقات الرأسمالية | 6,482,000,000 US$ |
| أنشطة استثمارية أخرى | 1,386,000,000 US$ |
| التدفق التمويلي الخارج | 5,203,000,000 US$ |
| أنشطة تمويلية أخرى | 5,203,000,000 US$ |
| تأثير سعر الصرف | 183,000,000 US$ |
| النقد في نهاية الفترة | 17,576,000,000 US$ |
| التدفق النقدي الاستثماري | -7,868,000,000 US$ |
| التدفق النقدي التمويلي | -5,203,000,000 US$ |
المصدر: SEC EDGAR · تاريخ الإيداع 2026-01-29 · SEC EDGAR
| الإيرادات حسب القطاع التشغيلي | الإيرادات | الحصة | على أساس سنوي |
|---|---|---|---|
| Automotive | 82.1 مليار US$ | 86.5% | -6.3% |
| Energy Generation And Storage | 12.8 مليار US$ | 13.5% | 26.6% |
المصدر: SEC EDGAR · تاريخ الإيداع 2026-01-29 · SEC EDGAR
| الإيرادات حسب المنطقة | الإيرادات | الحصة | على أساس سنوي |
|---|---|---|---|
| United States | 47.6 مليار US$ | 50.2% | -0.2% |
| Other | 26.2 مليار US$ | 27.7% | -9.6% |
| China | 21 مليار US$ | 22.1% | 0.1% |
البيانات المالية في نقطة زمنية المستخدمة في تحليل 2026-09-09.
| الفترة | الإيرادات | EBITDA | صافي الدخل | التدفق النقدي التشغيلي | التدفق النقدي الحر | النفقات الرأسمالية | الإهلاك والإطفاء | التعويض القائم على الأسهم | إعادة شراء الأسهم | أرباح الأسهم المدفوعة | صافي إصدار الدين | التدفق النقدي الاستثماري | التدفق النقدي التمويلي | النقد في بداية الفترة | النقد في نهاية الفترة | النقد والاستثمارات | إجمالي الديون | الهامش التشغيلي | ROIC | WACC | فارق ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | 7 مليار US$ | 399.6 مليون US$ | -674.9 مليون US$ | -123.8 مليون US$ | -1.4 مليار US$ | 1.3 مليار US$ | 477.3 مليون US$ | 334.2 مليون US$ | — | — | — | -1.1 مليار US$ | 3.7 مليار US$ | — | 3.4 مليار US$ | 3.5 مليار US$ | 5.9 مليار US$ | -9.5% | — | — | — |
| 2017-12-31 | 11.8 مليار US$ | -102 مليون US$ | -2 مليار US$ | -61 مليون US$ | -3.5 مليار US$ | 3.4 مليار US$ | 769.3 مليون US$ | 467 مليون US$ | — | — | — | -4.2 مليار US$ | 4.4 مليار US$ | 3.4 مليار US$ | 3.4 مليار US$ | 3.5 مليار US$ | 8.8 مليار US$ | -13.9% | — | — | — |
| 2018-12-31 | 21.5 مليار US$ | 1.6 مليار US$ | -976 مليون US$ | 2.1 مليار US$ | -3 مليون US$ | 2.1 مليار US$ | 1.9 مليار US$ | 749 مليون US$ | — | — | — | -2.3 مليار US$ | 574 مليون US$ | 3.4 مليار US$ | 3.7 مليار US$ | 4.5 مليار US$ | 8.4 مليار US$ | -1.8% | — | — | — |
| 2019-12-31 | 24.6 مليار US$ | 2.2 مليار US$ | -862 مليون US$ | 2.4 مليار US$ | 1.1 مليار US$ | 1.3 مليار US$ | 2.2 مليار US$ | 898 مليون US$ | — | — | — | -1.4 مليار US$ | 1.5 مليار US$ | 3.7 مليار US$ | 6.3 مليار US$ | 6.9 مليار US$ | 10.4 مليار US$ | -0.3% | — | — | — |
| 2020-12-31 | 31.5 مليار US$ | 4.2 مليار US$ | 721 مليون US$ | 5.9 مليار US$ | 2.8 مليار US$ | 3.2 مليار US$ | 2.3 مليار US$ | 1.7 مليار US$ | — | — | — | -3.1 مليار US$ | 10 مليار US$ | 6.3 مليار US$ | 19.4 مليار US$ | 19.4 مليار US$ | 8.5 مليار US$ | 6.3% | — | — | — |
| 2021-12-31 | 53.8 مليار US$ | 9.6 مليار US$ | 5.5 مليار US$ | 11.5 مليار US$ | 5 مليار US$ | 6.5 مليار US$ | 2.9 مليار US$ | 2.1 مليار US$ | — | — | — | -7.9 مليار US$ | -5.2 مليار US$ | 19.4 مليار US$ | 17.6 مليار US$ | 17.7 مليار US$ | 4.3 مليار US$ | 12.1% | — | 7.7% | — |
| 2022-12-31 | 81.5 مليار US$ | 17.8 مليار US$ | 12.6 مليار US$ | 14.7 مليار US$ | 7.6 مليار US$ | 7.2 مليار US$ | 3.5 مليار US$ | 1.6 مليار US$ | — | — | -3.9 مليار US$ | -12 مليار US$ | -3.5 مليار US$ | 18.1 مليار US$ | 16.3 مليار US$ | 22.2 مليار US$ | 1 مليار US$ | 16.8% | — | 10.1% | — |
| 2023-12-31 | 96.8 مليار US$ | 14.8 مليار US$ | 15 مليار US$ | 13.3 مليار US$ | 4.4 مليار US$ | 8.9 مليار US$ | 4.7 مليار US$ | 1.8 مليار US$ | — | — | 2.1 مليار US$ | -15.6 مليار US$ | 2.6 مليار US$ | 16.9 مليار US$ | 16.4 مليار US$ | 29.1 مليار US$ | 2.7 مليار US$ | 9.2% | — | 13.1% | — |
| 2024-12-31 | 97.7 مليار US$ | 14.7 مليار US$ | 7.1 مليار US$ | 14.9 مليار US$ | 3.6 مليار US$ | 11.3 مليار US$ | 5.4 مليار US$ | 2 مليار US$ | — | — | 2.9 مليار US$ | -18.8 مليار US$ | 3.9 مليار US$ | 17.2 مليار US$ | 16.1 مليار US$ | 36.6 مليار US$ | 5.5 مليار US$ | 7.2% | — | 12.5% | — |
| 2025-12-31 | 94.8 مليار US$ | 11.8 مليار US$ | 3.8 مليار US$ | 14.7 مليار US$ | 6.2 مليار US$ | 8.5 مليار US$ | 6.1 مليار US$ | 2.8 مليار US$ | — | — | -64 مليون US$ | -15.5 مليار US$ | 1.1 مليار US$ | 17 مليار US$ | 16.5 مليار US$ | 44.1 مليار US$ | 6.6 مليار US$ | 4.6% | — | 11.8% | — |
Tesla Inc. (TSLA) trades at 156.3x forward earnings against a peer median of 7.6x. Its EV/EBITDA of 127.5x compares with a peer median of 19.3x. The comparison uses 4 peers: General Motors Company, O'Reilly Automotive Inc., Ford Motor Company and Lucid Group, Inc., as of 2026-07-26 to 2026-09-08.
Industry capital spending was 2.1% of revenue and 1.49 times depreciation as of 2026-09-01. Tesla spent $8.53 billion in FY2025.5
The constructive cycle requires FY2027 revenue to reach the $120.77 billion analyst estimate from the FY2025 level of $94.83 billion.
The cycle weakens if automotive growth falls below 2% for two consecutive fiscal years, preventing scale from restoring consolidated margin.
Tesla is led by automotive, while Energy Generation and Storage provides a smaller but material second business.6
No long allocation is recommended while the rating is Sell; improvement in one concentration measure would not by itself change that instruction.. The report-date price exceeds both Fair value and Potential value.3
Reduce or exit while Sell remains in force. Use the operating triggers to confirm or reassess the thesis, not to delay the present positioning action.
The $354.08 report-date price is far above $24.84 Fair value and $33.44 Potential value.3
FY2027 revenue and earnings forecasts support recovery, but their levels do not bridge the valuation gap.1
Automotive concentration, margin pressure, and capital needs can prevent sales growth from becoming per-share earnings and cash.
Sell because the report-date price is far above our Fair value.3
Operational recovery and energy growth remain possible, but neither offsets the gap between the share price and the accepted value range.
دوّن أطروحتك الاستثمارية وحجم مركزك وأسئلة المتابعة. تبقى على هذا الجهاز، ولا يراها أحد سواك.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Energy growth below 10% for two consecutive fiscal years would remove the expected mix benefit.
Two consecutive negative years would weaken self-funded investment and raise financing or dilution risk.
A normalized earnings multiple below 12x would mean investors pay less for each dollar of future profit.
A breach would show that sales are not reaching operating profit. That would leave less earnings and cash for each share and disprove the expected margin recovery.
الحالي:FY2025 operating income was $4.36 billion on $94.83 billion of revenue.
تنبيه إذاBelow 4% of annual revenue for two fiscal years.
A breach would delay diversification because energy remained much smaller than automotive in FY2025. It would also remove the expected support for consolidated growth and margin.
الحالي:FY2025 Energy Generation and Storage revenue: $12.77 billion.
تنبيه إذاBelow 10% in each of two consecutive fiscal years through FY2029.
Likelihood is lower than the operating risks because FY2025 free cash flow remained positive after capital spending, but severity is high. Repeated negative cash flow would make investment less self-funded and could raise borrowing or share issuance.
الحالي:FY2025 free cash flow: $6.22 billion after $8.53 billion of capital spending.
تنبيه إذاBelow $0 for two consecutive fiscal years.
A lower normalized valuation would reduce what investors pay for each dollar of future earnings, even if the operating recovery broadly occurs.
الحالي:Approved normalized assumption: 15x as of 2026-09-09.
تنبيه إذاBelow 12x normalized earnings within 60 months.
| Energy may diversify revenue, but its FY2025 revenue alone does not prove superior margins or lasting customer lock-in. | medium | Through FY2029 | Require sustained energy growth with improving consolidated margin and free cash flow before recognizing a durable advantage. |
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Solve for the growth rate that makes the model value equal the report-date share price.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Upside persists only if energy becomes a larger profitable contributor. Slower energy growth or weak consolidated margin would disconfirm that path by FY2029.
Faster growth can diversify sales and support margin.6
It shows whether sales growth reaches operating profit.5
Positive cash supports investment without greater financing dependence.4
More shares reduce earnings attributable to each existing share.5
| FY2035 |
|---|
| Revenue | $106.04B | $120.77B | $130.44B | $138.26B | $145.18B | $150.98B | $156.27B | $160.96B | $164.98B | $168.28B |
| Operating income | $6.26B | $7.13B | $7.70B | $8.16B | $8.57B | $8.91B | $9.22B | $9.50B | $9.73B | $9.93B |
| NOPAT | $4.81B | $5.48B | $5.92B | $6.28B | $6.59B | $6.85B | $7.09B | $7.31B | $7.49B | $7.64B |
| Residual cash after reinvestment policy | $4.81B | $5.48B | $5.92B | $6.28B | $6.59B | $6.85B | $7.09B | $7.31B | $7.49B | $7.64B |
| Revenue growth | 11.8% | 13.9% | 8.0% | 6.0% | 5.0% | 4.0% | 3.5% | 3.0% | 2.5% | 2.0% |
| Operating margin | 5.9% | 5.9% | 5.9% | 5.9% | 5.9% | 5.9% | 5.9% | 5.9% | 5.9% | 5.9% |
| Tax rate | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% |
| Reinvestment rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Terminal growth | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| الهامش |
|---|
| TSLA | Tesla Inc. | $1.40T | 156.3x | 13.5x | 127.5x | 4.7% | — |
| GM | General Motors Company | 5.9x | 0.4x | 11.1x | 3.2% | 3.2% | |
| ORLY | O'Reilly Automotive Inc. | 24.1x | 3.8x | 19.3x | — | 20.2% | |
| F | Ford Motor Company | 7.6x | 0.3x | 26.1x | -18.3% | 1.9% | |
| LCID | Lucid Group, Inc. | 1.8x | -97.6% | -336.9% |
