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Arphra AIPlain-English read on Tesla, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $53.82B | $81.46B | $96.77B | $97.69B | $94.83B | $102.75B | $117.97B | $139.54B | $223.84B |
| Cost of revenue | $40.22B | $60.61B | $79.11B | $80.24B | $77.73B | $85.53B | $94.13B | $117.58B | $180.5B |
| Gross profit | $13.61B | $20.85B | $17.66B | $17.45B | $17.09B | $18.55B | $20.83B | $25.08B | $39.77B |
| Gross margin | +25.28% | +25.60% | +18.25% | +17.86% | +18.03% | +18.05% | +17.66% | +17.97% | +17.77% |
| Operating | |||||||||
| Research & development | $2.59B | $3.08B | $3.97B | $4.54B | $6.41B | $5.3B | $6.27B | $7.06B | $11.6B |
| Selling, general & administrative | $4.52B | $3.95B | $4.8B | $5.15B | $5.83B | $5.52B | $6.48B | $7.76B | $11.99B |
| Total operating expenses | $7.11B | $7.2B | $8.77B | $10.37B | $12.74B | $11.07B | $12.96B | $15.66B | $25.38B |
| Operating income | $6.52B | $13.66B | $8.89B | $7.08B | $4.36B | $7.38B | $8.12B | $9.76B | $15.55B |
| Operating margin | +12.12% | +16.76% | +9.19% | +7.24% | +4.59% | +7.18% | +6.88% | +6.99% | +6.95% |
| EBITDA | $9.63B | $17.66B | $14.8B | $14.71B | $11.76B | $14.29B | $17.02B | $20.18B | $31.06B |
| EBIT | $6.71B | $13.91B | $10.13B | $9.34B | $5.62B | $8.72B | $9.92B | $11.94B | $19.16B |
| Below the line | |||||||||
| Interest expense | $371M | $191M | $156M | $350M | $338M | $302.81M | $348.74M | $413.27M | $654.32M |
| Interest income | $56M | $297M | $1.07B | $1.57B | $1.68B | $1.56B | $1.8B | $2.04B | $3.31B |
| Other income / expense | -$180M | $63M | $1.08B | $1.91B | $923M | — | — | — | — |
| Pre-tax income | $6.34B | $13.72B | $9.97B | $8.99B | $5.28B | $8.54B | $9.9B | $11.58B | $18.79B |
| Income tax expense | $699M | $1.13B | -$5B | $1.84B | $1.42B | $2.01B | $2.4B | $2.77B | $4.48B |
| Earnings | |||||||||
| Net income | $5.52B | $12.58B | $15B | $7.13B | $3.79B | $7.36B | $8.08B | $9.75B | $15.95B |
| Net income · continuing ops | $5.64B | $12.59B | $14.97B | $7.15B | $3.86B | $9.3B | $10.49B | $12.27B | $19.63B |
| Net margin | +10.26% | +15.45% | +15.50% | +7.30% | +4.00% | +7.16% | +6.85% | +6.99% | +7.12% |
| EPS · basic | $1.87 | $4.02 | $4.73 | $2.23 | $1.18 | $2.06 | $2.68 | $3.56 | $7.02 |
| EPS · diluted | $1.63 | $3.62 | $4.31 | $2.04 | $1.08 | $1.90 | $2.44 | $3.21 | $6.50 |
| EPS · low estimate | — | — | — | — | — | $1.07 | $1.36 | $1.32 | $5.44 |
| EPS · high estimate | — | — | — | — | — | $3.05 | $3.46 | $5.45 | $8.15 |
| Shares · basic | 2.96B | 3.13B | 3.17B | 3.2B | 3.23B | 3.22B | 3.19B | 3.22B | 3.25B |
| Shares · diluted | 3.39B | 3.48B | 3.48B | 3.5B | 3.53B | 3.56B | 3.52B | 3.49B | 3.52B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 35 | 35 | 29 | 18 |
| Analysts (EPS) | — | — | — | — | — | 25 | 24 | 17 | 13 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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