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Financial Analysis of Tesla

Article  in  SSRN Electronic Journal · July 2021

DOI: 10.2139/ssrn.3896901

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 Financial Analysis of Tesla

Amal Almenhali
Abu Dhabi University, Email: [email protected]

Huda Alhajeri
Abu Dhabi University, Email: [email protected]

Huda Almansoori
Abu Dhabi University, Email: [email protected]

Nafeja Aljneibi
Abu Dhabi University, Email: [email protected]

Nora Almansoori
Abu Dhabi University, Email: [email protected]

Nouf Alsulaity
Abu Dhabi University, Email: [email protected]

Yousuf Mohammed
Abu Dhabi University, Email: [email protected]

Supervised by:

Professor Haitham Nobanee

Abu Dhabi University, Email: [email protected]

Abstract
This entire study has done based on the financial analysis of Tesla, inc. to understand
its financial position throughout the year 2017 to 2020. The fundamental purpose of this report
is to gain some proficient knowledge about ratio analysis through which how the company is
performing within the industry could be understood. Data has been collected through Yahoo
Finance and using those data, five different ratios, namely, profitability, liquidity, activity,
cash-flow, debt ratio, have been performed. Concerning entire factors, this report is mainly
supported by concise recommendations, which could be helpful for stakeholders of this
company.
Keywords: Ratio Analysis; financial position; liquidity; profitability.
Financial Analysis of Tesla

Introduction
This study will be done based on the chosen company, namely, Tesla, Inc., in this
context. This company is one of the famous electrical vehicle companies based in the USA.
However, this company is an electric vehicle and clean energy company with different types
of products, like, electric cars, battery energy storage, solar panels, and other related services
or products. This company has ranked the world's best plug-in selling company with a 16%
market share and 23% battery-electric segment, according to the 2020 report, however, by
using ratio analysis of the financial position of Tesla throughout four years. Ratio analysis
depicts the analysis of the company's financial position; thus, it would be appropriate to use
different ratios to identify whether the company is doing well or not. Therefore, this report
would depict the financial conditions of Tesla over the year by using ratio analysis.

Literature Review
Ratio analysis is considered the quantitative method for gaining insight into the
company's financial position under different circumstances. Therefore for analysis of financial
position, most of the financial analysts use ratio analysis technique as it presents the actual
scenario of the company of different financial years. According to (Kim & Im, 2017) and (Al-
Marzooqi & Nobanee, 2020), by using ratios, financial researchers would understand a
company's liquidity, profitability, efficiency, and gearing position. These different financial
scenarios elaborate different financial conditions of a particular organization. On the other side,
based on the viewpoint of (Kourtis et al., 2019), a comparison between two companies in terms
of financial position across the same industry could be possible by using ratio analysis under
different circumstances.
Again (Otekunrin et al., 2018) has expressed that this is important for ratios to be paired
with other metrics. In this way, the financial analysts or management of the company could get
a broader viewpoint of the financial health of that particular company in this context. Following
this discussion, it can be stated that ratio analysis supports the company's management in
making crucial operational decisions. It can also help the investors as well make decisions from
their perspective. As per (Islami & Rio, 2019), by scrutinizing past and present financial
statements of the company and comparing those reports, investors could easily take their
decision whether the organization is performing well or not. Based on those situations,
investors, therefore, could make their decisions regarding investment easily.

2
Financial Analysis of Tesla

According to (Srinivasan, 2018), ratio analysis can be performed through four steps
which are highly recommended for every company to follow. At the very first stage, relevant
accounting data should be collected from the financial statement. After that, in the next step,
this is important to construct ratios of those related figures. In the third step, management
should compare those calculated ratios with the industry average for understanding financial
conditions correctly. After that, in the last stage, it would be appropriate to critically interpret
those ratios to the entire stakeholder by providing an annual report or any other form of a report
to emphasize the organization's financial conditions.

Data and Methodology

In this study, the financial analysis of Tesla has done by using techniques and tools of
ratio analysis. However, following this discussion, it can be stated that the relevant data for
2017 to 2020 has been collected from Yahoo Finance. The critical components of three
financial statements: the balance sheet, the income statement, and the cash flow, have been
used to collect information. Then, the company's financial position, namely, liquidity position,
profitability position, activity ratios, debt ratios, and some cash-flow ratios, has been evaluated
(Yahoo.com, 2021).
The below table is showing the collected information of Tesla based on its financial
reports:

Table 1: Financial Data of Tesla Inc.

Item/Year 2020 2019 2018 2017

Current Assets 26,717,000 12,103,000 8,306,308 6,570,520
Current Liabilities 14,248,000 10,667,000 9,992,136 7,674,670
Inventories 4,101,000 3,552,000 3,113,446 2,263,537
Cash 19,384,000 6,268,000 3,685,618 3,367,914
Receivables 1,886,000 1,324,000 949,022 515,381
Total Assets 52,148,000 34,309,000 29,739,614 28,655,372
Total Liabilities 29,073,000 26,842,000 23,981,974 23,420,784
Total Equity 23,075,000 7,467,000 5,757,640 5,234,588
Sales 31,536,000 24,578,000 21,461,268 11,758,751
Cost of Goods Sold 24,906,000 20,509,000 17,419,247 9,536,264
EBIT 1,902,000 20,000 -341,674 -1,737,773
Interest 748,000 685,000 663,071 471,259
Net Income 690,000 -862,000 -976,091 -1,961,400
Operating Cash Flow 5,943,000 2,405,000 2,097,802 -60,654
All numbers in thousands, Source: Yahoo Finance (Yahoo.com, 2021)

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Financial Analysis of Tesla

Therefore, following this discussion, it is crucial for the financial analysts to properly
know about the ratio analysis, which could be used here to do the financial evaluation of Tesla.
Hence below the discussion regarding the ratios which should be used in this context:

Liquidity Ratio
In liquidity ratio, three types of ratios have been used, namely, current ratio, quick ratio,
and cash ratio. Each of these ratios depicts the liquidity position of the organization. For
analyzing the financial position of any company, it is essential to check their liquidity position,
like how much cash they have in their hand for accomplishing the short-term obligations, and
if there is enough liquidity to endure the operating cycle (Almani & Nobanee, 2018; Ahmed &
Nobanee, 2020). These liquidity ratios, therefore, could give more emphasis on this situation.
Hence by using the current ratio, quick ratio and cash ratio, the management of Tesla would
understand their liquidity position from the year 2017 to 2020.

Activity Ratio
Here three activity ratios have been used for analyzing the financial position of this
company. These three activity ratios are inventory turnover ratio, receivable turnover ratio, and
total assets turnover ratio. Through these ratios, the management of Tesla would understand
how efficiently a company is performing within the industry in this situation (Daryanto &
Samidi, 2018). Using those three ratios, how the company efficiently uses inventories, and its
total assets could be understood. On the other side, how efficiently they would be managing
their receivables throughout the years can be understood in this situation.

Debt Ratio
Financial analysts have used both debt ratio and times interest earned ratio to examine
the financial leverage of the organization in this situation. Using this ratio, one would
understand whether the company is going with debt finance or owned funds (Setiawan &
Amboningtyas, 2018). Here for Tesla, through these two debt ratios, financial analysts could
easily find out the leverage position of this company.

Profitability Ratio
Here three ratios, therefore return on equity (ROE), return on assets (ROA), and profit
margin have been performed to identify the company's profitability position. The profitability
ratio depicts some financial metrics through which the ability of a business to generate earnings

4
Financial Analysis of Tesla

compared to its revenue could be understood (Amalia et al. 2020). With this, using some data
throughout four financial years, the financial managers understood the profitability position of
Tesla.

Cash-Flow Ratio
Through the cash-flow ratio, one can understand how cash-flows activities could cover
current liabilities. Now, using cash-flow to total assets ratio and cash-flow to sales ratio, the
management of Tesla would understand whether they are capable or not to cover current
liabilities by using cash flow in this context (Purba & Septian, 2019).

Results and Discussion

Liquidity Ratio
Table 2: Liquidity Ratios of Tesla Inc.

Ratio / Year 2020 2019 2018 2017

Current Ratio 1.88 1.13 0.83 0.86
Quick Ratio 1.59 0.80 0.52 0.56
Cash Ratio 1.36 0.59 0.37 0.44

Current Ratio

Current Ratio
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2020 2019 2018 2017

Figure 1: Current Ratio of Tesla Inc.

Based on the estimated current ratio, it has been found that over the four years, Tesla's
current ratio margin increased in 2020. The company had the highest margin of current ratio
that is 1.88. This higher current ratio margin denotes that currently, Tesla has a stable and
efficient amount of current assets to cope with the short-term obligations and continue the daily
operations (Ibrahim, 2019).

5
Financial Analysis of Tesla

Quick Ratio

Quick Ratio
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2020 2019 2018 2017

Figure 2: Quick Ratio of Tesla Inc.

Likewise the current ratio, Tesla's quick ratio, has also increased over the four years.
Moreover, in 2020 company had the highest margin of quick ratio that is 1.59. The primary
reason for this growth in the quick ratio is the higher margin of liquid assets without considering
the inventories. Furthermore, with a higher quick ratio, Tesla would quickly convert its liquid
assets into cash to maintain financial sustainability and pay off the short-term obligations
(Tesla.com, 2021).

Cash Ratio
Cash Ratio
1.60

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00
2020 2019 2018 2017

Figure 3: Cash Ratio of Tesla Inc.

Among the liquidity ratios, it has also been found that the cash ratio of Tesla has also
increased over the four years, and in 2020, Tesla had the highest cash ratio margin of 1.36. This
higher growth margin of cash ratio shows that Tesla currently has high cash availability (Rosini
& Gunawan, 2018). Moreover, creditors would highly prefer a higher cash ratio as it would
denote easy pay off the short-term debts.

6
Financial Analysis of Tesla

Activity Ratio
Table 3: Activity Ratio of Tesla Inc.

Ratio / Year 2020 2019 2018 2017

Inventory Turnover Ratio 6.51 6.15 6.48 4.40
Receivable Turnover Ratio 19.65 21.63 29.31 23.18
Total Assets Turnover Ratio 0.73 0.77 0.74 0.46

Inventory Turnover Ratio

Inventory Turnover Ratio
7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00
2020 2019 2018 2017

Figure 4: Inventory Turnover Ratio of Tesla Inc.

Higher inventory turnover is anticipated to result in quick use or sell of inventories with
a lower risk of deterioration. Significantly, for Tesla, it is found that estimated Inventory
Turnover has been fluctuating throughout four years time period and in 2020 company had the
highest inventory turnover ratio of 6.51. By considering this fluctuating inventory turnover
ratio of Tesla, it can be said that the company is unable to use or sell the inventories to generate
more sales properly. Moreover, it is reflecting the poor efficiency of inventory management
(Tesla.com, 2021).

7
Financial Analysis of Tesla

Receivable Turnover Ratio

Receivable Turnover Ratio

35.00

30.00

25.00

20.00

15.00

10.00

5.00

0.00
2020 2019 2018 2017

Figure 5: Receivable Turnover Ratio of Tesla Inc.

This ratio would measure how efficiently a company can extend its credit and would
collect debts. However, for Tesla, it is observed that the receivable turnover ratio has been
fluctuating at a diminishing rate (Lee & Lee, 2018). Moreover, after having the highest
receivable turnover of 29.31 in 2018, in 2019 and 2020, Tesla's receivable turnover has
decreased drastically, and in 2020, it became a lower margin of 19.65. The primary cause is
the poor credit policy of Tesla, with having more delinquent customers.

Total Assets Turnover Ratio

Total Assets Turnover Ratio
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2020 2019 2018 2017

Figure 6: Total Assets Turnover Ratio of Tesla Inc.

This ratio would measure the efficiency of the company to use its assets to generate
more sales revenue. Thus, for Tesla, it is found that the margin of total assets turnover has been
fluctuating over the four years (Carreras Simó & Coenders, 2020). Furthermore, after having
the highest margin of 0.77 in 2019, again in 2020, Tesla's total assets turnover margin has

8
Financial Analysis of Tesla

decreased to 0.73. It is reflecting inefficiency in using assets to generate revenue, and it is also
indicating towards inefficient asset management activity of Tesla.

Debt Ratio
Table 4: Debt Ratio of Tesla Inc.

Ratio / Year 2020 2019 2018 2017

Debt Ratio 0.56 0.78 0.81 0.82
Times Interest Earned Ratio 2.54 0.03 -0.52 -3.69

Debt Ratio

Debt Ratio
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2020 2019 2018 2017

Figure 7: Debt Ratio of Tesla Inc.

This ratio would measure the proportion of a company's assets that are financed through
debt capital. Significantly, in the case of Tesla, it has been found that the company's debt ratio
margin has gradually decreased over four years time period. Furthermore, in 2020 Tesla had
the lowest debt ratio margin of 0.56. That means Tesla relies less on the debt capital to finance
its assets (Daryanto & Samidi, 2018). Moreover, that would be a better sign for Tesla as lower
debt financing for assets would lower the debt or solvency risk.

9
Financial Analysis of Tesla

Times Interest Earned Ratio

Times Interest Earned Ratio

3.00

2.00

1.00

0.00

-1.00

-2.00

-3.00

-4.00
2020 2019 2018 2017

Figure 8: Times Interest Earned Ratio of Tesla Inc.

This ratio would measure the company's ability to meet its debt obligations based on
the present income. Thus, based on the Times Interest Earned ratio of Tesla, it has been found
that over the four years, the margin has increased, specifically after being negative for 2017
and 2018 consecutively. Moreover, in 2020 Tesla had the highest TIE ratio of 2.54. It is
exhibiting that Tesla is in a good financial position and can meet its debt obligations based on
present income as the TIE margin has increased (Tesla.com, 2021).

10
Financial Analysis of Tesla

Profitability Ratio
Table 5: Profitability Ratio of Tesla Inc.

Ratio / Year 2020 2019 2018 2017

Return on Equity (ROE) 2.99% -11.54% -16.95% -37.47%
Return on Assets (ROA) 1.32% -2.51% -3.28% -6.84%
Profit Margin 21.02% 16.56% 18.83% 18.90%

Return on Equity (ROE)

Return on Equity (ROE)
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
-35.00%
-40.00%
2020 2019 2018 2017

Figure 9: Return on Equity (ROE) of Tesla Inc.

Tesla's ROE margin has increased significantly over the four years. After having a
continuous negative trend of ROE, in 2020, Tesla had the highest and positive margin of ROE
that is 2.99%. The key reason behind this is the negative growth of net profit margin, which
has led the return on equity to be negative, and with positive growth in net income or profit,
Tesla's return has also increased (Firdaus & Endri, 2020). Thus, it can be said that currently,
Tesla has a profitable performance with potential investment opportunities as the return is
higher.

11
Financial Analysis of Tesla

Return on Assets (ROA)

Return on Assets (ROA)

2.00%
1.00%
0.00%
-1.00%
-2.00%
-3.00%
-4.00%
-5.00%
-6.00%
-7.00%
-8.00%
2020 2019 2018 2017

Figure 10: Return on Assets of Tesla Inc.

Likewise ROE, Tesla's ROA margin has also increased significantly over the four years
and in 2020 company had the highest ROA of 1.32%. It is denoting that Tesla is currently in a
profitable position to earn more money on less investment.

Profit Margin
Profit Margin
25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2020 2019 2018 2017

Figure 11: Profit Margin of Tesla Inc.

However, Tesla's profit margin has been fluctuating throughout four years, and in 2020,
it had the highest profit margin of 21.02% after having the lowest profit margin of 16.56% in
2019. The main reason for this lower profit margin is denoting unstable profitability in terms
of the chosen selling price, which is not much higher than the costs (Ali & Faisal, 2020). This,
as a result, would lower the sales revenue margin.

12
Financial Analysis of Tesla

Cash Flow Ratio

Table 6: Cash Flow Ratio of Tesla Inc.

Ratio / Year 2020 2019 2018 2017

Cash Flow to Total Assets Ratio 0.137 0.075 0.072 -0.002
Cash Flow to Sales Ratio 0.19 0.10 0.10 -0.01

Cash Flow to Total Assets Ratio

Cash Flow to Total Assets Ratio
0.160
0.140
0.120

0.100
0.080
0.060
0.040
0.020

0.000
2020 2019 2018 2017
-0.020

Figure 12: Cash Flow to Total Assets Ratio of Tesla Inc.

This particular ratio would measure the company's efficiency by rating cash flows to
assets without being affected by income recognition or measurements. Therefore, in the case
of Tesla, it has been found that the cash-flow to total assets ratio has increased gradually over
the four years. Moreover, in 2020 company had the highest margin of 0.137. This increasing
cash-flow increase to total assets ratio denotes that Tesla is efficiently utilizing its cash-flows
to assets without affecting the income growth (Maisharoh & Riyanto, 2020).

13
Financial Analysis of Tesla

Cash Flow to Sales Ratio

Cash Flow to Sales Ratio

0.20

0.15

0.10

0.05

0.00
2020 2019 2018 2017

-0.05

Figure 13: Cash Flow to Sales Ratio of Tesla Inc.

On the other hand, this ratio would reveal the company's ability to generate cash flow
in proportion to sales volume. Significantly, in the case of Tesla, it could be found that the
cash-flow to sales ratio has increased gradually over four years. Furthermore, in 2020 Tesla
had the highest margin of cash-flow to sales ratio of 0.19. This increasing and higher-margin
is exhibiting that Tesla performs effectively with greater capacity to turn sales into cash
(Tesla.com, 2021).

Discussion
However, based on the entire analysis of the financial situation of Tesla, this can be
stated that apart from profitability position, the financial performance of Tesla is good from
2017 to 2020 in this situation. According to their financial data, their current assets increased
tremendously in 2020 compared to 2017, which states that Tesla can accomplish all of its short-
term obligations under different circumstances. On the other side, both efficiency and debt
situation are good, but they need to pay more attention while maintaining their profitability
position in this context (Brazer & Daryanto, 2019). Hence, considering all these aspects, it can
be identified that Tesla maintains their responsibilities towards its stakeholders by fulfilling its
clean energy objectives. Therefore, this kind of situation helps the management of this
organization maintain their sustainability towards their environment within which they are
operating. Lastly, concerning the entire situation, it can also be stated that Tesla has maintained
and created all their financial reports ethically, which further shows their authenticity regarding
their operations.

14
Financial Analysis of Tesla

Recommendations to investors
Based on the above findings and discussion, it has been found that Tesla's financial
performance has been fluctuating and deteriorate in terms of receivable turnover, total assets
turnover and specifically in terms of net profit margin. Therefore, these poor performing
aspects of the company could increase the risk of inadequate assets management and debt
collection period and poor profitability. Thus, based on these identified areas, the following
recommendations are made to the management of Tesla:
• Firstly, to increase the efficiency of receivables turnover, management is
recommended to incentivize the early payments of the customers and increase
billing efficiency for a quick debt collection process.
• Secondly, to increase total assets turnover and utilization of assets to generate more
sales, the management of Tesla is recommended to cut the accounts receivables
within current assets.
• And, to increase the profit margin, management is further recommended to cut the
operating and revenue costs as reduced costs would increase the sales margin.
Moreover, as a result, profitability would enhance.
• Contrarily, return on equity capital and assets also indicates the profitable
performance of this motor giant. Thus, to gain an increasing return percentage on
investment, investors are recommended to invest in Tesla.

Conclusion
Henceforth, per the above discussion and evaluation, it can be implied that financial
analysis by using ratios is essential. This is simply because; financial ratio analysis would help
analyze and understand the company's financial position, liquidity, profitability, and cash-flow
position alongside any available risks in terms of solvency. Significantly, based on the four
years' financial analysis of global motor giant Tesla motors, it has been observed that the
overall company's financial position is currently more substantial in the market. Specifically,
in terms of liquidity, cash flows, and debt position, Tesla's financial performance has been
sustainable throughout the four years with no risk of liquidation and debt pr solvency.
However, on the contrary, it has been found that in terms of asset utilization, receivables
management and net income margin, Tesla has suffered highly. Thus, management is suggested
to provide more concern on fund and assets management alongside focusing more on quick

15
Financial Analysis of Tesla

debt collection and cost controlling measurement. It would provide efficiency to operations
while enhancing profitability outlook in the long run.

16
Financial Analysis of Tesla

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