TSLATesla, Inc.

Motor Vehicles & Passenger Car Bodies

Revenue: $94.8B; 2.9% YoY
Operating margin: 4.6%; 37% YoY
EBITDA: $9.4B; 16% YoY
Market cap: $1.6T
Employees: 29,000; $3M revenue each
Net debt / EBITDA: -0.9×; −$8.4B net debt
AI in 10-K: 8.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
383% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 93rd pct
Bottom quartile of its SIC industry
Quiet on AINo
8.0 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$1.6T market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$88M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$53.8B	$81.5B	$96.8B	$97.7B	$94.8B	2.9%
Operating income	$6.5B	$13.7B	$8.9B	$7.1B	$4.4B	38%
Net income	$5.6B	$12.6B	$15.0B	$7.2B	$3.9B	46%
Operating cash flow	$11.5B	$14.7B	$13.3B	$14.9B	$14.7B	1.2%
Capex	$6.5B	$7.2B	$8.9B	$11.3B	$8.5B	25%
Stock-based comp	$2.1B	$1.6B	$1.8B	$2.0B	$2.8B	41%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $88M · 66
Net: −$88M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$158.4B	$10.4B	191	233
FY2024	—	—	172	201
FY2023	—	$1.4B	106	140
FY2022	—	−$9.7B	52	94
FY2021	—	$15.0B	150	146