11.39(3.27%) Volume: 7,019,746 4:00PM EST| Market Cap : 57.88 B | Enterprise Value : 67.48 B | P/E (TTM) : | P/B : 12.74 |
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Tesla Inc's Operating Income for the three months ended in Sep. 2018 was $443 Mil. ts operating income for the trailing twelve months (TTM) ended in Sep. 2018 was $-1,270 Mil.
Warning Sign:
Tesla Inc had operating loss over the past 3 years.
Operating Margin % is calculated as Operating Income divided by its Revenue. Tesla Inc's Operating Income for the three months ended in Sep. 2018 was $443 Mil. Tesla Inc's Revenue for the three months ended in Sep. 2018 was $6,824 Mil. Therefore, Tesla Inc's Operating Margin % for the quarter that ended in Sep. 2018 was 6.49%.
Good Sign:
Tesla Inc operating margin is expanding. Margin expansion is usually a good sign.
Tesla Inc's 5-Year average Growth Rate for Operating Margin % was 13.60% per year.
Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tesla Inc's annualized ROC % for the quarter that ended in Sep. 2018 was 12.50%. Tesla Inc's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 was 9.08%.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
Tesla Inc Annual Data
Tesla Inc Quarterly Data
| Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | |
| Operating Income |
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-535.48 | -598.14 | -596.97 | -517.96 | 442.94 |
Operating income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.
Tesla Inc's Operating Income for the fiscal year that ended in Dec. 2017 is calculated as
| Operating Income | (A: Dec. 2017 ) | ||||
| = | Revenue | - | Cost of Goods Sold | - | Selling, General, & Admin. Expense |
| = | 11758.751 | - | 9536.264 | - | 2476.5 |
| - | Research & Development | - | Depreciation, Depletion and Amortization | - | Others |
| - | 1378.073 | - | 1636.003 | - | -1636.003 |
| = | -1,632 |
Tesla Inc's Operating Income for the quarter that ended in is calculated as
| Operating Income | (Q: Sep. 2018 ) | ||||
| = | Revenue | - | Cost of Goods Sold | - | Selling, General, & Admin. Expense |
| = | 6824.413 | - | 5300.748 | - | 729.876 |
| - | Research & Development | - | Depreciation, Depletion and Amortization | - | Others (1) |
| - | 350.848 | - | 502.825 | - | -502.825 |
| = | 443 |
| Operating Income | (Q: Sep. 2018 ) | ||||
| = | EBITDA | - | Depreciation, Depletion and Amortization | - | Others (2) |
| = | 949.365 | - | 502.825 | - | 3.599 |
| = | 443 |
Operating Income for the trailing twelve months (TTM) ended in Sep. 2018 was -598.141 (Dec. 2017 ) + -596.974 (Mar. 2018 ) + -517.958 (Jun. 2018 ) + 442.941 (Sep. 2018 ) = $-1,270 Mil.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.
Tesla Inc's annualized ROC % for the quarter that ended in Sep. 2018 is calculated as:
| ROC % | (Q: Sep. 2018 ) | |||||
| = | NOPAT | / | Average Invested Capital | |||
| = | Operating Income*(1-Tax Rate) | / | ( (Invested Capital (Q: Jun. 2018 ) | + | Invested Capital (Q: Sep. 2018 )) | /2) |
| = | 1771.764 * ( 1 - 6.14% ) | / | ( (13286.572 | + | 13320.485) | /2) |
| = | 1662.9776904 | / | 13303.5285 | |||
| = | 12.50 % |
where
| Invested Capital | (Q: Jun. 2018 ) | ||||||
| = | Book Value of Debt | + | Book Value of Equity | - | Cash | ||
| = | Long-Term Debt & Capital Lease Obligation | + | Current Portion of Long-Term Debt | + | Total Stockholders Equity | - | Cash |
| = | 9513.39 | + | 2103.185 | + | 3906.421 | - | 2236.424 |
| = | 13286.572 |
| Invested Capital | (Q: Sep. 2018 ) | ||||||
| = | Book Value of Debt | + | Book Value of Equity | - | Cash | ||
| = | Long-Term Debt & Capital Lease Obligation | + | Current Portion of Long-Term Debt | + | Total Stockholders Equity | - | Cash |
| = | 9672.613 | + | 2106.538 | + | 4508.838 | - | 2967.504 |
| = | 13320.485 |
Note: The Operating Income data used here is four times the quarterly (Sep. 2018) operating income data.
2. Joel Greenblatt's definition of Return on Capital:
Tesla Inc's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 is calculated as:
| ROC (Joel Greenblatt's) | (Q: Sep. 2018 ) | ||||||
| = | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
| = | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
| Q: Jun. 2018 | Q: Sep. 2018 | ||||||
| = | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | 2 ) |
| = | 1786.16 | / | ( ( (19591.426 + max(-2574.804, 0)) | + | (19733.969 + max(-609.261, 0)) ) | / | 2 ) |
| = | 1786.16 | / | ( ( 19591.426 | + | 19733.969 ) | / | 2 ) |
| = | 1786.16 | / | 19662.6975 | ||||
| = | 9.08 % |
where Working Capital is:
| Working Capital | (Q: Jun. 2018 ) | ||||||||||
| = | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
| = | (569.874 | + | 3324.643 | + | 568.856) | - | (4845.472 | + | 1518.45 | + | 674.255) |
| = | -2574.804 |
| Working Capital | (Q: Sep. 2018 ) | ||||||||||
| = | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
| = | (1155.001 | + | 3314.127 | + | 483.859) | - | (5587.079 | + | 1476.758 | + | -1501.589) |
| = | -609.261 |
When net working capital is negative, 0 is used.
Note: The EBIT data used here is four times the quarterly (Sep. 2018) EBIT data.
3. Operating Income is also linked to Operating Margin:
Tesla Inc's Operating Margin % for the quarter that ended in Sep. 2018 is calculated as:
| Operating Margin % | = | Operating Income (Q: Sep. 2018 ) | / | Revenue (Q: Sep. 2018 ) |
| = | 442.941 | / | 6824.413 | |
| = | 6.49 % |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the operating income growth rate using operating income per share data.
Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
From GuruFocus
By John Engle about TSLA 2018-12-18 13:44:59
From the Internet
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