Tesla
Tesla returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 4.39% | 4.13% | -9.89% | 4.64% | 2.75% | -5 pp |
| FY 2026 Q1 | Mar 31, 2026 | 5.06% | 4.78% | -12.93% | 4.86% | 2.87% | -4.3 pp |
| FY 2025 Q4 | Dec 31, 2025 | 4.68% | 4.37% | -24.83% | 4.89% | 2.92% | -4.7 pp |
| FY 2025 Q3 | Sep 30, 2025 | 5.59% | 4.72% | — | 7.03% | 4.16% | -3.8 pp |
| FY 2025 Q2 | Jun 30, 2025 | 7.15% | 6.12% | — | 8.43% | 5.02% | -2.3 pp |
| FY 2025 Q1 | Mar 31, 2025 | 8.41% | 7.2% | — | 9.16% | 5.44% | -1 pp |
| FY 2024 Q4 | Dec 31, 2024 | 9.99% | 8.27% | — | 10.52% | 6.2% | 0.6 pp |
| FY 2024 Q3 | Sep 30, 2024 | — | 9.65% | — | 20.65% | 11.88% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 8.92% | — | 21.13% | 12.18% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 10.63% | — | 24.28% | 13.89% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | 13.32% | — | 27.95% | 15.87% | — |
| FY 2023 Q3 | Sep 30, 2023 | 31.07% | 18.32% | -8% | 23.13% | 12.78% | 21.7 pp |
| FY 2023 Q2 | Jun 30, 2023 | 39.75% | 23.07% | 12.04% | 27.96% | 15.33% | 30.3 pp |
| FY 2023 Q1 | Mar 31, 2023 | 43.85% | 24.46% | 22.57% | 28.7% | 15.37% | 34.5 pp |
| FY 2022 Q4 | Dec 31, 2022 | 52.25% | 27.85% | 53.49% | 33.6% | 17.38% | 42.9 pp |
| FY 2022 Q3 | Sep 30, 2022 | 56.31% | 27.61% | 136.56% | 33.44% | 16.92% | 46.9 pp |
| FY 2022 Q2 | Jun 30, 2022 | 51.53% | 25% | 145.55% | 31.1% | 15.39% | 42.1 pp |
| FY 2022 Q1 | Mar 31, 2022 | 49.63% | 23.06% | 136.34% | 29.42% | 14.11% | 40.2 pp |
| FY 2021 Q4 | Dec 31, 2021 | 38.89% | 16.24% | 77.88% | 21.08% | 9.66% | 29.5 pp |
| FY 2021 Q3 | Sep 30, 2021 | 27.17% | 12.43% | 48.22% | 16.1% | 6.7% | 17.8 pp |
| FY 2021 Q2 | Jun 30, 2021 | 19.89% | 10.18% | 34.76% | 12.41% | 4.68% | 10.5 pp |
| FY 2021 Q1 | Mar 31, 2021 | 13.7% | 7.28% | — | 6.91% | 2.53% | 4.3 pp |
| FY 2020 Q4 | Dec 31, 2020 | 12.54% | 6.48% | — | 4.78% | 1.67% | 3.1 pp |
| FY 2020 Q3 | Sep 30, 2020 | 11.16% | 6.46% | — | 4.76% | 1.42% | 1.8 pp |
| FY 2020 Q2 | Jun 30, 2020 | 9.04% | 5.11% | — | 4.73% | 1.05% | -0.4 pp |
| FY 2020 Q1 | Mar 31, 2020 | — | 3.27% | — | -2.1% | -0.44% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | -0.32% | — | -14.94% | -2.69% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | -0.07% | — | -15.7% | -2.67% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 0.69% | — | -13.71% | -2.21% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | -1.63% | — | -21.39% | -3.45% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | -1.91% | — | -21.31% | -3.34% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | -6.81% | — | -38.85% | -6.24% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | -12.29% | — | -60.4% | -10.09% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | -10.53% | — | -49.6% | -8.95% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | -8.63% | — | -43.63% | -7.64% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | -8.63% | — | -38.08% | -6.92% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | -4.92% | — | -20.09% | -4.04% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | -5.45% | — | -24.27% | -4.22% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | -6.04% | — | -23.11% | -4.39% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | -9.79% | — | -43.75% | -8.68% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | -15.27% | — | -69.57% | -12.28% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | -17.37% | — | -113.2% | -13.28% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | -15.89% | — | -88.84% | -12.75% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | -12.36% | — | -59.48% | -10.41% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | -10.22% | — | -62.43% | -9.04% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | -6.99% | — | -45.85% | -7.5% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | -6.81% | — | -37.25% | -7.11% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | -5.45% | — | -26.63% | -5.33% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | -4.78% | — | -21.05% | -4.8% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | -5.39% | — | -25% | -4.79% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | -5.29% | — | -18.69% | -4.19% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | -19.55% | — | -55.08% | -9.93% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | -22.91% | — | -63.61% | -16.51% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | -54.89% | — | -183.03% | -30.98% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | -71.87% | — | -227.22% | -43.36% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | -79.29% | — | -291.29% | -51.38% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | -68.22% | — | -166.58% | -48.07% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | — | — | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | — | — | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 9.4%, rounded from the Auto & Truck benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · TSLA, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.