Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Tesla’s balance sheet expanded materially: total assets rose from $62,131M in 2021 to $137,806M in 2025 (a >100% increase). Growth was strongest in 2022–2023 (year-over-year increases of roughly 30%), then moderated to mid-teens annual gains in 2024–2025. Total liabilities increased from $30,548M to $54,941M (+~80%), a steadier and slower climb than assets, while shareholders’ equity grew from $30,189M to $82,137M (≈+172%), with particularly large equity gains through 2022–2023. The result is a much larger equity base supporting a larger asset base. Key balance-sheet ratios show clear strengthening: liabilities as a share of assets fell from ~49% in 2021 to about 40% in 2025, and equity as a share of assets rose from ~49% to ~60%. Debt-to-equity declined from ~1.0x to ~0.67x, indicating lower financial leverage. In industry context, this pattern is consistent with a capital-intensive growth phase (capex, factories, working capital) financed increasingly through retained earnings and/or equity rather than proportionate debt increases, leaving Tesla with greater financial flexibility and lower leverage risk relative to the beginning of the period. The deceleration in asset growth after 2023 suggests the pace of expansion has moderated even as the company maintains a stronger capitalization.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.