Tesla
ConvictionContext
Vertically integrated hardware manufacturer (vehicles, battery packs, Megapack/Powerwall) increasingly layering higher-margin software/services (FSD subscriptions, Supercharging, insurance) and building toward autonomy-as-a-service (robotaxi) and humanoid robotics (Optimus).
Revenue
$94.83B FY2025$22.4B Q1 2026 (+15.8% YoYRev growth
-3% FY2025 YoY+15.8% Q1 2026 YoY (driven by higher automotive revenue on ASP/mix + services/FSD growth; partly offset by a 12% drop in energy revenue and only +6.3% delivery growthGross margin
~18% FY202521.1% Q1 2026 (auto GM ex-credits 19.2%; Q1 flattered by ~$230M one-time warranty/tariff benefitsOp margin
~4.2% Q1 2026op income ~$0.94B, +136% YoY); depressed vs 2021-22 peak (~17%Capex intensity
High -- 2026 capex guided >$25B~25%+ of revenue) across factories, AI compute, Optimus, and a Giga Texas semiconductor fabMarket cap
~$1.5TNasdaq: TSLA; sources range ~$1.48T-$1.58T, early July 2026The read
Where our coverage leans
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence