Does Tesla, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Tesla, Inc. (TSLA) 39.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 22, returns on capital 25, balance-sheet safety 82, capital discipline 44.

How has TSLA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Tesla, Inc.

TSLA · Consumer Discretionary · $1.43T mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power22

Median gross margin 18.9% over 10y, stable.

Returns on capital25

Median ROIC 6.7%, above the 9% hurdle in 50% of years.

Balance-sheet safety82

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $380.84
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Tesla, Inc. booked $94.8B of revenue in FY2025 in the Consumer Discretionary sector and kept 18.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, 4.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $111.9M (FY2009) to $94.8B (FY2025) — about 52.4% a year compounded over 16 years.

It earned 4.4% on invested capital in FY2025, with a median of −2.4% across 15 filed years. The Returns on Capital filter above scores it 25/100.

The balance sheet carried $6.6B of total debt in FY2025. Balance-Sheet Safety scores it 82/100.

The share count rose 3852.2% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (82/100) and Pricing Power the weakest (22/100), which is how TSLA lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$94.8B FY2025

Gross marginRevenue kept after cost of goods18.0% FY2025

Return on invested capitalOperating profit on the capital employed4.4% FY2025

Owner earningsCash an owner could take out−$4.7B FY2025

Gaps in a line mean that item isn’t in TSLA’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TSLA has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#213 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#211DLTI DLT RESOLUTION, INC39.8 out of 100, No moatNo moat
#212ELVG ELVICTOR GROUP, INC.39.4 out of 100, No moatNo moat
#214BIRD Allbirds, Inc.39.3 out of 100, No moatNo moat
#215RRGB RED ROBIN GOURMET BURGERS, INC.39.2 out of 100, No moatNo moat

Compare TSLA with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about TSLA

Does Tesla, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Tesla, Inc. (TSLA) 39.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 22, returns on capital 25, balance-sheet safety 82, capital discipline 44.
How has TSLA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TSLA. See the disclaimer.