Tesla closed at $398.50 on November 3, 2026 (down 1.32%), giving a market cap of about $1.58 trillion and enterprise value of about $1.55 trillion, with the stock trading at 437.83x trailing earnings, 186.41x forward earnings, 17.64x book and 157.16x EV/EBITDA, and paying no dividend.

Tesla's Q3 2026 results (reported October 21, 2026) showed revenue of $28,046 million (roughly flat YoY), GAAP operating income of $718 million (down 56%), GAAP net income of $787 million (down 43%), GAAP EPS of $0.22 vs $0.39 a year earlier, non-GAAP EPS of $0.48 vs $0.50, on 486,532 deliveries (down 2%), with regulatory credit revenue collapsing to $113 million from $417 million.

Tesla generated $6,263 million of operating cash flow and $1,531 million of free cash flow in Q3 2026 (down 62% YoY) after $4,732 million of capex, ended the quarter with $45,447 million of cash and investments against $9,265 million of non-recourse and $2 million of recourse debt (stockanalysis.com shows $16.45B total debt including leases and a $29.0B net cash position), and cut 2026 capex guidance back to 'approximately $20 billion' from 'in excess of $25 billion' after spending $13.014 billion in the first nine months.

At $398.50 TSLA trades at 437.8x trailing and 186.4x forward earnings, 15.2x sales and 157x EV/EBITDA on a $1.58T market cap, versus General Motors at 20.9x trailing and 6.3x forward earnings on a $74.5B market cap.

Relative to peer General Motors, Tesla trades at 437.83x trailing and 186.41x forward earnings, 17.64x book and 157.16x EV/EBITDA versus GM's 20.90x trailing, 6.32x forward, 1.19x book and 9.43x EV/EBITDA, while GM's $74.52 billion market cap is about 5% of Tesla's $1.58 trillion despite GM's $14.40 billion TTM free cash flow being roughly 4x Tesla's $3.30 billion.

Wall Street is split: stockanalysis.com tallies 44 analysts with a 'Buy' consensus (15 Strong Buy, 5 Buy, 22 Hold, 0 Sell, 2 Strong Sell) and an average 12-month target of $413.10 (+3.66% from $398.50) spanning $128.11 to $600, MarketBeat shows 49 analysts at 'Moderate Buy' with a $414.51 consensus target, Barclays upgraded to Overweight with a $450 target on October 28, 2026, and FY2026 consensus calls for revenue of $107.79 billion (+13.67%) and EPS of $1.74 (+4.85%).

Technically TSLA at $398.50 is sitting just below its 20-day ($401.82) and 50-day ($401.60) simple moving averages but above its 100-day ($386.37) and 200-day ($378.00), with a 14-day RSI of 44.8 and MACD of -0.432, while near-term catalysts and risks include the November 2 Fort Worth Robotaxi expansion, nearly 2 million cumulative robotaxi miles after unsupervised Cybercab rides began in Austin on September 3, 1.74 million paid FSD subscriptions (+67% YoY), the start of Optimus production in Fremont, October China sales up 10.3% YoY but down 28.9% from September, and ongoing SpaceX-merger speculation.

Tesla's Q3 2026 revenue was $28.05B (flat year over year), non-GAAP EPS was $0.48 versus a $0.45 consensus, but GAAP net income fell 43% to $787M ($0.22/share) and operating income fell 56% to $718M as operating margin compressed to 2.6% from 5.8%, even though gross margin improved 160 bp to 19.6%.

Q3 free cash flow was $1.53B versus $3.99B a year earlier, capex was $4.73B in the quarter and $13.01B year to date against guidance of 'more than $25B' for the year, with $45.4B of cash and investments on hand and management citing battery availability as the limiting factor on production.

Q3 2026 earnings were flattered by one-time IEEPA tariff refunds worth a net ~$447 million to gross profit ($526M cut to energy cost of revenues and $260M cut to automotive cost of revenues, partly offset by a $339M reduction in energy revenue owed to customers), meaning GAAP operating income of $718 million would have been roughly $270 million without the refunds; the quarter also carried $1,165 million of stock-based compensation (up 76% YoY, including the 2025 CEO Performance Award) and a $142 million unrealized loss on the SpaceX stake.

Tesla's current trailing P/E sits near the top of its own 5-year range: year-end P/E was about 190 in 2021, 30.6 in 2022, 52.6 in 2023, 181 in 2024 and 381 in 2025, with the November 2026 TTM reading at 338 on companiesmarketcap's methodology (437.83 on stockanalysis.com), so the stock is roughly 6-11x more expensive on earnings than at its 2022 trough and well above its 2021-2024 levels.

As of the Oct 29, 2026 update, 44 analysts covering TSLA split 15 Strong Buy, 5 Buy, 22 Hold, 0 Sell and 2 Strong Sell, for a 'Buy' consensus with an average 12-month target of $413.10 (+3.7% vs the Nov 3 close of $398.50), a median of $436 (+9.4%), and a range of $128.11 to $600.

In late October 2026 (reported Oct 22-26), Barclays upgraded TSLA to Overweight from Equal Weight and raised its target to $450 from $370, roughly 12.9% above the $398.50 Nov 3 close, citing the SpaceX merger opportunity, a stronger core business outlook and signs of a Robotaxi inflection.

After the Oct 21 Q3 report, major-bank targets ranged from HSBC's Reduce/$157 (about 61% below the $398.50 close) and Goldman Sachs' Neutral/$360 (about 10% below) to Morgan Stanley's Equal Weight/$410 (raised from $400, +2.9%), JPMorgan's Neutral/$430 (raised from $415, +7.9%), Truist's Hold/$370 and Canaccord's Buy/$442 (+10.9%).

The Q3 EPS beat was flattered by non-operating items: a $288M unrealized gain on Bitcoin holdings offset partly by a $142M unrealized loss on Tesla's SpaceX equity stake, while regulatory-credit revenue fell 73% to $113M from $417M a year earlier.

Technically, TSLA's $398.50 close sits above its 50-day ($371.41) and 200-day ($384.93) moving averages but 20% below the $498.83 52-week high and 34% above the $297.38 52-week low, with the stock down 12.7% over 52 weeks, short interest at 2.46% of float, and shares slipping from $386.47 to $377.88 after hours on the Q3 print.