Debt / EBITDA — figure, bridge, evidence
TSLA
Debt / EBITDA — figure, bridge, evidence
Gross debt / EBITDA — two effects — nesting explains net debt, not gross
×Gross debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.49× → FY25 0.70×, change 0.21×.
- Δ Net debt 0.10×
- Δ EBITDA 0.10×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.49× → FY25 0.70×, change 0.21×.
- Δ Net debt 0.09×
- Δ EBITDA 0.11×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.22× → FY25 0.70×, change 0.48×.
- Δ Net debt 0.37×
- Δ EBITDA 0.11×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.22× → FY25 0.70×, change 0.48×.
- Δ Net debt 0.32×
- Δ EBITDA 0.16×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.06× → FY25 0.70×, change 0.64×.
- Δ Net debt 0.47×
- Δ EBITDA 0.17×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.06× → FY25 0.70×, change 0.64×.
- Δ Net debt 0.35×
- Δ EBITDA 0.29×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.48× → Q1·26 0.76×, change 0.28×.
- Δ Net debt 0.25×
- Δ EBITDA 0.03×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.48× → Q1·26 0.76×, change 0.28×.
- Δ Net debt 0.24×
- Δ EBITDA 0.04×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.25× → Q1·26 0.76×, change 0.51×.
- Δ Net debt 0.47×
- Δ EBITDA 0.04×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.25× → Q1·26 0.76×, change 0.51×.
- Δ Net debt 0.45×
- Δ EBITDA 0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Build-up — debt, cash, earnings
$bn| $bn | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Gross debt | 8.5 | 4.3 | 1.0 | 2.7 | 5.5 | 6.6 |
| − Cash and equivalents | 19.4 | 17.6 | 16.3 | 16.4 | 16.1 | 16.5 |
| = Net debt | -10.9 | -13.3 | -15.2 | -13.7 | -10.6 | -9.9 |
| EBITDA | 3.6 | 8.4 | 16.1 | 12.2 | 11.2 | 9.4 |
| Net debt / EBITDA | -3.06× | -1.58× | -0.95× | -1.12× | -0.95× | -1.06× |
| Gross debt / EBITDA | 2.37× | 0.50× | 0.06× | 0.22× | 0.49× | 0.70× |
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