Tesla Inc
Buy, Hold or Sell?

Let's analyse Tesla together

Penke I guess you are interested in Tesla Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Tesla Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Tesla (30 sec.)

What can you expect buying and holding a share of Tesla? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

5.0%

What is your share worth?

Current worth

$18.22

Expected worth in 1 year

$23.21

How sure are you?

77.5%

+ What do you gain per year?

Total Gains per Share

$4.99

Return On Investment

2.9%

For what price can you sell your share?

Current Price per Share

$170.18

Expected price per share

$101.81 - $205.60

How sure are you?

50%

1. Valuation of Tesla (5 min.)

Live pricePrice per Share (EOD)

$170.18

Book Value per Share

$18.22

Intrinsic Value Per Share

$4.03 - $22.70

Total Value Per Share

$22.25 - $40.92

My calculation of the intrinsic value of Tesla is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.07) 3Y: ($0.38) TTM: ($0.31)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.01) 3Y: ($0.00) TTM: ($0.05)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.30	$1.62	$0.33 - $1.74
2	$0.63	$3.41	$0.39 - $1.97
3	$1.00	$5.36	$0.44 - $2.20
4	$1.38	$7.47	$0.50 - $2.43
5	$1.79	$9.71	$0.56 - $2.66
6	$2.22	$12.08	$0.61 - $2.89
7	$2.66	$14.58	$0.67 - $3.12
8	$3.11	$17.19	$0.72 - $3.35
9	$3.57	$19.90	$0.78 - $3.59
10	$4.03	$22.70	$0.84 - $3.82

2. Growth of Tesla (5 min.)

Is Tesla growing?

	Current year	Previous year	Grow	Grow %
How rich?	$63.6b	$40b	$14.8b	27.1%

How much money is Tesla making?

	Current year	Previous year	Grow	Grow %
Making money	$3.7b	$3.1b	$620.2m	16.5%
Net Profit Margin	15.3%	15.3%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Tesla (5 min.)

4. Comparing to competitors in the Auto Manufacturers industry (5 min.)

Industry Rankings (Auto Manufacturers)

Richest
#13 / 122

Most Revenue
#17 / 122

Most Profit
#7 / 122

Most Efficient
#8 / 122

What can you expect buying and holding a share of Tesla? (5 min.)

Welcome investor! Tesla's management wants to use your money to grow the business. In return you get a share of Tesla.

What can you expect buying and holding a share of Tesla?

First you should know what it really means to hold a share of Tesla. And how you can make/lose money.

Speculation

The Price per Share of Tesla is $170.18. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Tesla.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Tesla, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $18.22. Based on the TTM, the Book Value Change Per Share is $1.25 per quarter. Based on the YOY, the Book Value Change Per Share is $0.87 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Tesla.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	2.27	1.3%	1.08	0.6%	0.91	0.5%	0.48	0.3%	0.20	0.1%
Usd Book Value Change Per Share	2.61	1.5%	1.25	0.7%	0.87	0.5%	0.81	0.5%	0.45	0.3%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%
Usd Total Gains Per Share	2.61	1.5%	1.25	0.7%	0.87	0.5%	0.81	0.5%	0.45	0.3%
Usd Price Per Share	248.48	-	241.98	-	534.86	-	509.41	-	385.15	-
Price to Earnings Ratio	27.35	-	75.26	-	159.66	-	2,238.37	-	872.19	-
Price-to-Total Gains Ratio	95.04	-	262.82	-	924.78	-	926.39	-	3,836.15	-
Price to Book Ratio	13.64	-	15.43	-	49.82	-	89.82	-	271.34	-
Price-to-Total Gains Ratio	95.04	-	262.82	-	924.78	-	926.39	-	3,836.15	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	170.18
Number of shares	5

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	1.25	0.81
Usd Total Gains Per Share	1.25	0.81
Gains per Quarter (5 shares)	6.24	4.07
Gains per Year (5 shares)	24.96	16.28

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	25	15	0	16	6
2	0	50	40	0	32	22
3	0	75	65	0	49	38
4	0	100	90	0	65	54
5	0	125	115	0	81	70
6	0	150	140	0	97	86
7	0	175	165	0	114	102
8	0	200	190	0	130	118
9	0	225	215	0	146	134
10	0	250	240	0	162	150

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	18.0	2.0	0.0	90.0%	21.0	19.0	0.0	52.5%	22.0	43.0	0.0	33.8%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	31.0	9.0	0.0	77.5%	39.0	23.0	3.0	60.0%
Dividend per Share	0.0	0.0	4.0	0.0%	0.0	0.0	12.0	0.0%	2.0	0.0	18.0	10.0%	2.0	0.0	38.0	5.0%	2.0	0.0	63.0	3.1%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	31.0	9.0	0.0	77.5%	39.0	23.0	3.0	60.0%

Fundamentals of Tesla

About Tesla Inc

https://www.tesla.com
Auto Manufacturers
140473
1 Tesla Road, Austin, TX, United States, 78725
Google Maps Bing Maps

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services. This segment also provides sedans and sport utility vehicles through direct and used vehicle sales, a network of Tesla Superchargers, and in-app upgrades; purchase financing and leasing services; services for electric vehicles through its company-owned service locations and Tesla mobile service technicians; and vehicle limited warranties and extended service plans. The Energy Generation and Storage segment engages in the design, manufacture, installation, sale, and leasing of solar energy generation and energy storage products, and related services to residential, commercial, and industrial customers and utilities through its website, stores, and galleries, as well as through a network of channel partners; and provision of service and repairs to its energy product customers, including under warranty, as well as various financing options to its solar customers. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was incorporated in 2003 and is headquartered in Austin, Texas.

Fundamental data was last updated by Penke on 2024-04-20 14:21:05.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is less efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is expensive.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of Tesla Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Tesla earns for each $1 of revenue.

Above 10% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
A Net Profit Margin of 31.5% means that $0.32 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Tesla Inc:

The MRQ is 31.5%. The company is making a huge profit. +2
The TTM is 15.3%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	31.5%	TTM	15.3%	+16.2%
TTM	15.3%	YOY	15.3%	-0.1%
TTM	15.3%	5Y	7.6%	+7.6%
5Y	7.6%	10Y	-3.2%	+10.8%

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	31.5%	4.6%	+26.9%
TTM	15.3%	4.2%	+11.1%
YOY	15.3%	3.7%	+11.6%
5Y	7.6%	2.7%	+4.9%
10Y	-3.2%	3.4%	-6.6%

Measures how much net profit Tesla earns for each $1 of revenue.

Revenue is the amount of profit Tesla generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Tesla earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
Can be used to compare companies within the Auto Manufacturers industry.

You typically want a high profit margin. This means that for each $1 in sales, Tesla makes more profit. This shows the investor how efficiently Tesla is operating in general and compared to other companies in the same industry. Tesla operates in the Auto Manufacturers industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Tesla. If profit margins remain low (compared to the Auto Manufacturers industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Tesla is 0.32. This means that Tesla earned $0.32 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Auto Manufacturers industry is 4.6%.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Tesla with other companies in the same industry (Auto Manufacturers).
Net profit margin should rise over the years.
Can be influenced when Tesla sells assets (profit will increase while costs remain the same).
It won’t show what part of Tesla is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Tesla

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Tesla = 7,930,000
Total revenue MRQ Tesla = 25,167,000
$7,930,000 / $25,167,000 = 0.32 or 31.5%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Tesla is using its assets to generate profit.

Above 5% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
7.4% Return on Assets means that Tesla generated $0.07 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Tesla Inc:

The MRQ is 7.4%. Using its assets, the company is efficient in making profit. +1
The TTM is 3.8%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	7.4%	TTM	3.8%	+3.6%
TTM	3.8%	YOY	4.3%	-0.5%
TTM	3.8%	5Y	2.0%	+1.8%
5Y	2.0%	10Y	0.1%	+1.9%

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	7.4%	0.9%	+6.5%
TTM	3.8%	1.1%	+2.7%
YOY	4.3%	0.9%	+3.4%
5Y	2.0%	0.7%	+1.3%
10Y	0.1%	0.7%	-0.6%

Shows how efficient Tesla is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Tesla is using its resources to generate profit. If the return on assets (7.4%) from Tesla are higher than the Auto Manufacturers mean (0.9%) that means Tesla is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Tesla is 7.4%. This means the company generated $0.07 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Auto Manufacturers industry is 0.9%.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Tesla

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Tesla = 7,930,000
Total assets MRQ (balance sheet) from Tesla = 106,618,000
7,930,000 / 106,618,000 = 0.07 or 7.4%

ROA is an important ratio as it will tell you how effectively Tesla is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Tesla is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
12.7% Return on Equity means Tesla generated $0.13 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Tesla Inc:

The MRQ is 12.7%. Using its investors money, the company is less efficient in making profit.
The TTM is 6.7%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	12.7%	TTM	6.7%	+6.0%
TTM	6.7%	YOY	8.1%	-1.4%
TTM	6.7%	5Y	3.3%	+3.3%
5Y	3.3%	10Y	-4.2%	+7.6%

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	12.7%	2.9%	+9.8%
TTM	6.7%	3.2%	+3.5%
YOY	8.1%	2.4%	+5.7%
5Y	3.3%	1.9%	+1.4%
10Y	-4.2%	2.0%	-6.2%

Shows how efficient Tesla is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Auto Manufacturers industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Tesla is 12.7%. This means Tesla generated $0.13 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Auto Manufacturers industry is 2.9%.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if Tesla existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Tesla

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Tesla = 7,930,000
Shareholders equity (balance sheet) MRQ Tesla = 62,634,000
7,930,000 / 62,634,000 = 0.13 or 12.7%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Tesla Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Tesla is operating .

Measures how much profit Tesla makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
An Operating Margin of 8.9% means the company generated $0.09 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Tesla Inc:

The MRQ is 8.9%. The company is operating less efficient.
The TTM is 9.7%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	8.9%	TTM	9.7%	-0.8%
TTM	9.7%	YOY	16.7%	-7.0%
TTM	9.7%	5Y	8.8%	+0.9%
5Y	8.8%	10Y	-0.8%	+9.6%

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	8.9%	5.8%	+3.1%
TTM	9.7%	3.0%	+6.7%
YOY	16.7%	4.7%	+12.0%
5Y	8.8%	4.2%	+4.6%
10Y	-0.8%	4.0%	-4.8%

Measures how efficient Tesla is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Tesla is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Tesla is 8.9%. This means that Tesla earned $0.09 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Auto Manufacturers industry is 5.8%.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Tesla

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Tesla = 2,064,000
Total revenue MRQ Tesla = 25,167,000
$2,064,000 / $25,167,000 = 0.09 or 8.9%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Tesla is keeping operating costs low.

Below 1 is considered healthy (always compare to Auto Manufacturers industry mean).
An Operation Ratio of 0.92 means that the operating costs are $0.92 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Tesla Inc:

The MRQ is 0.918. The company is less efficient in keeping operating costs low.
The TTM is 0.908. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.918	TTM	0.908	+0.010
TTM	0.908	YOY	0.830	+0.078
TTM	0.908	5Y	0.914	-0.006
5Y	0.914	10Y	1.010	-0.097

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	0.918	1.622	-0.704
TTM	0.908	1.606	-0.698
YOY	0.830	1.629	-0.799
5Y	0.914	1.638	-0.724
10Y	1.010	1.436	-0.426

Measures how efficient Tesla is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Tesla is 91.8%. This means that Tesla earned $0.92 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Auto Manufacturers industry is 1.62.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Tesla

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(20,729,000 +2,374,000) \ 25,167,000 = 0.92

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Tesla Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Tesla is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Auto Manufacturers industry mean).
A Current Ratio of 1.73 means the company has $1.73 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Tesla Inc:

The MRQ is 1.726. The company is able to pay all its short-term debts. +1
The TTM is 1.643. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	1.726	TTM	1.643	+0.083
TTM	1.643	YOY	1.445	+0.199
TTM	1.643	5Y	1.419	+0.224
5Y	1.419	10Y	1.605	-0.185

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	1.726	1.198	+0.528
TTM	1.643	1.210	+0.433
YOY	1.445	1.248	+0.197
5Y	1.419	1.237	+0.182
10Y	1.605	1.192	+0.413

Measures if Tesla is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Auto Manufacturers industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Tesla if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Tesla is 1.73. This means Tesla has $1.73 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Auto Manufacturers industry is 1.20.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Tesla

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
49,616,000 \ 28,748,000) = 1.73

The current ratio measures if Tesla is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Tesla is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Tesla does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Tesla is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Tesla is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
A Quick Ratio of 1.58 means the company can pay off $1.58 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Tesla Inc:

The MRQ is 1.582. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 1.359. The company is able to pay all its short-term debts with the most liquid assets. +1

Trends

Current period		Compared to		+/-
MRQ	1.582	TTM	1.359	+0.223
TTM	1.359	YOY	1.034	+0.326
TTM	1.359	5Y	1.032	+0.328
5Y	1.032	10Y	1.112	-0.081

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	1.582	0.544	+1.038
TTM	1.359	0.536	+0.823
YOY	1.034	0.720	+0.314
5Y	1.032	0.709	+0.323
10Y	1.112	0.703	+0.409

1.4. Solvency of Tesla Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Tesla assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Tesla to Auto Manufacturers industry mean.
A Debt to Asset Ratio of 0.40 means that Tesla assets are financed with 40.3% credit (debt) and the remaining percentage (100% - 40.3%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Tesla Inc:

The MRQ is 0.403. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.420. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.403	TTM	0.420	-0.017
TTM	0.420	YOY	0.451	-0.031
TTM	0.420	5Y	0.562	-0.142
5Y	0.562	10Y	0.686	-0.124

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	0.403	0.632	-0.229
TTM	0.420	0.636	-0.216
YOY	0.451	0.630	-0.179
5Y	0.562	0.632	-0.070
10Y	0.686	0.621	+0.065

Measures how much % of Tesla assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Tesla than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Tesla to Auto Manufacturers industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Tesla is 0.40. This means means that Tesla is financed with 40.3% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Auto Manufacturers industry is 119.8%.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Tesla has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Tesla

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
43,009,000 \ 106,618,000 = 40.3% or 0.40.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Tesla is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Tesla to the Auto Manufacturers industry mean.
A Debt to Equity ratio of 68.7% means that company has $0.69 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Tesla Inc:

The MRQ is 0.687. The company is very able to pay all its debts with equity. +2
The TTM is 0.740. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.687	TTM	0.740	-0.053
TTM	0.740	YOY	0.849	-0.110
TTM	0.740	5Y	1.849	-1.109
5Y	1.849	10Y	3.465	-1.616

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
MRQ	0.687	1.763	-1.076
TTM	0.740	1.796	-1.056
YOY	0.849	1.818	-0.969
5Y	1.849	1.893	-0.044
10Y	3.465	1.911	+1.554

Measures if Tesla is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Tesla is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Tesla is 0.69. This means that Tesla can pay off $0.69 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Auto Manufacturers industry is 1.76.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Tesla

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
43,009,000 \ 62,634,000 = 0.69 or 68.7%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Tesla Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Tesla generates.

Above 15 is considered overpriced but always compare Tesla to the Auto Manufacturers industry mean.
A PE ratio of 27.35 means the investor is paying $27.35 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Tesla Inc:

The EOD is 18.735. Based on the earnings, the company is fair priced.
The MRQ is 27.355. Based on the earnings, the company is overpriced. -1
The TTM is 75.264. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	18.735	MRQ	27.355	-8.620
MRQ	27.355	TTM	75.264	-47.909
TTM	75.264	YOY	159.658	-84.394
TTM	75.264	5Y	2,238.372	-2,163.108
5Y	2,238.372	10Y	872.190	+1,366.182

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
EOD	18.735	5.533	+13.202
MRQ	27.355	4.876	+22.479
TTM	75.264	5.136	+70.128
YOY	159.658	6.262	+153.396
5Y	2,238.372	9.552	+2,228.820
10Y	872.190	15.867	+856.323

Measures how much money you pay for each share for every $1 in earnings Tesla generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Tesla to the Auto Manufacturers industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Tesla is 27.35. This means the investor is paying $27.35 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Auto Manufacturers industry is 4.88.
What is the trend?
The trend is important because it shows you how Tesla is performing over time. The most recent quarter might be important if Tesla released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Tesla up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Tesla

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 3,492,000 = EPS
PE ratio MRQ = 27.35

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Tesla Inc:

The EOD is 72.015. Based on how much money comes from the company's main activities, the company is overpriced. -1
The MRQ is 105.149. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is 249.446. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	72.015	MRQ	105.149	-33.134
MRQ	105.149	TTM	249.446	-144.297
TTM	249.446	YOY	376.688	-127.242
TTM	249.446	5Y	351.060	-101.615
5Y	351.060	10Y	-14.314	+365.375

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
EOD	72.015	1.094	+70.921
MRQ	105.149	1.032	+104.117
TTM	249.446	0.707	+248.739
YOY	376.688	2.697	+373.991
5Y	351.060	0.651	+350.409
10Y	-14.314	0.720	-15.034

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Tesla is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Auto Manufacturers industry mean).
A PB ratio of 13.64 means the investor is paying $13.64 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Tesla Inc:

The EOD is 9.343. Based on the equity, the company is overpriced. -1
The MRQ is 13.641. Based on the equity, the company is expensive. -2
The TTM is 15.435. Based on the equity, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	9.343	MRQ	13.641	-4.299
MRQ	13.641	TTM	15.435	-1.794
TTM	15.435	YOY	49.822	-34.387
TTM	15.435	5Y	89.819	-74.384
5Y	89.819	10Y	271.345	-181.526

Compared to industry (Auto Manufacturers)

Period	Company	Industry (mean)	+/-
EOD	9.343	1.141	+8.202
MRQ	13.641	1.219	+12.422
TTM	15.435	1.356	+14.079
YOY	49.822	1.561	+48.261
5Y	89.819	1.625	+88.194
10Y	271.345	1.955	+269.390

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Tesla Inc.

3.1. Institutions holding Tesla Inc

Institutions are holding 45.75% of the shares of Tesla Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	7.2157	1.2475	229806372	3866361	1.7112
2023-12-31	BlackRock Inc	5.9088	1.1923	188183433	1530247	0.8198
2023-12-31	State Street Corporation	3.4185	1.3158	108871505	4010136	3.8242
2023-12-31	Geode Capital Management, LLC	1.735	1.4324	55256335	1380632	2.5626
2023-12-31	Capital World Investors	1.2885	1.8135	41034947	-68107	-0.1657
2023-12-31	Morgan Stanley - Brokerage Accounts	1.036	0.7225	32995225	2834478	9.3979
2023-12-31	Goldman Sachs Group Inc	1.0343	0.7346	32939612	17334414	111.081
2023-12-31	NORGES BANK	0.9913	1.3708	31570978	3485733	12.4113
2023-12-31	FMR Inc	0.9217	0.5603	29353129	312395	1.0757
2023-12-31	JPMorgan Chase & Co	0.8737	0.6643	27826540	-1592520	-5.4132
2023-12-31	T. Rowe Price Associates, Inc.	0.8212	0.8732	26153172	-445975	-1.6767
2023-12-31	Northern Trust Corp	0.8108	1.1614	25822667	-1720157	-6.2454
2023-12-31	Legal & General Group PLC	0.6801	1.3811	21660941	4520655	26.3744
2023-12-31	Bank of New York Mellon Corp	0.5934	0.9521	18900044	-218130	-1.141
2023-12-31	Baillie Gifford & Co Limited.	0.587	3.681	18693754	-3604862	-16.1663
2023-12-31	BAMCO Inc	0.556	11.7186	17708489	39544	0.2238
2023-12-31	Jennison Associates LLC	0.4908	2.8945	15631235	-3015358	-16.1711
2023-12-31	UBS Asset Mgmt Americas Inc	0.4854	1.5111	15458301	343251	2.2709
2023-12-31	Charles Schwab Investment Management Inc	0.4759	0.9562	15155878	458804	3.1217
2023-12-31	Nuveen Asset Management, LLC	0.4742	1.2064	15101269	-70169	-0.4625
Total		30.3983	37.3896	968123826	+29381372	+3.0%

3.2. Funds holding Tesla Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.6611	1.1035	84749961	-182586	-0.215
2024-02-29	Vanguard Institutional 500 Index Trust	2.1682	1.3035	69051942	703301	1.029
2024-02-29	Performer (AFRIS)	1.446	0.0791	46050662	46050662	0
2024-03-28	Invesco QQQ Trust	1.0985	2.3689	34985159	41958	0.1201
2024-03-31	SPDR® S&P 500 ETF Trust	1.0498	1.1022	33435293	-259910	-0.7714
2024-02-29	Fidelity 500 Index	1.0415	1.2997	33169811	333772	1.0165
2024-03-28	iShares Core S&P 500 ETF	0.9019	1.1024	28722211	211072	0.7403
2024-02-29	Vanguard Growth Index Investor	0.7886	2.2811	25115269	215679	0.8662
2023-12-31	American Funds Growth Fund of Amer A	0.697	2.2148	22196417	-352320	-1.5625
2023-12-31	Capital Group Growth Fnd of Amer Comp	0.697	2.2148	22196417	-352320	-1.5625
2024-02-29	Vanguard Institutional Index I	0.5721	1.2993	18218996	-73046	-0.3993
2024-03-31	Consumer Discret Sel Sect SPDR® ETF	0.46	12.8424	14649173	-6725	-0.0459
2024-03-31	State St S&P 500® Indx SL Cl III	0.4226	1.0949	13459323	77300	0.5776
2024-03-31	Baron Partners Retail	0.3682	34.0681	11725000	-422500	-3.4781
2023-12-31	Capital Group New Perspective Comp	0.3306	2.0648	10528115	0	0
2023-12-31	American Funds New Perspective A	0.3306	2.0648	10528115	0	0
2024-03-31	Blackrock Eq Idx Fund CF	0.3108	1.0963	9899057	17926	0.1814
2024-03-28	iShares Russell 1000 Growth ETF	0.2935	1.8428	9347920	0	0
2023-12-31	Blackrock Russ 1000 Eq Idx Composite	0.2644	1.562	8421799	8421799	0
2024-03-31	Russell 1000 Index Fund	0.2612	1.0051	8319186	-24199	-0.29
Total		16.1636	74.0105	514769826	+54399863	+10.6%

3.3. Insider Transactions

Insiders are holding 12.999% of the shares of Tesla Inc.

Date	Owner	Type	Amount	Price
2024-04-01	Andrew D Baglino	SELL	10500	176.2
2024-03-12	Robyn M Denholm	SELL	93705	175.44
2024-03-06	Xiaotong Zhu	SELL	687	177.11
2024-02-29	Andrew D Baglino	SELL	10500	204.17
2024-02-21	Robyn M Denholm	SELL	93706	194.73
2023-12-14	Vaibhav Taneja	SELL	4000	250
2023-12-06	Vaibhav Taneja	SELL	173	244.34
2023-12-06	Xiaotong Zhu	SELL	1049	244.34
2023-11-29	Vaibhav Taneja	SELL	4000	250
2023-10-27	Andrew D Baglino	SELL	10500	210.67
2023-10-06	Vaibhav Taneja	SELL	4000	253.98
2023-09-27	Andrew D Baglino	SELL	10500	244.32

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Tesla Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	2.614	1.248	+109%	0.871	+200%	0.812	+222%	0.450	+481%
Book Value Per Share	-	-	18.216	15.754	+16%	11.538	+58%	8.531	+114%	4.795	+280%
Current Ratio	-	-	1.726	1.643	+5%	1.445	+19%	1.419	+22%	1.605	+8%
Debt To Asset Ratio	-	-	0.403	0.420	-4%	0.451	-11%	0.562	-28%	0.686	-41%
Debt To Equity Ratio	-	-	0.687	0.740	-7%	0.849	-19%	1.849	-63%	3.465	-80%
Dividend Per Share	-	-	-	-	0%	-	0%	0.002	-100%	0.001	-100%
Eps	-	-	2.271	1.076	+111%	0.907	+150%	0.478	+376%	0.201	+1029%
Free Cash Flow Per Share	-	-	0.591	0.312	+89%	0.544	+9%	0.281	+110%	0.069	+758%
Free Cash Flow To Equity Per Share	-	-	0.845	0.498	+70%	0.290	+191%	0.364	+132%	0.208	+306%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	22.704	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	4.034	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	1.618	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.299	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	5.362	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	0.995	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	9.710	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	1.791	-	-	-	-	-	-	-	-
Market Cap	541987564922.880	-60%	867692160000.000	842904490000.000	+3%	1855298639357.150	-53%	1696747120599.156	-49%	1263815078369.731	-31%
Net Profit Margin	-	-	0.315	0.153	+106%	0.153	+105%	0.076	+312%	-0.032	+110%
Operating Margin	-	-	0.089	0.097	-8%	0.167	-47%	0.088	+2%	-0.008	+109%
Operating Ratio	-	-	0.918	0.908	+1%	0.830	+11%	0.914	+0%	1.010	-9%
Pb Ratio	9.343	-46%	13.641	15.435	-12%	49.822	-73%	89.819	-85%	271.345	-95%
Pe Ratio	18.735	-46%	27.355	75.264	-64%	159.658	-83%	2238.372	-99%	872.190	-97%
Price Per Share	170.180	-46%	248.480	241.983	+3%	534.863	-54%	509.414	-51%	385.153	-35%
Price To Free Cash Flow Ratio	72.015	-46%	105.149	249.446	-58%	376.688	-72%	351.060	-70%	-14.314	+114%
Price To Total Gains Ratio	65.092	-46%	95.042	262.822	-64%	924.784	-90%	926.390	-90%	3836.151	-98%
Quick Ratio	-	-	1.582	1.359	+16%	1.034	+53%	1.032	+53%	1.112	+42%
Return On Assets	-	-	0.074	0.038	+95%	0.043	+73%	0.020	+265%	0.001	+5289%
Return On Equity	-	-	0.127	0.067	+90%	0.081	+57%	0.033	+279%	-0.042	+133%
Total Gains Per Share	-	-	2.614	1.248	+109%	0.871	+200%	0.814	+221%	0.451	+479%
Usd Book Value	-	-	63609000000.000	54880250000.000	+16%	40021500000.000	+59%	29089968350.000	+119%	16231581000.000	+292%
Usd Book Value Change Per Share	-	-	2.614	1.248	+109%	0.871	+200%	0.812	+222%	0.450	+481%
Usd Book Value Per Share	-	-	18.216	15.754	+16%	11.538	+58%	8.531	+114%	4.795	+280%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	0.002	-100%	0.001	-100%
Usd Eps	-	-	2.271	1.076	+111%	0.907	+150%	0.478	+376%	0.201	+1029%
Usd Free Cash Flow	-	-	2063000000.000	1089250000.000	+89%	1888000000.000	+9%	953050000.000	+116%	248708150.000	+729%
Usd Free Cash Flow Per Share	-	-	0.591	0.312	+89%	0.544	+9%	0.281	+110%	0.069	+758%
Usd Free Cash Flow To Equity Per Share	-	-	0.845	0.498	+70%	0.290	+191%	0.364	+132%	0.208	+306%
Usd Market Cap	541987564922.880	-60%	867692160000.000	842904490000.000	+3%	1855298639357.150	-53%	1696747120599.156	-49%	1263815078369.731	-31%
Usd Price Per Share	170.180	-46%	248.480	241.983	+3%	534.863	-54%	509.414	-51%	385.153	-35%
Usd Profit	-	-	7930000000.000	3749750000.000	+111%	3129500000.000	+153%	1649554650.000	+381%	701195675.000	+1031%
Usd Revenue	-	-	25167000000.000	24193250000.000	+4%	20365500000.000	+24%	14408607000.000	+75%	8390916800.000	+200%
Usd Total Gains Per Share	-	-	2.614	1.248	+109%	0.871	+200%	0.814	+221%	0.451	+479%
	EOD	+4 -4	MRQ	TTM	+29 -4	YOY	+27 -6	5Y	+28 -7	10Y	+28 -7

4.2. Fundamental Score

Let's check the fundamental score of Tesla Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	18.735
Price to Book Ratio (EOD)	Between	0-1	9.343
Net Profit Margin (MRQ)	Greater than	0	0.315
Operating Margin (MRQ)	Greater than	0	0.089
Quick Ratio (MRQ)	Greater than	1	1.582
Current Ratio (MRQ)	Greater than	1	1.726
Debt to Asset Ratio (MRQ)	Less than	1	0.403
Debt to Equity Ratio (MRQ)	Less than	1	0.687
Return on Equity (MRQ)	Greater than	0.15	0.127
Return on Assets (MRQ)	Greater than	0.05	0.074
Total			7/10 (70.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of Tesla Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	158.960
Total			0/1 (0.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Tax Provision	276,000	-15,000	261,000	62,000	323,000	-156,000	167,000	-5,919,000	-5,752,000
Income Tax Expense	276,000	-15,000	261,000	62,000	323,000	-156,000	167,000	-5,919,000	-5,752,000
Total Other Income Expense Net	82,000	54,000	136,000	402,000	538,000	-501,000	37,000	-182,000	-145,000

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	106,618,000
Total Liabilities	43,009,000
Total Stockholder Equity	62,634,000

	As reported
Total Liabilities	43,009,000
Total Stockholder Equity	+ 62,634,000
Total Assets	= 106,618,000

Assets

Total Assets	106,618,000
Total Current Assets	49,616,000
Long-term Assets	45,554,000

Total Current Assets

Total Current Assets (as reported)	49,616,000
Cash And Cash Equivalents	16,398,000
Short-term Investments	12,696,000
Net Receivables	3,697,000
Inventory	13,626,000
Other Current Assets	3,199,000
Total Current Assets (calculated)	49,616,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	45,554,000
Property Plant Equipment	45,123,000
Goodwill	253,000
Intangible Assets	178,000
Long-term Assets Other	4,715,000
Long-term Assets (calculated)	50,269,000
+/-	4,715,000

Liabilities & Shareholders' Equity

Total Current Liabilities	28,748,000
Long-term Liabilities	14,261,000
Total Stockholder Equity	62,634,000

Total Current Liabilities

Total Current Liabilities (as reported)	28,748,000
Short-term Debt	2,373,000
Short Long Term Debt	1,975,000
Accounts payable	14,431,000
Other Current Liabilities	9,080,000
Total Current Liabilities (calculated)	27,859,000
+/-	889,000

Long-term Liabilities

Long-term Liabilities (as reported)	14,261,000
Long term Debt	2,682,000
Capital Lease Obligations	4,916,000
Long-term Liabilities Other	876,000
Long-term Liabilities (calculated)	8,474,000
+/-	5,787,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	62,634,000
Common Stock	3,000
Retained Earnings	27,882,000
Accumulated Other Comprehensive Income	-143,000
Other Stockholders Equity	34,892,000
Total Stockholder Equity (calculated)	62,634,000
+/-	0

Other

Capital Stock	3,000
Cash and Short Term Investments	29,094,000
Common Stock Shares Outstanding	3,492,000
Current Deferred Revenue	2,864,000
Liabilities and Stockholders Equity	106,618,000
Net Debt	-11,168,000
Net Invested Capital	67,291,000
Net Working Capital	20,868,000
Property Plant and Equipment Gross	58,823,000
Short Long Term Debt Total	5,230,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-03-31

2007-12-31

2007-03-31

> Total Assets

8,709
12,925
12,925
51,699
51,699
32,606
155,916
155,916
130,424
145,320
147,974
361,621
386,082
407,289
646,155
700,250
713,448
761,100
776,869
809,177
1,114,190
1,143,778
1,887,844
2,166,209
2,416,930
4,500,410
5,054,464
5,437,533
5,849,251
6,120,030
6,468,185
7,547,497
8,092,460
9,191,702
11,868,952
12,592,397
22,664,076
25,053,726
26,043,705
28,107,074
28,655,372
27,271,429
27,910,000
29,262,713
29,739,614
28,912,524
31,872,597
32,795,000
34,309,000
37,250,000
38,135,000
45,691,000
52,148,000
52,972,000
55,146,000
57,834,000
62,131,000
66,038,000
68,513,000
74,426,000
82,338,000
86,833,000
90,591,000
93,941,000
106,618,000

106,618,000

93,941,000

90,591,000

86,833,000

82,338,000

74,426,000

68,513,000

66,038,000

62,131,000

57,834,000

55,146,000

52,972,000

52,148,000

45,691,000

38,135,000

37,250,000

34,309,000

32,795,000

31,872,597

28,912,524

29,739,614

29,262,713

27,910,000

27,271,429

28,655,372

28,107,074

26,043,705

25,053,726

22,664,076

12,592,397

11,868,952

9,191,702

8,092,460

7,547,497

6,468,185

6,120,030

5,849,251

5,437,533

5,054,464

4,500,410

2,416,930

2,166,209

1,887,844

1,143,778

1,114,190

809,177

776,869

761,100

713,448

700,250

646,155

407,289

386,082

361,621

147,974

145,320

130,424

155,916

32,606

51,699

12,925

8,709

> Total Current Assets

5,577
7,857
7,857
31,427
31,427
25,140
131,950
131,950
100,559
100,602
90,034
241,133
235,886
226,906
417,758
412,121
372,838
358,897
317,126
284,541
524,768
525,993
1,129,542
1,218,766
1,265,939
3,156,047
3,441,694
3,362,914
3,198,657
2,921,417
2,628,621
2,998,795
2,791,568
3,239,543
5,203,705
5,172,412
6,259,796
7,027,889
6,359,444
7,068,733
6,570,520
6,383,920
6,699,797
7,920,491
8,306,308
7,677,822
10,181,952
10,940,000
12,103,000
14,893,000
15,336,000
21,744,000
26,717,000
24,705,000
24,693,000
25,002,000
27,100,000
29,050,000
31,222,000
35,990,000
40,917,000
42,997,000
43,875,000
45,026,000
49,616,000

49,616,000

45,026,000

43,875,000

42,997,000

40,917,000

35,990,000

31,222,000

29,050,000

27,100,000

25,002,000

24,693,000

24,705,000

26,717,000

21,744,000

15,336,000

14,893,000

12,103,000

10,940,000

10,181,952

7,677,822

8,306,308

7,920,491

6,699,797

6,383,920

6,570,520

7,068,733

6,359,444

7,027,889

6,259,796

5,172,412

5,203,705

3,239,543

2,791,568

2,998,795

2,628,621

2,921,417

3,198,657

3,362,914

3,441,694

3,156,047

1,265,939

1,218,766

1,129,542

525,993

524,768

284,541

317,126

358,897

372,838

412,121

417,758

226,906

235,886

241,133

90,034

100,602

100,559

131,950

25,140

31,427

7,857

5,577

Cash And Cash Equivalents

4,303
2,319
2,319
9,277
9,277
17,407
106,547
106,547
69,627
61,546
47,304
96,563
99,558
100,655
319,380
213,328
255,266
218,570
210,554
85,693
201,890
214,417
746,057
795,116
845,889
2,393,908
2,663,196
2,353,404
1,887,766
1,489,383
1,130,082
1,400,813
1,174,280
1,417,809
3,221,776
3,060,546
3,393,216
4,006,593
3,035,924
3,530,030
3,367,914
2,665,673
2,236,424
2,967,504
3,685,618
2,198,169
4,954,740
5,338,000
6,268,000
8,080,000
8,615,000
14,531,000
19,384,000
17,141,000
16,229,000
16,065,000
17,576,000
17,505,000
18,324,000
19,532,000
16,253,000
16,048,000
15,296,000
15,932,000
16,398,000

16,398,000

15,932,000

15,296,000

16,048,000

16,253,000

19,532,000

18,324,000

17,505,000

17,576,000

16,065,000

16,229,000

17,141,000

19,384,000

14,531,000

8,615,000

8,080,000

6,268,000

5,338,000

4,954,740

2,198,169

3,685,618

2,967,504

2,236,424

2,665,673

3,367,914

3,530,030

3,035,924

4,006,593

3,393,216

3,060,546

3,221,776

1,417,809

1,174,280

1,400,813

1,130,082

1,489,383

1,887,766

2,353,404

2,663,196

2,393,908

845,889

795,116

746,057

214,417

201,890

85,693

210,554

218,570

255,266

213,328

319,380

100,655

99,558

96,563

47,304

61,546

69,627

106,547

17,407

9,277

2,319

4,303

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
88,130
73,597
42,943
11,251
65,060
25,061
25,009
21,960
22,861
19,094
16,719
1,362
1,265
3,012
189,111
11,714
17,331
17,947
20,693
20,591
25,223
22,628
23,980
24,525
23,711
105,519
88,946
118,369
138,181
155,323
120,194
146,822
158,627
192,551
0
0
0
0
0
0
0
0
0
0
30,000
131,000
508,000
591,000
1,575,000
5,932,000
6,354,000
7,779,000
10,145,000
12,696,000

12,696,000

10,145,000

7,779,000

6,354,000

5,932,000

1,575,000

591,000

508,000

131,000

30,000

192,551

158,627

146,822

120,194

155,323

138,181

118,369

88,946

105,519

23,711

24,525

23,980

22,628

25,223

20,591

20,693

17,947

17,331

11,714

189,111

3,012

1,265

1,362

16,719

19,094

22,861

21,960

25,009

25,061

65,060

11,251

42,943

73,597

88,130

Net Receivables

15
830
830
3,320
3,320
872
1,386
1,386
3,488
5,931
6,467
8,062
6,710
20,260
23,308
18,250
9,539
13,589
11,023
9,164
26,842
46,139
113,544
47,580
49,109
72,380
96,607
156,889
226,604
200,052
138,648
119,964
168,965
318,056
178,594
326,895
499,142
440,349
453,539
607,734
515,381
652,848
569,874
1,155,001
949,022
1,046,945
1,147,100
1,128,000
1,324,000
1,274,000
1,485,000
1,757,000
1,886,000
1,890,000
2,129,000
1,962,000
1,913,000
2,311,000
2,081,000
2,192,000
2,952,000
2,993,000
3,447,000
2,520,000
3,697,000

3,697,000

2,520,000

3,447,000

2,993,000

2,952,000

2,192,000

2,081,000

2,311,000

1,913,000

1,962,000

2,129,000

1,890,000

1,886,000

1,757,000

1,485,000

1,274,000

1,324,000

1,128,000

1,147,100

1,046,945

949,022

1,155,001

569,874

652,848

515,381

607,734

453,539

440,349

499,142

326,895

178,594

318,056

168,965

119,964

138,648

200,052

226,604

156,889

96,607

72,380

49,109

47,580

113,544

46,139

26,842

9,164

11,023

13,589

9,539

18,250

23,308

20,260

6,710

8,062

6,467

5,931

3,488

1,386

872

3,320

830

Inventory

527
4,163
4,163
16,650
16,650
5,806
19,653
19,653
23,222
28,588
29,518
39,508
45,182
50,823
54,312
49,216
50,082
55,427
66,669
159,048
268,504
237,618
254,891
347,545
340,355
450,730
596,927
752,492
953,675
1,054,840
1,212,279
1,293,717
1,277,838
1,301,961
1,609,607
1,604,571
2,067,454
2,220,336
2,438,111
2,471,382
2,263,537
2,565,826
3,324,643
3,314,127
3,113,446
3,836,850
3,382,358
3,581,000
3,552,000
4,494,000
4,018,000
4,218,000
4,101,000
4,132,000
4,733,000
5,199,000
5,757,000
6,691,000
8,108,000
10,327,000
12,839,000
14,375,000
14,356,000
13,721,000
13,626,000

13,626,000

13,721,000

14,356,000

14,375,000

12,839,000

10,327,000

8,108,000

6,691,000

5,757,000

5,199,000

4,733,000

4,132,000

4,101,000

4,218,000

4,018,000

4,494,000

3,552,000

3,581,000

3,382,358

3,836,850

3,113,446

3,314,127

3,324,643

2,565,826

2,263,537

2,471,382

2,438,111

2,220,336

2,067,454

1,604,571

1,609,607

1,301,961

1,277,838

1,293,717

1,212,279

1,054,840

953,675

752,492

596,927

450,730

340,355

347,545

254,891

237,618

268,504

159,048

66,669

55,427

50,082

49,216

54,312

50,823

45,182

39,508

29,518

28,588

23,222

19,653

5,806

16,650

4,163

527

Other Current Assets

733
545
545
0
2,180
1,056
0
4,364
4,222
4,537
6,745
97,000
84,436
55,168
20,758
66,267
32,890
46,302
28,880
30,636
27,532
27,819
15,050
28,525
30,586
49,918
73,250
82,798
112,665
156,449
127,021
159,078
147,857
177,737
169,203
156,689
299,984
360,611
431,870
459,587
423,688
499,573
568,856
483,859
558,222
595,858
697,754
893,000
959,000
1,045,000
1,218,000
1,238,000
1,346,000
1,542,000
1,602,000
1,746,000
1,723,000
2,035,000
2,118,000
2,364,000
2,941,000
3,227,000
2,997,000
2,708,000
3,199,000

3,199,000

2,708,000

2,997,000

3,227,000

2,941,000

2,364,000

2,118,000

2,035,000

1,723,000

1,746,000

1,602,000

1,542,000

1,346,000

1,238,000

1,218,000

1,045,000

959,000

893,000

697,754

595,858

558,222

483,859

568,856

499,573

423,688

459,587

431,870

360,611

299,984

156,689

169,203

177,737

147,857

159,078

127,021

156,449

112,665

82,798

73,250

49,918

30,586

28,525

15,050

27,819

27,532

30,636

28,880

46,302

32,890

66,267

20,758

55,168

84,436

97,000

6,745

4,537

4,222

4,364

1,056

2,180

545

733

> Long-term Assets

3,132
5,068
5,068
20,272
20,272
7,466
23,966
23,966
29,865
44,718
57,940
120,488
150,196
180,383
228,397
288,129
340,610
402,203
459,743
524,636
589,422
617,785
758,302
947,443
1,150,991
1,344,363
1,612,770
2,074,619
2,650,594
3,198,613
3,839,564
4,548,702
5,300,892
5,952,159
6,665,247
7,419,985
16,404,280
18,025,837
19,684,261
21,038,341
22,084,852
20,887,509
21,210,203
21,342,222
21,433,306
21,234,702
21,690,645
21,855,000
22,206,000
22,357,000
22,799,000
23,947,000
25,431,000
28,267,000
30,453,000
32,832,000
35,031,000
36,988,000
37,291,000
38,436,000
41,421,000
43,836,000
46,716,000
48,915,000
45,554,000

45,554,000

48,915,000

46,716,000

43,836,000

41,421,000

38,436,000

37,291,000

36,988,000

35,031,000

32,832,000

30,453,000

28,267,000

25,431,000

23,947,000

22,799,000

22,357,000

22,206,000

21,855,000

21,690,645

21,234,702

21,433,306

21,342,222

21,210,203

20,887,509

22,084,852

21,038,341

19,684,261

18,025,837

16,404,280

7,419,985

6,665,247

5,952,159

5,300,892

4,548,702

3,839,564

3,198,613

2,650,594

2,074,619

1,612,770

1,344,363

1,150,991

947,443

758,302

617,785

589,422

524,636

459,743

402,203

340,610

288,129

228,397

180,383

150,196

120,488

57,940

44,718

29,865

23,966

7,466

20,272

5,068

3,132

Property Plant Equipment

3,000
4,698
4,698
18,793
18,793
5,884
19,473
19,473
23,535
26,866
33,156
42,896
122,599
152,513
200,180
259,794
310,171
376,174
433,642
498,037
562,300
591,057
727,047
923,306
1,120,919
1,301,118
1,567,048
2,022,069
2,596,011
3,136,252
3,766,263
4,464,536
5,194,737
5,837,224
6,526,976
7,258,345
15,036,917
16,555,136
18,218,554
19,516,596
20,491,616
19,180,724
19,591,426
19,733,969
19,691,231
19,318,095
19,600,979
19,845,000
20,199,000
20,468,000
20,876,000
21,990,000
23,375,000
24,844,000
27,030,000
29,248,000
31,176,000
32,639,000
33,684,000
34,563,000
36,635,000
38,669,000
41,041,000
42,793,000
45,123,000

45,123,000

42,793,000

41,041,000

38,669,000

36,635,000

34,563,000

33,684,000

32,639,000

31,176,000

29,248,000

27,030,000

24,844,000

23,375,000

21,990,000

20,876,000

20,468,000

20,199,000

19,845,000

19,600,979

19,318,095

19,691,231

19,733,969

19,591,426

19,180,724

20,491,616

19,516,596

18,218,554

16,555,136

15,036,917

7,258,345

6,526,976

5,837,224

5,194,737

4,464,536

3,766,263

3,136,252

2,596,011

2,022,069

1,567,048

1,301,118

1,120,919

923,306

727,047

591,057

562,300

498,037

433,642

376,174

310,171

259,794

200,180

152,513

122,599

42,896

33,156

26,866

23,535

19,473

5,884

18,793

4,698

3,000

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
40,984
43,766
45,236
60,237
61,284
64,284
65,226
68,159
74,312
153,475
186,000
198,000
193,000
196,000
203,000
207,000
206,000
203,000
201,000
200,000
200,000
196,000
191,000
194,000
195,000
263,000
250,000
253,000

253,000

250,000

263,000

195,000

194,000

191,000

196,000

200,000

201,000

203,000

206,000

207,000

203,000

196,000

193,000

198,000

186,000

153,475

74,312

68,159

65,226

64,284

61,284

60,237

45,236

43,766

40,984

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
506,302
486,350
472,663
463,878
456,652
449,754
434,841
422,897
421,548
413,181
400,308
398,000
1,000
0
0
0
0
1,331,000
1,311,000
1,260,000
0
0
0
0
0
0
0
0
0

1,260,000

1,311,000

1,331,000

1,000

398,000

400,308

413,181

421,548

422,897

434,841

449,754

456,652

463,878

472,663

486,350

506,302

Intangible Assets

0
0
0
0
0
0
0
0
0
0
0
0
14,508
14,531
14,508
14,508
14,508
14,508
14,508
14,392
14,267
14,150
14,029
13,837
13,930
13,662
13,541
13,420
0
0
0
0
12,816
0
0
0
376,145
388,608
380,847
372,238
361,502
346,428
300,406
291,476
282,492
273,568
327,358
351,000
339,000
323,000
312,000
318,000
313,000
299,000
283,000
269,000
1,517,000
1,515,000
459,000
446,000
593,000
583,000
649,000
625,000
178,000

178,000

625,000

649,000

583,000

593,000

446,000

459,000

1,515,000

1,517,000

269,000

283,000

299,000

313,000

318,000

312,000

323,000

339,000

351,000

327,358

273,568

282,492

291,476

300,406

346,428

361,502

372,238

380,847

388,608

376,145

12,816

13,420

13,541

13,662

13,930

13,837

14,029

14,150

14,267

14,392

14,508

14,531

14,508

Long-term Assets Other

133
370
370
1,479
1,479
1,583
4,493
4,493
6,330
17,852
24,784
77,592
27,597
27,870
28,217
28,335
30,439
26,029
26,101
26,599
12,855
12,578
17,226
10,300
16,142
29,583
32,181
39,130
54,583
62,361
73,301
84,166
106,155
114,935
138,271
161,640
991,218
1,041,109
1,041,094
1,104,271
1,171,497
1,299,073
1,254,087
1,251,551
1,391,424
1,568,727
1,608,833
1,473,000
1,470,000
1,373,000
1,415,000
1,436,000
1,536,000
1,587,000
1,626,000
1,854,000
2,138,000
2,634,000
2,952,000
3,236,000
4,193,000
4,584,000
5,026,000
5,497,000
4,715,000

4,715,000

5,497,000

5,026,000

4,584,000

4,193,000

3,236,000

2,952,000

2,634,000

2,138,000

1,854,000

1,626,000

1,587,000

1,536,000

1,436,000

1,415,000

1,373,000

1,470,000

1,473,000

1,608,833

1,568,727

1,391,424

1,251,551

1,254,087

1,299,073

1,171,497

1,104,271

1,041,094

1,041,109

991,218

161,640

138,271

114,935

106,155

84,166

73,301

62,361

54,583

39,130

32,181

29,583

16,142

10,300

17,226

12,578

12,855

26,599

26,101

26,029

30,439

28,335

28,217

27,870

27,597

77,592

24,784

17,852

6,330

4,493

1,583

1,479

370

133

> Total Liabilities

38,171
62,853
62,853
251,413
251,413
95,987
386,561
386,561
383,947
101,141
457,749
141,698
179,034
239,551
297,703
406,132
489,403
607,226
714,654
837,052
989,490
975,195
1,258,418
1,602,044
1,749,809
3,588,355
4,102,131
4,479,439
4,937,541
5,294,033
5,752,251
6,232,841
7,003,516
8,221,338
9,348,658
9,911,909
16,758,951
18,892,636
19,461,590
21,929,414
23,023,050
21,551,023
22,642,887
23,409,144
23,426,010
22,874,618
24,722,136
25,313,000
26,199,000
26,578,000
26,798,000
28,191,000
28,469,000
28,507,000
28,896,000
29,340,000
31,116,000
30,632,000
30,855,000
33,302,000
36,440,000
37,598,000
38,409,000
39,446,000
43,009,000

43,009,000

39,446,000

38,409,000

37,598,000

36,440,000

33,302,000

30,855,000

30,632,000

31,116,000

29,340,000

28,896,000

28,507,000

28,469,000

28,191,000

26,798,000

26,578,000

26,199,000

25,313,000

24,722,136

22,874,618

23,426,010

23,409,144

22,642,887

21,551,023

23,023,050

21,929,414

19,461,590

18,892,636

16,758,951

9,911,909

9,348,658

8,221,338

7,003,516

6,232,841

5,752,251

5,294,033

4,937,541

4,479,439

4,102,131

3,588,355

1,749,809

1,602,044

1,258,418

975,195

989,490

837,052

714,654

607,226

489,403

406,132

297,703

239,551

179,034

141,698

457,749

101,141

383,947

386,561

95,987

251,413

62,853

38,171

> Total Current Liabilities

12,824
21,984
21,984
87,935
87,935
14,372
60,999
60,999
57,489
59,105
68,634
69,328
85,565
112,976
138,736
154,181
191,339
216,930
251,038
334,254
343,180
475,629
451,068
517,247
575,374
702,458
833,002
1,070,989
1,304,417
1,335,575
1,457,586
1,553,845
1,622,315
1,843,371
2,352,924
2,991,666
5,827,005
6,245,439
6,546,355
6,468,940
7,636,147
8,650,359
9,141,362
9,775,324
9,992,136
9,242,800
9,588,773
10,146,000
10,667,000
11,986,000
12,270,000
13,302,000
14,248,000
14,877,000
16,371,000
18,051,000
19,705,000
21,455,000
21,821,000
24,611,000
26,709,000
27,436,000
27,592,000
26,640,000
28,748,000

28,748,000

26,640,000

27,592,000

27,436,000

26,709,000

24,611,000

21,821,000

21,455,000

19,705,000

18,051,000

16,371,000

14,877,000

14,248,000

13,302,000

12,270,000

11,986,000

10,667,000

10,146,000

9,588,773

9,242,800

9,992,136

9,775,324

9,141,362

8,650,359

7,636,147

6,468,940

6,546,355

6,245,439

5,827,005

2,991,666

2,352,924

1,843,371

1,622,315

1,553,845

1,457,586

1,335,575

1,304,417

1,070,989

833,002

702,458

575,374

517,247

451,068

475,629

343,180

334,254

251,038

216,930

191,339

154,181

138,736

112,976

85,565

69,328

68,634

59,105

57,489

60,999

14,372

87,935

21,984

12,824

Short-term Debt

0
0
0
0
341
0
0
243
290
293
296
291
279
275
287
388
8,983
21,864
38,098
54,029
55,206
56,293
5,695
588,473
7,904
598,272
603,412
607,218
632,128
630,332
638,275
651,809
633,166
635,285
626,826
260,771
1,150,147
1,003,311
816,533
424,224
858,026
1,998,030
2,103,185
2,106,538
2,567,699
1,705,711
1,791,085
2,030,000
1,785,000
3,499,000
3,679,000
3,425,000
2,132,000
2,128,000
1,855,000
1,716,000
1,589,000
2,058,000
1,945,000
1,883,000
1,502,000
1,404,000
1,459,000
1,967,000
2,373,000

2,373,000

1,967,000

1,459,000

1,404,000

1,502,000

1,883,000

1,945,000

2,058,000

1,589,000

1,716,000

1,855,000

2,128,000

2,132,000

3,425,000

3,679,000

3,499,000

1,785,000

2,030,000

1,791,085

1,705,711

2,567,699

2,106,538

2,103,185

1,998,030

858,026

424,224

816,533

1,003,311

1,150,147

260,771

626,826

635,285

633,166

651,809

638,275

630,332

632,128

607,218

603,412

598,272

7,904

588,473

5,695

56,293

55,206

54,029

38,098

21,864

8,983

388

287

275

279

291

296

293

290

243

341

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
669,295
0
0
0
675,212
635,285
626,826
260,771
1,210,962
1,003,311
9,557,406
424,581
963,932
1,998,032
2,103,185
2,106,538
2,283,746
1,705,711
1,791,085
2,030,000
1,785,000
2,851,000
3,317,000
2,766,000
2,132,000
1,415,000
1,082,000
1,716,000
1,088,000
1,168,000
1,057,000
979,000
1,016,000
1,404,000
1,459,000
1,967,000
1,975,000

1,975,000

1,967,000

1,459,000

1,404,000

1,016,000

979,000

1,057,000

1,168,000

1,088,000

1,716,000

1,082,000

1,415,000

2,132,000

2,766,000

3,317,000

2,851,000

1,785,000

2,030,000

1,791,085

1,705,711

2,283,746

2,106,538

2,103,185

1,998,032

963,932

424,581

9,557,406

1,003,311

1,210,962

260,771

626,826

635,285

675,212

669,295

Accounts payable

1,342
3,546
3,546
0
14,184
3,772
0
17,357
15,086
18,190
25,634
26,990
28,951
49,660
57,199
53,627
56,141
64,333
78,601
162,025
343,180
344,915
317,352
376,970
412,221
504,452
604,985
843,933
1,046,830
1,086,099
1,184,738
1,284,300
1,338,945
1,452,008
1,673,090
2,301,302
1,860,341
2,075,333
2,359,316
2,385,778
2,390,250
2,603,498
3,030,493
3,596,984
3,404,451
3,248,827
3,133,587
3,468,000
3,771,000
3,970,000
3,638,000
4,958,000
6,051,000
6,648,000
7,558,000
8,260,000
10,025,000
11,171,000
11,212,000
13,897,000
15,255,000
15,904,000
15,273,000
13,937,000
14,431,000

14,431,000

13,937,000

15,273,000

15,904,000

15,255,000

13,897,000

11,212,000

11,171,000

10,025,000

8,260,000

7,558,000

6,648,000

6,051,000

4,958,000

3,638,000

3,970,000

3,771,000

3,468,000

3,133,587

3,248,827

3,404,451

3,596,984

3,030,493

2,603,498

2,390,250

2,385,778

2,359,316

2,075,333

1,860,341

2,301,302

1,673,090

1,452,008

1,338,945

1,284,300

1,184,738

1,086,099

1,046,830

843,933

604,985

504,452

412,221

376,970

317,352

344,915

343,180

162,025

78,601

64,333

56,141

53,627

57,199

49,660

28,951

26,990

25,634

18,190

15,086

17,357

3,772

14,184

3,546

1,342

Other Current Liabilities

11,482
17,420
17,420
0
69,337
10,257
0
40,028
40,736
33,911
34,605
38,570
51,700
19,809
24,993
97,900
123,870
125,067
128,962
112,819
-195,928
-56,293
-5,695
-588,473
-7,904
-598,272
-603,412
-607,218
-632,128
-630,332
-638,275
-651,809
-633,166
-635,285
-626,826
-260,771
1,389,532
1,708,903
1,853,568
2,021,120
2,518,699
2,527,543
2,489,234
2,595,044
2,597,093
2,757,176
3,149,701
2,938,000
3,222,000
2,543,000
3,110,000
2,953,000
3,855,000
3,764,000
4,453,000
5,443,000
5,719,000
5,507,000
5,624,000
5,820,000
7,142,000
7,321,000
7,658,000
7,636,000
9,080,000

9,080,000

7,636,000

7,658,000

7,321,000

7,142,000

5,820,000

5,624,000

5,507,000

5,719,000

5,443,000

4,453,000

3,764,000

3,855,000

2,953,000

3,110,000

2,543,000

3,222,000

2,938,000

3,149,701

2,757,176

2,597,093

2,595,044

2,489,234

2,527,543

2,518,699

2,021,120

1,853,568

1,708,903

1,389,532

-260,771

-626,826

-635,285

-633,166

-651,809

-638,275

-630,332

-632,128

-607,218

-603,412

-598,272

-7,904

-588,473

-5,695

-56,293

-195,928

112,819

128,962

125,067

123,870

97,900

24,993

19,809

51,700

38,570

34,605

33,911

40,736

40,028

10,257

69,337

17,420

11,482

> Long-term Liabilities

25,347
40,870
40,870
163,478
163,478
81,615
325,562
325,562
326,458
42,036
389,115
72,370
93,469
126,575
158,967
251,951
298,064
390,296
463,616
502,798
646,310
499,566
807,350
1,084,797
1,174,435
2,885,897
3,269,129
3,408,450
3,633,124
3,958,458
4,294,665
4,678,996
5,381,201
6,377,967
6,995,734
6,920,243
10,931,946
12,647,197
12,915,235
15,460,474
15,386,903
12,900,664
13,501,525
13,633,820
13,433,874
13,631,818
15,133,363
15,167,000
15,532,000
14,592,000
14,528,000
14,889,000
14,221,000
13,630,000
12,525,000
11,289,000
11,411,000
9,177,000
9,034,000
8,691,000
9,731,000
10,162,000
10,817,000
12,806,000
14,261,000

14,261,000

12,806,000

10,817,000

10,162,000

9,731,000

8,691,000

9,034,000

9,177,000

11,411,000

11,289,000

12,525,000

13,630,000

14,221,000

14,889,000

14,528,000

14,592,000

15,532,000

15,167,000

15,133,363

13,631,818

13,433,874

13,633,820

13,501,525

12,900,664

15,386,903

15,460,474

12,915,235

12,647,197

10,931,946

6,920,243

6,995,734

6,377,967

5,381,201

4,678,996

4,294,665

3,958,458

3,633,124

3,408,450

3,269,129

2,885,897

1,174,435

1,084,797

807,350

499,566

646,310

502,798

463,616

390,296

298,064

251,951

158,967

126,575

93,469

72,370

389,115

42,036

326,458

325,562

81,615

163,478

40,870

25,347

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
134,536
225,661
271,165
344,044
400,875
420,485
411,460
399,245
587,989
593,431
598,974
1,532,539
1,781,123
1,799,441
1,818,785
1,899,937
1,999,343
1,981,394
2,040,375
2,484,329
2,620,002
2,443,420
5,860,049
7,148,416
7,122,862
9,581,616
9,415,700
8,761,070
9,510,696
9,669,879
9,403,672
9,787,950
11,234,401
11,313,000
11,634,000
10,726,000
0
0
9,607,000
9,053,000
7,871,000
6,438,000
5,245,000
3,153,000
2,898,000
2,096,000
1,597,000
1,272,000
872,000
2,426,000
0

2,426,000

872,000

1,272,000

1,597,000

2,096,000

2,898,000

3,153,000

5,245,000

6,438,000

7,871,000

9,053,000

9,607,000

10,726,000

11,634,000

11,313,000

11,234,401

9,787,950

9,403,672

9,669,879

9,510,696

8,761,070

9,415,700

9,581,616

7,122,862

7,148,416

5,860,049

2,443,420

2,620,002

2,484,329

2,040,375

1,981,394

1,999,343

1,899,937

1,818,785

1,799,441

1,781,123

1,532,539

598,974

593,431

587,989

399,245

411,460

420,485

400,875

344,044

271,165

225,661

134,536

Warrants

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
77,498
0
69,942
66,083
62,161
58,196
54,277
50,273
46,181
42,045
42,626
37,146
11,270
375,823
371,579
369,065
403,300
397,804
405,837
539,536
551,264
555,964
570,284
580,227
600,000
0
692,000
657,000
656,000
655,000
601,000
605,000
605,000
568,000
459,000
421,000
421,000
0
407,000
0
0
0

407,000

421,000

459,000

568,000

605,000

601,000

655,000

656,000

657,000

692,000

600,000

580,227

570,284

555,964

551,264

539,536

405,837

397,804

403,300

369,065

371,579

375,823

11,270

37,146

42,626

42,045

46,181

50,273

54,277

58,196

62,161

66,083

69,942

77,498

Other Liabilities

0
0
0
0
6,884
0
0
0
6,433
15,648
23,832
15,247
21,145
23,670
24,431
26,290
26,899
27,460
27,253
30,761
38,922
40,327
183,884
344,156
468,855
567,172
654,628
752,277
953,394
1,147,438
1,318,247
1,651,495
2,104,822
2,506,683
2,925,106
3,374,829
4,869,302
5,392,532
5,698,054
5,803,642
5,862,062
4,079,624
2,283,763
2,285,172
2,317,802
2,797,416
2,823,616
2,784,000
2,905,000
2,891,000
3,010,000
3,151,000
4,614,000
3,247,000
3,210,000
4,851,000
5,598,000
4,210,000
4,314,000
4,700,000
5,970,000
6,501,000
7,014,000
10,380,000
0

10,380,000

7,014,000

6,501,000

5,970,000

4,700,000

4,314,000

4,210,000

5,598,000

4,851,000

3,210,000

3,247,000

4,614,000

3,151,000

3,010,000

2,891,000

2,905,000

2,784,000

2,823,616

2,797,416

2,317,802

2,285,172

2,283,763

4,079,624

5,862,062

5,803,642

5,698,054

5,392,532

4,869,302

3,374,829

2,925,106

2,506,683

2,104,822

1,651,495

1,318,247

1,147,438

953,394

752,277

654,628

567,172

468,855

344,156

183,884

40,327

38,922

30,761

27,253

27,460

26,899

26,290

24,431

23,670

21,145

15,247

23,832

15,648

6,433

6,884

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,074
11,725
11,984
11,755
11,139
12,211
13,752
5,323
68,293
131,298
181,180
210,817
234,980
254,321
292,271
312,850
334,628
362,261
446,105
496,997
533,253
581,202
851,790
955,078
1,035,579
1,082,870
1,177,799
818,250
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

818,250

1,177,799

1,082,870

1,035,579

955,078

851,790

581,202

533,253

496,997

446,105

362,261

334,628

312,850

292,271

254,321

234,980

210,817

181,180

131,298

68,293

5,323

13,752

12,211

11,139

11,755

11,984

11,725

11,074

> Total Stockholder Equity

-29,462
-49,929
-49,929
0
-199,714
-63,381
0
-230,645
-253,523
44,179
-309,775
219,923
207,048
167,738
348,452
294,118
224,045
153,874
62,215
-27,875
124,700
168,583
629,426
564,165
667,121
912,055
952,333
958,094
911,710
825,997
715,934
1,314,656
1,088,944
970,364
2,520,294
2,680,488
4,752,911
4,987,719
5,105,752
4,711,480
4,237,242
4,450,695
3,906,421
4,508,838
4,923,243
4,605,596
5,715,393
6,040,000
6,618,000
9,173,000
9,855,000
16,031,000
22,225,000
23,017,000
24,804,000
27,053,000
30,189,000
34,085,000
36,376,000
39,851,000
44,704,000
48,054,000
51,130,000
53,466,000
62,634,000

62,634,000

53,466,000

51,130,000

48,054,000

44,704,000

39,851,000

36,376,000

34,085,000

30,189,000

27,053,000

24,804,000

23,017,000

22,225,000

16,031,000

9,855,000

9,173,000

6,618,000

6,040,000

5,715,393

4,605,596

4,923,243

4,508,838

3,906,421

4,450,695

4,237,242

4,711,480

5,105,752

4,987,719

4,752,911

2,680,488

2,520,294

970,364

1,088,944

1,314,656

715,934

825,997

911,710

958,094

952,333

912,055

667,121

564,165

629,426

168,583

124,700

-27,875

62,215

153,874

224,045

294,118

348,452

167,738

207,048

219,923

-309,775

44,179

-253,523

-230,645

-63,381

-199,714

-49,929

-29,462

Common Stock

5
5
5
0
21
2
0
21
7
78
8
93
95
96
104
104
104
105
105
106
115
115
121
123
123
124
125
125
126
126
127
131
131
134
148
150
161
161
163
168
169
170
170
171
173
174
179
180
181
185
186
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
3,000
3,000
3,000
3,000
3,000
3,000

3,000

1,000

186

185

181

180

179

174

173

171

170

169

168

163

161

150

148

134

131

127

126

125

124

123

121

115

106

105

104

Retained Earnings

-30,533
-51,229
-51,229
-204,914
-204,914
-65,164
-236,412
-236,412
-260,654
-290,173
-328,689
-363,624
-414,982
-463,922
-522,826
-587,903
-669,392
-759,265
-864,871
-975,674
-1,065,606
-1,054,357
-1,084,858
-1,123,355
-1,139,620
-1,189,420
-1,251,327
-1,326,041
-1,433,682
-1,587,841
-1,772,068
-2,001,926
-2,322,323
-2,604,590
-2,897,778
-2,875,900
-2,997,237
-3,343,187
-3,679,584
-4,298,960
-4,974,299
-5,051,292
-5,768,831
-5,457,315
-5,317,832
-5,923,305
-6,331,639
-6,188,000
-6,083,000
-6,104,000
-6,000,000
-5,669,000
-5,399,000
-4,750,000
-3,608,000
-1,990,000
331,000
3,649,000
5,908,000
9,198,000
12,885,000
15,398,000
18,101,000
19,954,000
27,882,000

27,882,000

19,954,000

18,101,000

15,398,000

12,885,000

9,198,000

5,908,000

3,649,000

331,000

-1,990,000

-3,608,000

-4,750,000

-5,399,000

-5,669,000

-6,000,000

-6,104,000

-6,083,000

-6,188,000

-6,331,639

-5,923,305

-5,317,832

-5,457,315

-5,768,831

-5,051,292

-4,974,299

-4,298,960

-3,679,584

-3,343,187

-2,997,237

-2,875,900

-2,897,778

-2,604,590

-2,322,323

-2,001,926

-1,772,068

-1,587,841

-1,433,682

-1,326,041

-1,251,327

-1,189,420

-1,139,620

-1,123,355

-1,084,858

-1,054,357

-1,065,606

-975,674

-864,871

-759,265

-669,392

-587,903

-522,826

-463,922

-414,982

-363,624

-328,689

-290,173

-260,654

-236,412

-65,164

-204,914

-51,229

-30,533

Accumulated Other Comprehensive Income

-800
-1,707
-1,707
-6,826
-6,826
-3,183
-11,139
-11,139
-12,730
-14,689
-17,211
-361,621
-21,993
-24,818
-24,619
-24
-3
-6
-38,381
-45,350
-57,543
-74,933
-94,965
-116,382
-140,142
-169,335
-204,690
-243,447
-292,590
-15,965
-14,804
-23,985
-3,556
13,565
34,193
25,310
-23,740
-20,769
10,961
21,250
33,348
82,921
18,545
8,271
-8,218
-35,019
-5,605
-120,000
-36,000
-113,000
-40,000
125,000
363,000
143,000
206,000
120,000
54,000
-50,000
-477,000
-942,000
-361,000
-225,000
-410,000
-692,000
-143,000

-143,000

-692,000

-410,000

-225,000

-361,000

-942,000

-477,000

-50,000

54,000

120,000

206,000

143,000

363,000

125,000

-40,000

-113,000

-36,000

-120,000

-5,605

-35,019

-8,218

8,271

18,545

82,921

33,348

21,250

10,961

-20,769

-23,740

25,310

34,193

13,565

-3,556

-23,985

-14,804

-15,965

-292,590

-243,447

-204,690

-169,335

-140,142

-116,382

-94,965

-74,933

-57,543

-45,350

-38,381

-6

-3

-24

-24,619

-24,818

-21,993

-361,621

-17,211

-14,689

-12,730

-11,139

-3,183

-6,826

-1,707

-800

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
871,174
881,941
893,336
913,040
926,981
947,693
1,190,191
1,222,825
1,714,163
1,687,397
1,806,617
2,101,352
2,203,535
2,284,010
2,345,266
2,429,677
2,502,679
3,340,436
3,414,692
3,561,256
5,383,731
5,530,928
7,773,727
8,351,514
8,774,212
8,989,022
9,178,024
9,418,896
9,656,537
9,957,711
10,249,120
10,563,746
12,052,458
12,348,000
12,736,819
15,390,000
15,895,000
21,574,000
27,260,000
27,623,000
28,205,000
28,922,000
29,803,000
30,485,000
30,944,000
31,592,000
32,177,000
32,878,000
33,436,000
34,201,000
0

34,201,000

33,436,000

32,878,000

32,177,000

31,592,000

30,944,000

30,485,000

29,803,000

28,922,000

28,205,000

27,623,000

27,260,000

21,574,000

15,895,000

15,390,000

12,736,819

12,348,000

12,052,458

10,563,746

10,249,120

9,957,711

9,656,537

9,418,896

9,178,024

8,989,022

8,774,212

8,351,514

7,773,727

5,530,928

5,383,731

3,561,256

3,414,692

3,340,436

2,502,679

2,429,677

2,345,266

2,284,010

2,203,535

2,101,352

1,806,617

1,687,397

1,714,163

1,222,825

1,190,191

947,693

926,981

913,040

893,336

881,941

871,174

Treasury Stock

Other Stockholders Equity

1,867
3,001
3,001
0
5,179
4,964
0
5,746
7,124
334,274
36,117
583,454
621,935
631,564
871,174
881,941
893,336
913,040
926,981
947,693
1,190,191
1,222,825
1,714,163
1,687,397
1,806,618
2,101,351
2,203,535
2,284,010
2,345,266
2,429,677
2,502,679
3,340,436
3,414,692
3,561,256
5,383,731
5,530,928
7,773,727
8,351,514
8,774,212
8,989,022
9,178,024
9,418,896
9,656,537
9,957,711
10,249,120
10,563,746
12,052,458
12,348,000
12,737,000
15,390,000
15,895,000
21,574,000
27,260,000
27,623,000
28,205,000
28,922,000
29,803,000
30,485,000
30,944,000
31,592,000
32,177,000
32,878,000
33,436,000
34,201,000
34,892,000

34,892,000

34,201,000

33,436,000

32,878,000

32,177,000

31,592,000

30,944,000

30,485,000

29,803,000

28,922,000

28,205,000

27,623,000

27,260,000

21,574,000

15,895,000

15,390,000

12,737,000

12,348,000

12,052,458

10,563,746

10,249,120

9,957,711

9,656,537

9,418,896

9,178,024

8,989,022

8,774,212

8,351,514

7,773,727

5,530,928

5,383,731

3,561,256

3,414,692

3,340,436

2,502,679

2,429,677

2,345,266

2,284,010

2,203,535

2,101,351

1,806,618

1,687,397

1,714,163

1,222,825

1,190,191

947,693

926,981

913,040

893,336

881,941

871,174

631,564

621,935

583,454

36,117

334,274

7,124

5,746

4,964

5,179

3,001

1,867

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Accounts Payable	14,431,000	15,255,000	10,025,000	6,051,000	3,771,000	3,404,451	2,390,250	1,860,341	1,338,945	1,046,830	412,221	343,180	56,141	28,951	15,086	14,184	5,369
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-143,000	-361,000	54,000	363,000	-36,000	-8,218	33,348	-23,740	-3,556	-292,590	-140,142	-57,543	-3	-21,993	-12,730	-6,826	-3,198
Additional Paid In Capital	0	0	0	0	0	0	9,178,024	7,773,727	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	4,916,000	3,703,000	3,531,000	1,540,000	1,050,000	1,855,900	1,801,010	1,459,684	0	12,267	0	9,965	2,830	0	0	0	0
Capital Stock	3,000	3,000	1,000	1,000	0	173	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	32,177,000	29,803,000	27,260,000	12,736,819	10,249,120	9,178,024	7,773,727	3,414,692	2,345,266	0	1,190,191	893,336	0	0	0	0
Cash	16,398,000	16,253,000	17,576,000	19,384,000	6,268,000	3,685,618	3,367,914	3,393,216	1,174,280	1,887,766	845,889	201,890	255,266	99,558	69,627	9,277	17,211
Cash And Equivalents	0	16,253,000	17,576,000	19,384,000	6,268,000	3,685,618	3,367,914	3,393,216	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	29,094,000	22,185,000	17,707,000	19,384,000	6,268,000	3,685,618	3,367,914	3,393,216	1,196,908	1,905,713	845,889	201,890	280,327	99,558	69,627	9,277	17,211
Common Stock	3,000	3,000	1,000	1,000	1,000	173	169	161	131	126	123	115	104	95	7	21	18
Common Stock Shares Outstanding	3,485,000	3,475,000	3,100,523	3,249,000	2,661,000	2,557,875	2,486,370	2,163,180	1,923,030	1,868,085	1,791,315	1,610,238	1,505,832	1,427,810	2,044,950	2,044,950	2,044,950
Common Stock Total Equity	0	0	1,000	1,000	0	173	169	161	131	126	123	115	104	95	7	21	18
Current Deferred Revenue	2,864,000	2,810,000	2,372,000	2,210,000	1,889,000	1,422,893	1,869,172	1,426,985	283,370	257,587	163,153	140,722	2,345	4,635	1,377	4,073	8,512
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	1,177,799	851,790	446,105	292,271	181,180	13,752	11,984	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	253,000	194,000	200,000	207,000	198,000	68,159	60,237	0	0	0	0	0	0	0	0	0	0
Intangible Assets	178,000	593,000	1,517,000	313,000	339,000	282,492	361,502	376,145	12,816	0	13,930	14,267	14,508	14,508	0	0	0
Inventory	13,626,000	12,839,000	5,757,000	4,101,000	3,552,000	3,113,446	2,263,537	2,067,454	1,277,838	953,675	340,355	268,504	50,082	45,182	23,222	16,650	2,108
Liabilities And Stockholders Equity	106,618,000	82,338,000	61,305,000	52,148,000	34,309,000	29,739,614	28,655,372	22,664,076	8,092,460	5,849,251	2,416,930	1,114,190	713,448	386,082	130,424	51,699	34,837
Long Term Debt	2,682,000	1,029,000	4,254,000	9,607,000	11,634,000	9,403,672	9,418,389	5,978,284	2,068,378	1,806,518	598,974	401,495	268,335	72,324	800	55,416	0
Long Term Debt Total	0	1,597,000	5,245,000	9,607,000	11,634,000	9,403,672	9,415,700	5,860,049	2,040,375	1,818,785	0	411,460	271,165	0	0	0	0
Long Term Investments	0	0	0	0	1,000	421,548	456,652	506,302	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	-11,168,000	-13,154,000	-8,703,000	-7,645,000	7,151,000	8,285,753	6,947,024	3,735,215	1,518,677	582,366	-239,011	264,777	24,882	-27,451	-68,537	46,480	-17,113
Net Invested Capital	67,291,000	46,749,000	35,531,000	33,964,000	20,037,000	16,894,614	14,552,180	0	0	0	0	0	0	0	0	0	0
Net Receivables	3,697,000	2,952,000	1,913,000	1,886,000	1,324,000	949,022	515,381	499,142	168,965	226,604	49,109	26,842	9,539	6,710	3,488	3,320	59
Net Tangible Assets	0	44,295,000	29,732,000	22,360,000	6,081,000	4,573,000	3,815,503	4,376,766	1,130,989	969,906	0	124,700	224,045	0	0	0	0
Net Working Capital	20,868,000	14,208,000	7,395,000	12,469,000	1,436,000	-1,685,828	-1,104,150	432,791	1,169,253	1,894,240	690,565	181,588	181,499	150,321	43,070	-56,508	-28,988
Non Current Assets Total	45,554,000	41,421,000	35,031,000	25,431,000	22,206,000	21,433,306	22,084,852	16,404,280	5,300,892	2,650,594	1,150,991	589,422	340,610	150,196	29,865	20,272	12,529
Non Current Liabilities Other	876,000	553,000	10,843,000	14,170,000	408,000	636,409	2,695,386	2,507,395	1,658,717	661,123	0	25,170	14,915	0	0	0	0
Non Current Liabilities Total	14,261,000	9,731,000	11,411,000	14,221,000	15,532,000	13,433,874	15,386,903	10,931,946	5,381,201	3,633,124	1,174,435	646,310	298,064	93,469	326,458	163,478	101,387
Non Currrent Assets Other	4,715,000	4,193,000	2,138,000	1,536,000	1,470,000	1,391,424	1,171,497	991,218	106,155	54,583	16,142	12,855	30,439	27,597	6,330	1,479	531
Noncontrolling Interest In Consolidated Entity	0	0	826,000	850,000	0	834,397	997,346	785,175	0	0	0	0	0	0	0	0	0
Other Assets	11,448,000	4,193,000	3,398,000	12,164,000	1,469,000	1,380,000	1,166,193	991,218	91,196	54,583	16,142	1	15,931	13,089	6,330	1,479	0
Other Current Assets	3,199,000	2,941,000	1,723,000	1,346,000	959,000	558,222	423,688	299,984	147,857	112,665	30,586	27,532	32,890	84,436	4,222	2,180	2,930
Other Current Liab	9,080,000	7,142,000	5,719,000	3,855,000	3,222,000	2,597,093	2,518,699	1,389,532	-633,166	-632,128	-7,904	-195,928	123,870	51,700	40,736	69,337	37,335
Other Liab	0	5,970,000	5,598,000	4,614,000	2,969,000	2,318,000	4,196,294	3,546,009	1,903,433	953,394	468,855	38,922	26,899	21,145	6,433	6,884	0
Other Stockholder Equity	34,892,000	32,177,000	29,803,000	27,260,000	12,736,000	10,249,120	9,178,024	7,773,727	3,414,692	2,345,266	1,806,618	1,190,191	893,336	643,928	7,124	5,179	4,268
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	70	8,784	42,045	58,196	0	0	0	0	319,225	101,178	0
Property Plant And Equipment Gross	58,823,000	36,635,000	31,176,000	23,375,000	20,199,000	19,691,231	20,491,616	15,036,917	5,194,737	2,596,011	1,120,919	562,300	310,171	122,599	23,535	18,793	11,998
Property Plant And Equipment Net	45,123,000	36,635,000	31,176,000	23,375,000	20,199,000	19,691,231	20,491,616	15,036,917	5,194,737	2,596,011	1,120,919	562,300	310,171	122,599	23,535	18,793	11,998
Property Plant Equipment	0	36,635,000	31,176,000	12,747,000	20,199,000	19,691,000	20,491,616	15,036,917	3,403,334	1,829,267	1,120,919	552,229	298,414	122,599	23,535	18,793	0
Retained Earnings	27,882,000	12,885,000	331,000	-5,399,000	-6,083,000	-5,317,832	-4,974,299	-2,997,237	-2,322,323	-1,433,682	-1,139,620	-1,065,606	-669,392	-414,982	-260,654	-204,914	-122,132
Retained Earnings Total Equity	0	0	331,000	-5,399,000	0	-5,317,832	-4,974,299	-2,997,237	-2,322,323	-1,433,682	0	-1,065,606	-669,392	0	0	0	0
Short Long Term Debt	1,975,000	1,016,000	1,088,000	2,132,000	1,785,000	2,567,699	896,549	1,150,147	675,212	669,295	0	0	0	0	0	0	0
Short Long Term Debt Total	5,230,000	3,099,000	8,873,000	11,739,000	13,419,000	11,971,371	10,314,938	7,128,431	2,715,585	2,488,079	606,878	466,667	280,148	72,107	1,090	55,757	98
Short Term Debt	2,373,000	1,502,000	1,589,000	2,132,000	1,785,000	2,567,699	858,026	1,150,147	633,166	632,128	7,904	55,206	8,983	279	290	341	80
Short Term Investments	12,696,000	5,932,000	131,000	0	0	192,551	155,323	105,519	22,628	17,947	3,012	19,094	25,061	73,597	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	106,618,000	82,338,000	62,131,000	52,148,000	34,309,000	29,739,614	28,655,372	22,664,076	8,092,460	5,849,251	2,416,930	1,114,190	713,448	386,082	130,424	51,699	34,837
Total Current Assets	49,616,000	40,917,000	27,100,000	26,717,000	12,103,000	8,306,308	6,570,520	6,259,796	2,791,568	3,198,657	1,265,939	524,768	372,838	235,886	100,559	31,427	22,308
Total Current Liabilities	28,748,000	26,709,000	19,705,000	14,248,000	10,667,000	9,992,136	7,636,147	5,827,005	1,622,315	1,304,417	575,374	343,180	191,339	85,565	57,489	87,935	51,296
Total Liab	43,009,000	36,440,000	31,116,000	28,469,000	26,199,000	23,426,010	23,023,050	16,758,951	7,003,516	4,937,541	1,749,809	989,490	489,403	179,034	383,947	251,413	152,683
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	62,634,000	44,704,000	30,189,000	22,225,000	6,618,000	4,923,243	4,237,242	4,752,911	1,088,944	911,710	667,121	124,700	224,045	207,048	-253,523	-199,714	-117,846
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	568,000	655,000	0	555,964	397,804	375,823	42,045	58,196	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-03-31	2007-12-31	2007-03-31
Accounts Payable	14,431,000	13,937,000	15,273,000	15,904,000	15,255,000	13,897,000	11,212,000	11,171,000	10,025,000	8,260,000	7,558,000	6,648,000	6,051,000	4,958,000	3,638,000	3,970,000	3,771,000	3,468,000	3,133,587	3,248,827	3,404,451	3,596,984	3,030,493	2,603,498	2,390,250	2,385,778	2,359,316	2,075,333	1,860,341	2,301,302	1,673,090	1,452,008	1,338,945	1,284,300	1,184,738	1,086,099	1,046,830	843,933	604,985	504,452	412,221	376,970	317,352	344,915	343,180	162,025	78,601	64,333	56,141	53,627	57,199	49,660	28,951	26,990	25,634	18,190	15,086	17,357	0	3,772	14,184	0	3,546	3,546	1,342
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-143,000	-692,000	-410,000	-225,000	-361,000	-942,000	-477,000	-50,000	54,000	120,000	206,000	143,000	363,000	125,000	-40,000	-113,000	-36,000	-120,000	-5,605	-35,019	-8,218	8,271	18,545	82,921	33,348	21,250	10,961	-20,769	-23,740	25,310	34,193	13,565	-3,556	-23,985	-14,804	-15,965	-292,590	-243,447	-204,690	-169,335	-140,142	-116,382	-94,965	-74,933	-57,543	-45,350	-38,381	-6	-3	-24	-24,619	-24,818	-21,993	-361,621	-17,211	-14,689	-12,730	-11,139	-11,139	-3,183	-6,826	-6,826	-1,707	-1,707	-800
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,178,024	0	0	0	7,773,727	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	4,916,000	4,483,000	4,292,000	3,822,000	3,703,000	3,477,000	3,513,000	3,604,000	3,531,000	3,480,000	3,173,000	3,077,000	1,540,000	2,921,000	2,869,000	2,810,000	1,050,000	1,070,000	1,075,346	1,000,886	0	0	0	0	0	0	0	0	0	0	0	0	0	15,033	11,254	11,265	12,267	12,806	14,099	12,572	12,855	10,931	9,249	10,460	9,965	6,278	4,720	3,721	2,830	661	359	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	3,000	3,000	3,000	3,000	3,000	3,000	1,000	1,000	1,000	1,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	34,201,000	33,436,000	32,878,000	32,177,000	31,592,000	30,944,000	30,485,000	29,803,000	28,922,000	28,205,000	27,623,000	27,260,000	21,574,000	15,895,000	15,390,000	12,736,819	12,348,000	12,052,458	10,563,746	10,249,120	9,957,711	9,656,537	9,418,896	9,178,024	8,989,022	8,774,212	8,351,514	7,773,727	5,530,928	5,383,731	3,561,256	3,414,692	3,340,436	2,502,679	2,429,677	2,345,266	2,284,010	2,203,535	2,101,352	1,806,617	1,687,397	1,714,163	1,222,825	1,190,191	947,693	926,981	913,040	893,336	881,941	871,174	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	16,398,000	15,932,000	15,296,000	16,048,000	16,253,000	19,532,000	18,324,000	17,505,000	17,576,000	16,065,000	16,229,000	17,141,000	19,384,000	14,531,000	8,615,000	8,080,000	6,268,000	5,338,000	4,954,740	2,198,169	3,685,618	2,967,504	2,236,424	2,665,673	3,367,914	3,530,030	3,035,924	4,006,593	3,393,216	3,060,546	3,221,776	1,417,809	1,174,280	1,400,813	1,130,082	1,489,383	1,887,766	2,353,404	2,663,196	2,393,908	845,889	795,116	746,057	214,417	201,890	85,693	210,554	218,570	255,266	213,328	319,380	100,655	99,558	96,563	47,304	61,546	69,627	106,547	106,547	17,407	9,277	9,277	2,319	2,319	4,303
Cash And Equivalents	0	26,077,000	23,075,000	22,402,000	16,253,000	21,107,000	18,324,000	17,505,000	17,576,000	16,065,000	16,229,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	29,094,000	26,077,000	23,075,000	22,402,000	22,185,000	21,107,000	18,915,000	18,013,000	17,707,000	16,095,000	16,229,000	17,141,000	19,384,000	14,531,000	8,615,000	8,080,000	6,268,000	5,338,000	4,954,740	2,198,169	3,685,618	2,967,504	2,236,424	2,665,673	3,367,914	3,530,030	3,035,924	4,006,593	3,393,216	3,084,257	3,246,301	1,441,789	1,196,908	1,426,036	1,150,673	1,510,076	1,905,713	2,370,735	2,674,910	2,583,019	845,889	795,116	746,057	214,417	201,890	85,693	210,554	243,579	280,327	278,388	319,380	100,655	99,558	96,563	47,304	61,546	69,627	106,547	0	17,407	9,277	0	2,319	2,319	4,303
Common Stock	3,000	3,000	3,000	3,000	3,000	3,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	186	185	181	180	179	174	173	171	170	170	169	168	163	161	161	150	148	134	131	131	127	126	126	125	125	124	123	123	121	115	115	106	105	105	104	104	104	96	95	93	8	78	7	21	0	2	21	0	5	5	5
Common Stock Shares Outstanding	3,492,000	3,493,000	3,478,000	3,468,000	3,471,000	3,468,000	3,465,000	3,471,000	3,100,523	3,369,000	3,357,000	3,399,000	3,372,000	3,315,000	3,108,000	2,982,000	2,805,000	2,766,000	2,655,000	2,595,000	2,685,390	2,670,000	2,549,955	2,537,190	2,524,710	2,509,410	2,478,180	2,431,935	2,325,360	2,354,025	2,099,745	1,990,140	1,966,500	1,935,090	1,900,335	1,889,205	1,882,455	1,873,665	1,863,756	1,852,092	1,842,030	1,827,937	1,772,904	1,863,979	1,706,445	1,583,342	1,578,637	1,571,765	1,571,760	1,561,152	1,466,359	1,427,810	1,427,810	1,384,061	1,169,607	1,396,641	1,169,607	2,099,745	2,099,745	2,099,745	1,169,607	699,915	2,044,950	2,044,950	2,044,950
Common Stock Total Equity	0	0	0	3,000	0	3,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	0	0	0	0	179	174	173	171	170	170	169	168	163	161	161	150	148	134	131	131	127	126	126	125	125	124	123	123	121	115	115	106	105	105	104	104	104	96	95	93	8	78	7	21	21	0	21	21	0	0	0
Current Deferred Revenue	2,864,000	3,100,000	3,202,000	2,807,000	2,810,000	3,011,000	3,040,000	2,719,000	2,372,000	2,632,000	2,505,000	2,337,000	2,210,000	1,966,000	1,843,000	1,974,000	1,889,000	1,710,000	1,514,400	1,531,086	1,422,893	1,476,758	1,518,450	1,521,288	1,869,172	1,637,818	1,516,938	1,457,892	1,426,985	690,364	679,834	391,363	283,370	269,545	272,848	249,476	257,587	227,056	228,017	198,006	163,153	140,277	133,716	130,714	140,722	5,381	5,377	5,666	2,345	2,266	56,257	43,232	4,635	3,477	8,099	6,711	1,377	3,371	0	344	4,073	0	1,018	1,018	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	818,250	1,177,799	1,082,870	1,035,579	955,078	851,790	581,202	533,253	496,997	446,105	362,261	334,628	312,850	292,271	254,321	234,980	210,817	181,180	131,298	68,293	5,323	13,752	12,211	11,139	11,755	11,984	11,725	11,074	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	253,000	250,000	263,000	195,000	194,000	191,000	196,000	200,000	200,000	201,000	203,000	206,000	207,000	203,000	196,000	193,000	198,000	186,000	153,475	74,312	68,159	65,226	64,284	61,284	60,237	45,236	43,766	40,984	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	178,000	625,000	649,000	583,000	593,000	446,000	459,000	1,515,000	1,517,000	269,000	283,000	299,000	313,000	318,000	312,000	323,000	339,000	351,000	327,358	273,568	282,492	291,476	300,406	346,428	361,502	372,238	380,847	388,608	376,145	0	0	0	12,816	0	0	0	0	13,420	13,541	13,662	13,930	13,837	14,029	14,150	14,267	14,392	14,508	14,508	14,508	14,508	14,508	14,531	14,508	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	13,626,000	13,721,000	14,356,000	14,375,000	12,839,000	10,327,000	8,108,000	6,691,000	5,757,000	5,199,000	4,733,000	4,132,000	4,101,000	4,218,000	4,018,000	4,494,000	3,552,000	3,581,000	3,382,358	3,836,850	3,113,446	3,314,127	3,324,643	2,565,826	2,263,537	2,471,382	2,438,111	2,220,336	2,067,454	1,604,571	1,609,607	1,301,961	1,277,838	1,293,717	1,212,279	1,054,840	953,675	752,492	596,927	450,730	340,355	347,545	254,891	237,618	268,504	159,048	66,669	55,427	50,082	49,216	54,312	50,823	45,182	39,508	29,518	28,588	23,222	19,653	19,653	5,806	16,650	16,650	4,163	4,163	527
Liabilities And Stockholders Equity	106,618,000	93,941,000	90,591,000	86,833,000	82,338,000	74,426,000	68,513,000	66,038,000	61,305,000	57,834,000	55,146,000	52,972,000	52,148,000	45,691,000	38,135,000	37,250,000	34,309,000	32,795,000	31,872,597	28,912,524	29,739,614	29,262,713	27,910,000	27,271,429	28,655,372	28,107,074	26,043,705	25,053,726	22,664,076	12,592,397	11,868,952	9,191,702	8,092,460	7,547,497	6,468,185	6,120,030	5,849,251	5,437,533	5,054,464	4,500,410	2,416,930	2,166,209	1,887,844	1,143,778	1,114,190	809,177	776,869	761,100	713,448	700,250	646,155	407,289	386,082	361,621	147,974	145,320	130,424	155,916	155,916	32,606	51,699	51,699	12,925	12,925	8,709
Long Term Debt	2,682,000	2,426,000	872,000	1,272,000	1,029,000	2,096,000	2,095,000	2,253,000	4,254,000	6,438,000	6,878,000	8,019,000	9,607,000	9,476,000	9,291,000	9,539,000	11,634,000	11,313,000	11,234,401	9,787,950	8,460,873	9,726,589	9,571,793	8,821,038	9,486,248	9,656,475	7,215,493	7,247,382	6,053,860	2,443,420	2,620,002	2,484,329	2,040,375	1,966,361	1,988,089	1,888,672	1,806,518	1,786,635	1,767,024	1,519,967	598,974	582,500	578,740	388,785	401,495	414,207	396,155	340,323	268,335	225,000	134,177	102,905	72,324	57,123	46,058	30,639	800	0	0	0	55,416	0	0	0	0
Long Term Debt Total	0	2,426,000	872,000	1,272,000	1,597,000	2,096,000	2,898,000	3,153,000	5,245,000	6,438,000	7,871,000	9,053,000	9,607,000	0	0	10,726,000	11,634,000	11,313,000	11,234,401	9,787,950	9,403,672	9,669,879	9,510,696	8,761,070	9,415,700	9,581,616	7,122,862	7,148,416	5,860,049	2,443,420	2,620,002	2,484,329	2,040,375	1,981,394	1,999,343	1,899,937	1,818,785	1,799,441	1,781,123	1,532,539	598,974	593,431	587,989	399,245	411,460	420,485	400,875	344,044	271,165	225,661	134,536	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	0	0	0	0	0	0	1,260,000	1,311,000	1,331,000	0	0	0	0	1,000	398,000	400,308	413,181	421,548	422,897	434,841	449,754	456,652	463,878	472,663	486,350	506,302	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	-11,168,000	-11,539,000	-12,965,000	-13,372,000	-13,154,000	-13,658,000	-11,659,000	-10,480,000	-10,742,000	-7,911,000	-5,096,000	-4,630,000	-7,645,000	632,000	5,524,000	7,120,000	7,151,000	9,075,000	8,070,746	9,295,492	8,285,753	8,811,647	9,380,151	8,096,085	6,947,024	6,478,748	4,907,703	4,162,957	3,735,215	-368,796	37,673	1,720,452	1,518,677	1,253,348	1,537,217	1,074,470	582,366	98,085	-224,292	-193,154	-239,011	-118,214	-152,373	241,121	264,777	388,821	228,419	147,338	24,882	12,721	-184,557	2,525	-26,955	-39,149	-1,589	-30,614	-68,537	-105,593	-105,593	-17,134	46,480	46,480	11,620	11,620	-4,278
Net Invested Capital	67,291,000	57,859,000	53,461,000	50,730,000	46,749,000	42,248,000	39,528,000	37,506,000	35,531,000	35,207,000	32,764,000	32,451,000	33,964,000	28,273,000	22,463,000	21,563,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	3,697,000	2,520,000	3,447,000	2,993,000	2,952,000	2,192,000	2,081,000	2,311,000	1,913,000	1,962,000	2,129,000	1,890,000	1,886,000	1,757,000	1,485,000	1,274,000	1,324,000	1,128,000	1,147,100	1,046,945	949,022	1,155,001	569,874	652,848	515,381	607,734	453,539	440,349	499,142	326,895	178,594	318,056	168,965	119,964	138,648	200,052	226,604	156,889	96,607	72,380	49,109	47,580	113,544	46,139	26,842	9,164	11,023	13,589	9,539	18,250	23,308	20,260	6,710	8,062	6,467	5,931	3,488	1,386	1,386	872	3,320	3,320	830	830	15
Net Tangible Assets	0	53,025,000	50,665,000	48,062,000	44,295,000	39,853,000	36,360,000	34,090,000	29,732,000	26,583,000	24,923,000	23,113,000	22,360,000	16,166,000	10,004,000	9,349,000	6,081,000	5,503,000	5,814,787	4,828,000	5,128,556	4,703,400	4,081,267	4,448,820	4,213,307	4,697,306	5,050,204	4,929,706	4,752,589	2,691,758	2,557,440	1,012,991	1,130,989	1,360,837	766,207	880,274	969,906	1,020,255	1,018,416	981,998	667,120	641,663	629,426	168,583	124,700	-27,875	62,215	153,874	224,045	294,118	348,452	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	20,868,000	18,386,000	16,283,000	15,561,000	14,208,000	11,379,000	9,401,000	7,595,000	7,395,000	6,951,000	8,322,000	9,828,000	12,469,000	8,442,000	3,066,000	2,907,000	1,436,000	794,000	593,179	-1,564,978	-1,685,828	-1,854,833	-2,441,565	-2,266,439	-1,065,627	599,793	-186,911	782,450	432,791	2,180,746	2,850,781	1,396,172	1,169,253	1,444,950	1,171,035	1,585,842	1,894,240	2,291,925	2,608,692	2,453,589	690,565	701,519	678,474	50,364	181,588	-49,713	66,088	141,967	181,499	257,940	279,022	113,930	150,321	171,805	21,400	41,497	43,070	70,951	70,951	10,768	-56,508	-56,508	-14,127	-14,127	-7,247
Non Current Assets Total	45,554,000	48,915,000	46,716,000	43,836,000	41,421,000	38,436,000	37,291,000	36,988,000	35,031,000	32,832,000	30,453,000	28,267,000	25,431,000	23,947,000	22,799,000	22,357,000	22,206,000	21,855,000	21,690,645	21,234,702	21,433,306	21,342,222	21,210,203	20,887,509	22,084,852	21,038,341	19,684,261	18,025,837	16,404,280	7,419,985	6,665,247	5,952,159	5,300,892	4,548,702	3,839,564	3,198,613	2,650,594	2,074,619	1,612,770	1,344,363	1,150,991	947,443	758,302	617,785	589,422	524,636	459,743	402,203	340,610	288,129	228,397	180,383	150,196	120,488	57,940	44,718	29,865	23,966	23,966	7,466	20,272	20,272	5,068	5,068	3,132
Non Current Liabilities Other	876,000	7,321,000	6,924,000	10,162,000	553,000	427,000	9,034,000	9,177,000	10,843,000	3,486,000	12,525,000	395,000	14,170,000	14,841,000	14,484,000	14,532,000	408,000	405,000	410,565	13,631,818	4,030,202	3,963,941	3,990,829	3,321,342	4,754,811	4,795,631	4,755,106	4,536,420	4,211,323	2,793,627	2,391,853	2,009,686	1,658,717	1,289,234	983,619	834,588	661,123	523,739	444,094	361,586	294,496	212,858	115,591	35,004	25,170	18,550	16,114	15,705	14,915	14,565	13,357	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	14,261,000	12,806,000	10,817,000	10,162,000	9,731,000	8,691,000	9,034,000	9,177,000	11,411,000	11,289,000	12,525,000	13,630,000	14,221,000	14,889,000	14,528,000	14,592,000	15,532,000	15,167,000	15,133,363	13,631,818	13,433,874	13,633,820	13,501,525	12,900,664	15,386,903	15,460,474	12,915,235	12,647,197	10,931,946	6,920,243	6,995,734	6,377,967	5,381,201	4,678,996	4,294,665	3,958,458	3,633,124	3,408,450	3,269,129	2,885,897	1,174,435	1,084,797	807,350	499,566	646,310	502,798	463,616	390,296	298,064	251,951	158,967	126,575	93,469	72,370	389,115	42,036	326,458	325,562	325,562	81,615	163,478	163,478	40,870	40,870	25,347
Non Currrent Assets Other	4,715,000	5,497,000	5,026,000	4,584,000	4,193,000	3,236,000	2,952,000	2,634,000	2,138,000	1,854,000	1,626,000	1,587,000	1,536,000	1,436,000	1,415,000	1,373,000	1,470,000	1,473,000	1,608,833	1,568,727	1,391,424	1,251,551	1,254,087	1,299,073	1,171,497	1,104,271	1,041,094	1,041,109	991,218	161,640	138,271	114,935	106,155	84,166	73,301	62,361	54,583	39,130	32,181	29,583	16,142	10,300	17,226	12,578	12,855	26,599	26,101	26,029	30,439	28,335	28,217	27,870	27,597	77,592	24,784	17,852	6,330	4,493	4,493	1,583	1,479	1,479	370	370	133
Noncontrolling Interest In Consolidated Entity	0	0	0	774,000	0	852,000	861,000	862,000	826,000	836,000	841,000	847,000	850,000	861,000	869,000	867,000	0	842,000	854,841	862,026	834,397	793,467	821,156	863,876	997,346	1,063,237	1,108,986	809,075	785,175	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	11,448,000	5,497,000	5,026,000	4,584,000	4,193,000	2,251,000	3,170,000	3,895,000	3,398,000	3,114,000	2,937,000	2,918,000	12,164,000	1,436,000	1,415,000	1,373,000	1,469,000	1,472,000	1,208,525	1,564,204	1,379,265	1,233,979	1,254,087	1,706,785	1,593,236	1,521,745	1,465,707	1,470,701	1,367,363	161,640	138,271	114,935	106,155	84,166	73,301	62,361	54,583	52,550	45,721	43,245	30,072	24,137	31,255	26,728	1	26,599	26,101	26,029	30,439	28,335	28,217	27,870	27,597	77,592	24,784	17,852	6,330	0	0	0	1,479	0	0	0	0
Other Current Assets	3,199,000	2,708,000	2,997,000	3,227,000	2,941,000	2,364,000	2,118,000	2,035,000	1,723,000	1,746,000	1,602,000	1,542,000	1,346,000	1,238,000	1,218,000	1,045,000	959,000	893,000	697,754	595,858	558,222	483,859	568,856	499,573	423,688	459,587	431,870	360,611	299,984	156,689	169,203	177,737	147,857	159,078	127,021	156,449	112,665	82,798	73,250	49,918	30,586	28,525	15,050	27,819	27,532	30,636	28,880	46,302	32,890	66,267	20,758	55,168	84,436	97,000	6,745	4,537	4,222	4,364	0	1,056	2,180	0	545	545	733
Other Current Liab	9,080,000	7,636,000	7,658,000	7,321,000	7,142,000	5,820,000	5,624,000	5,507,000	5,719,000	5,443,000	4,453,000	3,764,000	3,855,000	2,953,000	3,110,000	2,543,000	3,222,000	2,938,000	3,149,701	2,757,176	2,597,093	2,595,044	2,489,234	2,527,543	2,518,699	2,021,120	1,853,568	1,708,903	1,389,532	-260,771	-626,826	-635,285	-633,166	-651,809	-638,275	-630,332	-632,128	-607,218	-603,412	-598,272	-7,904	-588,473	-5,695	-56,293	-195,928	112,819	128,962	125,067	123,870	97,900	24,993	19,809	51,700	38,570	34,605	33,911	40,736	40,028	0	10,257	69,337	0	17,420	17,420	11,482
Other Liab	0	10,380,000	7,014,000	6,501,000	5,970,000	4,700,000	4,314,000	4,210,000	5,598,000	4,851,000	3,210,000	3,247,000	4,614,000	3,151,000	3,010,000	2,891,000	2,905,000	2,784,000	2,823,616	2,797,416	2,317,802	2,285,172	2,283,763	4,079,624	5,862,062	5,803,642	5,698,054	5,392,532	4,869,302	3,374,829	2,925,106	2,506,683	2,104,822	1,651,495	1,318,247	1,147,438	953,394	752,277	654,628	567,172	468,855	344,156	183,884	40,327	38,922	30,761	27,253	27,460	26,899	26,290	24,431	23,670	21,145	15,247	23,832	15,648	6,433	0	0	0	6,884	0	0	0	0
Other Stockholder Equity	34,892,000	34,201,000	33,436,000	32,878,000	32,177,000	31,592,000	30,944,000	30,485,000	29,803,000	28,922,000	28,205,000	27,623,000	27,260,000	21,574,000	15,895,000	15,390,000	12,737,000	12,348,000	12,052,458	10,563,746	10,249,120	9,957,711	9,656,537	9,418,896	9,178,024	8,989,022	8,774,212	8,351,514	7,773,727	5,530,928	5,383,731	3,561,256	3,414,692	3,340,436	2,502,679	2,429,677	2,345,266	2,284,010	2,203,535	2,101,351	1,806,618	1,687,397	1,714,163	1,222,825	1,190,191	947,693	926,981	913,040	893,336	881,941	871,174	631,564	621,935	583,454	36,117	334,274	7,124	5,746	0	4,964	5,179	0	3,001	3,001	1,867
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	70	357	1,688	7,283	8,784	11,270	37,146	42,626	42,045	46,181	50,273	54,277	58,196	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	319,225	319,225	319,225	0	0	0	101,178	0	0	0	0
Property Plant And Equipment Gross	58,823,000	42,793,000	41,041,000	38,669,000	36,635,000	42,884,000	0	0	0	0	28,341,000	26,175,000	23,375,000	21,990,000	20,876,000	20,468,000	20,199,000	19,845,000	19,600,979	19,318,095	19,691,231	19,733,969	19,591,426	19,180,724	20,491,616	19,516,596	18,218,554	16,555,136	15,036,917	7,258,345	6,526,976	5,837,224	5,194,737	4,464,536	3,766,263	3,136,252	2,596,011	2,022,069	1,567,048	1,301,118	1,120,919	923,306	727,047	591,057	562,300	498,037	433,642	376,174	310,171	259,794	200,180	152,513	122,599	42,896	33,156	26,866	23,535	19,473	19,473	0	18,793	18,793	0	0	0
Property Plant And Equipment Net	45,123,000	42,793,000	41,041,000	38,669,000	36,635,000	34,563,000	33,684,000	32,639,000	31,176,000	29,248,000	27,030,000	24,844,000	23,375,000	21,990,000	20,876,000	20,468,000	20,199,000	19,845,000	19,600,979	19,318,095	19,691,231	19,733,969	19,591,426	19,180,724	20,491,616	19,516,596	18,218,554	16,555,136	15,036,917	7,258,345	6,526,976	5,837,224	5,194,737	4,464,536	3,766,263	3,136,252	2,596,011	2,022,069	1,567,048	1,301,118	1,120,919	923,306	727,047	591,057	562,300	498,037	433,642	376,174	310,171	259,794	200,180	152,513	122,599	42,896	33,156	26,866	23,535	19,473	0	5,884	18,793	0	4,698	4,698	3,000
Property Plant Equipment	0	42,793,000	41,041,000	24,969,000	36,635,000	35,548,000	21,093,000	20,027,000	31,176,000	29,248,000	15,665,000	13,868,000	12,747,000	11,848,000	11,009,000	10,638,000	20,199,000	19,845,000	10,082,458	9,850,929	11,330,077	11,246,295	10,969,348	10,519,226	10,027,522	9,394,397	8,399,229	7,016,551	5,982,957	4,309,048	3,993,250	3,593,014	3,403,334	3,103,811	2,646,017	2,224,191	1,829,267	1,404,326	1,035,822	849,389	738,494	654,482	595,579	581,997	552,229	486,248	421,859	364,128	298,414	248,122	189,647	152,513	122,599	42,896	33,156	26,866	23,535	0	0	0	18,793	0	0	0	0
Retained Earnings	27,882,000	19,954,000	18,101,000	15,398,000	12,885,000	9,198,000	5,908,000	3,649,000	331,000	-1,990,000	-3,608,000	-4,750,000	-5,399,000	-5,669,000	-6,000,000	-6,104,000	-6,083,000	-6,188,000	-6,331,639	-5,923,305	-5,317,832	-5,457,315	-5,768,831	-5,051,292	-4,974,299	-4,298,960	-3,679,584	-3,343,187	-2,997,237	-2,875,900	-2,897,778	-2,604,590	-2,322,323	-2,001,926	-1,772,068	-1,587,841	-1,433,682	-1,326,041	-1,251,327	-1,189,420	-1,139,620	-1,123,355	-1,084,858	-1,054,357	-1,065,606	-975,674	-864,871	-759,265	-669,392	-587,903	-522,826	-463,922	-414,982	-363,624	-328,689	-290,173	-260,654	-236,412	-236,412	-65,164	-204,914	-204,914	-51,229	-51,229	-30,533
Retained Earnings Total Equity	0	0	0	15,398,000	0	9,198,000	5,908,000	3,649,000	331,000	-1,990,000	-3,608,000	-4,750,000	-5,399,000	-5,669,000	-6,000,000	-6,104,000	0	-6,188,000	-6,331,639	-5,923,305	-5,317,832	-5,457,315	-5,768,831	-5,051,292	-4,974,299	-4,298,960	-3,679,584	-3,343,187	-2,997,237	-2,875,900	-2,897,778	-2,604,590	-2,322,323	-2,001,926	-1,772,068	-1,587,841	-1,433,682	-1,326,041	-1,251,327	-1,189,420	-1,139,620	-1,123,355	-1,084,858	-1,054,357	-1,065,606	-975,674	-864,871	-759,265	-669,392	-587,903	-522,826	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	1,975,000	1,967,000	1,459,000	1,404,000	1,016,000	979,000	1,057,000	1,168,000	1,088,000	1,716,000	1,082,000	1,415,000	2,132,000	2,766,000	3,317,000	2,851,000	1,785,000	2,030,000	1,791,085	1,705,711	2,283,746	2,106,538	2,103,185	1,998,032	963,932	424,581	9,557,406	1,003,311	1,210,962	260,771	626,826	635,285	675,212	0	0	0	669,295	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	5,230,000	4,393,000	2,331,000	2,676,000	3,099,000	5,874,000	6,665,000	7,025,000	6,834,000	8,154,000	11,133,000	12,511,000	11,739,000	15,163,000	14,139,000	15,200,000	13,419,000	14,413,000	13,025,486	11,493,661	11,971,371	11,779,151	11,616,575	10,761,758	10,314,938	10,008,778	7,943,627	8,169,550	7,128,431	2,715,461	3,283,974	3,162,241	2,715,585	2,679,384	2,687,890	2,584,546	2,488,079	2,468,820	2,450,618	2,200,754	606,878	676,902	593,684	455,538	466,667	474,514	438,973	365,908	280,148	226,049	134,823	103,180	72,603	57,414	45,715	30,932	1,090	954	954	273	55,757	55,757	13,939	13,939	25
Short Term Debt	2,373,000	1,967,000	1,459,000	1,404,000	1,502,000	1,883,000	1,945,000	2,058,000	1,589,000	1,716,000	1,855,000	2,128,000	2,132,000	3,425,000	3,679,000	3,499,000	1,785,000	2,030,000	1,791,085	1,705,711	2,567,699	2,106,538	2,103,185	1,998,030	858,026	424,224	816,533	1,003,311	1,150,147	260,771	626,826	635,285	633,166	651,809	638,275	630,332	632,128	607,218	603,412	598,272	7,904	588,473	5,695	56,293	55,206	54,029	38,098	21,864	8,983	388	287	275	279	291	296	293	290	243	0	0	341	0	0	0	0
Short Term Investments	12,696,000	10,145,000	7,779,000	6,354,000	5,932,000	1,575,000	591,000	508,000	131,000	30,000	0	0	0	0	0	0	0	0	0	0	192,551	158,627	146,822	120,194	155,323	138,181	118,369	88,946	105,519	23,711	24,525	23,980	22,628	25,223	20,591	20,693	17,947	17,331	11,714	189,111	3,012	1,265	1,362	16,719	19,094	22,861	21,960	25,009	25,061	65,060	11,251	42,943	73,597	88,130	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	106,618,000	93,941,000	90,591,000	86,833,000	82,338,000	74,426,000	68,513,000	66,038,000	62,131,000	57,834,000	55,146,000	52,972,000	52,148,000	45,691,000	38,135,000	37,250,000	34,309,000	32,795,000	31,872,597	28,912,524	29,739,614	29,262,713	27,910,000	27,271,429	28,655,372	28,107,074	26,043,705	25,053,726	22,664,076	12,592,397	11,868,952	9,191,702	8,092,460	7,547,497	6,468,185	6,120,030	5,849,251	5,437,533	5,054,464	4,500,410	2,416,930	2,166,209	1,887,844	1,143,778	1,114,190	809,177	776,869	761,100	713,448	700,250	646,155	407,289	386,082	361,621	147,974	145,320	130,424	155,916	155,916	32,606	51,699	51,699	12,925	12,925	8,709
Total Current Assets	49,616,000	45,026,000	43,875,000	42,997,000	40,917,000	35,990,000	31,222,000	29,050,000	27,100,000	25,002,000	24,693,000	24,705,000	26,717,000	21,744,000	15,336,000	14,893,000	12,103,000	10,940,000	10,181,952	7,677,822	8,306,308	7,920,491	6,699,797	6,383,920	6,570,520	7,068,733	6,359,444	7,027,889	6,259,796	5,172,412	5,203,705	3,239,543	2,791,568	2,998,795	2,628,621	2,921,417	3,198,657	3,362,914	3,441,694	3,156,047	1,265,939	1,218,766	1,129,542	525,993	524,768	284,541	317,126	358,897	372,838	412,121	417,758	226,906	235,886	241,133	90,034	100,602	100,559	131,950	131,950	25,140	31,427	31,427	7,857	7,857	5,577
Total Current Liabilities	28,748,000	26,640,000	27,592,000	27,436,000	26,709,000	24,611,000	21,821,000	21,455,000	19,705,000	18,051,000	16,371,000	14,877,000	14,248,000	13,302,000	12,270,000	11,986,000	10,667,000	10,146,000	9,588,773	9,242,800	9,992,136	9,775,324	9,141,362	8,650,359	7,636,147	6,468,940	6,546,355	6,245,439	5,827,005	2,991,666	2,352,924	1,843,371	1,622,315	1,553,845	1,457,586	1,335,575	1,304,417	1,070,989	833,002	702,458	575,374	517,247	451,068	475,629	343,180	334,254	251,038	216,930	191,339	154,181	138,736	112,976	85,565	69,328	68,634	59,105	57,489	60,999	60,999	14,372	87,935	87,935	21,984	21,984	12,824
Total Liab	43,009,000	39,446,000	38,409,000	37,598,000	36,440,000	33,302,000	30,855,000	30,632,000	31,116,000	29,340,000	28,896,000	28,507,000	28,469,000	28,191,000	26,798,000	26,578,000	26,199,000	25,313,000	24,722,136	22,874,618	23,426,010	23,409,144	22,642,887	21,551,023	23,023,050	21,929,414	19,461,590	18,892,636	16,758,951	9,911,909	9,348,658	8,221,338	7,003,516	6,232,841	5,752,251	5,294,033	4,937,541	4,479,439	4,102,131	3,588,355	1,749,809	1,602,044	1,258,418	975,195	989,490	837,052	714,654	607,226	489,403	406,132	297,703	239,551	179,034	141,698	457,749	101,141	383,947	386,561	386,561	95,987	251,413	251,413	62,853	62,853	38,171
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	62,634,000	53,466,000	51,130,000	48,054,000	44,704,000	39,851,000	36,376,000	34,085,000	30,189,000	27,053,000	24,804,000	23,017,000	22,225,000	16,031,000	9,855,000	9,173,000	6,618,000	6,040,000	5,715,393	4,605,596	4,923,243	4,508,838	3,906,421	4,450,695	4,237,242	4,711,480	5,105,752	4,987,719	4,752,911	2,680,488	2,520,294	970,364	1,088,944	1,314,656	715,934	825,997	911,710	958,094	952,333	912,055	667,121	564,165	629,426	168,583	124,700	-27,875	62,215	153,874	224,045	294,118	348,452	167,738	207,048	219,923	-309,775	44,179	-253,523	-230,645	0	-63,381	-199,714	0	-49,929	-49,929	-29,462
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	407,000	0	421,000	421,000	459,000	568,000	605,000	605,000	601,000	655,000	656,000	657,000	692,000	0	600,000	580,227	570,284	555,964	551,264	539,536	405,837	397,804	403,300	369,065	371,579	375,823	11,270	37,146	42,626	42,045	46,181	50,273	54,277	58,196	62,161	66,083	69,942	0	77,498	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Begin Period Cash Flow	16,924,000	18,144,000	19,901,000	6,783,000	4,277,000	3,964,959	3,393,216	1,196,908	1,905,713	845,889	201,890	255,266	99,558	69,627	9,277	17,211	35,401
Capital Expenditures	8,899,000	7,172,000	8,014,000	3,242,000	1,437,000	2,319,516	4,081,354	1,440,471	1,634,850	969,885	264,224	239,228	197,896	40,203	11,884	9,630	9,802
Cash And Cash Equivalents Changes	0	0	-1,574,000	12,784,000	0	334,129	-25,302	2,196,308	-708,805	1,059,824	643,999	-53,376	155,708	0	0	0	0
Cash Flows Other Operating	0	0	4,927,000	-1,111,000	0	-145,798	-1,417,127	-92,517	-53,957	-65,130	-12,250	2,143	-191	0	0	0	0
Change In Cash	265,000	-1,220,000	-1,757,000	13,118,000	2,506,000	311,429	-25,302	2,196,308	-708,805	1,059,824	643,999	-53,376	155,708	29,931	60,350	-7,934	-18,190
Change In Working Capital	-1,781,000	-3,908,000	518,000	184,000	-349,000	57,951	-496,603	-693,861	-493,289	-256,825	124,995	42,819	88,897	-11,175	-37,543	20,529	19,210
Change Receivables	0	0	130,000	-652,000	0	-496,732	-24,635	-213,097	46,267	-183,658	-21,917	-17,303	-2,829	0	0	0	0
Change To Account Receivables	-586,000	-1,124,000	-130,000	-652,000	-367,000	-496,732	-24,635	-216,565	46,267	-183,658	-21,917	-17,303	-2,829	-3,222	-168	-3,261	-59
Change To Inventory	-1,195,000	-6,465,000	-1,709,000	-422,000	-429,000	-1,023,264	-178,850	-2,465,703	-1,573,860	-1,050,264	-463,270	-194,726	-13,638	-20,115	-7,925	-14,542	-2,108
Change To Liabilities	0	7,160,000	5,054,000	2,597,000	1,447,000	1,772,252	857,000	1,133,602	1,088,261	1,042,227	628,260	254,209	105,900	13,133	0	21,621	0
Change To Netincome	0	2,329,000	2,316,000	2,167,000	1,336,000	994,146	671,000	203,157	362,800	191,863	85,959	56,928	33,997	0	0	0	0
Change To Operating Activities	0	-3,479,000	-3,014,000	-1,165,000	-1,000,000	-551,000	-1,150,000	-978,031	-755,740	352,560	0	0	0	0	0	0	0
Depreciation	4,667,000	3,747,000	2,911,000	2,322,000	2,154,000	1,901,050	1,636,003	947,099	422,590	231,931	106,083	28,825	16,919	10,623	6,940	4,157	2,895
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	17,189,000	16,924,000	18,144,000	19,901,000	6,783,000	4,276,388	3,367,914	3,393,216	1,196,908	1,905,713	845,889	201,890	255,266	99,558	69,627	9,277	17,211
Exchange Rate Changes	0	0	0	0	0	0	39,455	-7,409	-34,278	-35,525	0	0	0	0	0	0	0
Free Cash Flow	4,357,000	7,552,000	3,483,000	2,701,000	968,000	-221,714	-4,142,008	-1,564,300	-2,159,349	-1,027,222	-6,230	-474,089	-312,260	-168,020	-92,709	-62,042	-63,271
Investments	-15,584,000	-11,973,000	-132,000	-3,132,000	-1,436,000	-2,337,428	-4,418,967	-1,416,430	16,667	-16,710	0	25,008	-24,952	0	0	0	0
Issuance Of Capital Stock	0	0	0	12,269,000	848,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-3,866,000	8,865,000	9,467,000	798,000	5,321,228	3,385,000	1,718,190	683,937	2,292,092	199,238	173,254	204,007	0	0	0	0
Net Income	14,997,000	12,587,000	5,644,000	862,000	-775,000	-1,062,582	-2,240,578	-773,046	-888,663	-294,040	-74,014	-396,213	-254,411	-154,328	-55,740	-82,782	-78,157
Other Cashflows From Financing Activities	3,704,000	-202,000	8,705,000	9,905,000	1,070,000	6,675,757	8,278,477	3,946,725	977,303	2,189,458	681,184	213,681	214,948	69,518	155,741	55,238	45,041
Other Cashflows From Investing Activities	0	-4,801,000	310,000	25,000	46,000	-236,704	46,000	46,000	-38,701	-3,849	14,807	7,290	46,920	0	0	0	0
Other Non Cash Items	-90,000	934,000	245,000	408,000	477,000	452,359	573,764	61,754	98,436	77,205	12,754	56	-111	5,022	2,481	6,492	-36
Sale Purchase Of Stock	0	541,000	548,000	12,502,000	1,285,000	505,541	1,009,649	2,045,828	839,586	454,466	253,724	24,885	69,583	0	0	0	0
Stock Based Compensation	1,812,000	1,560,000	2,121,000	1,734,000	898,000	749,024	466,760	334,225	197,999	156,496	80,737	50,145	29,419	21,156	1,434	437	198
Total Cash From Financing Activities	2,589,000	-3,527,000	-5,203,000	9,973,000	1,529,000	573,755	4,414,864	3,743,976	1,523,523	2,143,130	635,422	419,635	446,000	338,045	155,419	55,068	45,041
Total Cash From Operating Activities	13,256,000	14,724,000	11,497,000	5,943,000	2,405,000	2,097,802	-60,654	-123,829	-524,499	-57,337	257,994	-234,861	-114,364	-127,817	-80,825	-52,412	-53,469
Total Cashflows From Investing Activities	0	-11,973,000	-7,868,000	-3,132,000	-1,436,000	-2,337,428	-4,196,000	-1,081,085	-1,673,551	-990,444	-249,417	-206,930	-175,928	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-03-31	2007-12-31	2007-03-31
Begin Period Cash Flow	16,590,000	15,879,000	16,770,000	16,924,000	20,149,000	18,887,000	18,040,000	18,144,000	16,694,000	16,825,000	17,723,000	19,901,000	15,003,000	9,106,000	8,547,000	6,783,000	5,826,000	5,448,293	2,682,798	4,276,388	3,522,966	2,783,238	3,219,708	3,964,959	3,530,030	3,035,924	4,006,593	3,393,216	3,084,257	3,246,301	1,441,789	1,196,908	1,426,036	1,150,673	1,510,076	1,905,713	2,370,735	2,674,910	2,393,908	845,889	795,116	746,057	214,417	201,890	85,693	210,554	218,570	255,266	213,328	319,380	100,655	99,558	96,563	47,304	61,546	69,627	106,547	50,700	11,745	9,277	18,023	18,023	4,303	4,303	8,850
Capital Expenditures	2,307,000	2,459,000	2,060,000	2,073,000	1,858,000	1,803,000	1,730,000	1,781,000	1,814,000	1,825,000	1,515,000	2,860,000	1,169,000	1,026,000	566,000	481,000	449,000	409,600	273,207	305,193	353,901	559,765	677,213	728,637	906,143	1,244,727	1,157,912	772,572	681,281	247,611	294,720	216,859	411,222	392,403	405,165	426,060	368,661	284,175	175,685	141,364	89,434	76,548	40,515	57,727	41,483	68,472	61,286	67,987	54,262	68,844	54,314	20,476	17,148	5,383	12,200	5,472	6,199	2,256	2,527	902	144	144	2,408	2,408	2,451
Cash And Cash Equivalents Changes	0	0	0	-204,000	0	1,597,000	1,061,000	-86,000	1,412,000	-89,000	-940,000	-1,957,000	4,664,000	5,811,000	521,000	1,788,000	0	388,566	2,764,902	-1,598,468	757,243	746,098	-413,859	-755,353	-162,116	494,106	-970,669	613,377	308,959	-162,044	1,804,512	244,881	-229,128	275,363	-359,403	-395,637	-482,833	-285,885	280,523	1,548,019	50,773	49,059	531,640	12,527	116,197	-124,861	-8,016	-36,696	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	-1,360,000	0	-937,000	-417,000	-855,000	6,712,000	-918,000	-1,873,000	1,006,000	-295,000	-264,000	-440,000	-112,000	0	-158,898	-201,733	215,631	-178,900	368,265	-126,399	-208,764	-367,308	-1,031,560	42,847	-61,106	-146,302	25,571	44,210	-15,996	-3,698	-38,519	37,790	-49,530	-29,942	-10,524	-13,386	-11,278	-8,946	-5,722	4,835	-2,417	538	-896	32	2,469	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	599,000	711,000	-891,000	-154,000	-3,225,000	1,262,000	847,000	-104,000	1,450,000	-131,000	-898,000	-2,178,000	4,898,000	5,897,000	559,000	1,764,000	957,000	377,707	2,765,495	-1,593,590	753,422	739,728	-436,470	-745,251	-162,116	494,106	-970,669	613,377	308,959	-162,044	1,804,512	244,881	-229,128	275,363	-359,403	-395,637	-465,022	-304,175	281,002	1,548,019	50,773	49,059	531,640	12,527	116,197	-124,861	-8,016	-36,696	41,938	-106,052	218,725	1,097	2,995	49,259	-14,242	-8,081	-36,920	55,847	38,955	2,468	-8,746	-8,746	-1,984	-1,984	-4,548
Change In Working Capital	-205,000	1,044,000	-1,048,000	-1,572,000	-2,191,000	231,000	-1,346,000	-602,000	855,000	-1,000	-324,000	-12,000	1,242,000	635,000	-246,000	-1,447,000	231,000	-191,047	287,148	-676,101	199,048	351,318	-166,989	-325,426	497,038	-249,768	-481,093	-262,780	-546,595	-35,721	159,484	-271,029	-15,606	-192,447	-130,051	-155,185	-113,389	-94,685	-66,060	17,309	72,280	84,842	-61,010	28,883	681	-6,060	25,966	22,232	39,654	30,513	24,344	-5,614	6,696	-17,557	5,497	-5,811	-10,147	-20,619	-4,902	-1,875	-143	-143	5,132	5,132	4,803
Change Receivables	0	0	0	-32,000	0	-193,000	176,000	-409,000	278,000	135,000	-307,000	24,000	-102,000	-314,000	-222,000	-14,000	0	18,312	-68,672	-99,640	189,371	-587,594	70,633	-169,142	81,008	-182,686	-14,498	91,541	-102,587	-109,084	157,901	-159,327	-32,106	15,541	60,657	2,175	-74,486	-61,241	-24,131	-23,800	-1,179	65,964	-67,405	-19,297	-17,678	1,858	2,567	-4,050	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-963,000	881,000	-472,000	-32,000	-698,000	-193,000	176,000	-409,000	18,000	135,000	-259,000	-24,000	-102,000	-314,000	-222,000	-14,000	-217,000	18,312	-68,672	-99,640	189,371	-587,594	70,633	-169,142	81,008	-182,686	-14,498	91,541	-106,055	-109,084	157,901	-159,327	-32,106	15,541	60,657	2,175	-74,486	-61,241	-24,131	-23,800	-1,179	65,964	-67,405	-19,297	-17,678	1,858	2,567	-4,050	8,711	5,058	-3,048	-13,550	1,353	-1,597	-535	-2,443	-2,102	3,160	-4,015	2,789	-3,075	-3,075	-815	-815	-15
Change To Inventory	758,000	163,000	-576,000	-1,540,000	-1,973,000	-2,300,000	-1,559,000	-633,000	-534,000	-488,000	-581,000	-106,000	180,000	-67,000	446,000	-981,000	56,000	-132,572	456,724	-809,152	87,347	-55,055	-733,475	-322,081	240,120	702,185	-537,676	-583,479	-667,489	-580,283	-705,260	-512,671	-482,478	-385,162	-399,011	-307,209	-377,601	-214,531	-260,398	-197,734	-104,853	-229,171	-147,466	18,220	-90,694	-85,594	-12,838	-5,600	-2,807	2,133	-7,483	-5,481	-3,178	-10,290	-1,140	-5,507	-4,922	5,760	-3,820	-4,943	-3,005	-3,005	-3,636	-3,636	-527
Change To Liabilities	0	0	692,000	1,417,000	1,645,000	3,768,000	596,000	1,311,000	2,043,000	1,345,000	944,000	695,000	1,571,000	1,286,000	22,000	-282,000	716,000	112,519	143,478	-54,997	127,644	642,110	631,921	370,577	596,676	333,224	90,436	296,656	251,546	633,643	678,800	416,965	502,676	215,693	170,513	199,379	368,640	191,611	231,855	250,121	187,528	253,771	154,584	32,377	110,019	78,572	36,205	29,413	44,180	37,999	26,118	7,742	13,133	5,862	1,484	0	0	0	0	0	21,621	0	0	0	0
Change To Netincome	0	635,000	398,000	443,000	793,000	475,000	304,000	481,000	561,000	769,000	512,000	665,000	715,000	756,000	414,000	282,000	447,000	180,004	302,484	268,512	264,427	219,603	250,033	260,083	230,172	152,352	197,161	176,819	85,791	129,228	63,558	126,618	141,744	90,935	47,602	82,519	52,540	52,894	46,058	40,371	32,092	23,788	23,981	6,098	14,837	14,448	14,293	13,350	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-415,000	-745,000	-861,000	-1,165,000	-737,000	-733,000	-844,000	855,000	-1,000	-521,000	-716,000	1,242,000	-259,000	-290,000	-240,000	-324,000	-317,333	-337,047	-57,620	-294,767	98,770	-157,586	-197,981	-1,150,226	-1,046,681	-44,366	-67,498	-978,031	12,556	28,043	-15,996	-755,740	0	0	0	352,560	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1,232,000	1,235,000	1,154,000	1,046,000	989,000	956,000	922,000	880,000	848,000	761,000	681,000	621,000	618,000	584,000	567,000	553,000	577,000	530,851	578,572	467,577	496,737	502,825	485,255	416,233	469,606	400,624	389,171	376,602	326,939	280,468	183,232	156,460	143,723	110,366	91,389	77,112	67,976	64,972	54,715	44,268	37,585	28,450	22,198	17,850	12,792	7,522	4,348	4,163	4,804	4,280	4,318	3,517	2,890	3,109	2,483	2,141	1,935	1,948	1,685	1,372	1,294	1,294	1,039	1,039	724
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	63,502	85,257	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	17,189,000	16,590,000	15,879,000	16,770,000	16,924,000	20,149,000	18,887,000	18,040,000	18,144,000	16,694,000	16,825,000	17,723,000	19,901,000	15,003,000	9,106,000	8,547,000	6,783,000	5,826,000	5,448,293	2,682,798	4,276,388	3,522,966	2,783,238	3,219,708	3,367,914	3,530,030	3,035,924	4,006,593	3,393,216	3,084,257	3,246,301	1,441,789	1,196,908	1,426,036	1,150,673	1,510,076	1,905,713	2,370,735	2,674,910	2,393,908	845,889	795,116	746,057	214,417	201,890	85,693	210,554	218,570	255,266	213,328	319,380	100,655	99,558	96,563	47,304	61,546	69,627	106,547	50,700	11,745	9,277	9,277	2,319	2,319	4,303
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,027	8,094	15,952	11,382	-20,908	3,183	-2,554	12,870	-10,037	-11,185	4,599	-17,655	-17,714	-18,290	479	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	2,063,000	849,000	1,005,000	440,000	1,420,000	3,297,000	621,000	2,214,000	2,771,000	1,322,000	609,000	-1,219,000	1,850,000	1,374,000	398,000	-921,000	976,000	346,400	590,399	-944,799	880,660	831,516	-806,877	-1,127,013	-396,252	-1,545,289	-1,358,084	-842,383	-1,129,490	176,039	-144,383	-466,464	-441,071	-595,743	-564,681	-557,854	-455,063	-312,171	-177,347	-80,724	40,329	25,795	-78,709	6,352	-70,322	-163,424	-122,267	-118,074	-81,350	-90,335	-76,802	-63,773	-51,432	-53,725	-30,062	-32,801	-35,206	-25,745	-14,693	-17,065	-22,498	-22,498	-15,511	-15,511	-15,818
Investments	-4,804,000	-4,762,000	-3,534,000	-411,000	-6,131,000	-2,791,000	-90,000	-386,000	-102,000	-30,000	-1,515,000	-2,582,000	-1,047,000	-1,039,000	-566,000	-480,000	-403,000	-485,612	-241,545	-305,843	0	0	0	0	0	0	0	0	16,667	0	16,667	16,667	16,667	0	0	0	-10	-5,563	177,974	-189,111	0	0	0	0	0	0	25,000	8	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	2,054,000	-357,000	-13,000	-497,000	-899,000	-402,000	-2,068,000	-1,456,000	-1,530,000	1,877,000	2,972,000	1,871,000	2,818,000	2,073,000	2,705,000	-195,000	2,027,042	2,929,540	1,352,418	1,928,727	619,145	1,124,167	1,649,189	1,803,159	3,021,449	671,340	1,905,124	1,361,313	1,314,622	217,210	662,597	229,478	103,579	198,984	151,896	35,944	-3,056	292,051	1,967,153	175,495	-2,746	40,708	-14,219	-13,858	32,492	70,782	83,838	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	7,928,000	1,853,000	2,703,000	2,513,000	3,707,000	3,331,000	2,269,000	3,280,000	2,343,000	1,659,000	1,178,000	464,000	296,000	369,000	129,000	68,000	132,000	149,907	-389,262	-667,645	210,078	254,673	-742,706	-784,627	-770,807	-671,163	-401,427	-397,181	-219,469	21,878	-293,188	-282,267	-320,397	-229,858	-184,227	-154,181	-107,629	-74,709	-61,902	-49,800	-16,264	-38,496	-30,502	11,248	-89,931	-110,806	-105,603	-89,873	-81,489	-65,078	-58,903	-48,941	-51,358	-34,934	-38,517	-29,519	-24,242	-4,615	-10,867	-16,016	-25,498	-25,498	-20,696	-20,696	-19,539
Other Cashflows From Financing Activities	3,849,000	-55,000	-34,000	-56,000	-539,000	-42,000	-4,000	154,000	742,000	711,000	1,918,000	3,129,000	-2,279,000	2,938,000	194,000	2,914,000	8,000	2,182,184	3,185,579	-94,206	-223,932	254,110	1,420,771	1,887,340	1,872,192	3,164,801	1,243,662	1,997,822	-133,346	791,099	2,565,409	724,601	-374,088	952,983	228,526	190,840	-86,653	36,811	284,592	1,819,104	-347,438	26,962	1,038,759	17,903	6,806	40,942	72,672	93,260	-118,459	93,718	264,385	34,362	15,911	249,973	13,772	28,704	-1,667	82,431	55,323	19,654	14,825	-1,144	43	43	10
Other Cashflows From Investing Activities	0	-4,188,000	-1,885,000	-1,000	-4,801,000	-528,000	936,000	-14,000	3,060,000	-1,506,000	-34,000	-1,210,000	104,000	-34,000	-20,000	-25,000	46,000	-100,221	8,132	-25,911	-40,031	-50,694	-73,004	-72,975	-175,188	-198,498	-256,148	-374,319	-73,139	-20,395	-41,801	-16,960	-3,058	-11,687	-17,672	-6,284	-3,560	-1,905	321	1,295	-71	-954	13,341	2,491	3,296	14,820	635	-11,461	46,920	17,405	61,779	30,587	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-4,790,000	220,000	-792,000	-1,046,000	354,000	220,000	145,000	19,000	-19,000	253,000	52,000	8,000	230,000	56,000	167,000	104,000	204,000	86,285	177,285	28,185	123,385	77,737	97,432	153,805	179,706	107,092	177,135	109,831	-96,795	27,796	30,115	27,748	36,049	22,593	18,991	20,803	17,068	24,373	24,710	11,054	5,205	-191	7,350	390	-1,321	301	853	223	-141	-199	218	11	-588	-2,854	6,209	2,473	-609	306	2,492	292	3,019	3,019	1,312	1,312	596
Sale Purchase Of Stock	0	548,000	294,000	195,000	541,000	187,000	9,000	160,000	209,000	149,000	39,000	151,000	4,999,000	5,068,000	14,000	2,421,000	1,285,000	72,644	1,018,839	39,517	97,815	139,163	153,783	114,780	-155,117	110,713	274,666	588,672	190,633	42,983	1,759,374	52,838	-4,440	790,399	19,367	34,260	-24,619	36,810	68,149	374,126	12,561	10,754	212,506	17,903	6,807	7,687	1,398	8,993	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	484,000	465,000	445,000	418,000	419,000	362,000	361,000	418,000	558,000	475,000	474,000	614,000	633,000	543,000	347,000	211,000	281,000	198,759	209,863	208,378	205,313	204,728	197,344	141,639	134,348	112,653	116,042	103,717	87,711	89,543	67,311	89,658	55,640	56,032	43,301	43,026	44,516	39,158	35,784	37,038	25,171	20,984	19,714	14,868	14,416	12,475	12,543	10,711	8,682	7,885	6,926	5,926	7,843	3,811	6,115	3,387	985	206	153	90	219	0	109	109	50
Total Cash From Financing Activities	887,000	2,263,000	-328,000	-233,000	-495,000	-712,000	-406,000	-1,914,000	-1,257,000	-1,381,000	-1,549,000	-1,016,000	2,692,000	4,450,000	123,000	2,708,000	-79,000	118,178	2,142,841	-653,019	-112,309	-84,218	398,622	371,660	285,842	2,101,506	428,767	1,598,749	1,372,827	-320,870	1,976,584	715,435	225,038	893,978	218,351	186,156	11,325	33,755	281,491	1,816,559	10,517	24,216	597,007	3,684	214,444	40,179	72,180	92,831	53,773	93,609	264,335	34,283	45,829	249,895	13,694	28,627	-1,714	82,371	55,229	19,533	14,752	14,752	-43	-43	0
Total Cash From Operating Activities	4,370,000	3,308,000	3,065,000	2,513,000	3,278,000	5,100,000	2,351,000	3,995,000	4,585,000	3,147,000	2,124,000	1,641,000	3,019,000	2,400,000	964,000	-440,000	1,425,000	756,000	863,606	-639,606	1,234,561	1,391,281	-129,664	-398,376	509,891	-300,562	-200,172	-69,811	-448,209	423,650	150,337	-249,605	-29,849	-203,340	-159,516	-131,794	-86,402	-27,996	-1,662	60,640	129,763	102,343	-38,194	64,079	-28,839	-94,952	-60,981	-50,087	-27,088	-21,491	-22,488	-43,297	-34,284	-48,342	-17,862	-27,329	-29,007	-23,489	-12,166	-16,163	-22,354	-22,354	-13,103	-13,103	-13,367
Total Cashflows From Investing Activities	0	-10,780,000	-6,018,000	-2,484,000	-11,973,000	-5,842,000	-884,000	-2,167,000	-1,916,000	-1,855,000	-1,515,000	-2,582,000	-1,047,000	-1,039,000	-566,000	-480,000	-403,000	-485,612	-241,545	-305,843	-365,009	-560,965	-682,817	-728,637	-961,876	-1,314,932	-1,215,216	-926,943	-594,751	-268,006	-319,854	-233,819	-414,280	-404,090	-422,837	-432,344	-372,231	-291,643	2,610	-329,180	-89,505	-77,502	-27,174	-55,236	-38,187	-70,088	-19,215	-79,440	-175,928	-191,181	-13,011	10,111	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Cost Of Revenue	79,113,000	60,609,000	40,217,000	24,906,000	20,509,000	17,419,247	9,536,264	5,400,875	3,122,521	2,316,685	1,557,234	383,189	142,647	86,013	102,408	15,883	9
Depreciation And Amortization	4,667,000	4,177,000	2,911,000	2,230,000	2,154,000	1,901,050	1,636,003	947,099	422,590	231,931	106,083	28,825	16,919	10,623	6,940	4,157	2,895
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	10,129,000	13,656,000	6,687,000	1,994,000	169,000	-206,441	-1,737,773	-547,538	-1,179,363	-415,681	-144,575	-424,648	-251,233	-146,580	-51,738	-77,975	-78,184
Ebitda	14,796,000	17,833,000	9,598,000	4,224,000	2,323,000	1,694,609	-101,770	399,561	-756,773	-183,750	-38,492	-395,823	-234,314	-135,957	-44,798	-73,818	-75,289
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	-722,646	0	0	0	0	0	0	0	0	0	0
Gross Profit	17,660,000	20,853,000	13,606,000	6,630,000	4,069,000	4,042,021	2,222,487	1,599,257	923,503	881,671	456,262	30,067	61,595	30,731	9,535	-1,141	64
Income Before Tax	9,973,000	13,719,000	6,343,000	1,154,000	-665,000	-1,004,745	-2,209,032	-746,348	-875,624	-284,636	-71,426	-396,077	-253,922	-154,155	-55,714	-82,685	-78,047
Income Tax Expense	-5,001,000	1,132,000	699,000	292,000	110,000	57,837	31,546	26,698	13,039	9,404	2,588	136	489	173	26	97	110
Interest Expense	156,000	191,000	371,000	748,000	685,000	663,071	471,259	198,810	118,851	100,886	32,934	254	43	992	2,531	3,747	1,749
Interest Income	1,066,000	41,000	56,000	30,000	44,000	24,533	19,686	164,180	0	0	0	0	0	0	0	0	0
Minority Interest	25,000	-4,000	125,000	1,454,000	1,492,000	1,390,000	1,395,080	0	0	0	0	0	0	0	0	0	0
Net Income	14,999,000	12,583,000	5,524,000	721,000	-775,000	-976,091	-1,961,400	-674,914	-888,663	-294,040	-74,014	-396,213	-254,411	-154,328	-55,740	-82,782	-78,157
Net Income Applicable To Common Shares	0	12,583,000	5,519,000	690,000	-870,000	-976,000	-1,962,000	-674,914	0	0	0	0	0	0	0	0	0
Net Income From Continuing Ops	14,974,000	12,587,000	5,644,000	862,000	-775,000	-1,062,582	-2,240,578	0	0	0	0	0	0	0	0	0	0
Net Interest Income	910,000	106,000	-315,000	-718,000	-641,000	-638,538	-451,573	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	191,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	8,891,000	13,656,000	6,687,000	1,994,000	169,000	-388,073	-1,632,086	-667,340	-716,629	-186,689	-61,283	-394,283	-251,488	-146,838	-51,897	-78,504	-79,933
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	87,882,000	67,630,000	47,327,000	29,542,000	24,498,000	21,714,108	13,390,837	7,667,472	4,762,653	3,385,045	2,074,779	807,539	455,730	263,582	163,840	93,246	80,006
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	4,667,000	3,747,000	2,911,000	2,322,000	2,154,000	1,901,050	1,636,003	0	0	0	0	0	0	0	0	0	0
Research Development	3,969,000	3,075,000	2,593,000	1,491,000	1,343,000	1,460,370	1,378,073	834,408	717,900	464,700	231,976	273,978	208,981	92,996	19,282	53,714	62,753
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	4,800,000	3,946,000	4,517,000	3,145,000	2,646,000	2,834,491	2,476,500	1,432,189	922,232	603,660	285,569	150,372	104,102	84,573	0	0	0
Tax Provision	-5,001,000	1,132,000	699,000	292,000	110,000	57,837	31,546	26,698	0	0	0	0	0	0	0	0	0
Total Operating Expenses	8,769,000	7,021,000	7,110,000	4,636,000	3,989,000	4,294,861	3,854,573	2,266,597	1,640,132	1,068,360	517,545	424,350	313,083	177,569	61,432	77,363	79,997
Total Other Income Expense Net	172,000	63,000	-344,000	-840,000	-834,000	-113,367	-125,373	111,272	-41,652	1,813	22,602	-1,828	-2,646	-6,583	-1,445	-963	137
Total Revenue	96,773,000	81,462,000	53,823,000	31,536,000	24,578,000	21,461,268	11,758,751	7,000,132	4,046,024	3,198,356	2,013,496	413,256	204,242	116,744	111,943	14,742	73

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-03-31	2007-12-31	2007-03-31
Cost Of Revenue	20,729,000	19,172,000	20,394,000	18,818,000	18,541,000	16,072,000	12,700,000	13,296,000	12,872,000	10,097,000	9,074,000	8,174,000	8,678,000	6,708,000	4,769,000	4,751,000	5,993,000	5,112,000	5,428,630	3,975,721	5,782,973	5,300,748	3,383,301	2,952,225	2,849,463	2,535,535	2,122,942	2,028,324	1,849,353	1,661,701	995,241	894,580	995,816	705,293	741,606	679,807	694,964	599,953	556,354	465,414	458,630	328,478	304,656	465,472	282,475	58,865	21,891	19,957	31,540	40,442	39,663	31,002	24,965	21,945	22,144	16,960	16,804	37,828	24,844	22,932	15,864	15,864	3,971	3,971	2
Depreciation And Amortization	1,232,000	1,235,000	1,154,000	1,046,000	989,000	956,000	922,000	880,000	848,000	761,000	681,000	621,000	618,000	584,000	567,000	553,000	577,000	530,851	578,572	467,577	496,737	502,825	485,255	416,233	469,606	400,624	389,171	376,602	326,939	280,468	183,232	156,460	143,723	110,366	91,389	77,112	67,976	64,972	54,715	44,268	37,585	28,450	22,198	17,850	12,792	7,522	4,348	4,163	4,804	4,280	4,318	3,517	2,890	3,109	2,483	2,141	1,935	1,948	1,685	1,372	1,294	1,294	109	109	472
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	2,252,000	2,083,000	2,399,000	2,664,000	3,901,000	3,688,000	2,464,000	3,603,000	2,706,000	2,004,000	1,312,000	594,000	575,000	809,000	327,000	239,000	359,000	361,000	-80,507	-443,848	413,536	416,757	-461,983	-596,974	-598,141	-535,480	-277,339	-272,557	-143,295	85,622	-238,040	-248,224	-260,333	-183,662	-170,188	-102,446	-74,838	-41,919	-29,512	-37,108	-8,677	-30,554	-10,085	11,517	-90,883	-108,460	-106,175	-88,763	-80,927	-64,477	-58,739	-47,346	-51,645	-37,834	-31,362	-25,998	-22,925	-4,291	-8,087	-16,594	-23,224	-23,224	-19,626	-19,626	-19,983
Ebitda	3,484,000	3,318,000	3,553,000	3,710,000	4,890,000	4,644,000	3,386,000	4,483,000	3,554,000	2,765,000	1,993,000	1,215,000	1,193,000	1,393,000	894,000	792,000	936,000	891,851	498,065	23,729	910,273	919,582	23,272	-180,741	-128,535	-134,856	111,832	104,045	183,644	366,090	-54,808	-91,764	-116,610	-73,296	-78,799	-25,334	-6,862	23,053	25,203	7,160	28,908	-2,104	12,113	29,367	-78,091	-100,938	-101,827	-84,600	-76,123	-60,197	-54,421	-43,829	-48,755	-34,725	-28,879	-23,857	-20,990	-2,343	-6,402	-15,222	-21,930	-21,930	-19,518	-19,518	-19,512
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	4,438,000	4,178,000	4,533,000	4,511,000	5,777,000	5,382,000	4,234,000	5,460,000	4,847,000	3,660,000	2,884,000	2,215,000	2,066,000	2,063,000	1,267,000	1,234,000	1,391,000	1,191,000	921,046	565,743	1,442,900	1,523,665	618,930	456,526	438,786	449,140	666,615	667,946	435,278	636,735	274,776	252,468	218,564	231,496	213,370	260,073	261,697	251,851	212,995	155,128	156,589	102,868	100,483	96,320	23,857	-8,761	4,762	10,210	7,835	17,224	18,508	18,028	11,321	9,296	6,261	3,852	1,781	7,699	2,101	-2,046	-1,702	-1,702	-285	-285	16
Income Before Tax	2,191,000	2,045,000	2,937,000	2,800,000	3,983,000	3,636,000	2,474,000	3,626,000	2,635,000	1,882,000	1,293,000	533,000	379,000	555,000	150,000	70,000	174,000	176,000	-369,831	-644,772	231,956	271,320	-728,999	-779,022	-779,901	-671,448	-385,780	-371,903	-208,399	30,011	-289,539	-278,421	-315,349	-228,074	-181,060	-151,141	-103,910	-70,981	-60,750	-48,991	-14,906	-37,718	-30,201	11,399	-90,079	-110,688	-105,494	-89,814	-81,377	-64,991	-58,764	-48,791	-51,395	-34,852	-38,508	-29,401	-24,013	-4,834	-10,859	-16,008	-25,474	-25,474	-20,671	-20,671	-19,512
Income Tax Expense	-5,752,000	167,000	323,000	261,000	276,000	305,000	205,000	346,000	292,000	223,000	115,000	69,000	83,000	186,000	21,000	2,000	42,000	26,000	19,431	22,873	21,878	16,647	13,707	5,605	-9,094	-285	15,647	25,278	11,070	8,133	3,649	3,846	5,048	1,784	3,167	3,040	3,719	3,727	1,150	809	1,358	778	301	151	-148	116	109	59	112	87	139	150	-37	83	9	118	229	-219	8	8	24	24	24	24	28
Interest Expense	61,000	38,000	28,000	29,000	33,000	53,000	44,000	61,000	71,000	126,000	75,000	99,000	246,000	163,000	170,000	169,000	170,000	185,000	171,979	157,453	174,723	175,220	163,582	149,546	146,363	117,109	108,441	99,346	65,104	46,713	46,368	40,625	38,617	29,308	24,352	26,574	28,703	29,062	31,238	11,883	6,229	6,492	20,116	118	26	78	84	65	43	80	46	40	63	298	464	230	25	18	1,086	1,402	1,099	1,099	937	937	472
Interest Income	333,000	244,000	238,000	184,000	157,000	33,000	26,000	28,000	25,000	10,000	11,000	10,000	6,000	6,000	8,000	10,000	10,000	15,000	10,362	8,762	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-13,000	-25,000	89,000	26,000	7,000	-39,000	10,000	-38,000	22,000	1,441,000	36,000	26,000	26,000	38,000	25,000	52,000	1,492,000	1,442,000	19,072	34,490	70,595	-56,843	-25,167	-75,076	-95,457	-51,787	-65,030	-66,904	-98,132	2,355,525	-2,355,525	785,175	1,152,214	0	0	0	1,152,214	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	7,930,000	1,853,000	2,703,000	2,513,000	3,687,000	3,292,000	2,259,000	3,280,000	2,343,000	1,618,000	1,142,000	438,000	239,000	331,000	104,000	68,000	105,000	143,000	-389,262	-667,645	210,078	311,516	-742,706	-709,551	-770,807	-619,376	-336,397	-330,277	-219,469	21,878	-293,188	-282,267	-320,397	-229,858	-184,227	-154,181	-107,629	-74,708	-61,900	-49,800	-16,264	-38,496	-30,502	11,248	-89,931	-110,804	-105,603	-89,873	-81,489	-65,078	-58,903	-48,941	-51,358	-34,935	-38,517	-29,519	-24,242	-4,615	-10,867	-16,016	-25,498	-25,498	-20,696	-20,696	-19,539
Net Income Applicable To Common Shares	0	1,853,000	2,703,000	2,513,000	3,722,000	3,292,000	2,259,000	3,318,000	2,321,000	1,618,000	1,142,000	438,000	270,000	300,000	104,000	16,000	113,000	143,000	-408,334	-702,135	139,483	311,516	-717,539	-709,551	-675,350	-619,376	-336,397	-330,277	-121,337	21,878	-293,188	-282,267	-320,397	-229,858	-184,227	-154,181	-107,632	-74,708	-61,900	-49,800	-16,264	-38,496	-30,502	11,248	-89,933	-110,804	-105,603	-89,873	0	-65,078	-58,903	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income From Continuing Ops	7,943,000	1,878,000	2,614,000	2,539,000	3,707,000	3,331,000	2,269,000	3,280,000	2,343,000	1,659,000	1,178,000	464,000	296,000	369,000	129,000	68,000	132,000	150,000	-389,262	-667,645	210,078	254,673	-742,706	-784,627	-770,807	-671,163	-401,427	-397,181	-219,469	21,878	-293,188	-282,267	-320,397	-229,858	-184,227	-154,181	-107,632	-74,708	-61,900	-49,800	-16,264	-38,496	-30,502	11,248	-89,933	-110,804	-105,603	-89,873	0	-65,078	-58,903	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	272,000	244,000	210,000	184,000	124,000	33,000	-18,000	-33,000	-46,000	-116,000	-64,000	-89,000	-240,000	-157,000	-162,000	-159,000	-160,000	-170,000	-161,617	-148,691	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	566,000	165,000	0	1,000	54,000	84,000	93,000	4,000	56,000	38,000	50,000	-91,000	-7,000	-44,000	0	100,000	-30,394	34,512	-6,857	29,783	55,975	-32,502	-35,397	-18,859	-36,423	-15,008	123,403	-8,898	-5,131	10,428	-16,399	-15,104	13,480	-22,121	-371	-2,790	-759	6,859	4,655	-672	1,707	17,101	831	-2,150	765	-986	0	-514	-25	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	2,064,000	1,764,000	2,399,000	2,664,000	3,901,000	3,688,000	2,464,000	3,603,000	2,567,000	2,004,000	1,312,000	594,000	575,000	809,000	327,000	239,000	359,000	361,000	-80,507	-443,848	251,776	416,757	-461,983	-596,974	-598,141	-535,480	-277,339	-272,557	-143,295	85,622	-238,040	-248,224	-260,333	-183,662	-170,188	-102,446	-74,838	-41,919	-29,512	-37,108	-8,677	-30,554	-10,085	11,517	-90,883	-108,460	-106,175	-88,763	-80,927	-64,477	-58,739	-47,346	-51,645	-37,834	-31,362	-25,998	-22,925	-4,291	-8,087	-16,594	-23,224	-23,224	-19,626	-19,626	-19,983
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	23,103,000	21,586,000	22,528,000	20,665,000	20,383,000	17,766,000	14,328,000	15,153,000	15,106,000	11,702,000	10,623,000	9,896,000	10,169,000	7,962,000	5,709,000	5,702,000	7,037,000	6,042,000	6,399,789	5,019,824	6,806,722	6,381,472	4,520,189	4,005,725	3,886,390	3,520,155	3,030,473	2,953,819	2,551,329	2,212,814	1,508,057	1,395,272	1,474,713	1,120,451	1,125,164	1,042,326	1,031,499	890,933	798,102	664,509	628,572	461,900	416,931	567,376	397,215	158,564	132,828	118,930	120,302	122,143	116,910	96,376	87,931	69,075	59,767	46,810	41,510	49,818	35,032	37,480	37,386	37,386	23,312	23,312	20,002
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	1,232,000	1,235,000	1,154,000	1,046,000	989,000	956,000	922,000	880,000	848,000	761,000	681,000	621,000	618,000	584,000	567,000	553,000	577,000	530,851	578,572	467,577	496,737	502,825	485,255	416,233	469,606	400,624	389,171	376,602	326,939	280,468	183,232	156,460	143,723	110,366	91,389	77,112	67,976	64,972	54,715	44,268	37,585	28,450	22,198	17,850	12,792	7,522	4,348	4,163	4,804	4,280	4,318	3,517	2,890	3,109	2,483	2,141	1,935	1,948	1,685	1,372	1,294	1,294	109	109	472
Research Development	1,094,000	1,161,000	943,000	771,000	810,000	733,000	667,000	865,000	740,000	611,000	576,000	666,000	522,000	366,000	279,000	324,000	345,000	334,000	323,898	340,174	356,297	350,848	386,129	367,096	354,637	331,622	369,774	322,040	245,960	214,302	191,664	182,482	190,243	178,791	181,712	167,154	139,565	135,873	107,717	81,544	68,453	56,351	52,312	54,859	68,832	61,901	74,854	68,391	61,205	54,083	52,531	41,162	37,617	26,698	15,416	13,265	8,143	1,257	1,941	7,941	11,826	11,826	13,429	13,429	15,688
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	1,280,000	1,253,000	1,191,000	1,076,000	4,311	961,000	961,000	992,000	1,494,000	994,000	973,000	1,056,000	969,000	888,000	661,000	627,000	699,000	596,000	647,261	703,929	667,452	729,876	750,759	686,404	682,290	652,998	537,757	603,455	456,016	336,811	321,152	318,210	288,654	236,367	201,846	195,365	196,970	155,107	134,031	117,551	101,489	77,071	59,963	47,045	45,908	37,798	36,083	30,582	27,557	27,618	24,716	24,212	25,349	20,432	37,623	29,850	24,706	11,990	10,188	14,548	77,363	0	5,912	5,912	4,311
Tax Provision	-5,752,000	167,000	323,000	261,000	276,000	305,000	205,000	346,000	292,000	223,000	115,000	69,000	83,000	186,000	21,000	2,000	42,000	26,000	19,431	22,873	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	2,374,000	2,414,000	2,134,000	1,847,000	1,842,000	1,694,000	1,628,000	1,857,000	2,234,000	1,605,000	1,549,000	1,722,000	1,491,000	1,254,000	940,000	951,000	1,044,000	930,000	971,159	1,044,103	1,023,749	1,080,724	1,136,888	1,053,500	1,036,927	984,620	907,531	925,495	701,976	551,113	512,816	500,692	478,897	415,158	383,558	362,519	336,535	290,980	241,748	199,095	169,942	133,422	112,275	101,904	114,740	99,699	110,937	98,973	88,762	81,701	77,247	65,374	62,966	47,130	37,623	29,850	24,706	11,990	10,188	14,548	21,522	21,522	-19,341	-19,341	-19,999
Total Other Income Expense Net	-145,000	37,000	538,000	136,000	82,000	-52,000	10,000	23,000	-71,000	-122,000	-19,000	-61,000	-196,000	-254,000	-177,000	-169,000	-185,000	-185,000	-289,324	-200,924	-181,580	-145,437	-267,016	-182,048	-181,760	-135,968	-108,441	-99,346	-65,104	-55,611	-51,499	-30,197	-55,016	-44,412	-10,872	-48,695	-29,072	-29,062	-31,238	-11,883	-6,229	-7,164	-20,116	-118	804	-2,228	681	-1,051	-450	-514	-25	-1,445	250	2,982	-7,146	-3,403	-1,088	-543	-2,772	586	-2,250	-1,194	-1,045	-1,045	472
Total Revenue	25,167,000	23,350,000	24,927,000	23,329,000	24,318,000	21,454,000	16,934,000	18,756,000	17,719,000	13,757,000	11,958,000	10,389,000	10,744,000	8,771,000	6,036,000	5,985,000	7,384,000	6,303,000	6,349,676	4,541,464	7,225,873	6,824,413	4,002,231	3,408,751	3,288,249	2,984,675	2,789,557	2,696,270	2,284,631	2,298,436	1,270,017	1,147,048	1,214,380	936,789	954,976	939,880	956,661	851,804	769,349	620,542	615,219	431,346	405,139	561,792	306,332	50,104	26,653	30,167	39,375	57,666	58,171	49,030	36,286	31,241	28,405	20,812	18,585	45,527	26,945	20,886	14,162	14,162	3,686	3,686	18

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	96,773,000
Cost of Revenue	-79,113,000
Gross Profit	17,660,000	17,660,000

Operating Income (+$)
Gross Profit	17,660,000
Operating Expense	-8,769,000
Operating Income	8,891,000	8,891,000

Operating Expense (+$)
Research Development	3,969,000
Selling General Administrative	4,800,000
Selling And Marketing Expenses	0
Operating Expense	8,769,000	8,769,000

Net Interest Income (+$)
Interest Income	1,066,000
Interest Expense	-156,000
Other Finance Cost	-0
Net Interest Income	910,000

Pretax Income (+$)
Operating Income	8,891,000
Net Interest Income	910,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	9,973,000	8,719,000 EBIT - interestExpense = 9,973,000 9,998,000 15,155,000
Interest Expense	156,000
Earnings Before Interest and Taxes (EBIT)	10,129,000	10,129,000
Earnings Before Interest and Taxes (EBITDA)	14,796,000

After tax Income (+$)
Income Before Tax	9,973,000
Tax Provision	--5,001,000
Net Income From Continuing Ops	14,974,000	14,974,000
Net Income	14,999,000
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	87,882,000
Total Other Income/Expenses Net	172,000	-910,000

Technical Analysis of Tesla
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Tesla. The general trend of Tesla is UNKNOWN with 0.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Tesla's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator State	Bullish trend		Bearish trend
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Tesla Inc.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 179.22 < 184.25 < 205.60.

The bearish price targets are: 101.81.

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Tesla Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Tesla Inc. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Tesla Inc.

Tesla Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Tesla Inc. The current adx is .

Tesla Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Tesla Inc.

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Tesla Inc.

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Tesla Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Tesla Inc.

Tesla Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Tesla Inc.

Tesla Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Tesla Inc.

Tesla Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Tesla Inc.

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Tesla Inc.

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Tesla Inc.

Tesla Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Tesla Inc.

Tesla Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Tesla Inc.

Tesla Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Tesla Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-14	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-03	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-11	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-12	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-07	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-02-08	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-15	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-28	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-04	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-05	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-06	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-18	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-26	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-27	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-02	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-04	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-09	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-11	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-15	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-16	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-23	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-04-24	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Tesla Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	158.960
Total			0/1 (0.0%)

Create your own Symbol Scanner

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Quick analysis of Tesla (30 sec.)

What can you expect buying and holding a share of Tesla? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Tesla (5 min.)

$170.18

$18.22

$4.03 - $22.70

$22.25 - $40.92

2. Growth of Tesla (5 min.)

Is Tesla growing?

How much money is Tesla making?

How much money comes from the company's main activities?

3. Financial Health of Tesla (5 min.)

4. Comparing to competitors in the Auto Manufacturers industry (5 min.)

Industry Rankings (Auto Manufacturers)

What can you expect buying and holding a share of Tesla? (5 min.)

What can you expect buying and holding a share of Tesla?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Tesla

About Tesla Inc

Financial Health

Valuation

1.1. Profitability of Tesla Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Auto Manufacturers)

1.1.2. Return on Assets

Trends

Compared to industry (Auto Manufacturers)

1.1.3. Return on Equity

Trends

Compared to industry (Auto Manufacturers)

1.2. Operating Efficiency of Tesla Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Auto Manufacturers)

1.2.2. Operating Ratio

Trends

Compared to industry (Auto Manufacturers)

1.3. Liquidity of Tesla Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Auto Manufacturers)

1.3.2. Quick Ratio

Trends

Compared to industry (Auto Manufacturers)

1.4. Solvency of Tesla Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Auto Manufacturers)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Auto Manufacturers)

2. Market Valuation of Tesla Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Auto Manufacturers)

Tesla Inc
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