Pine & Saguaro Research

Tesla — Investment Report

Market data as of November 12, 2026; filings through Q3 2026.

Cover of the Tesla Investment Report from Pine & Saguaro.
November 12, 2026CompaniesLive

Tesla is still mostly a car company by revenue, but the stock is priced as an autonomy and robotics platform. Audited revenue stalled after 2023 ($96.8B, then $97.7B and $94.8B in 2025). TTM revenue through September was $103.6B; Q3 was $28.0B, essentially flat. Operating income is being compressed by AI, Optimus and FSD spend. Consensus assumes a modest 2026-27 re-acceleration, not a new S-curve.

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