Tesla has a lot less debt relative to equity than the other big auto-manufacturers. Hence, to get a fair valuation comparison Enterprise Value (equity + debt) should be used.
Just found it curious that at Tesla's current revenue run rate, it's EV/Revenue ratio is ~ 2. Whereas, for the Toyota Motors(TM), and Ford (F) that ratio is ~ 1. Makes TSLA stock look cheap IMHO.
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