Tesla's 200x earnings multiple asks too much of weak current results and speculative future products. Third-quarter revenue fell 0.4% year over year and EBIT missed estimates by 25%, despite gross-margin and cash-flow beats. Robotaxis, humanoids and other future plans may have appeal, but impressive parts of the business do not make the stock worth its current price. x.com  x.com  x.com 

Tesla's falling energy and storage revenue undercuts what bulls call its next growth case. In Q3, that revenue fell 16% year over year; auto revenue fell 3%, operating income 56%, GAAP net income 43%, GAAP EPS 44% and free cash flow 62%. These terrible results make $500 a share look unlikely, even though the stock has not fallen 20%. x.com  x.com 

Tesla's stronger gross margin and automotive revenue suggest its car business is healthier than bears expected. Gross margin was 19.6% versus 17.8% expected; automotive revenue beat by over $700M, following 486,532 deliveries versus roughly 462,000 expected. Total revenue missed slightly, likely outside autos. Cybercab, unsupervised FSD and Optimus remain the key call tests. Overweight, $697 target with 80% upside. x.com  x.com 

Tesla's valuation is too stretched to justify buying now. Slava cites a 189x forward P/E, falling Q3 deliveries, a 1.4% operating margin and negative free cash flow; other investments look preferable. x.com 

Tesla's fundamentals have not caught up with its valuation, since revenue has stayed basically flat for four years. x.com 

Tesla's Robotaxi and Optimus can carry substantial value before major profits because future cash flows, growth and the chance of success matter more than current P/E. In an illustrative model, a one-year delay cuts opportunity value about 11% if payments stay unchanged; faster sustained growth can more than offset it, while reliable deployment can raise the assessed chance of success. These figures are not Tesla forecasts; investment costs and execution risk still matter. x.com 

Tesla's deteriorating earnings and automotive revenue undermine its growth story. In Q3 2026, automotive revenue fell 3% year over year, operating income fell 56%, and diluted EPS fell 44%, while total revenue was flat. x.com 

Tesla's stagnant car business and rising AI and robotics spending are squeezing current earnings before those bets have paid off. Q3 revenue was flat as auto sales slipped and regulatory credits collapsed; operating expenses rose 39%, operating income fell 56%, and EPS dropped from $0.43 to $0.24. The spend-now, profit-later strategy is testing investors' patience. x.com 

SpaceX's near-term earnings growth and potentially underappreciated compute ramp favor it over Tesla if their merger takes longer. SpaceX could exceed $200 by Q4 earnings; if the deal is announced within roughly a month, Tesla is the better trade because SpaceX would have to pay a premium of $420-$500+ a share. Tesla's robotaxi and humanoid earnings impact is still many quarters away, though both companies have longer-term upside. x.com  x.com 

Tesla's low forward growth and negative free cash flow weaken its long-term appeal. Next-twelve-month revenue growth is 8.9%, while increasing competition threatens its moat. Tesla is noise for now with Elon focused more on SpaceX; its ADR reading of 2.48 is below the 4-plus needed to turn a day trade into a swing, though earnings may change that. x.com  x.com