Tesla fell about 10% on Thursday, with its share price around $346, down 29% from its record high in December 2025. At first glance, that looks like a steep drop, but a look through the income statement reveals an uncomfortable fact: the stock has fallen less than profits.

Operating profit fell from a peak of $13.7 billion in 2022 to $8.9 billion in 2023, $7.1 billion in 2024, and $4.4 billion in 2025. Over the past four quarters, it totaled just about $3.5 billion—roughly a quarter of its 2022 peak. Operating margin contracted from 17% to 4.6% in 2025, then fell further to 2.6% in Q3 this year. Earnings per share over the past four quarters were just $0.91, 16% below the full-year 2025 figure.

Even after its 29% decline, Tesla’s current P/E is still around 380x. Even if profits miraculously returned to their 2022 peak, corresponding to 2022 EPS of $3.62, the current share price would still imply a P/E of nearly 96x. This is not a valuation that has “fallen into value.”

The two things the market is waiting for—operating profit returning to growth without one-off gains, and how much Robotaxi earns per paid mile—have yet to show up in the financial statements. The risk of regulatory scrutiny facing Musk’s companies after the midterm elections is still rising, adding another layer of uncertainty to already fragile earnings expectations. My stance is straightforward: a 29% pullback is not a reason to buy; the profit inflection point is. #Gate股票畅聊季