u/GlassFondant4589 ·
Reddit — r/smallstreetbets
· April 16, 2026 at 04:07
· ⬆ 18 pts
· 💬 5 comments
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TSLA up big again and I still don’t see how the numbers justify it.
Top 3 legacy autos combined are doing around $100B+ EBITDA.
Tesla is around $10B.
Combined market cap of those companies is roughly $500B.
Tesla alone is over $1T.
Berkshire does \~$150B EBITDA and trades around the same market cap as Tesla.
So Tesla generates a fraction of the earnings but trades at similar or higher valuation than companies producing 10x the cash flow.
The usual answer is “it’s not a car company.”
AI, autonomy, robots.
But none of that is showing up meaningfully in revenue yet.
Feels like valuation is entirely based on what Tesla *might* become, not what it is today.
At this point it looks less like fundamentals and more like pure narrative.