<p><strong>特斯拉</strong>（TSLA 6.83%）的股票自年初以来大幅下跌。今年迄今为止，股价下跌了大约 30%，市盈率从 15 倍以上降至仅 9.2 倍。</p>
<p>从表面上看，特斯拉的估值看起来很有吸引力。但在投资者跳入之前，有一个因素必须理解。</p>
<h2>特斯拉的股票并不像看起来那么便宜</h2>
<p>毫无疑问，特斯拉的股票比四个月前便宜得多。但当你进一步放大视角时，很明显这次崩盘大部分只是将特斯拉的估值恢复到其历史交易平均水平。</p>
<p>近年来，特斯拉的估值通常在销售额的 5 到 10 倍之间。然而，在 2024 年末，特斯拉的估值飙升至超过 16 倍的销售额。这次近期的修正只是将估值倍数拉回到历史正常水平。事实上，即使在修正之后，特斯拉的市销率仍高于其多年来的平均水平，即使包括 2024 年底和 2025 年初的异常水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5cb71c2fbfd20072a916a9c509a1be6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5cb71c2fbfd20072a916a9c509a1be6.png"/></p>
<p>TSLA 市销率数据来自 YCharts。市销率 = 市价与销售额的比率。</p>
<p>自 2024 年末以来，特斯拉的增长预测有所上升。但即使在考虑到这一更高预期销售增长的前瞻性市销率时，特斯拉的股票仍然交易略高于其长期平均水平。而且，再次强调，这些长期平均水平包括 2024 年底和 2025 年初的异常水平。</p>
<p>这些是否意味着特斯拉对长期股东来说是一个糟糕的投资？绝对不是。但考虑到修正始于异常高的估值水平，修正后的股票并不像看起来那么便宜。</p>

2 倍做多特斯拉 ETF - Direxion

<p>特斯拉的股票今年下跌了 30%，其市销率从超过 15 降至 9.2。尽管估值看起来具有吸引力，但它已回归到历史平均水平，通常在 5 到 10 倍销售额之间。尽管最近出现了修正，特斯拉的市销倍数仍高于其长期平均水平。虽然增长预测有所改善，但该股票并不像看起来那么便宜，因为修正是由于异常高的估值水平所致</p>

<p><strong>Tesla</strong>'s (TSLA 6.83%) stock has come down considerably since the year began. Shares are down roughly 30% in value so far this year, with the stock's price-to-sales ratio falling from over 15 to just 9.2.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>（TSLA 6.83%）的股票自年初以来大幅下跌。今年迄今为止，股价下跌了大约 30%，市盈率从 15 倍以上降至仅 9.2 倍。</p>
</div><p>On paper, Tesla's valuation looks compelling. But there's one factor that investors must understand before jumping in.</p>
<div class="lb-trans"><p>从表面上看，特斯拉的估值看起来很有吸引力。但在投资者跳入之前，有一个因素必须理解。</p>
</div><h2>Tesla's stock isn't as cheap as it looks</h2>
<div class="lb-trans"><h2>特斯拉的股票并不像看起来那么便宜</h2>
</div><p>There's no doubt that Tesla's stock is much cheaper than it was just four months ago. But when you zoom out further, it becomes obvious that most of this crash simply reverted Tesla's valuation to its historical trading average.</p>
<div class="lb-trans"><p>毫无疑问，特斯拉的股票比四个月前便宜得多。但当你进一步放大视角时，很明显这次崩盘大部分只是将特斯拉的估值恢复到其历史交易平均水平。</p>
</div><p>In recent years, Tesla's valuation has typically ranged between 5 and 10 times sales. In the closing months of 2024, however, Tesla's valuation soared to more than 16 times sales. The recent correction simply brought the valuation multiple down toward historical norms. In fact, even after the correction, Tesla's price-to-sales multiple remains above its multiyear average, even when including the abnormal levels seen in late 2024 and early 2025.</p>
<div class="lb-trans"><p>近年来，特斯拉的估值通常在销售额的 5 到 10 倍之间。然而，在 2024 年末，特斯拉的估值飙升至超过 16 倍的销售额。这次近期的修正只是将估值倍数拉回到历史正常水平。事实上，即使在修正之后，特斯拉的市销率仍高于其多年来的平均水平，即使包括 2024 年底和 2025 年初的异常水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5cb71c2fbfd20072a916a9c509a1be6.png" alt="" original-src="https://media.ycharts.com/charts/f5cb71c2fbfd20072a916a9c509a1be6.png"/></p>
<p>TSLA PS Ratio data by YCharts. PS Ratio = price-to-sales ratio.</p>
<div class="lb-trans"><p>TSLA 市销率数据来自 YCharts。市销率 = 市价与销售额的比率。</p>
</div><p>Tesla's growth forecast has picked up since the close of 2024. But even when looking at the company's forward price-to-sales multiple -- a metric that factors in this higher expected sales growth -- Tesla shares still trade a bit higher than their long-term average. And again, those long-term averages include the abnormal levels experienced at the end of 2024 and the start of 2025.</p>
<div class="lb-trans"><p>自 2024 年末以来，特斯拉的增长预测有所上升。但即使在考虑到这一更高预期销售增长的前瞻性市销率时，特斯拉的股票仍然交易略高于其长期平均水平。而且，再次强调，这些长期平均水平包括 2024 年底和 2025 年初的异常水平。</p>
</div><p>Does any of this mean that Tesla is a poor investment for long-term shareholders? Absolutely not. But the stock isn't as cheap as it seems following the correction, given that the correction began at abnormally high valuation levels.</p>
<div class="lb-trans"><p>这些是否意味着特斯拉对长期股东来说是一个糟糕的投资？绝对不是。但考虑到修正始于异常高的估值水平，修正后的股票并不像看起来那么便宜。</p>
</div>

Tesla's Stock Has Crashed 30% This Year. 1 Thing to Know Before You Buy.

- 特斯拉股票自年初以来下跌约 30%。
- 估值回归历史平均水平，但仍高于长期平均。
- 尽管增长预期上升，特斯拉股票仍不算便宜。

特斯拉的股票今年已经下跌了 30%。在购买之前你需要了解的一件事