<p><strong>特斯拉</strong>（TSLA 6.83%）的股票自年初以來大幅下跌。今年迄今為止，股價下跌了大約 30%，市盈率從 15 倍以上降至僅 9.2 倍。</p>
<p>從表面上看，特斯拉的估值看起來很有吸引力。但在投資者跳入之前，有一個因素必須理解。</p>
<h2>特斯拉的股票並不像看起來那麼便宜</h2>
<p>毫無疑問，特斯拉的股票比四個月前便宜得多。但當你進一步放大視角時，很明顯這次崩盤大部分只是將特斯拉的估值恢復到其歷史交易平均水平。</p>
<p>近年來，特斯拉的估值通常在銷售額的 5 到 10 倍之間。然而，在 2024 年末，特斯拉的估值飆升至超過 16 倍的銷售額。這次近期的修正只是將估值倍數拉回到歷史正常水平。事實上，即使在修正之後，特斯拉的市銷率仍高於其多年來的平均水平，即使包括 2024 年底和 2025 年初的異常水平。</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 市銷率數據來自 YCharts。市銷率 = 市價與銷售額的比率。</p>
<p>自 2024 年末以來，特斯拉的增長預測有所上升。但即使在考慮到這一更高預期銷售增長的前瞻性市銷率時，特斯拉的股票仍然交易略高於其長期平均水平。而且，再次強調，這些長期平均水平包括 2024 年底和 2025 年初的異常水平。</p>
<p>這些是否意味着特斯拉對長期股東來説是一個糟糕的投資？絕對不是。但考慮到修正始於異常高的估值水平，修正後的股票並不像看起來那麼便宜。</p>

2 倍做多特斯拉 ETF - Direxion

<p>特斯拉的股票今年下跌了 30%，其市銷率從超過 15 降至 9.2。儘管估值看起來具有吸引力，但它已迴歸到歷史平均水平，通常在 5 到 10 倍銷售額之間。儘管最近出現了修正，特斯拉的市銷倍數仍高於其長期平均水平。雖然增長預測有所改善，但該股票並不像看起來那麼便宜，因為修正是由於異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%）的股票自年初以來大幅下跌。今年迄今為止，股價下跌了大約 30%，市盈率從 15 倍以上降至僅 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>從表面上看，特斯拉的估值看起來很有吸引力。但在投資者跳入之前，有一個因素必須理解。</p>
</div><h2>Tesla's stock isn't as cheap as it looks</h2>
<div class="lb-trans"><h2>特斯拉的股票並不像看起來那麼便宜</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>毫無疑問，特斯拉的股票比四個月前便宜得多。但當你進一步放大視角時，很明顯這次崩盤大部分只是將特斯拉的估值恢復到其歷史交易平均水平。</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>近年來，特斯拉的估值通常在銷售額的 5 到 10 倍之間。然而，在 2024 年末，特斯拉的估值飆升至超過 16 倍的銷售額。這次近期的修正只是將估值倍數拉回到歷史正常水平。事實上，即使在修正之後，特斯拉的市銷率仍高於其多年來的平均水平，即使包括 2024 年底和 2025 年初的異常水平。</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 市銷率數據來自 YCharts。市銷率 = 市價與銷售額的比率。</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 年末以來，特斯拉的增長預測有所上升。但即使在考慮到這一更高預期銷售增長的前瞻性市銷率時，特斯拉的股票仍然交易略高於其長期平均水平。而且，再次強調，這些長期平均水平包括 2024 年底和 2025 年初的異常水平。</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>這些是否意味着特斯拉對長期股東來説是一個糟糕的投資？絕對不是。但考慮到修正始於異常高的估值水平，修正後的股票並不像看起來那麼便宜。</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來下跌約 30%。
- 估值迴歸歷史平均水平，但仍高於長期平均。
- 儘管增長預期上升，特斯拉股票仍不算便宜。

特斯拉的股票今年已經下跌了 30%。在購買之前你需要了解的一件事