Tesla posted GAAP net earnings of $3.79 billion, down 75% from the peak of $15 billion for 2023. Tesla’s also piling on assets, notably for new plants and equipment, that it’s losing money on. In 2025, Tesla pocketed $1.45 billion in credits after tax, plus $69 million from the sale of digital assets, for a total of $1.51 billion. At its current market cap of $1.44 trillion, Tesla’s selling at an adjusted PE of 632 ($1.44 trillion divided by $2.28 billion). At a “core” multiple that’s 80% higher, Tesla easily beats Palantir for offering minimal pennies in profit for every dollar you’re paying for the shares.