P/E simply isn't a very good ratio other than just for a quick glance. Real analysts look at 5+ years future cash flows (not earnings), risk free interest, risk

P/E simply isn't a very good ratio other than just for a quick glance. Real analysts look at 5+ years future cash flows (not earnings), risk free interest, risk premium, cost of capital, and other factors. Differences in any of those factors between companies or between time periods will determine why a company is valued the way it is. Interest rates are way higher now than a few years ago, and still lower than they were in the 90s. Some companies have cool business models that give them an edge, eg. Being able to generate lots of free cash, being able to invest cash at high returns, borrowing at lower rates, looking in customers, or making deals that will assure high revenue growth for the future. I dont know much about TSLA but I don't think the market sees them as just a car company any more than Amazon was just a retailer.