The premium you see on the sticker today isn’t what a patient investor is actually paying for the company’s future.

Tesla’s plan to ramp up new products like the Cybercab and Semi is at the heart of its growth story. But for investors, the most immediate effect of that expected growth isn’t a new vehicle; it’s a discount on the stock price, available today.

At a glance, Tesla (TSLA) stock, trading around $407.76, looks expensive. On this year’s expected earnings, the price-to-earnings multiple is about 212.9 times. Many investors stop right there. But the picture changes if you look out to 2028. On the earnings analysts expect two years from now, that same $407.76…