Catone is looking for growth to justify Tesla’s triple-digit P/E ratio, and he does not see it. While the investor acknowledges that energy generation and storage revenues are rising, these segments still play a relatively small role (21%) in the company’s overall revenues.

Tesla's stock was slipping 0.3% in recent premarket trading ahead of earnings, and if history is any guide, that means tomorrow will more likely be another down day. Over the past 12 quarters, the sto