Volkswagen AG

VOW: XETR (DEU)

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Volkswagen's Elevated Capital Intensity Limits Economic Returns

Rella Suskin , Andrea Burigana

Jun 10, 2026

Business Strategy and Outlook

VW has a long history of high capital spending, a stubbornly growing cost base, and net cash outflows. Management touts the firm’s advantages of global scale and strong brands. However, its financial metrics compare unfavorably with peers. Investors seem fatigued. VW’s 75% stake in Porsche and 88% stake in Traton account for almost the entire group’s market capitalization. Its net asset value per share is 4 times its current share price.

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Volkswagen AG

Volkswagen's Elevated Capital Intensity Limits Economic Returns

Business Strategy and Outlook

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