DWS Group GmbH & Co KGaA

DWS: XFRA (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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DWS Earnings: Margins Benefits From Markets; Raising Our Fair Value Estimate

Johann Scholtz

Aug 19, 2026

Cash and passive products supplied nearly all the second-quarter inflows at DWS, which ran at 9% of assets annualized and double consensus expectations. That mix should have cost fee margin. Instead, the margin rose, as active equity assets grew nearly twice as fast as the group.

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DWS Group GmbH & Co KGaA

DWS Earnings: Margins Benefits From Markets; Raising Our Fair Value Estimate

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