Porsche is uniquely positioned as a luxury car company with scale benefits, selling more than 10 times the volume of most luxury car brands annually, with about 63% of its volume at a price point above EUR 100,000 per vehicle. Despite its higher volume, its superior margins relative to its automotive peers reflect the brand’s continued value, thus warranting a narrow moat rating.
Owning a Porsche continues to be aspirational, providing the brand with superior pricing power and gross margins relative to its premium-branded automotive peers. With 63% of its volume at luxury price points, most of the business is sheltered from commoditization.
Porsche’s volume growth over the last decade has diluted the brand's exclusivity. Continued volume growth and geographic concentration as the company redirects volume away from China may result in reduced pricing power.
|
Metric
|
P911
|
VOW
|
RACE
|
|---|---|---|---|
Price/Earnings (Normalized) | 19.27 | 3.42 | 35.55 |
Price/Book Value | 1.71 | 0.20 | 16.31 |
Price/Sales | 1.11 | 0.11 | 8.01 |
Price/Cash Flow | 6.39 | 0.79 | 22.47 |
|
Metric
|
P911
|
VOW
|
RACE
|
|---|---|---|---|
Quick Ratio | 0.98 | 0.80 | 1.30 |
Current Ratio | 1.43 | 1.07 | 1.80 |
Interest Coverage | — | 4.16 | 63.42 |
|
Metric
|
P911
|
VOW
|
RACE
|
|---|---|---|---|
Return on Assets (Normalized) | 1.09% | 0.90% | 16.65% |
Return on Equity (Normalized) | 2.52% | 3.41% | 43.28% |
Return on Invested Capital (Normalized) | 1.78% | 1.94% | 24.33% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| Tesla Inc
TSLA
| LOCK|%J&cP^w@ | LOCK|z!Hd | $1T | |||
| Toyota Motor Corp ADR
TM
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GM
| LOCK|mZfHH<! | LOCK|X< | $70B | |||
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RACE
| LOCK|T#?HSc% | LOCK|%& | $68B | |||
| Ford Motor Co
F
| LOCK|g>l@<z | LOCK|^%b | $49B | |||
| Mercedes-Benz Group AG
MBGAF
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| Honda Motor Co Ltd ADR
HMC
| LOCK|%vZ<c>y | LOCK|<^ | $42B | |||
| Bayerische Motoren Werke AG ADR - Unsponsored
BMWKY
| LOCK|?@>wHd | LOCK|N& | $37B | |||
| Rivian Automotive Inc Class A
RIVN
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STLA
| LOCK|yc%VSQ | LOCK|^^ | $16B |
United States