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Volkswagen AG Vorz-Inhaber-Akt ohne Stimmrecht VOW3

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Stock XETR Rating as of
€84.10 −2.44 (2.82%)
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As of Delayed Price Closed

Company Report

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Volkswagen's Elevated Capital Intensity Limits Economic Returns

Rella Suskin, Andrea Burigana

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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Price vs Fair Value

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VOW3 is trading at a 169% premium.
Price
€86.54
Fair Value
€298.87
Uncertainty
Kmjbm
1-Star Price
€212.75
5-Star Price
€274.33
Economic Moat
Vqxt
Capital Allocation
Qxhpp

Bulls Say, Bears Say

Bulls

2025 and 2026 are transitory years for VW, but it’s taking all the right steps to improve returns—capacity reductions in Europe, localization in China, tapping into the lucrative US pickup truck market, and maximizing the use of common platforms.

Bears

With many capital-intensive projects underway simultaneously during an environment of extreme competition and technological change, we are skeptical that management has the bandwidth to execute as guided.

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News

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Trading Information

Previous Close Price
€86.54
Day Range
€83.56–86.70
52-Week Range
€82.66–109.15
Bid/Ask
€84.46 / €84.48
Shares Outstanding
501.30M
Market Cap
€42.16B
Volume/Avg
2M / 905,109

Key Statistics

Price/Earnings (Normalized)
3.70
Price/Sales
0.14
Dividend Yield (Trailing)
7.19%
Dividend Yield (Forward)
5.95%
Total Yield
10.05%

Company Profile

Volkswagen is the second-largest automotive original equipment manufacturer by vehicle sales globally, selling 9 million vehicles in 2025. Its four vehicle segments core (Volkswagen, SEAT, Skoda, and VW commercial), progressive (Audi, Lamborghini, and Bentley), sports luxury (Porsche), and Traton commercial vehicles (Traton, Scania, Navistar, MAN, and VW truck and bus) contribute 45%, 20%, 10%, and 13% to group revenue, respectively. It also has a vehicle software business (Cariad), batteries, power engineering production, and financial services.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
625,059
Website
https://www.volkswagen-group.com

Competitors

Valuation

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Metric
VOW3
BMW
MBGAF
Price/Earnings (Normalized)
 3.707.267.17
Price/Book Value
 0.250.420.49
Price/Sales
 0.140.280.35
Price/Cash Flow
 1.022.253.72
Price/Earnings
VOW3
BMW
MBGAF

Financial Strength

Metric
VOW3
BMW
MBGAF
Quick Ratio
 0.820.790.87
Current Ratio
 1.071.171.39
Interest Coverage
 5.2718.6117.66
Quick Ratio
VOW3
BMW
MBGAF

Profitability

Metric
VOW3
BMW
MBGAF
Return on Assets (Normalized)
 1.03%2.63%2.01%
Return on Equity (Normalized)
 3.87%7.39%5.57%
Return on Invested Capital (Normalized)
 2.07%3.48%2.76%
Return on Assets
VOW3
BMW
MBGAF

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