# Continental Aktiengesellschaft (CON.XETRA)

Canonical: https://gigainvestors.com/s/CON.XETRA

Analysis as of: 2026-10-16T07:35:04.577Z. Financial observations: FY2004–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 70.22 per share; close as of 2026-10-15.

Estimated value: low EUR 24.18 per share, central EUR 27.08 per share, high EUR 30.94 per share. Buy at or below the central value EUR 27.08 per share. Valuation as of 2026-10-16T07:35:04.577Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: -0.01×

- FY2020: -0.02×

- FY2021: 0.02×

- FY2022: 0.00×

- FY2023: 0.02×

- FY2024: 0.09×

- FY2025: 0.08×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: -1.4%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 24.4%

- Recent gross margin (lower of latest and 3-year median): 26.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.9%

- FY2017: 29.1%

- FY2018: 24.5%

- FY2019: -1.4%

- FY2020: -4.5%

- FY2021: 5.1%

- FY2022: 0.1%

- FY2023: 3.9%

- FY2024: 9.3%

- FY2025: 14.5%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.8B

- Net income, five-year total: EUR 3.7B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 12.6 pp

- Working capital / revenue, final three-year average: 24.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.20×

- FY2022: 12.91×

- FY2023: 0.81×

- FY2024: 0.10×

- FY2025: -1.23×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.9% vs 9.3%

- Per-share earnings: 14.07 to 5.78 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -11B

- Cumulative retained earnings: EUR -8.3B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -10.5%

- Per-share value change: EUR -8.29

- Per-share value, starting three-year median: EUR 14.07

- Per-share value, ending three-year median: EUR 5.78

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 823M

- Cumulative net income, 10 years: EUR 10B

- ROIC, first three-year median: 27.9%

- ROIC, last three-year median: 9.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 14.07

- FY2017: EUR 14.90

- FY2018: EUR 14.48

- FY2019: EUR -6.12

- FY2020: EUR -4.81

- FY2021: EUR 7.18

- FY2022: EUR 0.33

- FY2023: EUR 5.78

- FY2024: EUR 5.84

- FY2025: EUR -0.83

### accounting: pass

- Sloan accruals: -13.3%

- Receivables to sales index (DSRI): 0.46×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: -6.0%

- FY2018: -5.1%

- FY2019: -13.2%

- FY2020: -9.3%

- FY2021: -4.2%

- FY2022: -5.9%

- FY2023: -5.8%

- FY2024: -4.8%

- FY2025: -13.3%

## Holders

## Price story

Price needs cash profits to grow 13.9% a year for ten years · sales -10.4%

Story as of 2026-10-16T10:00:03.538Z; price observation 2026-10-15.

Price needs cash profits to grow 13.9% a year for ten years

- 2025-10-01: Continental AG expects 'high double-digit million euro' tariff hit in second half ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/continental-ag-expects-high-double-155018342.html))

### Sales · FY2025–2026

sales -10.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 44B 

- FY2018: EUR 44B 

- FY2019: EUR 44B 

- FY2020: EUR 32B 

- FY2021: EUR 34B 

- FY2022: EUR 39B 

- FY2023: EUR 41B 

- FY2024: EUR 20B 

- FY2025: EUR 20B 

- FY2026: EUR 18B 

### Gross margin · FY2025

gross margin 26%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 26.6% 

- FY2017: 25.8% 

- FY2018: 25.0% 

- FY2019: 23.8% 

- FY2020: 23.5% 

- FY2021: 22.9% 

- FY2022: 19.2% 

- FY2023: 21.3% 

- FY2024: 26.4% 

- FY2025: 26.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are EUR 19.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2025: revenue 19676000000; grossProfit 5110000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CON.XETRA: Continental Aktiengesellschaft manufactures tire and develops and produces solutions for automotive manufacturers, industrial, and end customers worldwide. It provides tires for cars, trucks, buses, two-wheel, and specialist vehicles, as well as digital tire monitoring and management systems; and engages in the retail of tires. The company also develops solutions for industrial applications made from rubber, metal, and textiles; hoses, conveyor belts, air springs, and drive belts; and surface materials for energy, mining, agriculture, construction, as well as interior and exterior design, and automotive sectors. The company was formerly known as Continental-Caoutchouc- und Gutta-Percha Compagnie. Continental Aktiengesellschaft was founded in 1871 and is headquartered in Hanover, Germany.

### Why customers stay

Margins ranged from 21.3% to 26.4% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2023: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2024: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2025: grossProfit / revenue = 26%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); 10-year return on capital observations [[2016,0.27913923925141065],[2017,0.29127347990501024],[2018,0.24508419554817656],[2019,-0.01434739934475943],[2020,-0.0450956684870309],[2021,0.05059544310422514],[2022,0.0006170697534339849],[2023,0.03886204061146662],[2024,0.09335331883645975],[2025,0.14523940957638307]]; median 0.07197438097034245. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2016: growth capex 317632562.60718393; upkeep 2390567437.392816; owner earnings 2373532562.607184. Growth capex / owner earnings = 0.1338227111821392.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2017: growth capex 833700000; upkeep 2117400000; owner earnings 2984600000. Growth capex / owner earnings = 0.2793339140923407.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2018: growth capex 101176855.02016973; upkeep 3184223144.9798303; owner earnings 1921076855.0201697. Growth capex / owner earnings = 0.05266673988381764.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2019: growth capex 0; upkeep 3220300000; owner earnings 457200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2020: growth capex 0; upkeep 2126100000; owner earnings 355300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2021: growth capex 0; upkeep 1877800000; owner earnings 1717580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2022: growth capex 0; upkeep 2169200000; owner earnings 860120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2023: growth capex 0; upkeep 2142700000; owner earnings 940980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2024: growth capex 0; upkeep 1938000000; owner earnings 112800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); FY2025: growth capex 0; upkeep 1075000000; owner earnings 203000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); Dividend observations: [[2016,750000000],[2017,850000000],[2018,900000000],[2019,950000000],[2020,600000000],[2021,440000000],[2022,440000000],[2023,300000000],[2024,440000000],[2025,500000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CON.XETRA SharesStats.PercentInsiders = 46 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.9% yearly over ten years; actual decline was 22.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.577Z); Ten-year compound average after fade. Initial solved rate 0.18812681872188447. Price 70.22; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 13.643432878602262 → FY2025 1.015. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 118.66 per share

- 2016-11: EUR 113.80 per share

- 2016-12: EUR 124.88 per share

- 2017-01: EUR 122.84 per share

- 2017-02: EUR 130.18 per share

- 2017-03: EUR 139.70 per share

- 2017-04: EUR 139.70 per share

- 2017-05: EUR 134.60 per share

- 2017-06: EUR 128.45 per share

- 2017-07: EUR 129.50 per share

- 2017-08: EUR 128.86 per share

- 2017-09: EUR 145.99 per share

- 2017-10: EUR 148.13 per share

- 2017-11: EUR 152.11 per share

- 2017-12: EUR 152.99 per share

- 2018-01: EUR 164.31 per share

- 2018-02: EUR 153.43 per share

- 2018-03: EUR 152.48 per share

- 2018-04: EUR 150.37 per share

- 2018-05: EUR 147.59 per share

- 2018-06: EUR 132.94 per share

- 2018-07: EUR 133.92 per share

- 2018-08: EUR 107.44 per share

- 2018-09: EUR 101.94 per share

- 2018-10: EUR 99.22 per share

- 2018-11: EUR 89.90 per share

- 2018-12: EUR 82.09 per share

- 2019-01: EUR 93.58 per share

- 2019-02: EUR 97.89 per share

- 2019-03: EUR 91.23 per share

- 2019-04: EUR 100.18 per share

- 2019-05: EUR 82.80 per share

- 2019-06: EUR 87.16 per share

- 2019-07: EUR 85.14 per share

- 2019-08: EUR 74.62 per share

- 2019-09: EUR 80.01 per share

- 2019-10: EUR 81.49 per share

- 2019-11: EUR 80.62 per share

- 2019-12: EUR 78.35 per share

- 2020-01: EUR 69.98 per share

- 2020-02: EUR 69.08 per share

- 2020-03: EUR 44.60 per share

- 2020-04: EUR 52.48 per share

- 2020-05: EUR 60.12 per share

- 2020-06: EUR 59.25 per share

- 2020-07: EUR 56.12 per share

- 2020-08: EUR 62.00 per share

- 2020-09: EUR 62.87 per share

- 2020-10: EUR 62.05 per share

- 2020-11: EUR 77.63 per share

- 2020-12: EUR 82.43 per share

- 2021-01: EUR 78.69 per share

- 2021-02: EUR 80.83 per share

- 2021-03: EUR 76.61 per share

- 2021-04: EUR 76.57 per share

- 2021-05: EUR 82.19 per share

- 2021-06: EUR 84.28 per share

- 2021-07: EUR 77.91 per share

- 2021-08: EUR 77.38 per share

- 2021-09: EUR 72.06 per share

- 2021-10: EUR 77.18 per share

- 2021-11: EUR 71.99 per share

- 2021-12: EUR 70.78 per share

- 2022-01: EUR 64.57 per share

- 2022-02: EUR 58.38 per share

- 2022-03: EUR 49.72 per share

- 2022-04: EUR 50.19 per share

- 2022-05: EUR 54.19 per share

- 2022-06: EUR 50.55 per share

- 2022-07: EUR 52.62 per share

- 2022-08: EUR 43.70 per share

- 2022-09: EUR 34.93 per share

- 2022-10: EUR 39.90 per share

- 2022-11: EUR 43.54 per share

- 2022-12: EUR 42.56 per share

- 2023-01: EUR 48.90 per share

- 2023-02: EUR 51.69 per share

- 2023-03: EUR 52.39 per share

- 2023-04: EUR 48.21 per share

- 2023-05: EUR 47.35 per share

- 2023-06: EUR 52.53 per share

- 2023-07: EUR 55.21 per share

- 2023-08: EUR 52.17 per share

- 2023-09: EUR 50.75 per share

- 2023-10: EUR 46.71 per share

- 2023-11: EUR 53.99 per share

- 2023-12: EUR 58.48 per share

- 2024-01: EUR 57.93 per share

- 2024-02: EUR 56.32 per share

- 2024-03: EUR 50.86 per share

- 2024-04: EUR 46.25 per share

- 2024-05: EUR 47.32 per share

- 2024-06: EUR 40.22 per share

- 2024-07: EUR 43.10 per share

- 2024-08: EUR 46.43 per share

- 2024-09: EUR 44.20 per share

- 2024-10: EUR 43.53 per share

- 2024-11: EUR 47.16 per share

- 2024-12: EUR 49.28 per share

- 2025-01: EUR 52.29 per share

- 2025-02: EUR 52.56 per share

- 2025-03: EUR 49.08 per share

- 2025-04: EUR 52.03 per share

- 2025-05: EUR 58.76 per share

- 2025-06: EUR 56.33 per share

- 2025-07: EUR 57.17 per share

- 2025-08: EUR 57.02 per share

- 2025-09: EUR 56.12 per share

- 2025-10: EUR 65.48 per share

- 2025-11: EUR 64.54 per share

- 2025-12: EUR 67.96 per share

- 2026-01: EUR 66.64 per share

- 2026-02: EUR 73.12 per share

- 2026-03: EUR 59.60 per share

- 2026-04: EUR 64.18 per share

- 2026-05: EUR 71.36 per share

- 2026-06: EUR 72.16 per share

- 2026-07: EUR 71.86 per share

- 2026-08: EUR 71.32 per share

- 2026-09: EUR 67.12 per share

- 2026-10: EUR 70.08 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 155.37 per share, central EUR 205.07 per share, high EUR 239.33 per share

- FY2017: low EUR 184.53 per share, central EUR 234.06 per share, high EUR 272.74 per share

- FY2018: low EUR 185.23 per share, central EUR 226.76 per share, high EUR 263.09 per share

- FY2019: low EUR 163.23 per share, central EUR 196.84 per share, high EUR 227.62 per share

- FY2020: low EUR 85.44 per share, central EUR 95.83 per share, high EUR 109.67 per share

- FY2021: low EUR 86.45 per share, central EUR 97.45 per share, high EUR 112.11 per share

- FY2022: low EUR 55.27 per share, central EUR 61.75 per share, high EUR 70.38 per share

- FY2023: low EUR 59.88 per share, central EUR 66.69 per share, high EUR 75.76 per share

- FY2024: low EUR 36.77 per share, central EUR 40.07 per share, high EUR 44.47 per share

- FY2025: low EUR 29.36 per share, central EUR 32.59 per share, high EUR 36.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:51.726Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.