# Deutsche Bank Aktiengesellschaft (DBK.XETRA)

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

Analysis as of: 2026-10-16T07:33:50.128Z. Financial observations: FY2015–FY2025.

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 29.12 per share; close as of 2026-10-15.

Estimated value: low EUR 2.33 per share, central EUR 2.63 per share, high EUR 3.02 per share. Buy at or below the central value EUR 2.63 per share. Valuation as of 2026-10-16T07:33:50.128Z; scenarios are not confidence intervals.

Expected annual return: 3.0% at the stated quote. About 3.0% 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

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 6

- Required profitable years: 9

- Return on common equity variation (informational): 3.60×

Chart: Net income; fiscal year observations.

- FY2016: EUR -1.7B

- FY2017: EUR -1.0B

- FY2018: EUR -25M

- FY2019: EUR -5.7B

- FY2020: EUR 146M

- FY2021: EUR 2.0B

- FY2022: EUR 5.0B

- FY2023: EUR 4.3B

- FY2024: EUR 2.8B

- FY2025: EUR 6.1B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 2.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -3.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -3.0%

- FY2017: -1.8%

- FY2018: -0.0%

- FY2019: -11.7%

- FY2020: 0.3%

- FY2021: 3.9%

- FY2022: 9.2%

- FY2023: 6.5%

- FY2024: 4.0%

- FY2025: 8.6%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 0.5%

- Book return interval: 10 years

- Starting book value per share: EUR 36.86

- Ending book value per share: EUR 35.77

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -2.5%

- FY2017: -20.6%

- FY2018: -9.6%

- FY2019: -8.6%

- FY2020: -2.3%

- FY2021: 7.1%

- FY2022: 9.2%

- FY2023: 22.9%

- FY2024: 13.1%

- FY2025: 3.9%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: -1.6%

- Share growth excluding flagged crisis recapitalisations: 2.5%

- Five-year share growth excluding flagged crisis recapitalisations: -1.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR -1.09

- Earnings retained per share after dividends and buybacks: EUR -11.29

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 9.3% a year forever · "Deutsche Bank posts record profit on strong trading" (finance.yahoo.com, Oct 2025) · net income +119.3%

Story as of 2026-10-16T09:59:57.939Z; price observation 2026-10-15.

The price assumes profits grow 9.3% a year forever

- 2025-10-29: Deutsche Bank posts record profit on strong trading ([finance.yahoo.com](https://finance.yahoo.com/news/deutsche-bank-posts-record-profit-073104458.html))

- 2026-07-11: Deutsche Bank (XTRA:DBK) As Bond Funding And Revenue Guidance Leave Valuation Questions Open ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/deutsche-bank-xtra-dbk-bond-001702520.html))

### Net income · FY2025

net income +119.3%; source https://www.sec.gov/Archives/edgar/data/1159508/000115950826000017/db-20251231.htm; observed 2026-03-12.

- FY2016: EUR -1.7B 

- FY2017: EUR -1.0B 

- FY2018: EUR -25M 

- FY2019: EUR -5.7B 

- FY2020: EUR 146M 

- FY2021: EUR 2.0B 

- FY2022: EUR 5.0B 

- FY2023: EUR 4.3B 

- FY2024: EUR 2.8B 

- FY2025: EUR 6.1B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 31.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1159508/000115950826000017/db-20251231.htm#000115950826000017 (filed 2026-03-12); FY2025: revenue 31434000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBK.XETRA: Deutsche Bank Aktiengesellschaft, a stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, the rest of Europe, the Americas, the Asia-Pacific, the Middle East, and Africa. It operates through Corporate Bank, Investment Bank, Private Bank, and Asset Management segments. The Corporate Bank segment offers cash management services, such as integrated payments and FX solutions; trade finance and lending offerings, including documentary and guarantee business, and structured trade finance and lending; and depository receipts, corporate trust, document custody, and securities services. The Investment Bank segment provides financing solutions in industries and asset classes; institutional sales, trading, and structuring in foreign exchange, rates, emerging markets, and credit trading; liquidity, market making services, and specialized risk management solutions for fixed income and currencies products; and advisory and financial products and services. This segment is also involved in the mergers and acquisitions business; and capital markets businesses in debt and equity. The Private Bank segment offers a range of payment and account services, and credit and deposit products, as well as investment advice, and postal and parcel services; and planning, managing and investing wealth, financing personal and business interests, and servicing institutional and corporate needs. The Asset Management segment provides access to investment capabilities in active and passive asset classes comprising Xtrackers range and alternatives; and access to private equity, private credit, real estate, and infrastructure. Deutsche Bank Aktiengesellschaft was incorporated in 1870 and is headquartered in Frankfurt am Main, Germany.

### Why customers stay

It earns 2.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on tangible equity observations [[2016,-0.030223342939481267],[2017,-0.017776648025758346],[2018,-0.0004685684297334783],[2019,-0.11714589989350373],[2020,0.0030378061213874037],[2021,0.039099271527058964],[2022,0.09196784952703811],[2023,0.0650265492111309],[2024,0.039841888208684735],[2025,0.0861283061339336]]; median 0.021068538824223184. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2016,333000000],[2017,392000000],[2018,227000000],[2019,227000000],[2020,349000000],[2021,363000000],[2022,406000000],[2023,610000000],[2024,883000000],[2025,1315000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1159508/000115950826000017/db-20251231.htm (filed 2026-03-12); FY2025: cash repurchases 1624000000 EUR.

### Are managers owners

Insiders own 8.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBK.XETRA SharesStats.PercentInsiders = 8.712 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 9.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Price 29.12; FX 1; original perpetual distributable cash 0.20278119399085182; discount 0.1; growth 0.09303636009646801. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-11: EUR 13.26 per share

- 2016-12: EUR 15.40 per share

- 2017-01: EUR 16.41 per share

- 2017-02: EUR 16.60 per share

- 2017-03: EUR 16.15 per share

- 2017-04: EUR 16.53 per share

- 2017-05: EUR 15.57 per share

- 2017-06: EUR 15.52 per share

- 2017-07: EUR 15.09 per share

- 2017-08: EUR 13.47 per share

- 2017-09: EUR 14.63 per share

- 2017-10: EUR 13.95 per share

- 2017-11: EUR 15.86 per share

- 2017-12: EUR 15.88 per share

- 2018-01: EUR 14.79 per share

- 2018-02: EUR 13.20 per share

- 2018-03: EUR 11.33 per share

- 2018-04: EUR 11.37 per share

- 2018-05: EUR 9.16 per share

- 2018-06: EUR 9.22 per share

- 2018-07: EUR 11.19 per share

- 2018-08: EUR 9.70 per share

- 2018-09: EUR 9.83 per share

- 2018-10: EUR 8.65 per share

- 2018-11: EUR 8.06 per share

- 2018-12: EUR 6.97 per share

- 2019-01: EUR 7.75 per share

- 2019-02: EUR 8.16 per share

- 2019-03: EUR 7.26 per share

- 2019-04: EUR 7.37 per share

- 2019-05: EUR 6.09 per share

- 2019-06: EUR 6.78 per share

- 2019-07: EUR 7.04 per share

- 2019-08: EUR 6.57 per share

- 2019-09: EUR 6.87 per share

- 2019-10: EUR 6.49 per share

- 2019-11: EUR 6.54 per share

- 2019-12: EUR 6.92 per share

- 2020-01: EUR 8.28 per share

- 2020-02: EUR 7.88 per share

- 2020-03: EUR 5.97 per share

- 2020-04: EUR 6.78 per share

- 2020-05: EUR 7.53 per share

- 2020-06: EUR 8.46 per share

- 2020-07: EUR 7.59 per share

- 2020-08: EUR 8.02 per share

- 2020-09: EUR 7.19 per share

- 2020-10: EUR 7.90 per share

- 2020-11: EUR 9.34 per share

- 2020-12: EUR 8.95 per share

- 2021-01: EUR 8.37 per share

- 2021-02: EUR 10.21 per share

- 2021-03: EUR 10.19 per share

- 2021-04: EUR 11.61 per share

- 2021-05: EUR 12.19 per share

- 2021-06: EUR 10.99 per share

- 2021-07: EUR 10.66 per share

- 2021-08: EUR 10.53 per share

- 2021-09: EUR 11.04 per share

- 2021-10: EUR 11.15 per share

- 2021-11: EUR 10.66 per share

- 2021-12: EUR 11.02 per share

- 2022-01: EUR 12.25 per share

- 2022-02: EUR 11.26 per share

- 2022-03: EUR 11.51 per share

- 2022-04: EUR 9.63 per share

- 2022-05: EUR 10.37 per share

- 2022-06: EUR 8.32 per share

- 2022-07: EUR 8.53 per share

- 2022-08: EUR 8.32 per share

- 2022-09: EUR 7.65 per share

- 2022-10: EUR 9.66 per share

- 2022-11: EUR 10.12 per share

- 2022-12: EUR 10.59 per share

- 2023-01: EUR 12.21 per share

- 2023-02: EUR 11.80 per share

- 2023-03: EUR 9.36 per share

- 2023-04: EUR 9.94 per share

- 2023-05: EUR 9.48 per share

- 2023-06: EUR 9.62 per share

- 2023-07: EUR 10.08 per share

- 2023-08: EUR 10.05 per share

- 2023-09: EUR 10.45 per share

- 2023-10: EUR 10.36 per share

- 2023-11: EUR 11.43 per share

- 2023-12: EUR 12.36 per share

- 2024-01: EUR 12.03 per share

- 2024-02: EUR 12.36 per share

- 2024-03: EUR 14.58 per share

- 2024-04: EUR 15.01 per share

- 2024-05: EUR 15.23 per share

- 2024-06: EUR 14.91 per share

- 2024-07: EUR 14.44 per share

- 2024-08: EUR 14.75 per share

- 2024-09: EUR 15.50 per share

- 2024-10: EUR 15.62 per share

- 2024-11: EUR 16.07 per share

- 2024-12: EUR 16.64 per share

- 2025-01: EUR 18.94 per share

- 2025-02: EUR 20.73 per share

- 2025-03: EUR 21.82 per share

- 2025-04: EUR 22.98 per share

- 2025-05: EUR 24.36 per share

- 2025-06: EUR 25.17 per share

- 2025-07: EUR 28.99 per share

- 2025-08: EUR 30.03 per share

- 2025-09: EUR 29.95 per share

- 2025-10: EUR 30.93 per share

- 2025-11: EUR 30.61 per share

- 2025-12: EUR 33.11 per share

- 2026-01: EUR 33.30 per share

- 2026-02: EUR 30.30 per share

- 2026-03: EUR 25.11 per share

- 2026-04: EUR 26.50 per share

- 2026-05: EUR 27.86 per share

- 2026-06: EUR 29.63 per share

- 2026-07: EUR 31.88 per share

- 2026-08: EUR 34.66 per share

- 2026-09: EUR 31.86 per share

- 2026-10: EUR 29.84 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 7.31 per share, central EUR 8.04 per share, high EUR 8.93 per share

- FY2017: low EUR 2.94 per share, central EUR 3.23 per share, high EUR 3.59 per share

- FY2018: low EUR 2.64 per share, central EUR 2.91 per share, high EUR 3.23 per share

- FY2019: low EUR 1.22 per share, central EUR 1.34 per share, high EUR 1.49 per share

- FY2020: low EUR 1.18 per share, central EUR 1.30 per share, high EUR 1.44 per share

- FY2021: low EUR 0.99 per share, central EUR 1.09 per share, high EUR 1.21 per share

- FY2022: low EUR 1.08 per share, central EUR 1.19 per share, high EUR 1.32 per share

- FY2023: low EUR 0.70 per share, central EUR 0.78 per share, high EUR 0.87 per share

- FY2024: low EUR 0.54 per share, central EUR 0.59 per share, high EUR 0.66 per share

- FY2025: low EUR 2.20 per share, central EUR 2.49 per share, high EUR 2.86 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 2026-10-15T06:39:35.407Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1159508/000115950826000017/db-20251231.htm); period 2025-12-31, filed 2026-03-12.

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.