# Daimler Truck Holding AG (DTG.XETRA)

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

Analysis as of: 2026-10-16T07:34:10.574Z. Financial observations: FY2018–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 41.07 per share; close as of 2026-10-15.

Estimated value: low EUR 55.20 per share, central EUR 61.05 per share, high EUR 68.83 per share. Buy at or below the central value EUR 61.05 per share. Valuation as of 2026-10-16T07:34:10.574Z; scenarios are not confidence intervals.

Expected annual return: 15.2% at the stated quote. About 15.2% 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

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

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: -0.00×

- FY2021: 0.04×

- FY2022: 0.06×

- FY2023: 0.09×

- FY2024: 0.11×

- FY2025: 0.09×

### 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: 4.7%

- Typical minus recent gross margin: -4.3 pp

- Typical gross margin (annual median): 18.9%

- Recent gross margin (lower of latest and 3-year median): 23.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 7.4%

- FY2019: 5.7%

- FY2020: -0.1%

- FY2021: 4.7%

- FY2022: 7.5%

- FY2023: 9.6%

- FY2024: 11.9%

- FY2025: 7.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 16B

- Net income, five-year total: EUR 14B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

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

- FY2021: 1.33×

- FY2022: 1.26×

- FY2023: 1.11×

- FY2024: 0.84×

- FY2025: 1.30×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 9.6%

- Per-share earnings: 2.10 to 3.70 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.4%

- Per-share value growth: 12.0%

- Per-share value change: EUR 1.60

- Per-share value, starting three-year median: EUR 2.10

- Per-share value, ending three-year median: EUR 3.70

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

- Average buyback yield: 2.4%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 9.6%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR 2.20

- FY2019: EUR 2.10

- FY2020: EUR -0.17

- FY2021: EUR 2.85

- FY2022: EUR 3.24

- FY2023: EUR 4.68

- FY2024: EUR 3.70

- FY2025: EUR 2.57

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 1.9%

- FY2019: 0.8%

- FY2020: -8.6%

- FY2021: 0.5%

- FY2022: 5.0%

- FY2023: 4.8%

- FY2024: 1.8%

- FY2025: -3.3%

## Holders

## Price story

Price needs cash profits to shrink 5.8% a year for ten years · "Daimler Truck slashes key profit forecast on North America weakness" (uk.finance.yahoo.com, Jul 2025) · sales -15.8%

Story as of 2026-10-16T09:59:59.415Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.8% a year for ten years

- 2025-06-17: Volvo Group, Daimler look to technology joint venture in bid to save costs ([finance.yahoo.com](https://finance.yahoo.com/news/volvo-group-daimler-look-technology-063633710.html))

- 2025-07-31: Daimler Truck slashes key profit forecast on North America weakness ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/daimler-truck-slashes-key-profit-170718758.html))

- 2025-08-01: Daimler Truck warns of tougher H2 after outlook cut, shares lower ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/daimler-truck-shares-fall-company-064000131.html))

- 2025-09-26: Daimler Truck, Traton shares fall on Trump's truck tariffs ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/daimler-truck-traton-shares-fall-142832474.html))

- 2025-11-07: Daimler Truck posts 40% drop in quarterly profit, narrows guidance ([finance.yahoo.com](https://finance.yahoo.com/video/daimler-truck-posts-40-drop-134834197.html))

- 2026-09-29: Daimler Truck: concerned about using cash to avoid new NoX rules ([finance.yahoo.com](https://finance.yahoo.com/economy/policy/articles/daimler-concerned-using-cash-avoid-110000760.html))

### Sales · FY2024–2025

sales -15.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: EUR 44B 

- FY2019: EUR 46B 

- FY2020: EUR 36B 

- FY2021: EUR 40B 

- FY2022: EUR 51B 

- FY2023: EUR 56B 

- FY2024: EUR 54B 

- FY2025: EUR 46B 

### Gross margin · FY2025

gross margin 23.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 19.0% 

- FY2019: 18.8% 

- FY2020: 15.7% 

- FY2021: 18.4% 

- FY2022: 18.8% 

- FY2023: 21.4% 

- FY2024: 24.6% 

- FY2025: 23.2% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are EUR 45.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2025: revenue 45530000000; grossProfit 10568000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DTG.XETRA: Daimler Truck Holding AG manufactures and sells light, medium- and heavy-duty trucks and buses in Europe, North America, Asia, Latin America, and internationally. The company operates through five segments: Trucks North America, Mercedes-Benz Trucks, Trucks Asia, Daimler Buses, and Financial Services. It offers light, medium, and heavy-duty trucks; city and intercity buses, coaches, and bus chassis; industrial engines; and special vehicles used in various sector, as well as new and used commercial vehicles. The company also provides various financial services, such as rental, leasing, and financing for vehicles; and charging infrastructure, insurance brokerage, payment, and integrated services for zero emission vehicles. In addition, it offers connectivity solutions under the Detroit Connect, Truckonnect, TruckLive, OMNIplus ON, Mercedes-Benz Uptime, and Fleetboard brand names; and aftersales services, as well as sells spare parts. It provides trucks and buses under the Mercedes-Benz, Freightliner, Western Star, FUSO, BharatBenz, RIZON, Setra, and Thomas Built Buses brands. The company was founded in 1896 and is headquartered in Leinfelden-Echterdingen, Germany.

### Why customers stay

Margins ranged from 21.4% to 24.6% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2023: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2024: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2025: grossProfit / revenue = 23.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); 8-year return on capital observations [[2018,0.07396513247456879],[2019,0.05729081241973148],[2020,-0.0012655633550238254],[2021,0.047109386752320404],[2022,0.07541144400813544],[2023,0.09581681411165792],[2024,0.1186344653071011],[2025,0.07062204804822803]]; median 0.07229359026139841. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 8 years; bought back EUR 616 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2018: growth capex 0; upkeep 1221000000; owner earnings 2485000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2019: growth capex 0; upkeep 1130000000; owner earnings 2441400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2020: growth capex 0; upkeep 796000000; owner earnings 987000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2021: growth capex 0; upkeep 762000000; owner earnings 3128000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2022: growth capex 0; upkeep 898000000; owner earnings 3367400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2023: growth capex 0; upkeep 1306000000; owner earnings 4176200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2024: growth capex 0; upkeep 1417000000; owner earnings 2432000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2025: growth capex 0; upkeep 1117000000; owner earnings 2552800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); Dividend observations: [[2018,593000000],[2019,985000000],[2020,14000000],[2021,6000000],[2022,0],[2023,1070000000],[2024,1528000000],[2025,1462000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); FY2025: cash repurchases 616000000 EUR.

### Are managers owners

Insiders own 37.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DTG.XETRA SharesStats.PercentInsiders = 37.62 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.574Z); Ten-year compound average after fade. Initial solved rate -0.09462984751344766. Price 41.07; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-12: EUR 32.29 per share

- 2022-01: EUR 31.38 per share

- 2022-02: EUR 27.18 per share

- 2022-03: EUR 25.23 per share

- 2022-04: EUR 25.80 per share

- 2022-05: EUR 29.03 per share

- 2022-06: EUR 24.91 per share

- 2022-07: EUR 26.59 per share

- 2022-08: EUR 25.53 per share

- 2022-09: EUR 23.35 per share

- 2022-10: EUR 27.00 per share

- 2022-11: EUR 31.37 per share

- 2022-12: EUR 28.95 per share

- 2023-01: EUR 30.77 per share

- 2023-02: EUR 30.02 per share

- 2023-03: EUR 31.11 per share

- 2023-04: EUR 29.94 per share

- 2023-05: EUR 28.30 per share

- 2023-06: EUR 33.00 per share

- 2023-07: EUR 34.15 per share

- 2023-08: EUR 32.49 per share

- 2023-09: EUR 32.82 per share

- 2023-10: EUR 29.62 per share

- 2023-11: EUR 29.83 per share

- 2023-12: EUR 34.02 per share

- 2024-01: EUR 33.26 per share

- 2024-02: EUR 37.78 per share

- 2024-03: EUR 46.96 per share

- 2024-04: EUR 42.31 per share

- 2024-05: EUR 39.17 per share

- 2024-06: EUR 37.17 per share

- 2024-07: EUR 35.74 per share

- 2024-08: EUR 34.66 per share

- 2024-09: EUR 33.63 per share

- 2024-10: EUR 38.01 per share

- 2024-11: EUR 35.80 per share

- 2024-12: EUR 36.85 per share

- 2025-01: EUR 42.65 per share

- 2025-02: EUR 42.11 per share

- 2025-03: EUR 37.12 per share

- 2025-04: EUR 35.16 per share

- 2025-05: EUR 38.21 per share

- 2025-06: EUR 40.17 per share

- 2025-07: EUR 42.83 per share

- 2025-08: EUR 40.17 per share

- 2025-09: EUR 35.02 per share

- 2025-10: EUR 34.71 per share

- 2025-11: EUR 36.47 per share

- 2025-12: EUR 37.32 per share

- 2026-01: EUR 40.96 per share

- 2026-02: EUR 43.03 per share

- 2026-03: EUR 41.47 per share

- 2026-04: EUR 42.94 per share

- 2026-05: EUR 42.15 per share

- 2026-06: EUR 42.20 per share

- 2026-07: EUR 48.94 per share

- 2026-08: EUR 46.79 per share

- 2026-09: EUR 41.83 per share

- 2026-10: EUR 40.46 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 45.86 per share, central EUR 51.17 per share, high EUR 58.23 per share

- FY2023: low EUR 59.68 per share, central EUR 66.59 per share, high EUR 75.78 per share

- FY2024: low EUR 59.62 per share, central EUR 66.50 per share, high EUR 75.64 per share

- FY2025: low EUR 56.35 per share, central EUR 62.27 per share, high EUR 70.15 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 2026-10-15T06:39:57.353Z 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.

## Reported holder observations