# DWS Group GmbH & Co. KGaA (DWS.XETRA)

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

Analysis as of: 2026-10-16T07:35:11.004Z. Financial observations: FY2015–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 66.05 per share; close as of 2026-10-15.

Estimated value: low EUR 44.97 per share, central EUR 50.41 per share, high EUR 57.64 per share. Buy at or below the central value EUR 50.41 per share. Valuation as of 2026-10-16T07:35:11.004Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.33×

- FY2018: 0.29×

- FY2019: 0.28×

- FY2020: 0.28×

- FY2021: 0.32×

- FY2022: 0.28×

- FY2023: 0.22×

- FY2024: 0.25×

- FY2025: 0.36×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 18.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 29.8%

- ROIC, second-lowest year: 21.4%

- Typical minus recent gross margin: 18.8 pp

- Typical gross margin (annual median): 65.6%

- Recent gross margin (lower of latest and 3-year median): 46.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.3%

- FY2017: >100%

- FY2018: 29.0%

- FY2019: 31.1%

- FY2020: 33.2%

- FY2021: 33.3%

- FY2022: 23.6%

- FY2023: 30.6%

- FY2024: 21.4%

- FY2025: 28.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.5B

- Net income, five-year total: EUR 3.5B

- Return on incremental invested capital: 12.6%

- Working capital / revenue, annual change: 11.2 pp

- Working capital / revenue, change between three-year averages: 72.5 pp

- Working capital / revenue, final three-year average: -19.9%

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

- FY2021: 1.02×

- FY2022: 1.09×

- FY2023: 0.89×

- FY2024: 0.98×

- FY2025: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 29.0% vs 28.8%

- Per-share earnings: 2.29 to 3.25 (three-year endpoint medians)

- 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 6.6B

- Cumulative retained earnings: EUR 1.2B

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

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

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.4%

- Per-share value change: EUR 0.95

- Per-share value, starting three-year median: EUR 2.30

- Per-share value, ending three-year median: EUR 3.25

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.7B

- Cumulative net income, 10 years: EUR 6.2B

- ROIC, first three-year median: 29.0%

- ROIC, last three-year median: 28.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.26

- FY2017: EUR 3.74

- FY2018: EUR 1.96

- FY2019: EUR 2.56

- FY2020: EUR 2.78

- FY2021: EUR 3.90

- FY2022: EUR 2.97

- FY2023: EUR 2.76

- FY2024: EUR 3.25

- FY2025: EUR 4.64

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 3.0%

- Receivables to sales index (DSRI): 3.60×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.62×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 9.5%

- FY2017: 9.8%

- FY2018: -4.2%

- FY2019: 0.7%

- FY2020: 1.7%

- FY2021: -0.0%

- FY2022: 0.6%

- FY2023: 0.2%

- FY2024: -0.5%

- FY2025: 3.0%

## Holders

## Price story

Price needs cash profits to grow 4.6% a year for ten years · sales +8.8%

Story as of 2026-10-16T10:00:03.994Z; price observation 2026-10-15.

Price needs cash profits to grow 4.6% a year for ten years

### Sales · FY2024–2025

sales +8.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.4B 

- FY2017: EUR 2.4B 

- FY2018: EUR 2.2B 

- FY2019: EUR 3.4B 

- FY2020: EUR 3.3B 

- FY2021: EUR 3.9B 

- FY2022: EUR 3.9B 

- FY2023: EUR 3.9B 

- FY2024: EUR 4.0B 

- FY2025: EUR 4.3B 

### Gross margin · FY2025

gross margin 64.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 69.7% 

- FY2017: 68.4% 

- FY2018: 66.5% 

- FY2019: 67.1% 

- FY2020: 65.5% 

- FY2021: 65.7% 

- FY2022: 64.3% 

- FY2023: 45.4% 

- FY2024: 46.8% 

- FY2025: 64.7% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are EUR 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2025: revenue 4337000000; grossProfit 2808000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DWS.XETRA: DWS Group GmbH & Co. KGaA offers asset management services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company's products and solutions cover equities, fixed income, cash, real estate, infrastructure, and private equity, as well as a range of sustainable investments. Within private equity, the firm specializes in co-investment, emerging markets, small and medium-sized companies, direct buyout, secondaries PE markets and structured capital solutions to private equity firms. The firm typical private equity investments include follow-on equity capital to fund M&A for an existing portfolio company, taking a minority interest in a portfolio company to allow for partial liquidity or providing flexible capital for continuation situations around a single asset. The firm also takes majority stakes in its portfolio companies. Within private equity, the firm typically invests in North America and Europe in seasoned, performing assets. It serves retail and institutional investors. The company is based in Frankfurt am Main, Germany.

### Why customers stay

Margins ranged from 45.4% to 64.7% during 2023–25; it earns 29.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2023: grossProfit / revenue = 45.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2024: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2025: grossProfit / revenue = 64.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); 10-year return on capital observations [[2016,0.07309948104854808],[2017,1.372976501305483],[2018,0.2902760292463833],[2019,0.31119124042964136],[2020,0.33183710670563416],[2021,0.3331760441777368],[2022,0.23591245072273326],[2023,0.30643635173251904],[2024,0.21356045204605723],[2025,0.2881686245561239]]; median 0.29835619048945117. 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 2026-10-16T07:35:11.004Z); FY2016: growth capex 0; upkeep 2000000; owner earnings 477000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2017: growth capex 0; upkeep 1000000; owner earnings 781000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2018: growth capex 0; upkeep 70000000; owner earnings 362000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2019: growth capex 0; upkeep 50000000; owner earnings 503000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2020: growth capex 0; upkeep 34000000; owner earnings 565000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2021: growth capex 0; upkeep 44000000; owner earnings 793800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2022: growth capex 0; upkeep 40000000; owner earnings 649200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2023: growth capex 0; upkeep 74000000; owner earnings 488600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2024: growth capex 0; upkeep 30000000; owner earnings 639000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); FY2025: growth capex 0; upkeep 4000000; owner earnings 945800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); Dividend observations: [[2016,274000000],[2017,274000000],[2018,274000000],[2019,274000000],[2020,334000000],[2021,362000000],[2022,400000000],[2023,410000000],[2024,1220000000],[2025,440000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 79.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DWS.XETRA SharesStats.PercentInsiders = 79.49000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.6% yearly over ten years; actual growth was 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.004Z); Ten-year compound average after fade. Initial solved rate 0.05353857729630518. Price 66.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.42 → FY2025 4.73819209265976. Closing-price date 2026-10-15.

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

- 2018-03: EUR 31.49 per share

- 2018-04: EUR 30.36 per share

- 2018-05: EUR 27.30 per share

- 2018-06: EUR 25.79 per share

- 2018-07: EUR 27.14 per share

- 2018-08: EUR 26.14 per share

- 2018-09: EUR 23.80 per share

- 2018-10: EUR 24.67 per share

- 2018-11: EUR 24.97 per share

- 2018-12: EUR 23.37 per share

- 2019-01: EUR 23.49 per share

- 2019-02: EUR 26.10 per share

- 2019-03: EUR 31.00 per share

- 2019-04: EUR 32.76 per share

- 2019-05: EUR 29.50 per share

- 2019-06: EUR 30.78 per share

- 2019-07: EUR 30.29 per share

- 2019-08: EUR 26.28 per share

- 2019-09: EUR 27.12 per share

- 2019-10: EUR 29.00 per share

- 2019-11: EUR 30.86 per share

- 2019-12: EUR 31.70 per share

- 2020-01: EUR 35.89 per share

- 2020-02: EUR 32.79 per share

- 2020-03: EUR 22.54 per share

- 2020-04: EUR 28.90 per share

- 2020-05: EUR 33.84 per share

- 2020-06: EUR 32.31 per share

- 2020-07: EUR 31.84 per share

- 2020-08: EUR 32.92 per share

- 2020-09: EUR 29.40 per share

- 2020-10: EUR 29.16 per share

- 2020-11: EUR 32.65 per share

- 2020-12: EUR 34.80 per share

- 2021-01: EUR 32.31 per share

- 2021-02: EUR 34.55 per share

- 2021-03: EUR 36.88 per share

- 2021-04: EUR 36.40 per share

- 2021-05: EUR 39.06 per share

- 2021-06: EUR 38.22 per share

- 2021-07: EUR 39.78 per share

- 2021-08: EUR 35.78 per share

- 2021-09: EUR 36.48 per share

- 2021-10: EUR 37.42 per share

- 2021-11: EUR 34.70 per share

- 2021-12: EUR 35.48 per share

- 2022-01: EUR 35.56 per share

- 2022-02: EUR 32.70 per share

- 2022-03: EUR 33.26 per share

- 2022-04: EUR 31.46 per share

- 2022-05: EUR 33.38 per share

- 2022-06: EUR 24.96 per share

- 2022-07: EUR 28.44 per share

- 2022-08: EUR 27.22 per share

- 2022-09: EUR 24.56 per share

- 2022-10: EUR 27.40 per share

- 2022-11: EUR 30.46 per share

- 2022-12: EUR 30.36 per share

- 2023-01: EUR 32.94 per share

- 2023-02: EUR 30.80 per share

- 2023-03: EUR 28.32 per share

- 2023-04: EUR 30.10 per share

- 2023-05: EUR 30.14 per share

- 2023-06: EUR 28.04 per share

- 2023-07: EUR 31.94 per share

- 2023-08: EUR 31.80 per share

- 2023-09: EUR 32.20 per share

- 2023-10: EUR 27.66 per share

- 2023-11: EUR 31.18 per share

- 2023-12: EUR 34.80 per share

- 2024-01: EUR 37.98 per share

- 2024-02: EUR 37.90 per share

- 2024-03: EUR 40.78 per share

- 2024-04: EUR 39.64 per share

- 2024-05: EUR 42.66 per share

- 2024-06: EUR 33.14 per share

- 2024-07: EUR 35.00 per share

- 2024-08: EUR 34.92 per share

- 2024-09: EUR 36.96 per share

- 2024-10: EUR 39.36 per share

- 2024-11: EUR 39.42 per share

- 2024-12: EUR 39.80 per share

- 2025-01: EUR 47.70 per share

- 2025-02: EUR 46.08 per share

- 2025-03: EUR 50.35 per share

- 2025-04: EUR 46.12 per share

- 2025-05: EUR 49.42 per share

- 2025-06: EUR 50.20 per share

- 2025-07: EUR 52.75 per share

- 2025-08: EUR 53.05 per share

- 2025-09: EUR 53.30 per share

- 2025-10: EUR 55.45 per share

- 2025-11: EUR 53.50 per share

- 2025-12: EUR 56.50 per share

- 2026-01: EUR 61.80 per share

- 2026-02: EUR 60.05 per share

- 2026-03: EUR 54.35 per share

- 2026-04: EUR 59.00 per share

- 2026-05: EUR 61.95 per share

- 2026-06: EUR 65.65 per share

- 2026-07: EUR 72.80 per share

- 2026-08: EUR 75.75 per share

- 2026-09: EUR 70.90 per share

- 2026-10: EUR 66.75 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 46.32 per share, central EUR 51.32 per share, high EUR 57.97 per share

- FY2020: low EUR 41.49 per share, central EUR 45.75 per share, high EUR 51.41 per share

- FY2021: low EUR 46.20 per share, central EUR 51.11 per share, high EUR 57.65 per share

- FY2022: low EUR 44.98 per share, central EUR 49.88 per share, high EUR 56.39 per share

- FY2023: low EUR 50.24 per share, central EUR 55.10 per share, high EUR 61.57 per share

- FY2024: low EUR 43.17 per share, central EUR 48.17 per share, high EUR 54.81 per share

- FY2025: low EUR 44.15 per share, central EUR 49.59 per share, high EUR 56.84 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 2026-10-15T06:40:53.822Z 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.