# Mercedes-Benz Group AG (MBG.XETRA)

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

Analysis as of: 2026-10-16T07:34:02.466Z. Financial observations: FY1998–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 39.94 per share; close as of 2026-10-15.

Estimated value: low EUR 145.19 per share, central EUR 163.03 per share, high EUR 186.76 per share. Buy at or below the central value EUR 163.03 per share. Valuation as of 2026-10-16T07:34:02.466Z; scenarios are not confidence intervals.

Expected annual return: 49.5% at the stated quote. About 49.5% 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: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.06×

- FY2019: 0.02×

- FY2020: 0.05×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.08×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 4.0 pp

- Typical gross margin (annual median): 20.9%

- Recent gross margin (lower of latest and 3-year median): 16.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.7%

- FY2017: 5.7%

- FY2018: 3.8%

- FY2019: 1.5%

- FY2020: 2.6%

- FY2021: 6.9%

- FY2022: 8.2%

- FY2023: 7.1%

- FY2024: 4.9%

- FY2025: 2.4%

### economics: fail

- incremental invested capital return below threshold

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 67B

- Net income, five-year total: EUR 67B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 43.3%

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

- FY2021: 0.98×

- FY2022: 1.17×

- FY2023: 0.93×

- FY2024: 0.77×

- FY2025: 1.26×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 4.9%

- Per-share earnings: 7.97 to 10.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

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

- Market cap gain: EUR -3.4B

- Cumulative retained earnings: EUR 37B

- Diluted shares, 10-year annual growth: -0.7%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.6%

- Per-share value change: EUR 2.58

- Per-share value, starting three-year median: EUR 7.97

- Per-share value, ending three-year median: EUR 10.55

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 12B

- Cumulative net income, 10 years: EUR 99B

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 7.97

- FY2017: EUR 9.61

- FY2018: EUR 6.78

- FY2019: EUR 2.22

- FY2020: EUR 3.39

- FY2021: EUR 21.50

- FY2022: EUR 13.55

- FY2023: EUR 13.67

- FY2024: EUR 10.55

- FY2025: EUR 5.15

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.0%

- FY2017: 4.7%

- FY2018: 2.5%

- FY2019: -1.8%

- FY2020: -6.6%

- FY2021: -0.6%

- FY2022: -0.9%

- FY2023: -0.1%

- FY2024: -2.8%

- FY2025: -5.0%

## Holders

## Price story

Down 46% since Mar 2024 · "Mercedes-Benz lowers 2026 sales outlook amid China weakness" (finance.yahoo.com, Jul 2026) · sales -9.2%

Story as of 2026-10-16T09:59:58.860Z; price observation 2026-10-15.

Price needs cash profits to shrink 23.1% a year for ten years

- 2025-06-30: Mercedes-Benz expects Q2 margin headwind of less than 3% over tariffs, brokerage Bernstein says ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/mercedes-benz-expects-q2-margin-191418760.html))

- 2025-07-30: Mercedes-Benz Warns of Major Revenue Fall as Tariffs Hit Car Sales ([finance.yahoo.com](https://finance.yahoo.com/m/ba5ab12e-fb7a-3747-b940-8231910655fd/mercedes-benz-warns-of-major.html))

- 2025-10-29: Mercedes-Benz profit plunges on China slump and US tariffs ([finance.yahoo.com](https://finance.yahoo.com/news/mercedes-benz-profit-plunges-china-082247042.html))

- 2026-04-29: Mercedes-Benz Q1 2026 earnings: profit drops as China sales fall ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mercedes-benz-q1-2026-earnings-113902581.html))

- 2026-06-24: Mercedes-Benz (XTRA:MBG) Is Cutting Costs Further And Pushing AI Across Its Workforce ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mercedes-benz-xtra-mbg-cutting-101438745.html))

- 2026-07-29: Mercedes-Benz lowers 2026 sales outlook amid China weakness ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mercedes-benz-lowers-2026-sales-173231602.html))

### Sales · FY2024–2025

sales -9.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 153B 

- FY2017: EUR 164B 

- FY2018: EUR 167B 

- FY2019: EUR 173B 

- FY2020: EUR 122B 

- FY2021: EUR 134B 

- FY2022: EUR 150B 

- FY2023: EUR 152B 

- FY2024: EUR 146B 

- FY2025: EUR 132B 

### Gross margin · FY2025

gross margin 16.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 20.9% 

- FY2017: 20.9% 

- FY2018: 19.8% 

- FY2019: 16.9% 

- FY2020: 21.0% 

- FY2021: 22.9% 

- FY2022: 22.7% 

- FY2023: 23.0% 

- FY2024: 19.6% 

- FY2025: 16.9% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are EUR 132.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2025: revenue 132214000000; grossProfit 22333000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MBG.XETRA: Mercedes-Benz Group AG operates as an automotive company in Europe, Germany, North America, the United States, Asia, China, and internationally. It operates through Mercedes-Benz Cars, Mercedes-Benz Vans, and Mercedes-Benz Financial Services segments. The company develops, manufactures, and sells cars and vans under the Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach, G-Class brands, as well as related spare parts and accessories. It also provides financing, leasing, vehicle subscription and rental, fleet management, insurance, and digital services related to charging electric vehicles. The company was formerly known as Daimler AG and changed its name to Mercedes-Benz Group AG in February 2022. Mercedes-Benz Group AG was founded in 1886 and is headquartered in Stuttgart, Germany.

### Why customers stay

Margins ranged from 16.9% to 23% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2023: grossProfit / revenue = 23%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2024: grossProfit / revenue = 19.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2025: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); 10-year return on capital observations [[2016,0.056923549413418935],[2017,0.05684677263892938],[2018,0.03831227095989251],[2019,0.014600092854745826],[2020,0.025720678091730818],[2021,0.06905073864338486],[2022,0.08179198199939536],[2023,0.07108616318722857],[2024,0.04943825661268098],[2025,0.023831702798814493]]; median 0.05314251462580518. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); Gross margin observations: [[2021,0.2291008491855437],[2022,0.22677429891278988],[2023,0.22970011155587636]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 360 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2016: growth capex 411000000; upkeep 5478000000; owner earnings 8526000000. Growth capex / owner earnings = 0.0482054890921886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2017: growth capex 1068000000; upkeep 5676000000; owner earnings 10278000000. Growth capex / owner earnings = 0.1039112667834209.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2018: growth capex 1229000000; upkeep 6305000000; owner earnings 7249000000. Growth capex / owner earnings = 0.16954062629328184.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2019: growth capex 0; upkeep 7199000000; owner earnings 2081000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2020: growth capex 0; upkeep 8560000000; owner earnings 3274600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2021: growth capex 340000000; upkeep 6980000000; owner earnings 22493600000. Growth capex / owner earnings = 0.015115410605683395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2022: growth capex 0; upkeep 3481000000; owner earnings 17012000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2023: growth capex 938786237.7211533; upkeep 7274213762.278847; owner earnings 13216586237.721153. Growth capex / owner earnings = 0.07103091682190861.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2024: growth capex 0; upkeep 8665000000; owner earnings 7867400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2025: growth capex 0; upkeep 5482000000; owner earnings 6484200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); Dividend observations: [[2016,3477000000],[2017,3477000000],[2018,3905000000],[2019,3477000000],[2020,963000000],[2021,1444000000],[2022,5349000000],[2023,5556000000],[2024,5486000000],[2025,4140000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); FY2025: cash repurchases 360000000 EUR.

### Are managers owners

Insiders own 20.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MBG.XETRA SharesStats.PercentInsiders = 20.111 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 23.1% yearly over ten years; actual decline was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.466Z); Ten-year compound average after fade. Initial solved rate -0.3286778933694775. Price 39.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 8.119225522761724 → FY2025 6.495144318176127. Closing-price date 2026-10-15.

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

- 2016-10: EUR 54.37 per share

- 2016-11: EUR 52.56 per share

- 2016-12: EUR 59.23 per share

- 2017-01: EUR 58.08 per share

- 2017-02: EUR 57.49 per share

- 2017-03: EUR 57.96 per share

- 2017-04: EUR 57.29 per share

- 2017-05: EUR 54.11 per share

- 2017-06: EUR 53.08 per share

- 2017-07: EUR 49.66 per share

- 2017-08: EUR 51.28 per share

- 2017-09: EUR 56.51 per share

- 2017-10: EUR 59.71 per share

- 2017-11: EUR 58.23 per share

- 2017-12: EUR 59.30 per share

- 2018-01: EUR 61.75 per share

- 2018-02: EUR 59.02 per share

- 2018-03: EUR 57.77 per share

- 2018-04: EUR 54.86 per share

- 2018-05: EUR 51.66 per share

- 2018-06: EUR 46.17 per share

- 2018-07: EUR 49.54 per share

- 2018-08: EUR 46.65 per share

- 2018-09: EUR 45.52 per share

- 2018-10: EUR 43.85 per share

- 2018-11: EUR 41.62 per share

- 2018-12: EUR 38.45 per share

- 2019-01: EUR 43.27 per share

- 2019-02: EUR 44.11 per share

- 2019-03: EUR 43.76 per share

- 2019-04: EUR 48.86 per share

- 2019-05: EUR 38.89 per share

- 2019-06: EUR 40.98 per share

- 2019-07: EUR 39.28 per share

- 2019-08: EUR 35.77 per share

- 2019-09: EUR 38.21 per share

- 2019-10: EUR 43.90 per share

- 2019-11: EUR 42.88 per share

- 2019-12: EUR 41.35 per share

- 2020-01: EUR 35.01 per share

- 2020-02: EUR 31.44 per share

- 2020-03: EUR 23.05 per share

- 2020-04: EUR 26.41 per share

- 2020-05: EUR 27.96 per share

- 2020-06: EUR 30.27 per share

- 2020-07: EUR 31.32 per share

- 2020-08: EUR 35.72 per share

- 2020-09: EUR 38.56 per share

- 2020-10: EUR 37.19 per share

- 2020-11: EUR 47.28 per share

- 2020-12: EUR 48.40 per share

- 2021-01: EUR 48.68 per share

- 2021-02: EUR 55.49 per share

- 2021-03: EUR 63.66 per share

- 2021-04: EUR 62.02 per share

- 2021-05: EUR 63.80 per share

- 2021-06: EUR 63.07 per share

- 2021-07: EUR 63.05 per share

- 2021-08: EUR 59.82 per share

- 2021-09: EUR 64.26 per share

- 2021-10: EUR 71.81 per share

- 2021-11: EUR 69.52 per share

- 2021-12: EUR 67.59 per share

- 2022-01: EUR 69.93 per share

- 2022-02: EUR 70.17 per share

- 2022-03: EUR 63.81 per share

- 2022-04: EUR 67.10 per share

- 2022-05: EUR 66.20 per share

- 2022-06: EUR 55.22 per share

- 2022-07: EUR 57.22 per share

- 2022-08: EUR 56.12 per share

- 2022-09: EUR 52.35 per share

- 2022-10: EUR 58.60 per share

- 2022-11: EUR 64.40 per share

- 2022-12: EUR 61.40 per share

- 2023-01: EUR 68.15 per share

- 2023-02: EUR 72.65 per share

- 2023-03: EUR 70.78 per share

- 2023-04: EUR 70.58 per share

- 2023-05: EUR 69.77 per share

- 2023-06: EUR 73.67 per share

- 2023-07: EUR 72.64 per share

- 2023-08: EUR 67.54 per share

- 2023-09: EUR 65.89 per share

- 2023-10: EUR 55.43 per share

- 2023-11: EUR 59.58 per share

- 2023-12: EUR 62.55 per share

- 2024-01: EUR 62.85 per share

- 2024-02: EUR 73.64 per share

- 2024-03: EUR 73.81 per share

- 2024-04: EUR 70.94 per share

- 2024-05: EUR 66.40 per share

- 2024-06: EUR 64.57 per share

- 2024-07: EUR 61.16 per share

- 2024-08: EUR 62.34 per share

- 2024-09: EUR 58.04 per share

- 2024-10: EUR 55.70 per share

- 2024-11: EUR 52.96 per share

- 2024-12: EUR 53.80 per share

- 2025-01: EUR 58.92 per share

- 2025-02: EUR 59.77 per share

- 2025-03: EUR 54.19 per share

- 2025-04: EUR 52.47 per share

- 2025-05: EUR 52.59 per share

- 2025-06: EUR 49.69 per share

- 2025-07: EUR 50.10 per share

- 2025-08: EUR 53.35 per share

- 2025-09: EUR 53.47 per share

- 2025-10: EUR 56.21 per share

- 2025-11: EUR 58.16 per share

- 2025-12: EUR 60.07 per share

- 2026-01: EUR 57.79 per share

- 2026-02: EUR 59.00 per share

- 2026-03: EUR 52.39 per share

- 2026-04: EUR 49.59 per share

- 2026-05: EUR 52.19 per share

- 2026-06: EUR 43.92 per share

- 2026-07: EUR 46.73 per share

- 2026-08: EUR 47.22 per share

- 2026-09: EUR 40.60 per share

- 2026-10: EUR 39.69 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 114.39 per share, central EUR 140.00 per share, high EUR 160.62 per share

- FY2017: low EUR 127.08 per share, central EUR 160.11 per share, high EUR 184.41 per share

- FY2018: low EUR 127.85 per share, central EUR 160.03 per share, high EUR 183.76 per share

- FY2019: low EUR 137.02 per share, central EUR 176.81 per share, high EUR 203.38 per share

- FY2020: low EUR 75.46 per share, central EUR 82.89 per share, high EUR 92.78 per share

- FY2021: low EUR 79.49 per share, central EUR 87.65 per share, high EUR 98.53 per share

- FY2022: low EUR 82.34 per share, central EUR 91.49 per share, high EUR 103.67 per share

- FY2023: low EUR 167.19 per share, central EUR 201.10 per share, high EUR 231.46 per share

- FY2024: low EUR 169.84 per share, central EUR 200.52 per share, high EUR 230.39 per share

- FY2025: low EUR 142.12 per share, central EUR 159.43 per share, high EUR 182.48 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 2026-10-15T06:39:49.257Z 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.