# Porsche AG (P911.XETRA)

Canonical: https://gigainvestors.com/s/P911.XETRA

Analysis as of: 2026-10-16T07:34:02.582Z. Financial observations: FY2006–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 41.37 per share; close as of 2026-10-15.

Estimated value: low EUR 58.11 per share, central EUR 65.15 per share, high EUR 74.52 per share. Buy at or below the central value EUR 65.15 per share. Valuation as of 2026-10-16T07:34:02.582Z; scenarios are not confidence intervals.

Expected annual return: 15.1% at the stated quote. About 15.1% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 6.45×

Chart: Operating margin; fiscal year observations.

- FY2016: -47.00×

- FY2017: 98.85×

- FY2018: 0.17×

- FY2019: 0.16×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.13×

- FY2025: 0.04×

### moat: fail

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

- Recent gross margin fell 9.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.0%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: 9.9 pp

- Typical gross margin (annual median): 27.4%

- Recent gross margin (lower of latest and 3-year median): 17.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.3%

- ROIC including acquisitions, ten-year median: 15.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.2%

- FY2017: 11.0%

- FY2018: 37.5%

- FY2019: 14.7%

- FY2020: 15.4%

- FY2021: 17.2%

- FY2022: 29.3%

- FY2023: 20.2%

- FY2024: 14.6%

- FY2025: 4.3%

### economics: fail

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

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 21B

- Net income, five-year total: EUR 18B

- Return on incremental invested capital: 68.3%

- Working capital / revenue, annual change: 489.3 pp

- Working capital / revenue, change between three-year averages: 2985.2 pp

- Working capital / revenue, final three-year average: 15.6%

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

- FY2021: 0.99×

- FY2022: 1.21×

- FY2023: 0.96×

- FY2024: 1.03×

- FY2025: 5.83×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.0% vs 14.6%

- Per-share earnings: 4.49 to 3.94 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.5%

- Ordinary dilution, 5-year annual growth: 24.4%

- Diluted shares, 10-year annual growth: 11.5%

- Diluted shares, 5-year annual growth: 24.4%

- Per-share value growth: -1.6%

- Per-share value change: EUR -0.54

- Per-share value, starting three-year median: EUR 4.49

- Per-share value, ending three-year median: EUR 3.94

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 8.9B

- Cumulative net income, 10 years: EUR 32B

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 14.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.49

- FY2017: EUR 10.88

- FY2018: EUR 10.16

- FY2019: EUR 9.13

- FY2020: EUR 10.32

- FY2021: EUR 4.43

- FY2022: EUR 5.44

- FY2023: EUR 5.66

- FY2024: EUR 3.94

- FY2025: EUR 0.47

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.2%

- FY2017: 9.7%

- FY2018: -1.9%

- FY2019: -4.0%

- FY2020: -2.1%

- FY2021: -4.6%

- FY2022: -4.5%

- FY2023: -3.7%

- FY2024: -5.2%

- FY2025: -6.0%

## Holders

## Price story

Down 65% since Mar 2023 · "Porsche bets on return to gas engines as EV sales and China deliveries slump" (finance.yahoo.com, Oct 2026) · sales -9.5%

Story as of 2026-10-16T09:59:58.869Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.7% a year for ten years

- 2025-07-30: Porsche Slashes Guidance Again After Tariff Hit ([finance.yahoo.com](https://finance.yahoo.com/m/f5fe5269-ddea-3d05-9899-59b1bfe69792/porsche-slashes-guidance.html))

- 2025-09-22: Porsche Stock Crashes After Scaling Back EV Plans ([finance.yahoo.com](https://finance.yahoo.com/video/porsche-stock-crashes-scaling-back-164726011.html))

- 2025-10-24: Porsche Skids to Loss on Bad EV Bet, Tariffs ([finance.yahoo.com](https://finance.yahoo.com/m/79379aa5-08c7-3a46-b9b0-97a5b1ace129/porsche-skids-to-loss-on-bad.html))

- 2026-04-29: Porsche Q1 2026 profit drops 22% amid tariffs, weak sales ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/porsche-q1-2026-profit-drops-170029135.html))

- 2026-05-14: Volkswagen stake impairment pushes parent Porsche SE to Q1 net loss ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/volkswagen-stake-impairment-pushes-parent-103217892.html))

- 2026-10-03: Porsche bets on return to gas engines as EV sales and China deliveries slump ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/article/porsche-bets-on-return-to-gas-engines-as-ev-sales-and-china-deliveries-slump-190000073.html))

### Sales · FY2024–2025

sales -9.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.0M 

- FY2017: EUR 34M 

- FY2018: EUR 26B 

- FY2019: EUR 29B 

- FY2020: EUR 29B 

- FY2021: EUR 33B 

- FY2022: EUR 38B 

- FY2023: EUR 41B 

- FY2024: EUR 40B 

- FY2025: EUR 36B 

### Gross margin · FY2025

gross margin 17.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 88.2% 

- FY2018: 28.3% 

- FY2019: 26.1% 

- FY2020: 25.4% 

- FY2021: 26.7% 

- FY2022: 28.0% 

- FY2023: 28.6% 

- FY2024: 25.8% 

- FY2025: 17.5% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are EUR 36.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2025: revenue 36272000000; grossProfit 6352000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); P911.XETRA: Dr. Ing. h.c. F. Porsche AG engages in automotive and financial services business in Germany, Europe, North America, China, and internationally. The company procures, develops, manufactures, and sells vehicles, as well as related services. It also offers leasing, dealer and customer financing, mobility services for Porsche brand vehicles, and other finance-related services. The company was formerly known as Porsche Fünfte Vermögensverwaltung AG and changed its name to Dr. Ing. h.c. F. Porsche AG in November 2009. The company was founded in 2009 and is headquartered in Stuttgart, Germany. Dr. Ing. h.c. F. Porsche AG is a subsidiary of Porsche Holding Stuttgart GmbH.

### Why customers stay

Margins ranged from 17.5% to 28.6% during 2023–25; it earns 15% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2023: grossProfit / revenue = 28.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2024: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2025: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); 10-year return on capital observations [[2016,-0.0017570193846759112],[2017,0.11038216722029844],[2018,0.37491729622462594],[2019,0.1467239272865675],[2020,0.15421296181688626],[2021,0.17226638786481913],[2022,0.29327406375885645],[2023,0.2016980158956581],[2024,0.1464094442799331],[2025,0.042822373463890125]]; median 0.15046844455172687. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); Gross margin observations: [[2021,0.2672762387591285],[2022,0.2802561309349842],[2023,0.28635578583765114]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2017: growth capex 0; upkeep 2000000; owner earnings 248000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2018: growth capex 1606000000; upkeep 1551000000; owner earnings 3113000000. Growth capex / owner earnings = 0.5159010600706714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2019: growth capex 0; upkeep 2993000000; owner earnings 2847000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2020: growth capex 0; upkeep 2772000000; owner earnings 3554200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2021: growth capex 0; upkeep 3043000000; owner earnings 3990400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2022: growth capex 0; upkeep 1951000000; owner earnings 5988800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2023: growth capex 569000000; upkeep 3528000000; owner earnings 4947600000. Growth capex / owner earnings = 0.11500525507316679.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2024: growth capex 0; upkeep 3757000000; owner earnings 3694800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); FY2025: growth capex 0; upkeep 3136000000; owner earnings 2513000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); Dividend observations: [[2016,308000000],[2017,308000000],[2018,2157000000],[2019,2294000000],[2020,1802000000],[2021,1864000000],[2022,3361000000],[2023,4895000000],[2024,2101000000],[2025,2101000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 75.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); P911.XETRA SharesStats.PercentInsiders = 75.8 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.7% yearly over ten years; actual growth was 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.582Z); Ten-year compound average after fade. Initial solved rate -0.09318757025375665. Price 41.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9559183673469387 → FY2025 2.7585071350164654. Closing-price date 2026-10-15.

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

- 2022-09: EUR 82.50 per share

- 2022-10: EUR 103.50 per share

- 2022-11: EUR 108.80 per share

- 2022-12: EUR 94.75 per share

- 2023-01: EUR 109.00 per share

- 2023-02: EUR 114.10 per share

- 2023-03: EUR 118.00 per share

- 2023-04: EUR 113.40 per share

- 2023-05: EUR 116.15 per share

- 2023-06: EUR 113.75 per share

- 2023-07: EUR 111.20 per share

- 2023-08: EUR 101.85 per share

- 2023-09: EUR 89.00 per share

- 2023-10: EUR 82.54 per share

- 2023-11: EUR 84.06 per share

- 2023-12: EUR 79.90 per share

- 2024-01: EUR 79.12 per share

- 2024-02: EUR 86.34 per share

- 2024-03: EUR 92.28 per share

- 2024-04: EUR 83.70 per share

- 2024-05: EUR 75.90 per share

- 2024-06: EUR 69.52 per share

- 2024-07: EUR 69.76 per share

- 2024-08: EUR 70.84 per share

- 2024-09: EUR 71.50 per share

- 2024-10: EUR 64.64 per share

- 2024-11: EUR 59.08 per share

- 2024-12: EUR 58.42 per share

- 2025-01: EUR 61.64 per share

- 2025-02: EUR 56.40 per share

- 2025-03: EUR 45.95 per share

- 2025-04: EUR 44.09 per share

- 2025-05: EUR 42.46 per share

- 2025-06: EUR 41.94 per share

- 2025-07: EUR 44.64 per share

- 2025-08: EUR 45.35 per share

- 2025-09: EUR 41.28 per share

- 2025-10: EUR 45.45 per share

- 2025-11: EUR 44.64 per share

- 2025-12: EUR 45.62 per share

- 2026-01: EUR 41.21 per share

- 2026-02: EUR 41.39 per share

- 2026-03: EUR 38.73 per share

- 2026-04: EUR 41.25 per share

- 2026-05: EUR 46.89 per share

- 2026-06: EUR 43.51 per share

- 2026-07: EUR 42.44 per share

- 2026-08: EUR 45.41 per share

- 2026-09: EUR 45.50 per share

- 2026-10: EUR 41.35 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 147.95 per share, central EUR 165.00 per share, high EUR 187.69 per share

- FY2021: low EUR 59.22 per share, central EUR 65.84 per share, high EUR 74.65 per share

- FY2022: low EUR 65.47 per share, central EUR 72.98 per share, high EUR 82.99 per share

- FY2023: low EUR 81.34 per share, central EUR 112.98 per share, high EUR 131.40 per share

- FY2024: low EUR 82.18 per share, central EUR 113.48 per share, high EUR 131.70 per share

- FY2025: low EUR 60.74 per share, central EUR 67.97 per share, high EUR 77.59 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 2026-10-15T06:39:49.098Z 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.