# Porsche Automobil Holding SE (PAH3.XETRA)

Canonical: https://gigainvestors.com/s/PAH3.XETRA

Analysis as of: 2026-10-16T07:36:17.461Z. Financial observations: FY2004–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 24.59 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 2.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.97×

- FY2017: 0.98×

- FY2018: -1.22×

- FY2019: -0.11×

- FY2020: -0.46×

- FY2021: -0.01×

- FY2022: 0.99×

- FY2023: 1.03×

- FY2025: 0.98×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.6%

- ROIC, second-lowest year: -6.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 4.1%

- Typical minus recent gross margin: -17.6 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.2%

- FY2017: 10.9%

- FY2018: -6.3%

- FY2019: -0.1%

- FY2020: -0.1%

- FY2021: -0.1%

- FY2022: 9.0%

- FY2023: 8.8%

- FY2024: -39.0%

- FY2025: 6.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -6.5B

- Net income, five-year total: EUR -6.0B

- Return on incremental invested capital: 38.0%

- Working capital / revenue, annual change: -69.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 824M

- FY2022: EUR 5.5B

- FY2023: EUR 4.9B

- FY2024: EUR -20B

- FY2025: EUR 2.7B

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.2% vs 6.3%

- Per-share earnings: 4.49 to 17.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -6.7%

- Ordinary dilution, 5-year annual growth: -12.9%

- Market cap gain: EUR -9.7B

- Cumulative retained earnings: EUR 9.2B

- Diluted shares, 10-year annual growth: -6.7%

- Diluted shares, 5-year annual growth: -12.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.4%

- Per-share value change: EUR 12.83

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

- Per-share value, ending three-year median: EUR 17.31

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 8.1B

- Cumulative net income, 10 years: EUR 3.6B

- ROIC, first three-year median: 5.2%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.49

- FY2017: EUR 10.71

- FY2018: EUR 11.33

- FY2019: EUR 2.57

- FY2020: EUR 2.30

- FY2021: EUR 2.71

- FY2022: EUR 35.87

- FY2023: EUR 33.14

- FY2024: EUR -130.72

- FY2025: EUR 17.31

### accounting: pass

- Sloan accruals: 4.3%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.2%

- FY2017: 9.6%

- FY2018: 7.6%

- FY2019: 0.2%

- FY2020: -0.2%

- FY2021: 0.2%

- FY2022: 8.0%

- FY2023: 5.1%

- FY2024: -50.1%

- FY2025: 4.3%

## Holders

## Price story

Down 73% since Feb 2022 · "Volkswagen stake impairment pushes parent Porsche SE to Q1 net loss" (finance.yahoo.com, May 2026) · net income EUR 2.7B

Story as of 2026-10-16T10:00:07.161Z; price observation 2026-10-15.

- 2025-09-22: Porsche shares plunge after delayed EV launch hits guidance ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/porsche-shares-seen-6-2-064629729.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))

### Net income · FY2025

net income EUR 2.7B; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.4B 

- FY2017: EUR 3.3B 

- FY2018: EUR 3.5B 

- FY2019: EUR 788M 

- FY2020: EUR 703M 

- FY2021: EUR 824M 

- FY2022: EUR 5.5B 

- FY2023: EUR 5.1B 

- FY2024: EUR -20B 

- FY2025: EUR 2.7B 

### Gross margin · FY2022

gross margin 99.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 99.9% 

- FY2018: 84.5% 

- FY2019: 86.2% 

- FY2020: 86.9% 

- FY2022: 99.5% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are EUR 2.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2025: revenue 2743000000; grossProfit 2743000000; margin = grossProfit / revenue.

### Why customers stay

It earns 2.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); 10-year return on capital observations [[2016,0.052411514410970805],[2017,0.10863053440121934],[2018,-0.06280474930661785],[2019,-0.0014953325766231685],[2020,-0.0013786527991960398],[2021,-0.0008187020634258235],[2022,0.09015419071410113],[2023,0.08752689137887262],[2024,-0.3901922599234935],[2025,0.06268934980191097]]; median 0.02579640617377249. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 2.1% of cash earnings; earns 38% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); 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 2026-10-16T07:36:17.461Z); FY2018: growth capex 0; upkeep 4000000; owner earnings 554000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2019: growth capex 0; upkeep 6000000; owner earnings 797400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2020: growth capex 0; upkeep 2000000; owner earnings 717800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2021: growth capex 2000000; upkeep 1000000; owner earnings 824000000. Growth capex / owner earnings = 0.0024271844660194173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2022: growth capex 7488000000; upkeep 1000000; cash acquisitions 7321000000; owner earnings 5491800000. Growth capex plus acquisitions / owner earnings = 2.696565788994501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2023: growth capex 0; upkeep 214000000; cash acquisitions 64000000; owner earnings 4860800000. Growth capex plus acquisitions / owner earnings = 0.013166556945358789.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); FY2025: growth capex 0; upkeep 0; cash acquisitions 55000000; owner earnings 2651800000. Growth capex plus acquisitions / owner earnings = 0.020740629006712422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); Incremental return on capital 0.38043050430504305, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); Dividend observations: [[2016,308000000],[2017,308000000],[2018,538000000],[2019,676000000],[2020,676000000],[2021,676000000],[2022,783000000],[2023,783000000],[2024,783000000],[2025,584000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PAH3.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.461Z); Closing price 24.59 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 17.913469387755104; price multiple 1.3727100802041559. FY2025 cash earnings/share 17.31787755102041. Closing-price date 2026-10-15.

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

- 2016-10: EUR 49.13 per share

- 2016-11: EUR 47.83 per share

- 2016-12: EUR 51.74 per share

- 2017-01: EUR 55.50 per share

- 2017-02: EUR 52.15 per share

- 2017-03: EUR 51.14 per share

- 2017-04: EUR 53.71 per share

- 2017-05: EUR 50.95 per share

- 2017-06: EUR 49.19 per share

- 2017-07: EUR 48.39 per share

- 2017-08: EUR 47.61 per share

- 2017-09: EUR 54.10 per share

- 2017-10: EUR 62.31 per share

- 2017-11: EUR 70.30 per share

- 2017-12: EUR 69.78 per share

- 2018-01: EUR 74.40 per share

- 2018-02: EUR 69.12 per share

- 2018-03: EUR 67.50 per share

- 2018-04: EUR 70.80 per share

- 2018-05: EUR 63.08 per share

- 2018-06: EUR 54.56 per share

- 2018-07: EUR 57.90 per share

- 2018-08: EUR 54.52 per share

- 2018-09: EUR 58.00 per share

- 2018-10: EUR 56.28 per share

- 2018-11: EUR 56.50 per share

- 2018-12: EUR 51.64 per share

- 2019-01: EUR 56.80 per share

- 2019-02: EUR 58.62 per share

- 2019-03: EUR 55.94 per share

- 2019-04: EUR 61.84 per share

- 2019-05: EUR 55.78 per share

- 2019-06: EUR 57.14 per share

- 2019-07: EUR 59.68 per share

- 2019-08: EUR 57.06 per share

- 2019-09: EUR 59.70 per share

- 2019-10: EUR 66.00 per share

- 2019-11: EUR 67.18 per share

- 2019-12: EUR 66.64 per share

- 2020-01: EUR 61.14 per share

- 2020-02: EUR 56.28 per share

- 2020-03: EUR 38.68 per share

- 2020-04: EUR 46.03 per share

- 2020-05: EUR 48.91 per share

- 2020-06: EUR 51.16 per share

- 2020-07: EUR 48.09 per share

- 2020-08: EUR 51.30 per share

- 2020-09: EUR 50.90 per share

- 2020-10: EUR 46.00 per share

- 2020-11: EUR 53.30 per share

- 2020-12: EUR 56.40 per share

- 2021-01: EUR 57.50 per share

- 2021-02: EUR 66.38 per share

- 2021-03: EUR 90.42 per share

- 2021-04: EUR 87.58 per share

- 2021-05: EUR 92.50 per share

- 2021-06: EUR 90.36 per share

- 2021-07: EUR 91.28 per share

- 2021-08: EUR 85.76 per share

- 2021-09: EUR 85.94 per share

- 2021-10: EUR 89.82 per share

- 2021-11: EUR 74.18 per share

- 2021-12: EUR 83.44 per share

- 2022-01: EUR 82.40 per share

- 2022-02: EUR 90.88 per share

- 2022-03: EUR 87.90 per share

- 2022-04: EUR 79.54 per share

- 2022-05: EUR 76.14 per share

- 2022-06: EUR 63.12 per share

- 2022-07: EUR 70.40 per share

- 2022-08: EUR 70.48 per share

- 2022-09: EUR 58.16 per share

- 2022-10: EUR 56.60 per share

- 2022-11: EUR 58.34 per share

- 2022-12: EUR 51.24 per share

- 2023-01: EUR 54.76 per share

- 2023-02: EUR 53.76 per share

- 2023-03: EUR 52.92 per share

- 2023-04: EUR 50.48 per share

- 2023-05: EUR 51.90 per share

- 2023-06: EUR 55.16 per share

- 2023-07: EUR 53.78 per share

- 2023-08: EUR 49.57 per share

- 2023-09: EUR 46.65 per share

- 2023-10: EUR 42.15 per share

- 2023-11: EUR 44.86 per share

- 2023-12: EUR 46.32 per share

- 2024-01: EUR 46.50 per share

- 2024-02: EUR 49.38 per share

- 2024-03: EUR 49.12 per share

- 2024-04: EUR 47.93 per share

- 2024-05: EUR 50.52 per share

- 2024-06: EUR 42.21 per share

- 2024-07: EUR 41.33 per share

- 2024-08: EUR 40.67 per share

- 2024-09: EUR 41.08 per share

- 2024-10: EUR 38.13 per share

- 2024-11: EUR 34.62 per share

- 2024-12: EUR 36.35 per share

- 2025-01: EUR 38.20 per share

- 2025-02: EUR 37.57 per share

- 2025-03: EUR 34.56 per share

- 2025-04: EUR 36.17 per share

- 2025-05: EUR 35.10 per share

- 2025-06: EUR 33.69 per share

- 2025-07: EUR 35.33 per share

- 2025-08: EUR 36.39 per share

- 2025-09: EUR 33.45 per share

- 2025-10: EUR 34.46 per share

- 2025-11: EUR 37.13 per share

- 2025-12: EUR 39.92 per share

- 2026-01: EUR 36.24 per share

- 2026-02: EUR 36.03 per share

- 2026-03: EUR 31.06 per share

- 2026-04: EUR 30.98 per share

- 2026-05: EUR 32.70 per share

- 2026-06: EUR 26.96 per share

- 2026-07: EUR 28.78 per share

- 2026-08: EUR 28.52 per share

- 2026-09: EUR 25.61 per share

- 2026-10: EUR 25.17 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 22.50 per share, central EUR 25.33 per share, high EUR 29.10 per share

- FY2021: low EUR 577.88 per share, central EUR 657.29 per share, high EUR 763.01 per share

- FY2022: low EUR 2,027.47 per share, central EUR 2,306.71 per share, high EUR 2,678.44 per share

- FY2023: low EUR 487.43 per share, central EUR 693.76 per share, high EUR 813.90 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 2026-10-15T06:41:57.722Z 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.