# Schaeffler AG (SHA0.XETRA)

Canonical: https://gigainvestors.com/s/SHA0.XETRA

Analysis as of: 2026-10-16T07:36:56.726Z. Financial observations: FY2010–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 5.75 per share; close as of 2026-10-15.

Estimated value: low EUR 7.57 per share, central EUR 8.31 per share, high EUR 9.30 per share. Buy at or below the central value EUR 8.31 per share. Valuation as of 2026-10-16T07:36:56.726Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% 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

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.11×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.03×

### moat: fail

- Recent gross margin fell 5.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.8%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: 5.3 pp

- Typical gross margin (annual median): 23.7%

- Recent gross margin (lower of latest and 3-year median): 18.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.7%

- FY2017: 27.0%

- FY2018: 20.0%

- FY2019: 16.1%

- FY2020: 15.4%

- FY2021: 17.4%

- FY2022: 12.1%

- FY2023: 11.8%

- FY2024: 11.6%

- FY2025: 7.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 2.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 567M

- Return on incremental invested capital: -49.8%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 20.0%

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

- FY2021: 1.33×

- FY2022: 1.28×

- FY2023: 1.05×

- FY2024: 0.89×

- FY2025: -0.26×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.0% vs 11.6%

- Per-share earnings: 1.29 to -0.45 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: 7.2%

- Market cap gain: EUR -1.5B

- Cumulative retained earnings: EUR -275M

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 7.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.74

- Per-share value, starting three-year median: EUR 1.29

- Per-share value, ending three-year median: EUR -0.45

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.1B

- Cumulative net income, 10 years: EUR 3.3B

- ROIC, first three-year median: 27.0%

- ROIC, last three-year median: 11.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.29

- FY2017: EUR 1.47

- FY2018: EUR 1.32

- FY2019: EUR 0.64

- FY2020: EUR -0.64

- FY2021: EUR 1.14

- FY2022: EUR 0.84

- FY2023: EUR 0.47

- FY2024: EUR -0.88

- FY2025: EUR -0.45

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.69×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.8%

- FY2017: -6.9%

- FY2018: -5.9%

- FY2019: -8.9%

- FY2020: -12.5%

- FY2021: -3.6%

- FY2022: -4.1%

- FY2023: -6.9%

- FY2024: -9.5%

- FY2025: -8.0%

## Holders

## Price story

Down 46% since May 2026 · "Schaeffler Shares Plunge After Guidance Falls Short of Expectations" (finance.yahoo.com, Mar 2026) · sales +29.2%

Story as of 2026-10-16T10:00:08.377Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.9% a year for ten years

- 2026-03-03: Schaeffler Shares Plunge After Guidance Falls Short of Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/e84070e8-901c-339b-9b0b-e3f5fdda0936/schaeffler-shares-plunge.html))

### Sales · FY2024–2025

sales +29.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 13B 

- FY2017: EUR 14B 

- FY2018: EUR 14B 

- FY2019: EUR 14B 

- FY2020: EUR 13B 

- FY2021: EUR 14B 

- FY2022: EUR 16B 

- FY2023: EUR 16B 

- FY2024: EUR 18B 

- FY2025: EUR 23B 

### Gross margin · FY2025

gross margin 18.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.4% 

- FY2017: 27.4% 

- FY2018: 25.9% 

- FY2019: 24.8% 

- FY2020: 22.7% 

- FY2021: 24.8% 

- FY2022: 22.6% 

- FY2023: 21.5% 

- FY2024: 21.1% 

- FY2025: 18.4% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are EUR 23.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2025: revenue 23492000000; grossProfit 4322000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHA0.XETRA: Schaeffler AG, together with its subsidiaries, develops, manufactures, and sells components and systems for industrial applications in Europe, the Americas, China, and the Asia Pacific. It operates through E-Mobility, Powertrain and Chassis, Vehicle Lifetime Solutions, Bearings & Industrial Solutions divisions. The E-Mobility division offers mechanical, mechatronic, and electronic components and systems for powertrain electrification used in passenger cars and commercial vehicles. It includes electric drives, controls, and mechatronics and modules, as well as battery components, decoupling units, and wet clutches. The Powertrain & Chassis division develops, manufactures, and distributes components and system solutions for electrified powertrains and internal combustion engine, as well as chassis and steering technologies. This segment also provides engine and transmission systems, powertrain solutions, and chassis systems; torque converters, hybrid dampers, clutches, variable valve train systems, valve-lash adjustment elements, balancer shafts, camshaft phasing systems, timing drives, and front end auxiliary drives. The Vehicle Lifetime Solutions division offers components and repair solutions for passenger cars, light and heavy commercial vehicles, tractors, and two-wheelers. The Bearings & Industrial Solutions division develops, manufactures, and distributes rotary and linear bearing solutions, drive components and systems for industrial automation sectors, and service solutions. The company has a strategic technology partnership with Hexagon Robotics for the development and supply of high-precision strain wave and planetary gear actuators. The company also has strategic partnership with Spire Global, Inc. to develop space hardware subsystems, satellite platforms, and advanced radiofrequency (RF) and environmental sensing capabilities. The company was formerly known as INA Beteiligungsgesellschaft mit beschränkter Haftung and changed its name to Schaeffler AG in October 2014. Schaeffler AG was founded in 1946 a

### Why customers stay

Margins ranged from 18.4% to 21.5% during 2023–25; it earns 15.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2023: grossProfit / revenue = 21.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2024: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2025: grossProfit / revenue = 18.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); 10-year return on capital observations [[2016,0.2969960915689559],[2017,0.2700824402596676],[2018,0.19975167325536353],[2019,0.1611826345779436],[2020,0.1544997617913292],[2021,0.1737658866582975],[2022,0.12144572799329596],[2023,0.11817220052083334],[2024,0.1156441717791411],[2025,0.07777828816414026]]; median 0.1578411981846364. 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 2026-10-16T07:36:56.726Z); FY2016: growth capex 50270752.96548891; upkeep 1066729247.0345111; owner earnings 521270752.9654889. Growth capex / owner earnings = 0.09643885193922844.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2017: growth capex 220180863.19125247; upkeep 1020819136.8087475; owner earnings 726180863.1912525. Growth capex / owner earnings = 0.30320389086494554.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2018: growth capex 74123511.04176378; upkeep 1143876488.9582362; owner earnings 557123511.0417638. Growth capex / owner earnings = 0.1330468191930375.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2019: growth capex 65000000; upkeep 958000000; owner earnings 428000000. Growth capex / owner earnings = 0.15186915887850466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2020: growth capex 0; upkeep 633000000; owner earnings 199000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2021: growth capex 0; upkeep 671000000; owner earnings 1008800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2022: growth capex 0; upkeep 791000000; owner earnings 712200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2023: growth capex 0; upkeep 938000000; owner earnings 326400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); FY2025: growth capex 0; upkeep 947000000; owner earnings 108600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); Dividend observations: [[2016,328000000],[2017,328000000],[2018,361000000],[2019,361000000],[2020,295000000],[2021,162000000],[2022,336000000],[2023,306000000],[2024,306000000],[2025,248000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 79.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHA0.XETRA SharesStats.PercentInsiders = 79.17 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.9% yearly over ten years; actual decline was 18.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:56.726Z); Ten-year compound average after fade. Initial solved rate -0.09552089156101878. Price 5.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8905305859585778 → FY2025 0.11493467032905394. Closing-price date 2026-10-15.

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

- 2016-10: EUR 13.78 per share

- 2016-11: EUR 12.23 per share

- 2016-12: EUR 14.06 per share

- 2017-01: EUR 14.97 per share

- 2017-02: EUR 14.88 per share

- 2017-03: EUR 16.48 per share

- 2017-04: EUR 15.82 per share

- 2017-05: EUR 14.71 per share

- 2017-06: EUR 12.54 per share

- 2017-07: EUR 11.79 per share

- 2017-08: EUR 11.84 per share

- 2017-09: EUR 13.65 per share

- 2017-10: EUR 13.59 per share

- 2017-11: EUR 14.66 per share

- 2017-12: EUR 14.79 per share

- 2018-01: EUR 16.02 per share

- 2018-02: EUR 13.36 per share

- 2018-03: EUR 12.54 per share

- 2018-04: EUR 12.87 per share

- 2018-05: EUR 12.81 per share

- 2018-06: EUR 11.15 per share

- 2018-07: EUR 11.72 per share

- 2018-08: EUR 11.70 per share

- 2018-09: EUR 11.01 per share

- 2018-10: EUR 9.33 per share

- 2018-11: EUR 7.60 per share

- 2018-12: EUR 7.46 per share

- 2019-01: EUR 7.74 per share

- 2019-02: EUR 8.06 per share

- 2019-03: EUR 7.25 per share

- 2019-04: EUR 7.61 per share

- 2019-05: EUR 6.58 per share

- 2019-06: EUR 6.54 per share

- 2019-07: EUR 6.77 per share

- 2019-08: EUR 6.17 per share

- 2019-09: EUR 7.04 per share

- 2019-10: EUR 7.56 per share

- 2019-11: EUR 9.92 per share

- 2019-12: EUR 9.63 per share

- 2020-01: EUR 9.05 per share

- 2020-02: EUR 8.08 per share

- 2020-03: EUR 5.55 per share

- 2020-04: EUR 6.23 per share

- 2020-05: EUR 6.90 per share

- 2020-06: EUR 6.67 per share

- 2020-07: EUR 6.27 per share

- 2020-08: EUR 5.64 per share

- 2020-09: EUR 5.27 per share

- 2020-10: EUR 5.23 per share

- 2020-11: EUR 6.26 per share

- 2020-12: EUR 6.84 per share

- 2021-01: EUR 6.54 per share

- 2021-02: EUR 7.08 per share

- 2021-03: EUR 7.58 per share

- 2021-04: EUR 7.50 per share

- 2021-05: EUR 7.68 per share

- 2021-06: EUR 7.78 per share

- 2021-07: EUR 7.35 per share

- 2021-08: EUR 7.27 per share

- 2021-09: EUR 6.64 per share

- 2021-10: EUR 6.86 per share

- 2021-11: EUR 6.85 per share

- 2021-12: EUR 7.29 per share

- 2022-01: EUR 6.54 per share

- 2022-02: EUR 6.01 per share

- 2022-03: EUR 5.62 per share

- 2022-04: EUR 5.12 per share

- 2022-05: EUR 5.88 per share

- 2022-06: EUR 5.40 per share

- 2022-07: EUR 5.73 per share

- 2022-08: EUR 5.20 per share

- 2022-09: EUR 4.63 per share

- 2022-10: EUR 5.21 per share

- 2022-11: EUR 6.42 per share

- 2022-12: EUR 6.37 per share

- 2023-01: EUR 6.57 per share

- 2023-02: EUR 6.91 per share

- 2023-03: EUR 7.02 per share

- 2023-04: EUR 6.57 per share

- 2023-05: EUR 5.70 per share

- 2023-06: EUR 5.65 per share

- 2023-07: EUR 5.80 per share

- 2023-08: EUR 5.49 per share

- 2023-09: EUR 5.46 per share

- 2023-10: EUR 4.88 per share

- 2023-11: EUR 5.08 per share

- 2023-12: EUR 5.60 per share

- 2024-01: EUR 5.88 per share

- 2024-02: EUR 6.73 per share

- 2024-03: EUR 6.25 per share

- 2024-04: EUR 5.48 per share

- 2024-05: EUR 5.93 per share

- 2024-06: EUR 5.38 per share

- 2024-07: EUR 5.07 per share

- 2024-08: EUR 4.69 per share

- 2024-09: EUR 4.63 per share

- 2024-10: EUR 4.59 per share

- 2024-11: EUR 4.46 per share

- 2024-12: EUR 4.24 per share

- 2025-01: EUR 4.30 per share

- 2025-02: EUR 4.82 per share

- 2025-03: EUR 3.81 per share

- 2025-04: EUR 3.78 per share

- 2025-05: EUR 4.24 per share

- 2025-06: EUR 4.55 per share

- 2025-07: EUR 5.09 per share

- 2025-08: EUR 5.91 per share

- 2025-09: EUR 5.68 per share

- 2025-10: EUR 7.03 per share

- 2025-11: EUR 6.66 per share

- 2025-12: EUR 8.36 per share

- 2026-01: EUR 9.98 per share

- 2026-02: EUR 10.36 per share

- 2026-03: EUR 7.06 per share

- 2026-04: EUR 8.08 per share

- 2026-05: EUR 10.56 per share

- 2026-06: EUR 8.48 per share

- 2026-07: EUR 7.09 per share

- 2026-08: EUR 7.38 per share

- 2026-09: EUR 6.39 per share

- 2026-10: EUR 5.85 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 11.06 per share, central EUR 12.42 per share, high EUR 14.22 per share

- FY2017: low EUR 11.00 per share, central EUR 12.42 per share, high EUR 14.32 per share

- FY2018: low EUR 11.40 per share, central EUR 12.85 per share, high EUR 14.77 per share

- FY2019: low EUR 9.83 per share, central EUR 11.11 per share, high EUR 12.81 per share

- FY2020: low EUR 10.12 per share, central EUR 11.23 per share, high EUR 12.72 per share

- FY2021: low EUR 10.97 per share, central EUR 12.19 per share, high EUR 13.82 per share

- FY2022: low EUR 11.04 per share, central EUR 12.44 per share, high EUR 14.30 per share

- FY2023: low EUR 8.70 per share, central EUR 9.80 per share, high EUR 11.26 per share

- FY2024: low EUR 6.61 per share, central EUR 7.38 per share, high EUR 8.40 per share

- FY2025: low EUR 7.45 per share, central EUR 8.20 per share, high EUR 9.20 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 2026-10-15T06:42:42.139Z 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