# Stellantis NV (STLAM.MI)

Canonical: https://gigainvestors.com/s/STLAM.MI

Analysis as of: 2026-10-16T08:06:01.803Z. Financial observations: FY1996–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 3.84 per share; close as of 2026-10-14.

Estimated value: low EUR 63.44 per share, central EUR 70.90 per share, high EUR 80.83 per share. Buy at or below the central value EUR 70.90 per share. Valuation as of 2026-10-16T08:06:01.803Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 1.65×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.11×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.02×

- FY2025: -0.17×

### moat: fail

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

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

- ROIC, median of available years: 29.7%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: 18.8 pp

- Typical gross margin (annual median): 17.5%

- Recent gross margin (lower of latest and 3-year median): -1.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.2%

- FY2017: 32.0%

- FY2018: 27.4%

- FY2019: >100%

- FY2020: 26.5%

- FY2021: 54.4%

- FY2022: 46.9%

- FY2023: 35.5%

- FY2024: 5.3%

- FY2025: -37.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 25B

- Net income, five-year total: EUR 33B

- Return on incremental invested capital: -62.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: -2.1%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.30×

- FY2025: 1.17×

### management: fail

- 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: 27.4% vs 5.3%

- Per-share earnings: 1.17 to 1.84 (three-year endpoint medians)

- 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: 6.7%

- Ordinary dilution, 5-year annual growth: 4.1%

- Market cap gain: EUR 15B

- Cumulative retained earnings: EUR 53B

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

- Diluted shares, 5-year annual growth: 4.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: EUR 0.67

- Per-share value, starting three-year median: EUR 1.17

- Per-share value, ending three-year median: EUR 1.84

- Buybacks concentrated in cheaper years (correlation): 0.18

- Average buyback yield: 3.1%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 29B

- Cumulative net income, 10 years: EUR 47B

- ROIC, first three-year median: 27.4%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.17

- FY2017: EUR 2.24

- FY2018: EUR 2.30

- FY2019: EUR 2.04

- FY2020: EUR 0.92

- FY2021: EUR 4.53

- FY2022: EUR 5.31

- FY2023: EUR 5.94

- FY2024: EUR 1.84

- FY2025: EUR -7.75

### accounting: pass

- Sloan accruals: -9.1%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.4%

- FY2017: -7.2%

- FY2018: -6.5%

- FY2019: -5.6%

- FY2020: -5.4%

- FY2021: -2.6%

- FY2022: -1.7%

- FY2023: 0.3%

- FY2024: 1.9%

- FY2025: -9.1%

## Holders

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 85% since Mar 2024 · sales -2.1%

Story as of 2026-10-16T10:00:14.970Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales -2.1%; source https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en/reports/stellantis-2025-12-31-en.xhtml; observed 2026-03-04.

- FY2016: EUR 111B 

- FY2017: EUR 111B 

- FY2018: EUR 110B 

- FY2019: EUR 59B 

- FY2020: EUR 48B 

- FY2021: EUR 149B 

- FY2022: EUR 180B 

- FY2023: EUR 190B 

- FY2024: EUR 157B 

- FY2025: EUR 154B 

### Gross margin · FY2024

gross margin 13.1%; source https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en/reports/stellantis-2025-12-31-en.xhtml; observed 2026-03-04.

- FY2016: 14.2% 

- FY2017: 15.3% 

- FY2018: 13.9% 

- FY2019: 21.0% 

- FY2020: 19.7% 

- FY2021: 19.7% 

- FY2022: 19.6% 

- FY2023: 20.1% 

- FY2024: 13.1% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are EUR 153.5 billion.

- Source: https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en.json (filed 2026-03-04); FY2025: revenue 153508000000; grossProfit -2119000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STLA.US: Stellantis N.V. engages in the designing, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, and mobility services worldwide. It provides luxury and premium vehicles; sport utility vehicles; and parts and accessories. The company also provides contract services; retail and dealer financing services; and vehicle leasing and rental services, as well as engages in after-market parts and service businesses and data businesses. It offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS Automobiles, Dodge, Fiat, Jeep, Maserati, Ram Trucks, Opel, Lancia, Vauxhall, Peugeot, Free2move, Share Now, Leasys, and Comau brand names through distributors and dealers. The company has a strategic collaboration with Microsoft Corporation for the development of AI initiatives across sales, customer care, and operations. The company operates in North America, France, Brazil, Italy, Germany, the United Kingdom, Turkiye, Spain, Argentina, Belgium, Austria, the Netherlands, Portugal, Poland, Algeria, Morocco, Japan, China, and internationally. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands.

### Why customers stay

It earns 29.7% on its capital.

- Source: https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en.json (filed 2026-03-04); FY2023: grossProfit / revenue = 20.1%.

- Source: https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en.json (filed 2026-03-04); FY2024: grossProfit / revenue = 13.1%.

- Source: https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en.json (filed 2026-03-04); FY2025: grossProfit / revenue = -1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.24230657675295483],[2017,0.31976953778807776],[2018,0.2737520593270788],[2019,1.0031694585173296],[2020,0.2652624213104361],[2021,0.5438212965514431],[2022,0.4686542905821817],[2023,0.3553562366611058],[2024,0.05306944944224541],[2025,-0.3747657336971252]]; median 0.2967607985575783. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 20% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en/reports/stellantis-2025-12-31-en.xhtml (filed 2026-03-04); Gross margin observations: [[2021,0.19727076208514313],[2022,0.196361753307497],[2023,0.20124087283163802]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/api/fundamentals/STLA.US.json#2017-12-31 (filed 2026-03-04); FY2017: growth capex 0; upkeep 8666000000; owner earnings 715000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/STLA.US.json#2018-12-31 (filed 2026-03-04); FY2018: growth capex 0; upkeep 5392000000; owner earnings 3723000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/STLA.US.json#2021-12-31 (filed 2026-03-04); FY2021: growth capex 4242000000; upkeep 5871000000; owner earnings 14200000000. Growth capex / owner earnings = 0.2987323943661972.

- Source: https://eodhd.com/api/fundamentals/STLA.US.json#2022-12-31 (filed 2026-03-04); FY2022: growth capex 2217000000; upkeep 6797000000; cash acquisitions 431000000; owner earnings 16799000000. Growth capex plus acquisitions / owner earnings = 0.15762843026370618.

- Source: https://eodhd.com/api/fundamentals/STLA.US.json#2023-12-31 (filed 2026-03-04); FY2023: growth capex 2644000000; upkeep 7549000000; cash acquisitions 2428000000; owner earnings 18596000000. Growth capex plus acquisitions / owner earnings = 0.27274682727468275.

- Source: https://eodhd.com/api/fundamentals/STLA.US.json#2024-12-31 (filed 2026-03-04); FY2024: growth capex 0; upkeep 11060000000; cash acquisitions 1391000000; owner earnings 1639000000. Growth capex plus acquisitions / owner earnings = 0.8486882245271506.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,18000000],[2017,1000000],[2018,1000000],[2019,618000000],[2020,0],[2021,4204000000],[2022,3353000000],[2023,4208000000],[2024,4651000000],[2025,1959000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STLA.US SharesStats.PercentInsiders = 25.209 percentage points; cache date 2026-10-16.

### What could break it

PSUs are 100% at-risk and contingent upon Stellantis’ performance - no amounts are guaranteed.

- Source: https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en/reports/stellantis-2025-12-31-en.xhtml (filed 2026-03-04); Incentivize delivery of financial performance and creation of long-term sustainable value; demonstrates long- term alignment with shareholder interests. PSUs are 100% at-risk and contingent upon Stellantis’ performance - no amounts are guaranteed. Share Ownership and Retention Guidelines Executive Directors: • Six (6) x Annual Base Salary • Required to retain one hundred percent (100%) of net, after-tax shares of Common stock issued upon vesting and settlement of any equity awards granted until the fifth (5th) anniversary of the grant date of such award. • Shares owned outright and any unvested Restricted Stock Units (RSUs) are counted for purposes of satisfying the guideline.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Closing price 3.8380000591278076 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 53.17797167961578; price multiple 0.07217274254555656. FY2025 cash earnings/share -9.049958506022827. Closing-price date 2026-10-14.

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

- 2016-11: EUR 6.89 per share

- 2016-12: EUR 8.19 per share

- 2017-01: EUR 9.55 per share

- 2017-02: EUR 9.76 per share

- 2017-03: EUR 9.69 per share

- 2017-04: EUR 9.82 per share

- 2017-05: EUR 8.83 per share

- 2017-06: EUR 8.72 per share

- 2017-07: EUR 9.68 per share

- 2017-08: EUR 12.01 per share

- 2017-09: EUR 14.39 per share

- 2017-10: EUR 14.08 per share

- 2017-11: EUR 13.69 per share

- 2017-12: EUR 14.15 per share

- 2018-01: EUR 18.47 per share

- 2018-02: EUR 16.68 per share

- 2018-03: EUR 15.66 per share

- 2018-04: EUR 17.62 per share

- 2018-05: EUR 18.41 per share

- 2018-06: EUR 15.50 per share

- 2018-07: EUR 13.85 per share

- 2018-08: EUR 13.82 per share

- 2018-09: EUR 14.37 per share

- 2018-10: EUR 12.76 per share

- 2018-11: EUR 13.83 per share

- 2018-12: EUR 12.04 per share

- 2019-01: EUR 14.16 per share

- 2019-02: EUR 12.32 per share

- 2019-03: EUR 12.60 per share

- 2019-04: EUR 13.03 per share

- 2019-05: EUR 10.86 per share

- 2019-06: EUR 11.64 per share

- 2019-07: EUR 11.42 per share

- 2019-08: EUR 11.23 per share

- 2019-09: EUR 11.27 per share

- 2019-10: EUR 13.22 per share

- 2019-11: EUR 12.74 per share

- 2019-12: EUR 12.52 per share

- 2020-01: EUR 11.13 per share

- 2020-02: EUR 10.67 per share

- 2020-03: EUR 6.24 per share

- 2020-04: EUR 7.61 per share

- 2020-05: EUR 7.54 per share

- 2020-06: EUR 8.49 per share

- 2020-07: EUR 8.18 per share

- 2020-08: EUR 8.76 per share

- 2020-09: EUR 9.93 per share

- 2020-10: EUR 10.00 per share

- 2020-11: EUR 12.40 per share

- 2020-12: EUR 13.91 per share

- 2021-01: EUR 11.89 per share

- 2021-02: EUR 12.75 per share

- 2021-03: EUR 15.08 per share

- 2021-04: EUR 13.82 per share

- 2021-05: EUR 16.26 per share

- 2021-06: EUR 16.55 per share

- 2021-07: EUR 16.19 per share

- 2021-08: EUR 16.93 per share

- 2021-09: EUR 16.52 per share

- 2021-10: EUR 17.25 per share

- 2021-11: EUR 15.14 per share

- 2021-12: EUR 16.69 per share

- 2022-01: EUR 16.97 per share

- 2022-02: EUR 16.37 per share

- 2022-03: EUR 14.80 per share

- 2022-04: EUR 12.98 per share

- 2022-05: EUR 13.93 per share

- 2022-06: EUR 11.79 per share

- 2022-07: EUR 13.92 per share

- 2022-08: EUR 13.35 per share

- 2022-09: EUR 12.27 per share

- 2022-10: EUR 13.66 per share

- 2022-11: EUR 14.89 per share

- 2022-12: EUR 13.26 per share

- 2023-01: EUR 14.38 per share

- 2023-02: EUR 16.55 per share

- 2023-03: EUR 16.74 per share

- 2023-04: EUR 15.00 per share

- 2023-05: EUR 14.18 per share

- 2023-06: EUR 16.09 per share

- 2023-07: EUR 18.64 per share

- 2023-08: EUR 17.18 per share

- 2023-09: EUR 18.21 per share

- 2023-10: EUR 17.60 per share

- 2023-11: EUR 19.90 per share

- 2023-12: EUR 21.15 per share

- 2024-01: EUR 20.50 per share

- 2024-02: EUR 24.14 per share

- 2024-03: EUR 26.34 per share

- 2024-04: EUR 20.88 per share

- 2024-05: EUR 20.20 per share

- 2024-06: EUR 18.47 per share

- 2024-07: EUR 15.40 per share

- 2024-08: EUR 15.14 per share

- 2024-09: EUR 12.41 per share

- 2024-10: EUR 12.60 per share

- 2024-11: EUR 12.54 per share

- 2024-12: EUR 12.59 per share

- 2025-01: EUR 12.96 per share

- 2025-02: EUR 12.36 per share

- 2025-03: EUR 10.26 per share

- 2025-04: EUR 8.14 per share

- 2025-05: EUR 8.97 per share

- 2025-06: EUR 8.51 per share

- 2025-07: EUR 7.76 per share

- 2025-08: EUR 8.18 per share

- 2025-09: EUR 7.86 per share

- 2025-10: EUR 8.78 per share

- 2025-11: EUR 9.19 per share

- 2025-12: EUR 9.46 per share

- 2026-01: EUR 8.29 per share

- 2026-02: EUR 6.94 per share

- 2026-03: EUR 6.06 per share

- 2026-04: EUR 6.21 per share

- 2026-05: EUR 6.86 per share

- 2026-06: EUR 4.98 per share

- 2026-07: EUR 4.96 per share

- 2026-08: EUR 4.76 per share

- 2026-09: EUR 3.90 per share

- 2026-10: EUR 3.88 per share

## Annual estimated value (EUR per share)

- FY2018: low EUR 9.06 per share, central EUR 9.38 per share, high EUR 9.81 per share

- FY2019: low EUR 10.72 per share, central EUR 10.89 per share, high EUR 11.12 per share

- FY2025: low EUR 63.75 per share, central EUR 71.25 per share, high EUR 81.23 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300LKT9PW7ZIBDF31/2025-12-31/ESEF/NL/0/stellantis-2025-12-31-en/reports/stellantis-2025-12-31-en.xhtml); period 2025-12-31, filed 2026-03-04.

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.