# Vonovia SE (VNA.XETRA)

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

Analysis as of: 2026-10-16T07:35:04.010Z. Financial observations: FY2005–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 16.77 per share; close as of 2026-10-15.

Estimated value: low EUR 5.14 per share, central EUR 5.61 per share, high EUR 6.24 per share. Buy at or below the central value EUR 5.61 per share. Valuation as of 2026-10-16T07:35:04.010Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.42×

- FY2017: 0.44×

- FY2018: 0.36×

- FY2019: 1.22×

- FY2020: 1.74×

- FY2021: 1.66×

- FY2022: -0.07×

- FY2023: 0.34×

- FY2024: 0.17×

- FY2025: 0.36×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 16.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.6%

- ROIC, second-lowest year: 1.2%

- Typical minus recent gross margin: 16.1 pp

- Typical gross margin (annual median): 63.2%

- Recent gross margin (lower of latest and 3-year median): 47.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.2%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.7%

- FY2017: 2.5%

- FY2018: 1.8%

- FY2019: 5.4%

- FY2020: 7.8%

- FY2021: 5.1%

- FY2022: -0.4%

- FY2023: 2.1%

- FY2024: 1.2%

- FY2025: 2.7%

### economics: fail

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.9B

- Net income, five-year total: EUR -1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 6.7 pp

- Working capital / revenue, change between three-year averages: 45.0 pp

- Working capital / revenue, final three-year average: 43.0%

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

- FY2021: EUR 6.0B

- FY2022: EUR 214M

- FY2023: EUR -6.7B

- FY2024: EUR -1.3B

- FY2025: EUR 3.7B

### 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: 2.5% vs 2.1%

- Per-share earnings: 4.23 to -1.09 (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: 4.4%

- Ordinary dilution, 5-year annual growth: 8.9%

- Market cap gain: EUR 7.3B

- Cumulative retained earnings: EUR 17B

- Diluted shares, 10-year annual growth: 4.4%

- Diluted shares, 5-year annual growth: 8.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -5.32

- Per-share value, starting three-year median: EUR 4.23

- Per-share value, ending three-year median: EUR -1.09

- Buybacks concentrated in cheaper years (correlation): -0.18

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.7B

- Cumulative net income, 10 years: EUR 10B

- ROIC, first three-year median: 2.5%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.23

- FY2017: EUR 4.43

- FY2018: EUR 4.17

- FY2019: EUR 2.14

- FY2020: EUR 5.91

- FY2021: EUR 2.94

- FY2022: EUR -0.85

- FY2023: EUR -7.72

- FY2024: EUR -1.09

- FY2025: EUR 4.39

### accounting: pass

- Sloan accruals: 2.2%

- Receivables to sales index (DSRI): 0.40×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.6%

- FY2017: 4.0%

- FY2018: 2.4%

- FY2019: -0.7%

- FY2020: 2.9%

- FY2021: 0.8%

- FY2022: -2.7%

- FY2023: -8.2%

- FY2024: -3.7%

- FY2025: 2.2%

## Holders

## Price story

Down 61% since Jan 2022 · sales -16.2%

Story as of 2026-10-16T10:00:03.496Z; price observation 2026-10-15.

Price needs cash profits to grow 18.1% a year for ten years

### Sales · FY2024–2025

sales -16.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.2B 

- FY2017: EUR 2.4B 

- FY2018: EUR 2.7B 

- FY2019: EUR 2.9B 

- FY2020: EUR 3.1B 

- FY2021: EUR 3.6B 

- FY2022: EUR 5.2B 

- FY2023: EUR 5.2B 

- FY2024: EUR 5.9B 

- FY2025: EUR 5.0B 

### Gross margin · FY2025

gross margin 50.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.5% 

- FY2017: 70.0% 

- FY2018: 64.8% 

- FY2019: 66.6% 

- FY2020: 66.0% 

- FY2021: 61.6% 

- FY2022: 55.6% 

- FY2023: 47.1% 

- FY2024: 37.9% 

- FY2025: 50.1% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are EUR 5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2025: revenue 4977100000; grossProfit 2491800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VNA.XETRA: Vonovia SE operates as an integrated residential real estate company in Europe. The company operates through Rental, Value-Add, Recurring Sales, and Development segments. It offers property management services; property-related services; and value-added services, including maintenance and modernization of properties, craftsmen and residential environment organization, multimedia, energy supply, metering, condominium administration, and insurance services. The company is also involved in the sale of individual condominiums and single-family houses; and project development activities to build new homes. In addition, it engages in construction of owner-occupied and rented apartments; sale of projects to investors; and construction of new properties on existing land held in the portfolio. The company was formerly known as Deutsche Annington Immobilien SE and changed its name to Vonovia SE in August 2015. Vonovia SE was founded in 1998 and is headquartered in Bochum, Germany.

### Why customers stay

Margins ranged from 37.9% to 50.1% during 2023–25; it earns 2.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2023: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2024: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2025: grossProfit / revenue = 50.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); 10-year return on capital observations [[2016,0.02675547295887822],[2017,0.024887087328892468],[2018,0.017507952955371282],[2019,0.054448445025586996],[2020,0.07771984284112808],[2021,0.050984287038855214],[2022,-0.0038675656612429062],[2023,0.020948067887159555],[2024,0.012402671202276165],[2025,0.026943282552874887]]; median 0.025821280143885343. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 647.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2016: growth capex 4266317.263713598; upkeep 865433682.7362864; owner earnings 1502266317.2637136. Growth capex / owner earnings = 0.0028399207348830365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2017: growth capex 0; upkeep 122200000; owner earnings 2700700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2018: growth capex 0; upkeep 304600000; owner earnings 2739800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2019: growth capex 0; upkeep 1389300000; owner earnings 1879320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2020: growth capex 22006522.57168284; upkeep 250293477.42831716; owner earnings 3011486522.571683. Growth capex / owner earnings = 0.007307528161504172.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2021: growth capex 0; upkeep 352700000; owner earnings 6032880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2022: growth capex 0; upkeep 228200000; owner earnings 213980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2025: growth capex 0; upkeep 347900000; owner earnings 3724360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); Dividend observations: [[2016,445400000],[2017,277900000],[2018,401100000],[2019,417700000],[2020,520800000],[2021,514600000],[2022,714000000],[2023,372900000],[2024,506400000],[2025,647200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); FY2025: cash repurchases 647200000 EUR.

### Are managers owners

Insiders own 0% of the company.

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

### What the price says

The price assumes cash profits grow 18.1% yearly over ten years; actual growth was 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.010Z); Ten-year compound average after fade. Initial solved rate 0.2502174876811737. Price 16.77; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.5165089621102392 → FY2025 4.390813476372303. Closing-price date 2026-10-15.

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

- 2016-11: EUR 24.13 per share

- 2016-12: EUR 24.50 per share

- 2017-01: EUR 24.00 per share

- 2017-02: EUR 26.08 per share

- 2017-03: EUR 26.19 per share

- 2017-04: EUR 26.35 per share

- 2017-05: EUR 27.73 per share

- 2017-06: EUR 27.56 per share

- 2017-07: EUR 27.16 per share

- 2017-08: EUR 28.15 per share

- 2017-09: EUR 28.54 per share

- 2017-10: EUR 29.94 per share

- 2017-11: EUR 31.35 per share

- 2017-12: EUR 32.82 per share

- 2018-01: EUR 31.48 per share

- 2018-02: EUR 29.77 per share

- 2018-03: EUR 31.91 per share

- 2018-04: EUR 32.99 per share

- 2018-05: EUR 32.00 per share

- 2018-06: EUR 32.32 per share

- 2018-07: EUR 32.83 per share

- 2018-08: EUR 35.04 per share

- 2018-09: EUR 33.36 per share

- 2018-10: EUR 32.05 per share

- 2018-11: EUR 33.91 per share

- 2018-12: EUR 31.39 per share

- 2019-01: EUR 34.74 per share

- 2019-02: EUR 33.81 per share

- 2019-03: EUR 36.65 per share

- 2019-04: EUR 35.26 per share

- 2019-05: EUR 37.23 per share

- 2019-06: EUR 33.30 per share

- 2019-07: EUR 35.09 per share

- 2019-08: EUR 35.92 per share

- 2019-09: EUR 36.91 per share

- 2019-10: EUR 37.83 per share

- 2019-11: EUR 37.49 per share

- 2019-12: EUR 38.06 per share

- 2020-01: EUR 40.86 per share

- 2020-02: EUR 38.52 per share

- 2020-03: EUR 35.57 per share

- 2020-04: EUR 35.72 per share

- 2020-05: EUR 41.05 per share

- 2020-06: EUR 43.27 per share

- 2020-07: EUR 43.75 per share

- 2020-08: EUR 47.57 per share

- 2020-09: EUR 46.45 per share

- 2020-10: EUR 43.46 per share

- 2020-11: EUR 45.57 per share

- 2020-12: EUR 47.38 per share

- 2021-01: EUR 43.72 per share

- 2021-02: EUR 41.82 per share

- 2021-03: EUR 44.16 per share

- 2021-04: EUR 43.32 per share

- 2021-05: EUR 40.55 per share

- 2021-06: EUR 43.23 per share

- 2021-07: EUR 44.54 per share

- 2021-08: EUR 45.32 per share

- 2021-09: EUR 41.15 per share

- 2021-10: EUR 41.59 per share

- 2021-11: EUR 41.44 per share

- 2021-12: EUR 41.02 per share

- 2022-01: EUR 42.61 per share

- 2022-02: EUR 40.17 per share

- 2022-03: EUR 35.78 per share

- 2022-04: EUR 32.14 per share

- 2022-05: EUR 35.24 per share

- 2022-06: EUR 29.22 per share

- 2022-07: EUR 32.28 per share

- 2022-08: EUR 26.84 per share

- 2022-09: EUR 22.08 per share

- 2022-10: EUR 22.27 per share

- 2022-11: EUR 23.35 per share

- 2022-12: EUR 21.89 per share

- 2023-01: EUR 25.72 per share

- 2023-02: EUR 23.71 per share

- 2023-03: EUR 17.24 per share

- 2023-04: EUR 19.51 per share

- 2023-05: EUR 17.16 per share

- 2023-06: EUR 17.90 per share

- 2023-07: EUR 21.24 per share

- 2023-08: EUR 22.11 per share

- 2023-09: EUR 22.81 per share

- 2023-10: EUR 21.70 per share

- 2023-11: EUR 25.52 per share

- 2023-12: EUR 28.54 per share

- 2024-01: EUR 29.05 per share

- 2024-02: EUR 25.80 per share

- 2024-03: EUR 27.40 per share

- 2024-04: EUR 27.18 per share

- 2024-05: EUR 28.80 per share

- 2024-06: EUR 26.55 per share

- 2024-07: EUR 28.41 per share

- 2024-08: EUR 31.18 per share

- 2024-09: EUR 32.73 per share

- 2024-10: EUR 30.16 per share

- 2024-11: EUR 31.40 per share

- 2024-12: EUR 29.32 per share

- 2025-01: EUR 29.59 per share

- 2025-02: EUR 29.95 per share

- 2025-03: EUR 24.96 per share

- 2025-04: EUR 29.24 per share

- 2025-05: EUR 28.83 per share

- 2025-06: EUR 29.91 per share

- 2025-07: EUR 27.28 per share

- 2025-08: EUR 27.63 per share

- 2025-09: EUR 26.55 per share

- 2025-10: EUR 26.05 per share

- 2025-11: EUR 26.12 per share

- 2025-12: EUR 24.54 per share

- 2026-01: EUR 24.61 per share

- 2026-02: EUR 28.69 per share

- 2026-03: EUR 21.56 per share

- 2026-04: EUR 22.91 per share

- 2026-05: EUR 21.43 per share

- 2026-06: EUR 21.59 per share

- 2026-07: EUR 21.03 per share

- 2026-08: EUR 19.25 per share

- 2026-09: EUR 17.00 per share

- 2026-10: EUR 16.52 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 20.36 per share, central EUR 22.80 per share, high EUR 26.06 per share

- FY2017: low EUR 21.51 per share, central EUR 24.43 per share, high EUR 28.32 per share

- FY2018: low EUR 37.20 per share, central EUR 42.21 per share, high EUR 48.89 per share

- FY2019: low EUR 39.71 per share, central EUR 45.10 per share, high EUR 52.28 per share

- FY2020: low EUR 60.19 per share, central EUR 68.39 per share, high EUR 79.30 per share

- FY2021: low EUR 45.30 per share, central EUR 51.36 per share, high EUR 59.42 per share

- FY2022: low EUR 70.16 per share, central EUR 79.65 per share, high EUR 92.27 per share

- FY2023: low EUR 46.63 per share, central EUR 52.88 per share, high EUR 61.19 per share

- FY2024: low EUR 5.25 per share, central EUR 5.70 per share, high EUR 6.30 per share

- FY2025: low EUR 5.84 per share, central EUR 6.21 per share, high EUR 6.70 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 2026-10-15T06:40:48.337Z 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.