# Volkswagen AG (VOW.XETRA)

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

Analysis as of: 2026-10-16T07:34:07.324Z. Financial observations: FY2000–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 67.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.04×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.08×

- FY2024: 0.06×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 3.3%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 18.9%

- Recent gross margin (lower of latest and 3-year median): 15.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.4%

- FY2017: 6.4%

- FY2018: 5.2%

- FY2019: 5.9%

- FY2020: 3.3%

- FY2021: 5.3%

- FY2022: 5.4%

- FY2023: 7.4%

- FY2024: 5.0%

- FY2025: 1.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 87B

- Net income, five-year total: EUR 66B

- Return on incremental invested capital: 232.7%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: 40.3%

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

- FY2021: 1.49×

- FY2022: 1.29×

- FY2023: 1.03×

- FY2024: 1.22×

- FY2025: 1.75×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.2% vs 5.0%

- Per-share earnings: 10.71 to 22.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR -16B

- Cumulative retained earnings: EUR 91B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.8%

- Per-share value change: EUR 11.93

- Per-share value, starting three-year median: EUR 10.71

- Per-share value, ending three-year median: EUR 22.64

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 32B

- Cumulative net income, 10 years: EUR 118B

- ROIC, first three-year median: 5.2%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 10.71

- FY2017: EUR 22.85

- FY2018: EUR 24.21

- FY2019: EUR 27.70

- FY2020: EUR 17.69

- FY2021: EUR 30.68

- FY2022: EUR 30.83

- FY2023: EUR 32.98

- FY2024: EUR 22.64

- FY2025: EUR 14.61

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.53×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: 3.0%

- FY2018: 1.1%

- FY2019: -0.8%

- FY2020: -3.2%

- FY2021: -4.4%

- FY2022: -2.3%

- FY2023: -0.5%

- FY2024: -0.9%

- FY2025: -1.2%

## Holders

## Price story

Down 76% since Oct 2021 · "Volkswagen cuts 2026 profit forecast after Porsche write-down" (finance.yahoo.com, Sep 2026) · sales -0.8%

Story as of 2026-10-16T09:59:59.271Z; price observation 2026-10-15.

- 2025-08-28: Volkswagen extends Amazon cloud partnership to save costs with AI ([finance.yahoo.com](https://finance.yahoo.com/news/volkswagen-extends-amazon-cloud-partnership-110214141.html))

- 2025-09-19: Volkswagen takes $6 billion hit due to Porsche restructuring ([finance.yahoo.com](https://finance.yahoo.com/news/volkswagen-takes-6-billion-hit-162116822.html))

- 2026-03-10: Volkswagen stung by tariffs, China battle as profit halves ([finance.yahoo.com](https://finance.yahoo.com/video/volkswagen-stung-tariffs-china-battle-110156060.html))

- 2026-05-03: Volkswagen (XTRA:VOW3) Valuation Check After Profit Slump And Restructuring Warning ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/volkswagen-xtra-vow3-valuation-check-220855064.html))

- 2026-06-29: Volkswagen stock hits 15-year low amid 100,000 job cut reports ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/volkswagen-stock-hits-15-low-142545508.html))

- 2026-09-18: Volkswagen Slashes Profit Outlook as China Slump and Porsche Writedown Bite ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/volkswagen-slashes-profit-outlook-china-181000583.html))

### Sales · FY2024–2025

sales -0.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 217B 

- FY2017: EUR 230B 

- FY2018: EUR 236B 

- FY2019: EUR 253B 

- FY2020: EUR 223B 

- FY2021: EUR 250B 

- FY2022: EUR 279B 

- FY2023: EUR 322B 

- FY2024: EUR 325B 

- FY2025: EUR 322B 

### Gross margin · FY2025

gross margin 15.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.9% 

- FY2017: 19.0% 

- FY2018: 19.7% 

- FY2019: 19.5% 

- FY2020: 17.5% 

- FY2021: 18.9% 

- FY2022: 18.7% 

- FY2023: 18.9% 

- FY2024: 18.3% 

- FY2025: 15.9% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are EUR 321.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2025: revenue 321913000000; grossProfit 51242000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VOW.XETRA: Volkswagen AG manufactures automobiles and commercial vehicles in Europe, Germany, North America, South America, the Asia-Pacific, and internationally. It operates through three segments: Passenger Cars and Light Commercial Vehicles; Commercial Vehicles; and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles, engines and motors, vehicle software, and vehicle batteries; produces and sells passenger cars and light commercial vehicles, and the parts. This segment also offers compact cars, luxury vehicles, and motorcycles, as well as mobility solutions. The Commercial Vehicles segment engages in the development of vehicles, engines, and motors; production and sale of trucks and buses, parts, and related services. The Financial Services segment engages in the dealership and customer financing, leasing, direct banking, and insurance activities; and provision of fleet management, and mobility services. In addition, the company is involved in the large-bore diesel engines, turbomachinery, and propulsion components businesses. It sells its products under the Volkswagen Passenger Cars, "koda, SEAT/CUPRA, Volkswagen Commercial Vehicles, Audi, Lamborghini, Bentley, Ducati, Porsche, Scania, MAN, Volkswagen Truck & Bus, TRATON, and Bugatti Rimac, and international commercial vehicles brands to individual, corporate, and fleet customers. The company was founded in 1937 and is headquartered in Wolfsburg, Germany. Volkswagen AG operates as a subsidiary of Porsche Automobil Holding SE.

### Why customers stay

Margins ranged from 15.9% to 18.9% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2023: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2024: grossProfit / revenue = 18.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2025: grossProfit / revenue = 15.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); 10-year return on capital observations [[2016,0.03448415328385503],[2017,0.06386022050072587],[2018,0.052480038715591405],[2019,0.058564412614699184],[2020,0.033370765948188705],[2021,0.0527892519683504],[2022,0.053799500435862936],[2023,0.07402389395223678],[2024,0.050385331598054445],[2025,0.018215754830805758]]; median 0.052634645341970904. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 19% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); Gross margin observations: [[2021,0.1888097074728516],[2022,0.18700591291883176],[2023,0.18922751362152634]]; 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 2026-10-16T07:34:07.324Z); FY2016: growth capex 0; upkeep 18902000000; owner earnings 7260000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2017: growth capex 0; upkeep 18312000000; owner earnings 15171000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2018: growth capex 0; upkeep 18963000000; owner earnings 15564000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2019: growth capex 0; upkeep 19401000000; owner earnings 17382000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2020: growth capex 0; upkeep 17746000000; owner earnings 16512200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2021: growth capex 0; upkeep 18498000000; owner earnings 22971000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2022: growth capex 0; upkeep 22671000000; owner earnings 19994000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2023: growth capex 0; upkeep 25795000000; owner earnings 17004400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2024: growth capex 0; upkeep 27446000000; owner earnings 13815800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); FY2025: growth capex 0; upkeep 24346000000; owner earnings 12833600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); Dividend observations: [[2016,364000000],[2017,1332000000],[2018,2375000000],[2019,2899000000],[2020,2952000000],[2021,3022000000],[2022,4362000000],[2023,11732000000],[2024,5779000000],[2025,4460000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 73.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VOW.XETRA SharesStats.PercentInsiders = 73.35000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.324Z); Closing price 67 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 642.1627983522676; price multiple 0.10433491347040971. FY2025 cash earnings/share 25.60089368535493. Closing-price date 2026-10-15.

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

- 2016-10: EUR 136.00 per share

- 2016-11: EUR 129.20 per share

- 2016-12: EUR 136.75 per share

- 2017-01: EUR 147.65 per share

- 2017-02: EUR 142.80 per share

- 2017-03: EUR 139.65 per share

- 2017-04: EUR 147.95 per share

- 2017-05: EUR 139.45 per share

- 2017-06: EUR 135.75 per share

- 2017-07: EUR 132.95 per share

- 2017-08: EUR 129.65 per share

- 2017-09: EUR 143.25 per share

- 2017-10: EUR 159.40 per share

- 2017-11: EUR 173.95 per share

- 2017-12: EUR 168.70 per share

- 2018-01: EUR 178.50 per share

- 2018-02: EUR 164.50 per share

- 2018-03: EUR 162.60 per share

- 2018-04: EUR 169.40 per share

- 2018-05: EUR 159.10 per share

- 2018-06: EUR 141.50 per share

- 2018-07: EUR 148.10 per share

- 2018-08: EUR 138.70 per share

- 2018-09: EUR 150.10 per share

- 2018-10: EUR 145.80 per share

- 2018-11: EUR 145.90 per share

- 2018-12: EUR 139.10 per share

- 2019-01: EUR 152.00 per share

- 2019-02: EUR 155.40 per share

- 2019-03: EUR 145.10 per share

- 2019-04: EUR 159.40 per share

- 2019-05: EUR 142.10 per share

- 2019-06: EUR 151.15 per share

- 2019-07: EUR 154.70 per share

- 2019-08: EUR 148.45 per share

- 2019-09: EUR 157.70 per share

- 2019-10: EUR 169.90 per share

- 2019-11: EUR 173.15 per share

- 2019-12: EUR 173.25 per share

- 2020-01: EUR 165.60 per share

- 2020-02: EUR 152.30 per share

- 2020-03: EUR 121.40 per share

- 2020-04: EUR 136.30 per share

- 2020-05: EUR 142.40 per share

- 2020-06: EUR 143.30 per share

- 2020-07: EUR 132.70 per share

- 2020-08: EUR 150.20 per share

- 2020-09: EUR 149.20 per share

- 2020-10: EUR 133.60 per share

- 2020-11: EUR 155.50 per share

- 2020-12: EUR 170.10 per share

- 2021-01: EUR 174.50 per share

- 2021-02: EUR 193.70 per share

- 2021-03: EUR 309.20 per share

- 2021-04: EUR 264.20 per share

- 2021-05: EUR 291.60 per share

- 2021-06: EUR 276.80 per share

- 2021-07: EUR 280.00 per share

- 2021-08: EUR 283.20 per share

- 2021-09: EUR 268.00 per share

- 2021-10: EUR 280.80 per share

- 2021-11: EUR 246.40 per share

- 2021-12: EUR 258.40 per share

- 2022-01: EUR 254.20 per share

- 2022-02: EUR 235.20 per share

- 2022-03: EUR 226.20 per share

- 2022-04: EUR 209.20 per share

- 2022-05: EUR 209.40 per share

- 2022-06: EUR 173.90 per share

- 2022-07: EUR 192.20 per share

- 2022-08: EUR 184.20 per share

- 2022-09: EUR 168.65 per share

- 2022-10: EUR 173.00 per share

- 2022-11: EUR 183.05 per share

- 2022-12: EUR 147.65 per share

- 2023-01: EUR 160.55 per share

- 2023-02: EUR 168.80 per share

- 2023-03: EUR 158.00 per share

- 2023-04: EUR 151.95 per share

- 2023-05: EUR 140.40 per share

- 2023-06: EUR 152.90 per share

- 2023-07: EUR 145.45 per share

- 2023-08: EUR 131.90 per share

- 2023-09: EUR 124.70 per share

- 2023-10: EUR 108.80 per share

- 2023-11: EUR 119.00 per share

- 2023-12: EUR 118.45 per share

- 2024-01: EUR 131.60 per share

- 2024-02: EUR 145.25 per share

- 2024-03: EUR 141.60 per share

- 2024-04: EUR 132.80 per share

- 2024-05: EUR 131.10 per share

- 2024-06: EUR 112.10 per share

- 2024-07: EUR 109.10 per share

- 2024-08: EUR 101.00 per share

- 2024-09: EUR 100.30 per share

- 2024-10: EUR 91.50 per share

- 2024-11: EUR 83.40 per share

- 2024-12: EUR 92.15 per share

- 2025-01: EUR 101.40 per share

- 2025-02: EUR 107.10 per share

- 2025-03: EUR 95.80 per share

- 2025-04: EUR 97.85 per share

- 2025-05: EUR 97.00 per share

- 2025-06: EUR 91.70 per share

- 2025-07: EUR 94.10 per share

- 2025-08: EUR 102.20 per share

- 2025-09: EUR 93.75 per share

- 2025-10: EUR 91.35 per share

- 2025-11: EUR 99.50 per share

- 2025-12: EUR 105.10 per share

- 2026-01: EUR 102.90 per share

- 2026-02: EUR 101.80 per share

- 2026-03: EUR 88.45 per share

- 2026-04: EUR 87.95 per share

- 2026-05: EUR 93.85 per share

- 2026-06: EUR 72.05 per share

- 2026-07: EUR 75.85 per share

- 2026-08: EUR 78.55 per share

- 2026-09: EUR 70.60 per share

- 2026-10: EUR 69.10 per share

## Annual estimated value (EUR 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

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.