Volkswagen AG
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 a…
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. Further, develops physical AI data flywheel for autonomous vehicle development and connects fleet data to simulation, training, and evaluation. 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.After signing in, return here and select “Add to watchlist”. Saving companies requires a verified email address.
Priced within the modelled range
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: EUR 192.90–952.17 (median 572.54). The recommended value is in line with them.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Start with the price and fair value range, then review the data dates and assumptions below. Estimates are not predictions or investment advice.
Market price within modeled range
Uses reported dividends of EUR 6.3600 per share from Fiscal year 2025, with 3% perpetual growth (base growth capped at the terminal rate) and 10.8% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 3.86% because the latest annual revenue declined), discount rate 10.80%, terminal growth 3%. See a worked example.
Blended growth assumption: 3.9% (sector default 7.2%, own revenue history 4.9%, analyst revenue consensus 1.7%).
Analyst consensus expects revenue growth of 1.7% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — EUR 83.98 (+21.0%)
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EPS-based Gordon proxy
— EUR 192.90 (+177.9%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— EUR 952.17 (+1271.6%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— EUR 2135.16 (+2975.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 66.20 | -4.9% |
| Base EUR 83.98 | 17.3% |
| Bull EUR 114.04 | 39.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 69.42 the market implies perpetual dividend growth of about this rate (discount rate 10.8%).
Compare: the market implies 1.5% a year, this model assumes 3.0%. The model is more optimistic than the price, which is why it reads as undervalued.
Sensitivity: base value per share
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| Growth \ Discount | 8.8% | 9.8% | 10.8% | 11.8% | 12.8% |
|---|---|---|---|---|---|
| -1.0% | 64.25 | 58.30 | 53.36 | 49.19 | 45.63 |
| 1.0% | 82.35 | 73.00 | 65.55 | 59.48 | 54.44 |
| 3.0% | 112.94 | 96.34 | 83.98 | 74.44 | 66.84 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 56 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 1 of 5 years | 4 / 20 |
| Growth | revenue +3.2% a year | 12 / 20 |
| Balance sheet | net debt 3.7x EBITDA | 10 / 20 |
| Margins | EBITDA margin 19% | 10 / 20 |
Peers in Consumer Discretionary
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| VOW3.DE (this company) | EUR 69.42 | 17.3% | 4.8 | – | 9.2% | 57 |
| KGF.L Kingfisher plc | GBP 3.70 | 45.5% | 26.8 | 1.1 | 3.3% | 74 |
| BWY.L Bellway p.l.c. | GBP 22.72 | 44.3% | 13.8 | 0.8 | 3.1% | 70 |
| INCH.L Inchcape plc | GBP 6.33 | 38.1% | 8.8 | 1.9 | 4.2% | 80 |
| ZAL.DE Zalando SE | EUR 27.37 | 36.9% | 108.0 | 2.6 | – | 80 |
| DECK Deckers Brands | USD 85.74 | 36.4% | 10.9 | 5.0 | – | 100 |
| LULU Lululemon Athletica | USD 109.52 | 34.7% | 8.7 | 2.6 | – | 100 |
| EXPE Expedia Group | USD 268.04 | 30.8% | 15.6 | 19.8 | 0.7% | 100 |
| BKNG Booking Holdings | USD 166.20 | 29.9% | 17.4 | – | 1.0% | 100 |
| Peer median | 14.7 | 2.6 | ||||
Dividends
Paid in the last 12 months: EUR 5.26 per share · yield 7.58% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 5.260 |
| 2025 | 6.360 |
| 2024 | 9.060 |
| 2023 | 8.760 |
| 2022 | 26.620 |
| 2021 | 4.860 |
Annual financial statement
Saved annual report · Fiscal year 2025 · Yahoo Finance annual statements · period ended 31 Dec 2025
| Revenue | EUR 321,913,000,000 |
|---|---|
| EBITDA | EUR 49,985,000,000 |
| EBIT | EUR 12,551,000,000 |
| Net income | EUR 7,323,000,000 |
| Free cash flow | EUR -9,337,000,000 |
| Capital expenditures | EUR -24,346,000,000 |
| Debt | EUR 196,357,000,000 |
| Cash | EUR 73,857,000,000 |
| Working capital | EUR 21,340,000,000 |
| Shares outstanding | 501,295,263 |
| Reported dividends per share | EUR 6.3600 |