Volkswagen AG (VOW3.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1452.2%

€1,079.73

vs €69.56 price

Levered DCF

-€362.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.01

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.78×	4.16×	3.5×	3.93×	6×	9.18×	6.63×	5.63×
P/B	0.3×	0.24×	0.32×	0.35×	0.62×	0.6×	0.73×	0.58×
P/S	0.16×	0.14×	0.17×	0.21×	0.36×	0.34×	0.35×	0.29×
EV / EBITDA	6.55×	3.79×	3.8×	3.98×	4.7×	5.35×	5.14×	5.06×
Gross margin	15.9%	18.3%	18.9%	18.7%	18.9%	17.5%	19.5%	19.7%
Operating margin	2.8%	5.9%	8.0%	6.6%	6.5%	4.3%	6.7%	5.9%
Net margin	2.3%	3.5%	5.1%	5.5%	6.1%	4.0%	5.5%	5.1%
Current ratio	1.12×	1.13×	1.16×	1.23×	1.22×	1.18×	1.12×	1.09×
Debt / equity	1.6×	1.08×	1.1×	1.08×	1.27×	1.37×	1.39×	1.37×
Interest coverage	4.55×	10.24×	11.31×	8.77×	10.07×	5.67×	10.48×	13.91×
Dividend yield	8.6%	12.9%	20.9%	7.5%	3.4%	3.9%	3.3%	3.5%
Payout ratio	60.9%	50.9%	71.0%	28.2%	19.5%	33.3%	20.9%	19.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.2%	6.2%	9.4%	9.3%	10.6%	7.0%	11.4%	10.4%
Return on invested capital	1.2%	2.9%	4.2%	3.0%	3.0%	1.9%	3.4%	3.1%
Return on assets	1.1%	1.8%	2.8%	2.7%	2.9%	1.8%	2.8%	2.6%
Free cash flow yield	-18.0%	-23.1%	-11.5%	10.0%	22.6%	9.4%	-1.6%	-17.1%
Earnings yield	14.1%	25.4%	29.5%	26.5%	17.3%	11.6%	15.7%	17.8%
Enterprise value	€292.1B	€200.9B	€206.6B	€207.6B	€232.6B	€216.8B	€231.2B	€200.2B
Net debt / EBITDA	5.38×	2.95×	2.77×	2.86×	2.9×	3.46×	3.17×	3.33×
Cash conversion cycle (days)	164	123	119	128	126	149	140	138