Mercedes-Benz Group AG
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5-year stock timeline
2026 Q2 (July–Aug) — Q2 2026 results; China headwinds, cost cuts, guidance maintained
Group revenue €32.1bn (down ~3% year-over-year), Group EBIT approximately €1.5bn (up ~22% year-over-year), EPS approximately €1.14. Management flagged weaker demand in China and valuation adjustments related to China investments, while confirming profitability guidance (return on sales target 3–5%) and maintaining full-year sales outlook with emphasis on cash generation and shareholder returns [2][6][11].
Investors viewed Mercedes as operationally disciplined, with execution and cost cuts respected despite demand softness in China. The narrative shifted from pure growth and EV optimism toward a defensive, cash-return and margin-management story. Confidence remained mixed: resilience was admired, but China exposure emerged as the primary concern. Market focus moved to cash flow and buybacks or dividends. Continued product launch programme supported longer-term premium positioning [2][11].
Chart phase showed short-term range to mild drawdown around results driven by China concerns, punctuated by intraperiod rallies when margins beat expectations.
2026 Q1 (Apr 2026) — Q1 2026 results; volumes fall, guidance intact
Group revenue approximately €31.6bn (down 4.9% year-over-year), EBIT fell ~16.8% to €1.9bn, net profit down ~17% to €1.43bn. Unit sales weakness in China (overall unit sales down ~6%) was offset by Europe and US growth. Return on sales remained within guidance band [3].
This reinforced the view of a company hitting margin targets while facing cyclical demand headwinds in China. Investors increasingly treated Mercedes-Benz as a high-quality luxury original equipment manufacturer with cyclic exposure and a focus on cash returns rather than rapid top-line expansion.
Chart phase showed consolidation and range following Q1 releases as the market digested lower volumes alongside stable profits.
2025 (full year) — buybacks completed and heavy shareholder returns; cancellation of treasury shares
Large share buyback activity concluded: initial March 2023 programme and subsequent programmes (including up to €3bn in 2024) resulted in repurchasing approximately 107 million shares (~10% of share capital) at an average of €63.62. All repurchased shares were cancelled on 13 Dec 2024. Dividend policy and buyback policy were formalised (dividend payout ~40% target of prior-year net profit; additional buybacks financed from free cash flow) [16][20].
Investor perception shifted toward shareholder-friendly capital allocation. Mercedes-Benz moved from a pure growth and EV narrative to one combining disciplined capex for product launches with strong payouts and buybacks. This raised value and total-return investor interest and supported valuation defensiveness.
Chart phase showed multi-month rally and structural support as buybacks and dividends acted as positive technical fuel and reduced float.
2024 (May–Dec) — aggressive buyback programme and dividend decisions; product launch cadence continues
AGM in May 2024 approved dividend €5.30 for 2023. Management launched and expanded buyback programmes (March 2023 programme completed Aug 2024; May 2024 programme completed Nov 2024). The company reiterated a large product launch programme and disciplined investment in battery electric vehicles and hybrids [20][16].
The market framed Mercedes-Benz as executing on shareholder returns while investing in next-generation luxury EVs. Simultaneous cancellation of shares and an attractive dividend increased earnings per share outlook and shareholder confidence even as EV transition costs continued.
Chart phase showed sustained uptrend during execution of buybacks and dividend distributions, with pullbacks on macro and China news.
2023 — execution-focused year: buybacks start, margin targets, EV launches continue
Mercedes-Benz launched its first major share buyback programme in March 2023. The company continued roll-out of the EQ portfolio and new product platforms, with management emphasising margin discipline and return on sales targets while navigating semiconductor and supply chain normalisation [16][5].
Market perception moved toward a cash-generative luxury original equipment manufacturer executing a disciplined strategy, balancing EV investment with near-term profitability. Buybacks signalled management confidence in free cash flow and capital allocation, supporting multiple expansion versus peers.
Chart phase showed transition from range to renewed rally as buyback execution and improving supply chains supported sentiment.
2022 Feb — Corporate split completes; Daimler renamed Mercedes-Benz Group AG (pure-play cars & vans)
Effective 1 Feb 2022, Daimler AG was renamed Mercedes-Benz Group AG after the spin-off and listing of Daimler Truck (Dec 2021 listing). Mercedes-Benz became a pure-play luxury car and van company with concentrated exposure to Mercedes-branded passenger vehicles, vans, and financial services [22][27].
Investors re-rated the new pure-play. Clarity of strategy and capital allocation (focused on premium vehicles and EV transition) improved investor comparability and led to reassessment of growth and margin prospects. Market sentiment was broadly constructive because separation removed the capital and cyclical mismatch with the truck business.
Chart phase showed re-valuation and rerating; volatility around the corporate action was followed by multi-quarter re-accumulation as investors repositioned.
2021 (through 2021–2022) — EV commitment and strategic targets announced; "Ambition 2039" and 2025 architecture pledge
In 2021, Mercedes set an ambitious electrification framework: every new vehicle architecture from 2025 to be electric-only where market conditions allow. An EQ product rollout began (EQS launched 2021, EQE and SUVs following 2022–24). Ambition 2039 (CO2-neutral new-vehicle fleet by 2039) was publicised. Shareholders approved the truck spin-off in Oct 2021, setting the corporate path to pure-play Mercedes-Benz [5][22].
The market positioned Mercedes-Benz as a legacy luxury original equipment manufacturer committing to electrification. The story was one of long-term transformation toward EVs while retaining luxury margins. Early investor enthusiasm priced in EV growth and platform benefits, although later management adjusted intermediate targets toward a more pragmatic multi-powertrain approach [5].
Chart phase showed positive momentum into 2021–2022 as the EV roadmap and corporate simplification were embraced. Selloffs occurred later when EV cadence and China competition produced headwinds.
Key risks and downside factors
Mercedes-Benz Group competes in global premium and commercial vehicle markets against established European luxury manufacturers and newer EV-focused competitors. The intensity of competition centers on product quality, technology capabilities—particularly electric vehicles, software platforms, and advanced driver assistance systems—market position in China, and pricing power. The company faces material risks around its ability to execute the shift toward electric and software-centric operations, exposure to economic cycles and tariffs particularly in China, sustained pressure on margins from commodity costs and currency fluctuations, financing expenses, and the ongoing challenge of meeting regulatory standards while developing autonomous systems and adapting to emerging mobility models [8], [3].
- Execution risk on the EV and software transition centers on three concrete pressures: delayed product rollouts that miss market windows, battery supply constraints that limit production capacity, and software quality issues that erode competitive positioning. Each of these can meaningfully reduce both market share and margins [8], [3].
- China and trade exposure — if sales decline or tariffs rise in China, the company's largest market, volumes and profitability face material pressure.
- Rising commodity prices, currency headwinds, and higher financing costs are compressing margins. Input costs are climbing, foreign exchange movements are working against the business, and elevated interest rates are squeezing both EBIT and free cash flow.
- Regulatory tightening and technological disruption pose material risks. Stricter emissions and safety standards, product recalls, or faster competitive adoption of autonomous vehicles and mobility-as-a-service models can erode pricing power and compress demand.
Competitive landscape
Mercedes-Benz Group AG manufactures premium and commercial vehicles in a competitive landscape spanning luxury internal combustion engines, electric vehicles, performance cars, and light-commercial vans. Its rivals include established premium manufacturers like BMW and the Volkswagen Group, large automakers integrating electric platforms such as Toyota and Stellantis, and dedicated EV producers including Tesla and BYD. The company faces material risks around its electrification and software capabilities, fluctuations in supply-chain costs and raw-material availability, shifts in emissions regulations and EV policy across different markets, and exposure to broader economic cycles that influence both demand and profitability.
| Company | Ticker |
|---|---|
| Tesla, Inc. | TSLA.NASDAQ |
| BYD Company Limited | 1211.HK |
| Stellantis N.V. | STLAM.MI |
| Volvo Cars (listed) - Volvo Car AB | VOLV-B.ST |
| Ford Motor Company | F.NYSE |
Private competitors
- Rivian (was public; if private at some markets include private suppliers/startups)
- Lucid Motors
- Chinese EV startups and local OEMs not publicly listed globally (numerous regional private competitors and suppliers)
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Start Free TrialPerformance Figures of Mercedes-Benz Group AG
Relative Performance vs Benchmarks
| Period | Mercedes-Benz Group AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +1.13% | -5.35% | -3.32% |
| 3M | -7.89% | -16.66% | -13.26% |
| 6M | -16.32% | -22.09% | -30.62% |
| 1Y | -7.95% | -16.49% | -29.94% |
| 3Y | -14.53% | -83.19% | -99.23% |
| 5Y | +10.50% | -55.56% | -76.57% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 8.6 | 0.3 | 0.5 | 3.1 |
| 1Y ago | 7.5 | 0.4 | 0.6 | 2.4 |
| 3Y ago | 4.8 | 0.5 | 0.8 | 4.5 |
| 5Y ago | 5.4 | 0.5 | 1.0 | 2.6 |
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- Execution risk on the EV and software transition centers on three concrete pressures: delayed product rollouts that miss market windows, battery supply constraints that limit production capacity, and software quality issues that erode competitive positioning. Each of these can meaningfully reduce both market share and margins [8, 3, 21].
- China and trade exposure — if sales decline or tariffs rise in China, the company's largest market, volumes and profitability face material pressure.
- Rising commodity prices, currency headwinds, and higher financing costs are compressing margins. Input costs are climbing, foreign exchange movements are working against the business, and elevated interest rates are squeezing both EBIT and free cash flow.
- Regulatory tightening and technological disruption pose material risks. Stricter emissions and safety standards, product recalls, or faster competitive adoption of autonomous vehicles and mobility-as-a-service models can erode pricing power and compress demand.
Who are the main competitors of Mercedes-Benz Group AG?
- Tesla, Inc. (TSLA.NASDAQ)
- BYD Company Limited (1211.HK)
- Stellantis N.V. (STLAM.MI)
- Volvo Cars (listed) - Volvo Car AB (VOLV-B.ST)
- Ford Motor Company (F.NYSE)
When does Mercedes-Benz Group AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 3.50 EUR | 6.56% | 5.07% |
| 2025 | 4.30 EUR | 7.96% | |
| 2024 | 5.27 EUR | 7.26% | |
| 2023 | 5.20 EUR | 7.40% | |
| 2022 | 5.00 EUR | 7.45% | |
| 2021 | 1.13 EUR | 1.78% | |
| 2020 | 0.75 EUR | 2.42% | |
| 2020 | 0.90 EUR | 2.86% | |
| 2019 | 2.72 EUR | 6.39% | |
| 2018 | 3.06 EUR | 5.24% | |
| 2017 | 2.72 EUR | 4.49% | |
| 2016 | 2.72 EUR | 5.20% | |
| 2015 | 2.05 EUR | 2.72% | |
| 2014 | 1.88 EUR | 3.19% | |
| 2013 | 1.84 EUR | 5.16% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 132.21B | 145.59B | 152.39B | 150.02B | 133.89B |
| Operating income (EBIT) | 4.87B | 12.30B | 17.52B | 17.85B | 14.19B |
| Net income | 5.14B | 10.21B | 14.26B | 14.50B | 23.01B |
| Free cash flow | 8.26B | 9.07B | 6.26B | 9.99B | 17.23B |
| Total assets | 255.47B | 265.01B | 263.02B | 260.01B | 259.83B |
| Equity | 93.26B | 92.63B | 91.77B | 85.42B | 71.95B |
| Net debt | 68.02B | 76.30B | 69.08B | 64.09B | 86.57B |
PWP Leeway UG (haftungsbeschränkt)
