Mercedes-Benz Group AG
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5-year stock timeline
September 2026 — H1 and Q2 results; margin resilience amid lower volumes
Mercedes‑Benz Group reported H1 2026 results showing revenue and deliveries down year‑on‑year but improved operating performance. Management confirmed full‑year outlook. Investors framed the company as managing margin pressure from lower volumes—a defensive, margin‑first narrative rather than pure volume growth. Market focus shifted to cost control, luxury mix and Financial Services contribution.
H1 unit deliveries reached approximately 1.01 million vehicles (passenger cars 837,200 units), down roughly 6% year‑on‑year. Q2 2026 group revenue was approximately €32.1 billion. Group EBIT for the quarter reached around €1.5 billion, up roughly 15% year‑on‑year [8][5].
Late September 2026 — Capital market disclosure
The company issued a capital market information release in late September 2026 as part of regular investor communications. Ongoing disclosures reinforced transparency as Mercedes‑Benz navigated a softer demand environment while executing capital allocation through buybacks and dividends [1][5].
Q3 2026 — Preliminary results and net profit decline
Preliminary Q3 2026 reporting showed net profit decline and revenue decrease year‑on‑year. The company announced a repurchase program (approved in early 2025) to buy back up to €2 billion within 12 months. Market reaction emphasized cyclical pressure on margins and top line, while capital returns were used to support shareholder value.
Q3 2026 net profit was approximately €1.17 billion versus €1.73 billion in the prior year. Q3 revenue reached approximately €32.14 billion, down year‑on‑year [7].
2025 — Share buyback execution and cancellation of treasury shares
Large share buyback activity from programs launched in 2023 and 2024 was completed, with subsequent cancellation of repurchased shares in December 2024. Buyback policy was formalized and further repurchase authorizations pursued into 2025.
Investor perception shifted toward shareholder‑friendly capital allocation. Buybacks materially reduced share count, with approximately 107 million shares repurchased (nearly 10% of share capital) and were viewed as EPS accretive and confidence signalling from management.
Total repurchases across programs: 107 million treasury shares repurchased for approximately €6,803 million at an average price of €63.62, cancelled 13 December 2024. The company continued buyback policy into 2025 [2][6].
May–November 2024 — Additional €3 billion buyback program and dividend proposal
Management announced and implemented an additional share buyback program up to €3 billion (launched May 2024, completed November 2024) and proposed a dividend of €5.30 per share at the 2024 AGM. The company also set a policy to use industrial free cash flow beyond approximately 40% payout to fund buybacks.
The market increasingly viewed Mercedes‑Benz as a cash‑generative premium automaker committed to returning capital, balancing investment in electrification with shareholder returns—a value/quality story with explicit shareholder yield mechanics [6][14].
March–August 2023 — First large share buyback program
The board approved a share buyback programme in February/March 2023 (based on AGM authorization) and executed repurchases during 2023, completing the initial tranche by August 2024.
After strong post‑pandemic recovery years, management prioritized capital returns to complement strategic investments. Investors increasingly rewarded buyback announcements as evidence of strong free cash flow.
Initial buyback program volume reached up to €4.0 billion, with implementation launched in March 2023 and material repurchases reported in interim filings [10][14].
1 February 2022 — Daimler AG renamed to Mercedes‑Benz Group AG
Daimler AG formally renamed itself Mercedes‑Benz Group AG on 1 February 2022, with stock exchange symbol changed from DAI to MBG.
The renaming marked a strategic repositioning to emphasize the high‑margin Mercedes‑Benz passenger cars and vans businesses and to separate the truck/capital markets legacy. Investors recast the company as a premium car and mobility group focusing on luxury and EVs, supporting a re‑rating for some investors [3].
2022–2023 — Post‑Daimler strategy execution
Across 2022–2023 Mercedes‑Benz sharpened strategy toward high‑end passenger cars and premium vans, tightened cost control and accelerated EV product launches and luxury positioning. FY 2022 and FY 2023 reporting emphasized margin improvement and cash generation.
Investor perception evolved from a diversified industrial conglomerate to a focused premium auto compounder. The story moved toward margin expansion, luxury mix and disciplined capital returns while investing in the BEV roadmap.
FY 2022 EBIT rose to €20.5 billion versus €16.0 billion in 2021 on revenue of €150.0 billion in 2022. Management highlighted improved operating performance for FY 2022 [4][12].
2021 — Recovery from pandemic disruptions
2021 marked ongoing recovery from the COVID‑19 shock, semiconductor shortages and supply chain constraints. Mercedes‑Benz returned to stronger profitability and set the stage for the strategic separation and renaming that followed in 2022.
Investors began to see a cyclical recovery and structural path to durable high‑end margins as supply issues eased. Confidence in cash generation and product demand supported later strategic moves [4][12].
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 | -15.38% | -12.05% | -16.79% |
| 3M | -7.29% | -7.38% | -11.19% |
| 6M | -19.16% | -24.78% | -34.40% |
| 1Y | -21.05% | -24.15% | -38.74% |
| 3Y | -20.07% | -85.15% | -108.15% |
| 5Y | -11.87% | -77.21% | -102.11% |
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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 | 7.7 | 0.3 | 0.4 | 2.8 |
| 1Y ago | 8.5 | 0.4 | 0.6 | 2.6 |
| 3Y ago | 4.5 | 0.4 | 0.7 | 4.7 |
| 5Y ago | 5.5 | 0.5 | 0.9 | 2.6 |
Frequently Asked Questions
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What are the key risks when investing in MBG.XETRA?
- 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 | 17.88B | 14.98B |
| Net income | 5.14B | 10.21B | 14.26B | 14.50B | 23.01B |
| Free cash flow | 12.52B | 9.07B | 6.26B | 13.41B | 17.23B |
| Total assets | 255.47B | 265.01B | 263.02B | 258.89B | 258.62B |
| Equity | 93.26B | 92.63B | 91.77B | 85.42B | 71.95B |
| Net debt | 87.75B | 98.29B | 93.47B | 70.32B | 75.81B |
PWP Leeway UG (haftungsbeschränkt)
