Mercedes-Benz Group AG
5-year stock timeline
Mercedes‑Benz Group has moved through distinct phases over the past six years, each reshaping how investors frame the business.
In 2020–2021, the pandemic initially hammered volumes and squeezed margins, but the company responded by sharpening cost discipline while accelerating electrification. The July 2021 strategy shift to electric-first/only across segments marked a turning point—the market began pricing in EV growth potential and a software-enabled luxury narrative that extended well beyond traditional automotive.
The corporate restructuring in late 2021 and early 2022 was material. Spinning off the commercial-vehicle business (Daimler Truck) and renaming to Mercedes‑Benz Group AG forced a revaluation and reset investor expectations around a pure-play luxury OEM. The separation created near-term friction but clarified the investment thesis.
What followed—2022 through 2025—was messier than the strategy documents suggested. EV ramp rates lagged initial targets as supply-chain constraints persisted and product architectures required rework. The company did achieve CO2-neutral production at key sites in 2022, and renewed product waves kept momentum alive, but execution became the question rather than vision.
Investor sentiment tracked this closely. The 2022–2023 period saw caution set in hard. Macro volatility, margin pressure and execution risk dominated. The framing shifted from growth story to turnaround—could Mercedes actually convert plans into profitable EV volume? By 2024–2025, that question began to resolve. Clearer product cadence, model refreshes and operational moves (including North American repositioning) gradually rebuilt confidence. The focus narrowed to what luxury OEMs do well: pricing power and launch timing.
The stock reflected this arc. After the pandemic trough and subsequent recovery through 2021, a notable correction and extended sideways consolidation dominated 2022–2023 around the spin-off and supply-chain headlines. A significant rally built through 2025, peaking in early 2026, before pulling back to the current €49.54 as the market weighed valuation against growth assumptions.
Key risks and downside factors
Mercedes-Benz Group operates in premium and electric vehicles against established competitors like BMW, Volkswagen, Stellantis and Tesla, alongside pressure from Chinese entrants moving faster than traditional automotive cycles allow. The competitive field centers on electrification capabilities, software and OTA infrastructure, and the cost pressures that come with scale. Margin and volume exposure runs through cyclical demand swings, supply-chain fragility, and regulatory shifts across Europe, China and the US—each capable of meaningful impact on financial performance.
- Execution risk: if the transition to competitive EV platforms falters or software and OTA capabilities fail to materialize, market share and margins could face real pressure [5].
- Margin pressure remains a real constraint. Volkswagen's aggressive pricing, the scale advantages of Chinese EV makers, and other major OEMs are all compressing profitability across the supply chain.
- Regulatory and trade risk: Shifting emissions standards, evolving safety and autonomy regulations, and China–EU/US trade measures could meaningfully increase compliance costs or constrain market access.
- Macro and financing risk: downturns in luxury demand or stress in captive-finance operations could erode both vehicle sales and the income stream from financial services [7][2].
Competitive landscape
Mercedes-Benz sits between two competitive frontiers. On one side, established European rivals like BMW and Volkswagen still command scale and brand loyalty. On the other, Tesla and a growing roster of Chinese manufacturers are rewriting the rulebook around EVs and software-first design. The business model itself carries real friction. Manufacturing and financing operations demand constant capital deployment—R&D for electrification, capex for new platforms, software talent and infrastructure. During a transition this large, that spending pressure tends to compress margins and free cash flow faster than revenue can absorb it. Geography and partnerships add another layer of constraint. Heavy exposure to China means exposure to both its market dynamics and its regulatory volatility. Joint ventures there create dependencies that aren't always clean to unwind. Meanwhile, the regulatory surface keeps shifting—safety standards tighten, emissions rules evolve, software governance is still being written. Each market plays by slightly different rules, and Mercedes has to navigate all of them simultaneously.
Private competitors
- Koenigsegg Automotive
- Zoox
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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 | -4.75% | -4.99% | -8.28% |
| 3M | -9.76% | -7.49% | -17.25% |
| 6M | -7.02% | -13.01% | -18.99% |
| 1Y | -0.44% | -2.27% | -25.62% |
| 3Y | -12.73% | -63.11% | -94.87% |
| 5Y | +14.58% | -43.97% | -74.75% |
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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 | 9.7 | 0.4 | 0.5 | 3.0 |
| 1Y ago | 5.7 | 0.4 | 0.5 | 2.7 |
| 3Y ago | 5.1 | 0.5 | 0.8 | 4.3 |
| 5Y ago | 8.5 | 0.5 | 1.0 | 2.5 |
Frequently Asked Questions
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What are the key risks when investing in MBG.XETRA?
- Execution risk: if the transition to competitive EV platforms falters or software and OTA capabilities fail to materialize, market share and margins could face real pressure [web:5].
- Margin pressure remains a real constraint. Volkswagen's aggressive pricing, the scale advantages of Chinese EV makers, and other major OEMs are all compressing profitability across the supply chain.
- Regulatory and trade risk: Shifting emissions standards, evolving safety and autonomy regulations, and China–EU/US trade measures could meaningfully increase compliance costs or constrain market access.
- Macro and financing risk: downturns in luxury demand or stress in captive-finance operations could erode both vehicle sales and the income stream from financial services [web:7][web:2].
Who are the main competitors of Mercedes-Benz Group AG?
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)
