Porsche Automobil Holding SE
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5-year stock timeline
2021 Feb — Group result after tax for fiscal 2020 guidance
Porsche SE disclosed an expected group result after tax for fiscal year 2020 of approximately €2.6 billion. Post-2020 results supported a narrative of earnings resilience from the holding structure and strong operating performance at principal associates; investors viewed Porsche SE as delivering meaningful at-equity income from its stakes.
2021 Jul — Adjustment of forecast for 2021 group result after tax
Porsche SE announced an adjustment of its forecast for the 2021 group result after tax. During the pandemic recovery and chip-supply normalization, this adjustment was viewed as part of normal guidance management and did not materially change the long-term holding-company thesis but signalled sensitivity of results to market cycles and associates' performance.
2022 Feb–May — Porsche SE supports and enters talks for possible IPO of Porsche AG
Porsche SE publicly confirmed talks and resolved to generally support a possible IPO of Dr. Ing. h.c. F. Porsche AG. The market began to anticipate a material change in corporate structure and potential value crystallization from a listing; investor perception shifted to viewing Porsche SE as potentially benefitting from a newly liquid reference price for Porsche AG and from strategic reallocation of capital.
2022 Sep — IPO of Porsche AG and Porsche SE purchase of 25% +1 ordinary share
Volkswagen completed the IPO of Porsche AG (preferred shares placed on the Frankfurt exchange); Porsche SE entered into an agreement to acquire 25% plus one ordinary share of Porsche AG from Volkswagen AG in connection with the IPO. The IPO was the defining corporate event — investors repositioned Porsche AG as a listed luxury carmaker with its own equity story (luxury growth/EV transition), while Porsche SE repositioned as a strategic holding with a blocking stake in the newly listed Porsche AG. Market perception of Porsche SE emphasized its role as a vehicle for holding key industrial investments (Porsche AG, Volkswagen) and capturing shareholder returns (including the announced special dividend plan at Volkswagen). The IPO placement price for preferred shares was €82.50 per preferred share (placement of 25% of preferred shares by Volkswagen on 28 September 2022) [2][11][7][15].
2023 Oct — Forecast for group result after tax 2023 announced
Porsche SE published its forecast for group result after tax for fiscal year 2023. After the 2022 IPO of Porsche AG and related corporate transactions, 2023 was treated by investors as a year to monitor the financial effects of the new corporate structure and associated at-equity accounting; the market was attentive to how underlying operating performance of Porsche AG and Volkswagen Group translated into Porsche SE's results [5].
2024 Dec–Jul — Series of downward forecast adjustments through mid-2024
Between July and December 2024 Porsche SE repeatedly adjusted and then withdrew parts of its earnings forecast, announcing non-cash effective expected impairments of the at-equity carrying amounts of investments in Volkswagen AG and Porsche AG. Investor confidence eroded as management signalled that structural changes in the auto sector and/or revised expectations for associate valuations required large accounting write-downs; market narrative changed from growth/industrial holding to one emphasizing accounting volatility and exposure to associates. Multiple ad-hoc releases in 2024 documented forecast changes and expected impairments; confirmation and later withdrawal of previous forecasts were publicly posted by Porsche SE [5][13].
2025 Mar — Update on expected impairments and forecast adjustments
Porsche SE published an update on non-cash effective expected impairments of the carrying amounts of its investments in Porsche AG and Volkswagen AG and adjusted forecasts for adjusted group result after tax 2025. Continued downward revision of earnings expectations reinforced investor concerns that book values of strategic holdings were materially overstated; narrative moved toward capital preservation, reassessment of dividend prospects, and scrutiny of valuation methodology for at-equity investments [5].
2026 Sep — Adjustment of forecast; expected large non-cash impairments
Porsche SE announced adjustments to its forecasts and warned of significant non-cash impairments to the carrying amounts of its investments in Porsche AG and Volkswagen AG; group result after tax for fiscal year 2024 was announced as expected to reach approximately minus €20.0 billion due to those impairments. Market and investor perception shifted from viewing Porsche SE as a stable industrial holding with recurring earnings to a company undergoing a major valuation reset driven by impairment recognition — investors focused on one-off accounting impacts and implications for future payout capacity and capital structure. Group result after tax for fiscal year 2024 expected to be approximately minus €20.0 billion (non-cash impairments) [5][4].
Key risks and downside factors
Porsche Automobil Holding SE (PAH3.XETRA, ISIN DE000PAH0038) is a listed holding company with primary economic exposure through substantial equity stakes in Volkswagen Group and Porsche AG, alongside other mobility and technology investments. Its competitive context therefore spans major global OEMs that compete directly with the car brands it controls through VW Group and Porsche AG, as well as larger auto groups whose financial performance and market movements shape investor comparisons. Material risks center on concentrated investment and equity-value exposure to Volkswagen and Porsche AG, cyclicality and demand softness in premium automotive markets, technology transition challenges around EV software, batteries and autonomous systems, and regulatory or legal exposures including emissions standards and corporate governance rulings that can meaningfully affect NAV and dividend capacity.
- Porsche SE's value remains heavily concentrated in its equity stakes within Volkswagen Group and Porsche AG. Adverse movements in either holding's share price or accounting impairments would materially compress both net asset value and dividend capacity, a dynamic the company has already experienced through recent impairment charges [8][11].
- Automotive cyclicality presents a material risk to Porsche SE's earnings and dividend capacity. Weakness in luxury and premium vehicle demand—whether driven by recession or constrained consumer spending—can compress operating profits across portfolio companies [6][12].
- Technology transition and competitive risk present a material challenge. The shift toward electric vehicles, software integration, battery innovation, and autonomous systems demands sustained capital investment. Portfolio brands face pressure to keep pace with established competitors like Tesla and BYD, as well as emerging Chinese manufacturers. Failure to compete effectively in these areas risks meaningful erosion of market share and valuation [9][10].
- Regulatory, legal, and governance risks—including emissions standards, court decisions, regulatory penalties, and shifts in corporate governance structures—can trigger asset write-downs, limit dividend capacity, or alter control arrangements in ways that reshape investor valuations [13][10].
Competitive landscape
Porsche Automobil Holding SE (PAH3.XETRA) is a listed holding company with its economic exposure concentrated in a substantial equity stake in Volkswagen Group and the automotive premiums that stake generates. Its most relevant public competitors operate across luxury, performance, and EV segments—Mercedes‑Benz Group, BMW, Volkswagen, and Ferrari among them. The holding's principal risks include concentration in Volkswagen equity, cyclicality inherent to automotive manufacturing and its supply chain dependencies on commodities, the EV transition and competitive technology pressures it creates, and regulatory, legal, and governance matters that bear on ownership structure and dividend capacity.
| Company | Ticker |
|---|---|
| Mercedes-Benz Group AG | MBG.XETRA |
| Bayerische Motoren Werke AG (BMW) | BMW.XETRA |
| Volkswagen AG | VOW3.XETRA |
| Ferrari N.V. | RACE.NYSE |
Private competitors
- Dr. Ing. h.c. F. Porsche AG (family-controlled entity prior to full public listings)
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Start Free TrialPerformance Figures of Porsche Automobil Holding SE
Relative Performance vs Benchmarks
| Period | Porsche Automobil Holding SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -13.66% | -12.52% | -15.78% |
| 3M | -7.35% | -7.87% | -11.16% |
| 6M | -19.32% | -24.35% | -31.12% |
| 1Y | -20.51% | -24.78% | -41.02% |
| 3Y | -36.77% | -103.22% | -123.87% |
| 5Y | -63.52% | -129.28% | -154.81% |
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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 | 80.9 | 4.0 | 0.2 | 17.9 |
| 1Y ago | -0.5 | -0.5 | 0.3 | 14.6 |
| 3Y ago | 3.1 | 2.9 | 0.3 | 8.5 |
| 5Y ago | 4.7 | 4.6 | 0.6 | 17.2 |
Frequently Asked Questions
Where is the Porsche Automobil Holding SE stock traded?
What does Porsche Automobil Holding SE do?
What are the key metrics for PAH3.XETRA?
How has Porsche Automobil Holding SE's stock price performed?
How is PAH3.XETRA valued?
Does PAH3.XETRA pay dividends?
What are the key risks when investing in PAH3.XETRA?
- Porsche SE's value remains heavily concentrated in its equity stakes within Volkswagen Group and Porsche AG. Adverse movements in either holding's share price or accounting impairments would materially compress both net asset value and dividend capacity, a dynamic the company has already experienced through recent impairment charges [web:8][web:11].
- Automotive cyclicality presents a material risk to Porsche SE's earnings and dividend capacity. Weakness in luxury and premium vehicle demand—whether driven by recession or constrained consumer spending—can compress operating profits across portfolio companies [web:6][web:12].
- Technology transition and competitive risk present a material challenge. The shift toward electric vehicles, software integration, battery innovation, and autonomous systems demands sustained capital investment. Portfolio brands face pressure to keep pace with established competitors like Tesla and BYD, as well as emerging Chinese manufacturers. Failure to compete effectively in these areas risks meaningful erosion of market share and valuation [web:9][web:10].
- Regulatory, legal, and governance risks—including emissions standards, court decisions, regulatory penalties, and shifts in corporate governance structures—can trigger asset write-downs, limit dividend capacity, or alter control arrangements in ways that reshape investor valuations [web:13][web:10].
Who are the main competitors of Porsche Automobil Holding SE?
- Mercedes-Benz Group AG (MBG.XETRA)
- Bayerische Motoren Werke AG (BMW) (BMW.XETRA)
- Volkswagen AG (VOW3.XETRA)
- Ferrari N.V. (RACE.NYSE)
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 | 1.51 EUR | 5.07% | 3.74% |
| 2025 | 1.91 EUR | 5.24% | |
| 2024 | 2.56 EUR | 5.20% | |
| 2023 | 2.56 EUR | 4.64% | |
| 2022 | 2.56 EUR | 3.29% | |
| 2021 | 2.21 EUR | 2.39% | |
| 2020 | 2.21 EUR | 4.40% | |
| 2020 | 3.11 EUR | 6.81% | |
| 2019 | 2.21 EUR | 3.81% | |
| 2018 | 1.76 EUR | 2.51% | |
| 2017 | 1.01 EUR | 1.94% | |
| 2016 | 1.01 EUR | 2.39% | |
| 2015 | 2.01 EUR | 2.46% | |
| 2014 | 2.01 EUR | 2.50% | |
| 2013 | 2.01 EUR | 3.38% |
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
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 | 2.74B | -19.85B | 5.21B | 5.28B | 2.98B |
| Operating income (EBIT) | 2.69B | -19.88B | 5.39B | 5.23B | -42.00M |
| Net income | 2.65B | -20.02B | 5.07B | 5.49B | 824.00M |
| Free cash flow | 700.00M | 1.43B | 1.87B | 791.00M | 733.00M |
| Total assets | 45.02B | 42.84B | 62.36B | 58.79B | 42.53B |
| Equity | 37.82B | 35.11B | 55.33B | 51.42B | 42.20B |
| Net debt | 5.99B | 5.88B | 6.23B | 7.01B | -271.00M |
PWP Leeway UG (haftungsbeschränkt)
