Porsche Automobil Holding SE
5-year stock timeline
Porsche Automobil Holding SE (PAH3.XETRA) — five‑year timeline; latest price €32.96 (2026‑05‑28).
Major events
The September 2022 IPO of Porsche AG and the linked share‑purchase arrangements between Volkswagen, Porsche Holding Stuttgart and Porsche SE materially reshaped the holding company's asset base and dividend capacity. Volkswagen's planned placement of up to 25% of Porsche AG preferred shares, combined with the transfer of ordinary shares to Porsche SE, generated one‑off proceeds and a special dividend while reorienting investor focus toward the newly listed asset's valuation.
Operational headwinds in 2024–2025 — EV product delays, revised timelines and weakened group guidance — produced earnings surprises that materially pressured the share price and reset near‑term expectations.
Investor narrative
Through 2020 and into early 2022, the story was largely post‑COVID industrial recovery and European automotive cyclical exposure. The 2022 Porsche AG IPO shifted the frame toward a "listed‑stake growth" narrative. That enthusiasm held through the IPO, but by 2024–2025 execution risk and cyclical headwinds came into focus. The debate moved from growth potential to whether the stock represented value or cyclical downside.
Technical phases
The chart traces a multi‑stage pattern: post‑IPO rally to multi‑year highs, followed by sharp retracement into a multi‑month range. An accumulation zone formed near €35, with resistance clustered in the €65–€94 band.
Material drawdowns in 2024–2025 left the share price trading close to its post‑COVID accumulation zone through mid‑2026. Key technical tests included repeated holds around €35 support and failed sustained breaks above the €70–€82 region tied to IPO and placement pricing levels.
Key risks and downside factors
Porsche Automobiles Holding SE (PAH3.XETRA) is a German industrial holding built around a controlling stake in Volkswagen Group, trading under ISIN DE000PAH0038. Its fortunes are bound to the broader European automotive landscape—particularly Volkswagen AG, Mercedes-Benz Group, and BMW—which set the benchmarks for how investors value and think about exposure to the sector. The holding carries real concentration risk from that Volkswagen position, inherent sensitivity to how the auto cycle moves, and the substantial capital and strategic pull of the industry's transition toward EVs, software capabilities, and mobility services. Its complex ownership structure also invites periodic governance and regulatory attention.
- Concentration risk: the majority of economic and voting exposure flows to Volkswagen, which means Porsche SE's financial performance and governance are effectively tethered to how VW performs and decides [2].
- Cyclical demand risk: dividend and investment returns move with global auto cycles and consumer spending patterns.
- Transition risk: The company carries significant capital and strategic exposure to the shift toward EVs, software-defined vehicles, and mobility services—exposure that could weigh on near-term returns.
- Governance and regulatory risk: Complex cross-shareholdings and voting structures invite legal scrutiny, minority-shareholder concerns, and regulatory attention.
Competitive landscape
Porsche Automobil Holding SE (PAH3) is an investment holding company built around a controlling stake in the Volkswagen Group. Rather than operating as a manufacturer itself, its performance mirrors that of the major listed automakers it holds—Volkswagen AG, Mercedes-Benz Group, and BMW. The real risks cluster around three areas: heavy concentration in Volkswagen, the cyclical nature of auto manufacturing combined with the EV transition, and the regulatory and liability pressures that flow directly into VW's cash generation. There's also the holding company discount itself—the valuation and governance dynamics that typically plague investment vehicles of this structure.
| Company | Ticker |
|---|---|
| Volkswagen AG | VOW3.XETRA |
| Mercedes‑Benz Group AG | MBG.XETRA |
Private competitors
- Rimac Automobili
- Koenigsegg Automotive AB
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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 | +5.64% | +1.38% | +0.19% |
| 3M | -8.52% | -7.56% | -18.22% |
| 6M | -11.23% | -16.29% | -21.67% |
| 1Y | -6.73% | -10.91% | -35.88% |
| 3Y | -29.12% | -86.10% | -114.79% |
| 5Y | -55.39% | -116.75% | -146.69% |
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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 | 3.6 | 3.5 | 0.3 | 14.3 |
| 1Y ago | -0.5 | -0.5 | 0.3 | 7.5 |
| 3Y ago | 4.3 | 4.1 | 0.9 | 21.7 |
| 5Y ago | 7.8 | 7.6 | 0.7 | 35.7 |
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?
What are the key risks when investing in PAH3.XETRA?
- Concentration risk: the majority of economic and voting exposure flows to Volkswagen, which means Porsche SE's financial performance and governance are effectively tethered to how VW performs and decides [web:2].
- Cyclical demand risk: dividend and investment returns move with global auto cycles and consumer spending patterns.
- Transition risk: The company carries significant capital and strategic exposure to the shift toward EVs, software-defined vehicles, and mobility services—exposure that could weigh on near-term returns.
- Governance and regulatory risk: Complex cross-shareholdings and voting structures invite legal scrutiny, minority-shareholder concerns, and regulatory attention.
Who are the main competitors of Porsche Automobil Holding SE?
- Volkswagen AG (VOW3.XETRA)
- Mercedes‑Benz Group AG (MBG.XETRA)
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 | — | 3.64% |
| 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 | -19.91B | 5.39B | 5.30B | 4.57B |
| 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)
