Vonovia SE
5-year stock timeline
Vonovia (VNA.XETRA) currently trades at 21.56. Here's what shaped the company and its stock over the past six years.
2020–2022: Consolidation and then the shock
Vonovia completed its acquisition of Deutsche Wohnen in late 2021, a transformative deal that won regulatory clearance from the Bundeskartellamt in June that year. The company then raised capital through a large rights issue to recapitalise following the combination. The market initially rewarded this consolidation narrative. That changed abruptly in 2022 when the ECB's rate hiking cycle and rising bond yields made residential real estate suddenly less compelling. The sector sold off sharply, and Vonovia bore the brunt of it.
2023–2025: Reckoning and recovery
The 2023 results brought substantial portfolio revaluations—write-downs that pushed the company into a multi-billion euro loss and forced a reckoning on balance-sheet strength. Management responded by accelerating apartment disposals and signalling debt reduction as the priority. The market treated Vonovia with suspicion for a time, viewing it through the lens of rate sensitivity and balance-sheet risk.
By 2024, operational momentum began to shift. Rental performance improved, medium-term EBITDA targets were raised, and by late 2025 management was communicating a return to pre-crisis operating levels with strengthening 2026 outlooks. The company also diversified revenue streams—expanding non-rental activities and accelerating rooftop solar deployment to address energy efficiency and cost pressures.
The narrative arc
Vonovia moved from consolidator to rate-sensitive concern to something closer to a stabilizing, cash-generative residential landlord. The stock reflected that journey: premium pricing on the takeover, a severe drawdown through 2022–2023 with volatile gaps around earnings, then a period of consolidation and gradual recovery as deleveraging and rental dynamics became visible.
Key risks and downside factors
Vonovia operates in a competitive landscape dominated by large German residential landlords. LEG Immobilien, TAG Immobilien, and Deutsche Wohnen maintain overlapping portfolios and leverage significant scale advantages. The sector is defined by ongoing consolidation, portfolio shifts, and the operational efficiencies that come with size—making acquisitions and asset management the primary competitive battlegrounds. The company faces meaningful headwinds worth monitoring. Regulatory and social pressure on rental rates creates a structural constraint on pricing power. Interest rate sensitivity and refinancing needs expose the business to broader financing conditions. On the operational side, integrating acquisitions and managing energy retrofits alongside ESG commitments demand sustained execution.
- Regulatory and political pressure could tighten tenant protections, introduce rent caps, or target large landlords through social movements.
- Interest rate and refinancing risk: how sector sensitivity to borrowing costs and peer credit profiles create exposure [1]
- Large listed competitors are actively pursuing M&A and portfolio optimization, which could put pressure on margins and pricing across the sector.
- Capital-intensive ESG and energy-retrofit obligations, combined with integration and operational risks from large-scale acquisitions
Competitive landscape
Vonovia competes with major German residential landlords like LEG Immobilien, TAG Immobilien, Grand City Properties and Aroundtown, as well as substantial regional municipal operators such as SAGA and Degewo. The company's primary risks stem from regulatory and rent-control pressures, exposure to interest rate fluctuations and refinancing costs, property valuations in urban rental markets, and the operational complexities that come with managing scale and integrating acquisitions.
| Company | Ticker |
|---|---|
| LEG Immobilien SE | LEG.XETRA |
| TAG Immobilien AG | TEG.XETRA |
| Grand City Properties SA | GYC.XETRA |
| Aroundtown SA | AT1.XETRA |
| Deutsche Wohnen SE | DWNI.XETRA |
Private competitors
- SAGA Unternehmensgruppe Hamburg
- Degewo
- Vivawest
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Start Free TrialPerformance Figures of Vonovia SE
Relative Performance vs Benchmarks
| Period | Vonovia SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -22.59% | -16.62% | -17.60% |
| 3M | -12.14% | -6.74% | -7.77% |
| 6M | -19.67% | -14.70% | -17.40% |
| 1Y | -10.90% | -13.68% | -28.16% |
| 3Y | +40.47% | -7.76% | -24.61% |
| 5Y | -50.86% | -104.21% | -124.68% |
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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 | 4.9 | 3.0 | 0.7 | 8.5 |
| 1Y ago | -28.8 | 3.3 | 0.8 | 7.9 |
| 3Y ago | -4.7 | 2.6 | 0.5 | 6.6 |
| 5Y ago | 11.2 | 11.7 | 1.5 | 26.9 |
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 | 1.25 EUR | — | 3.04% |
| 2025 | 1.22 EUR | 4.13% | |
| 2024 | 0.90 EUR | 3.19% | |
| 2023 | 0.85 EUR | 4.64% | |
| 2022 | 1.65 EUR | 4.34% | |
| 2021 | 1.34 EUR | 2.44% | |
| 2020 | 1.24 EUR | 2.43% | |
| 2020 | 1.57 EUR | 3.47% | |
| 2019 | 1.14 EUR | 2.49% | |
| 2018 | 1.05 EUR | 2.74% | |
| 2017 | 0.89 EUR | 2.64% | |
| 2016 | 0.75 EUR | 2.64% | |
| 2015 | 0.52 EUR | 1.93% | |
| 2014 | 0.47 EUR | 2.46% |
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 | 4.98B | 5.94B | 5.23B | 5.15B | 3.62B |
| Operating income (EBIT) | 1.78B | 1.00B | 1.76B | -200.40M | 6.03B |
| Net income | 3.72B | -896.00M | -6.29B | -669.40M | 2.68B |
| Free cash flow | 1.31B | 2.40B | 1.90B | 2.08B | 1.82B |
| Total assets | 93.26B | 90.24B | 92.00B | 101.39B | 106.32B |
| Equity | 27.47B | 24.00B | 25.68B | 31.33B | 33.29B |
| Net debt | 40.05B | 41.51B | 42.20B | 44.49B | 46.38B |
PWP Leeway UG (haftungsbeschränkt)
