Vonovia SE
5-year stock timeline
Vonovia (VNA.XETRA) moved from a consolidation-driven growth story in 2021 to severe valuation-led losses in 2023–24, followed by balance-sheet repair and a management succession process into 2025; the stock currently trades at 21.91.
Major company and stock events
Vonovia executed a multi-step public takeover of Deutsche Wohnen in 2021, acquiring a majority stake and completing integration activity that materially expanded the portfolio and reshaped the business's scale dynamics.
Rising interest rates and sector revaluation triggered very large, non-cash valuation losses—including a reported EUR 6.76bn loss for 2023 and impairment/revaluation items totaling roughly EUR 10.7bn across 2023–24—which drove headline earnings swings and pressured the share price.
Management responded with a disposals programme and explicit LTV targets to repair the balance sheet. The supervisory board confirmed a planned CEO succession, naming Luka Mucic as successor to Rolf Buch in 2025 as part of the company's reset narrative.
How investor perception evolved
Early 2020–2021 investor sentiment framed Vonovia as an acquisitive consolidator pursuing growth-through-M&A following the Deutsche Wohnen deal, which supported a positive takeover narrative.
From 2022 into 2024 the dominant narrative shifted to a sector-crisis/value-trap story as revaluations and large losses exposed sensitivity to rates and raised questions about portfolio valuation and leverage.
By 2024–2025 the narrative moved toward active remediation and stabilization—investors increasingly discussed balance-sheet repair, asset sales and management change as catalysts for a potential return to normalized earnings into 2025 and beyond.
Key technical phases (roughly 2020–2026)
The 2020–mid-2021 period showed strength and event-driven volatility as the Deutsche Wohnen bid and stake build raised attention and generated bid-related price moves.
From late 2021 through 2023 the stock entered a sustained downtrend with unusually large drawdowns driven by the rate shock and portfolio revaluations, followed by sharp price reactions on earnings and revaluation announcements in early 2024.
Throughout 2024–2026 the chart behaved more like a stabilization and range phase, with notable levels tested around mid-2024 prices (shares traded near €26.55) and renewed upside attempts tied to disposal progress and 2025 operational metrics and management signals.
Key risks and downside factors
Vonovia competes in Germany's concentrated residential landlord market alongside listed peers like LEG Immobilien, TAG Immobilien, Aroundtown and Grand City Properties, plus substantial private and municipal operators such as Vivawest and SAGA. The sector faces persistent headwinds: regulatory shifts, rising interest rates, and refinancing pressures that tend to squeeze both margins and valuations.
- Rising interest rates or tightening access to debt markets can meaningfully push up financing costs and compress NAV/FFO [22].
- Regulatory and tenant-protection risk: stricter rent controls or social-housing mandates in Germany could constrain rent growth and cap income potential.
- Geographic concentration risk: Heavy exposure to German regional markets creates meaningful downside exposure if local economies weaken or demographics shift unfavorably [12].
- Competitive and execution risk: pressure from large listed peers and major private landlords could weigh on occupancy and margins, while integration or acquisition missteps could crimp returns.
Competitive landscape
Vonovia's main competitors are large listed German residential landlords and REIT-style operators—LEG Immobilien, Aroundtown, Grand City Properties—alongside regional municipal and private housing groups [1][17][10][6]. Competition centers on portfolio scale, acquisition pace, and yield compression in core German cities, with municipal landlords and private developers applying steady local pressure [6][4]. The company faces material headwinds from regulatory exposure around rent controls, sensitivity to interest rates and refinancing costs, heavy concentration in German residential markets, and the familiar risks that come with integrating acquired assets [6][1].
| Company | Ticker |
|---|---|
| Deutsche Wohnen SE | DWNI.XETRA |
| Aroundtown SA | AT1.XETRA |
Private competitors
- SAGA Unternehmensgruppe Hamburg
- Vivawest
- Degewo
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Relative Performance vs Benchmarks
| Period | Vonovia SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -8.02% | -8.26% | -11.55% |
| 3M | -19.89% | -17.62% | -27.38% |
| 6M | -15.89% | -21.88% | -27.86% |
| 1Y | -22.40% | -24.23% | -47.58% |
| 3Y | +34.89% | -15.49% | -47.25% |
| 5Y | -47.02% | -105.57% | -136.35% |
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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 | 5.4 | 2.9 | 0.7 | 11.0 |
| 1Y ago | -33.5 | 3.8 | 1.0 | 9.2 |
| 3Y ago | -4.7 | 2.6 | 0.5 | 6.7 |
| 5Y ago | 10.3 | 10.7 | 1.4 | 24.7 |
Frequently Asked Questions
Where is the Vonovia SE stock traded?
What does Vonovia SE do?
What are the key metrics for VNA.XETRA?
How has Vonovia SE's stock price performed?
How is VNA.XETRA valued?
Does VNA.XETRA pay dividends?
What are the key risks when investing in VNA.XETRA?
- Rising interest rates or tightening access to debt markets can meaningfully push up financing costs and compress NAV/FFO [web:22].
- Regulatory and tenant-protection risk: stricter rent controls or social-housing mandates in Germany could constrain rent growth and cap income potential.
- Geographic concentration risk: Heavy exposure to German regional markets creates meaningful downside exposure if local economies weaken or demographics shift unfavorably [web:12].
- Competitive and execution risk: pressure from large listed peers and major private landlords could weigh on occupancy and margins, while integration or acquisition missteps could crimp returns.
Who are the main competitors of Vonovia SE?
- Deutsche Wohnen SE (DWNI.XETRA)
- Aroundtown SA (AT1.XETRA)
When does Vonovia SE 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 | 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
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 | 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)
