Vonovia SE
5-year stock timeline
Vonovia weathered the COVID-19 period with relatively stable operating performance and modest organic rent growth through 2020 and into early 2021. In 2021, the company launched and ultimately completed a large public takeover of Deutsche Wohnen, securing control in October and immediately pivoting to consolidation, system integration and selective disposals as near-term priorities. From 2022 onward, a sudden cost-of-capital shock forced capital-discipline measures—asset disposals, joint ventures and refinancings—while portfolio revaluation losses and earnings volatility weighed on reported results, despite the company repaying its takeover bridge facility in March 2022 and advancing integration work.
Before the Deutsche Wohnen bid, Vonovia was widely seen as a large, defensive consolidator with many analysts assigning buy or accumulate ratings and elevated price targets. The 2021–2022 takeover shifted investor focus toward scale and execution risk: concerns about leverage, the timing and size of disposals, and sensitivity to rising yields eroded the "safe defensive landlord" narrative. By 2023–2025, the story tilted toward pragmatic capital discipline and portfolio optimization. The company marketed asset sales, pursued non-core disposals and issued bonds while emphasizing integration synergies, yet the stock retained a mixed reputation as a restructured but rate-sensitive name, hampered by revaluations and earnings swings.
From 2020 through early 2021, the stock recovered from COVID lows with muted outperformance as markets rotated away from defensive real-estate names. Mid-2021 brought takeover-related volatility and episodic rallies around bid milestones. In 2022, rapid interest-rate rises triggered a pronounced downtrend and revaluation-driven drawdown that erased a large portion of prior gains. From 2023 through 2026, the share has traded rangebound to lower, broadly in the low €20s to around €30s at times, with periodic rebounds tied to disposal announcements, balance-sheet actions and bond placements. Into 2026, Vonovia remains a rate-sensitive large-cap real-estate name, with management succession signals and continued portfolio optimization shaping the narrative.
Key risks and downside factors
Vonovia holds the leading position among German residential landlords, built through major acquisitions including Deutsche Wohnen, with properties spread across Germany, Sweden and Austria. Its main competitors are other listed German operators—LEG Immobilien, TAG Immobilien and Grand City Properties—each managing substantial rental portfolios domestically. The company faces material risks from rental regulation and political pressure, refinancing exposure tied to interest rates, and the operational complexity of digesting large acquisitions.
- Regulatory and political risk: tighter rent-control measures, local referenda, and tenant-protection laws in Germany could cap rental growth and compress asset valuations.
- Rising interest rates and tightening credit conditions create real pressure for debt-heavy portfolios—financing costs climb, cash flow tightens, and NAV takes a hit.
- Geographic concentration risk runs deep here. The majority of rental income depends on the German market, which means macro shifts, housing policy changes, or regional demand swings hit harder than they would for a more distributed portfolio [9].
- Integration and operational risk: large acquisitions like Deutsche Wohnen introduce execution challenges, accumulated maintenance backlogs, and legacy liabilities that tend to inflate costs and strain tenant relationships [5][9].
Competitive landscape
Vonovia dominates Germany's private residential rental market through successive acquisitions, which has built genuine scale but locked the company into a single geography [4][9]. Its main competitors—LEG Immobilien, TAG Immobilien, and Kojamo among Nordic peers—vie for the same assets, tenant bases, and capital [9][18][30]. The real pressures on the business stem from rent regulation that shifts with political winds, refinancing risk as rates move, the inherent brittleness of being concentrated in one country, and the operational complexity of digesting large acquisitions while managing a sprawling portfolio [9][4].
| Company | Ticker |
|---|---|
| LEG Immobilien SE | LEG.XETRA |
| TAG Immobilien AG | TEG.XETRA |
Private competitors
- SAGA Unternehmensgruppe Hamburg
- Degewo (Berlin municipal housing)
- Vivawest
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Relative Performance vs Benchmarks
| Period | Vonovia SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -0.55% | -4.81% | -6.00% |
| 3M | -20.17% | -19.21% | -29.87% |
| 6M | -12.31% | -17.37% | -22.75% |
| 1Y | -19.12% | -23.30% | -48.27% |
| 3Y | +41.99% | -14.99% | -43.68% |
| 5Y | -43.97% | -105.33% | -135.27% |
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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 | 5.3 | 2.9 | 0.7 | 10.8 |
| 1Y ago | -34.1 | 3.9 | 1.0 | 9.4 |
| 3Y ago | -4.7 | 2.6 | 0.5 | 6.7 |
| 5Y ago | 10.3 | 10.8 | 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?
- Regulatory and political risk: tighter rent-control measures, local referenda, and tenant-protection laws in Germany could cap rental growth and compress asset valuations.
- Rising interest rates and tightening credit conditions create real pressure for debt-heavy portfolios—financing costs climb, cash flow tightens, and NAV takes a hit.
- Geographic concentration risk runs deep here. The majority of rental income depends on the German market, which means macro shifts, housing policy changes, or regional demand swings hit harder than they would for a more distributed portfolio [web:9].
- Integration and operational risk: large acquisitions like Deutsche Wohnen introduce execution challenges, accumulated maintenance backlogs, and legacy liabilities that tend to inflate costs and strain tenant relationships [web:5][web:9].
Who are the main competitors of Vonovia SE?
- LEG Immobilien SE (LEG.XETRA)
- TAG Immobilien AG (TEG.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 | 5.61% | 3.22% |
| 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)
