Volkswagen AG VZO O.N.
5-year stock timeline
Volkswagen AG (VOW3): Five-Year Overview, 2020–2026
The March 2020 pandemic sell-off pushed VOW3 to near €79, after which management doubled down on EV investment and announced the Trinity software-led strategy in 2021—a pivot that reshaped investor expectations. A global semiconductor shortage in 2021 forced production cuts, materially reducing deliveries and profitability through late 2021 and into 2022. The period from 2022 onward brought management transitions, with Herbert Diess departing and Oliver Blume taking over in September 2022 amid CARIAD software delays, ongoing Porsche demerger discussions, and labor tensions. A March 2026 cost-and-efficiency program signaled large headcount reductions and refocused strategy.
How the narrative shifted
From 2020–21, investors framed VW as an EV-scale growth story, with heavy signaling around e-mobility and software platforms creating genuine upside appetite. After 2021–22, execution missteps and supply constraints flipped the lens toward execution risk and cautious "value/turnaround" positioning. By 2024–26, the conversation moved to cost discipline and structural efficiency—margins, capital allocation around the Porsche split, and workforce impacts on profitability became the focal points.
The price story in phases
The stock exhibits three clear movements: a pandemic bottom and sharp rebound into 2021 EV euphoria (peak near €249 in April 2021), a multi-quarter downtrend through 2022 as macro and execution risks mounted, then choppy sideways-to-lower trading through 2024–26. The March 2020 low near €79 and April 2021 peak remain the historical reference anchors. Post-2021 trading has clustered in the €90–€110 band with repeated retests. The largest drawdowns were the 2020 pandemic collapse and the 2021–22 descent from the EV peak; rallies typically tied to model announcements and perceived progress on software and efficiency initiatives.
The current price of €87.62 sits near the lower end of that post-2021 range, reflecting ongoing skepticism around execution and structural headwinds, though not yet at the pandemic nadir.
Key risks and downside factors
Volkswagen operates in a capital-intensive global auto market where electrification and software-defined vehicles are reshaping the competitive landscape, putting real pressure on execution and margins. Toyota, Mercedes-Benz, Stellantis, Honda and BYD are the main listed competitors, each competing on scale, cost and EV technology across different regions [1][3][1][15][10]. The company faces material risks around its EV and software transformation, substantial exposure to China and its joint-venture structure, intensifying low-cost EV competition, and the usual regulatory and commodity headwinds that can squeeze margins and cash flow [1][1][10][1].
- The capital-intensive shift to EVs and software carries real execution risk—the kind that can pressure margins, drain cash flow, and demand sustained heavy investment.
- High exposure to China and dependence on local partnerships and joint ventures create meaningful revenue concentration, alongside genuine geopolitical and policy risk.
- Intensified competition from low-cost, high-volume EV makers like BYD and major automakers is creating real pricing pressure and threatening market share [10][1].
- Regulatory compliance, emissions standards, and legal exposure across different jurisdictions—layered with commodity and currency swings—can surface unexpected costs and penalties.
Competitive landscape
Volkswagen AG competes across internal combustion, premium, and electric segments against established players like Toyota, Mercedes-Benz Group, BMW, and Stellantis in a market that rewards scale and execution equally. The real pressure sits in the capital intensity of the EV transition itself—a multibillion-dollar bet that has to work while the company simultaneously manages a sprawling brand portfolio, supply-chain brittleness, and the kind of regulatory scrutiny that doesn't forgive missteps. It's a complex risk profile that hinges less on strategy and more on whether the operational machinery can actually deliver.
| Company | Ticker |
|---|---|
| Mercedes‑Benz Group AG | MBG.XETRA |
| Bayerische Motoren Werke AG (BMW) | BMW.XETRA |
| Stellantis N.V. | STLAM.MI |
Private competitors
- Waymo (Alphabet subsidiary)
- Zoox (Amazon subsidiary)
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Start Free TrialPerformance Figures of Volkswagen AG VZO O.N.
Relative Performance vs Benchmarks
| Period | Volkswagen AG VZO O.N. | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -3.16% | -3.40% | -6.69% |
| 3M | -14.60% | -12.33% | -22.09% |
| 6M | -7.50% | -13.49% | -19.47% |
| 1Y | -10.74% | -12.57% | -35.92% |
| 3Y | -16.00% | -66.38% | -98.14% |
| 5Y | -36.98% | -95.53% | -126.31% |
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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 | 6.6 | 0.1 | 0.2 | 2.5 |
| 1Y ago | 5.0 | 0.2 | 0.3 | 2.7 |
| 3Y ago | 4.6 | 0.2 | 0.4 | 2.4 |
| 5Y ago | 9.0 | 0.5 | 0.8 | 3.3 |
Frequently Asked Questions
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What are the key metrics for VOW3.XETRA?
How has Volkswagen AG VZO O.N.'s stock price performed?
How is VOW3.XETRA valued?
Does VOW3.XETRA pay dividends?
What are the key risks when investing in VOW3.XETRA?
- The capital-intensive shift to EVs and software carries real execution risk—the kind that can pressure margins, drain cash flow, and demand sustained heavy investment.
- High exposure to China and dependence on local partnerships and joint ventures create meaningful revenue concentration, alongside genuine geopolitical and policy risk.
- Intensified competition from low-cost, high-volume EV makers like BYD and major automakers is creating real pricing pressure and threatening market share [web:10][web:1].
- Regulatory compliance, emissions standards, and legal exposure across different jurisdictions—layered with commodity and currency swings—can surface unexpected costs and penalties.
Who are the main competitors of Volkswagen AG VZO O.N.?
- Mercedes‑Benz Group AG (MBG.XETRA)
- Bayerische Motoren Werke AG (BMW) (BMW.XETRA)
- Stellantis N.V. (STLAM.MI)
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 | 5.26 EUR | — | 4.23% |
| 2025 | 6.36 EUR | 6.18% | |
| 2024 | 9.06 EUR | 7.50% | |
| 2023 | 8.76 EUR | 6.92% | |
| 2022 | 19.06 EUR | 13.96% | |
| 2022 | 7.56 EUR | 5.16% | |
| 2021 | 4.86 EUR | 2.33% | |
| 2020 | 4.86 EUR | 3.54% | |
| 2019 | 4.86 EUR | 3.26% | |
| 2018 | 3.96 EUR | 2.25% | |
| 2017 | 2.06 EUR | 1.43% | |
| 2016 | 0.17 EUR | 0.14% | |
| 2015 | 4.86 EUR | 2.13% | |
| 2014 | 4.06 EUR | 2.12% | |
| 2013 | 3.56 EUR | 2.33% |
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 | 321.91B | 324.66B | 322.28B | 279.05B | 250.20B |
| Operating income (EBIT) | 17.09B | 24.39B | 27.32B | 16.24B | 19.42B |
| Net income | 7.32B | 11.35B | 16.53B | 15.46B | 15.38B |
| Free cash flow | -9.34B | -10.29B | -6.44B | 5.83B | 20.14B |
| Total assets | 665.79B | 632.90B | 600.34B | 564.01B | 528.61B |
| Equity | 174.00B | 182.29B | 175.69B | 165.38B | 144.45B |
| Net debt | 240.18B | 156.22B | 150.52B | 149.26B | 143.65B |
PWP Leeway UG (haftungsbeschränkt)
