Rankings Autos & parts Volkswagen
Volkswagen
78
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Margin−9
- China and profit warning−6
- Quality of growth−4
Strengths
- Net cash (automotive division)+3
- EVs in Europe+2
How the score is built
From 100 to 78, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 69.60 EUR
- Median analyst target
- 100.00 EUR
- Upside to median
- +43.7%
- Analysts
- 18
- Target range
- 67.30 – 120.00 EUR
- 52-week change
- −23%
- P/E (trailing)
- 32.4
- Forward P/E
- 2.9
- PEG
- 0.12
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−21 of −30
- −9MarginThe operating margin was 3.8% in H1 2026 (4.3% before special items), and on 18/9 full-year guidance was cut to at most 1% (about 4% before special items) vs 8.3% in 2022. The gross margin has fallen from 17.7% to 13.8% TTM. CFO Arno Antlitz himself says the planned measures are not enough to lift the margin structurally.
- −3ROICROIC is 2.4% TTM and ROE 2.8%; returns have long been below the cost of capital, even before the financing arm pulls the figure down.
- −4Quality of growthRevenue has been flat at around €322bn since 2023 and is now expected to fall to about €315bn in 2026. Deliveries fell 8.4% in H1 to 4.0m cars, and EPS is €10.46 TTM vs €31.81 in 2023.
- −2Future segment (EVs and software)Europe is going well (see Plus), but in China, where EVs and software decide sales, deliveries fell 37% in Q2 vs a market decline of about 20%. Production of the ID.4 in the US has been stopped (about €0.5bn in special items).
- −3Capital allocationVolkswagen is writing down goodwill on Porsche by about €6bn in Q3 (non-cash). Management acknowledges that the group must cut complexity sharply, including in its holdings, after years of overlapping brands, platforms and software investments.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own history and peersA trailing P/E of 6.8 vs 3.6–7.9 in 2021–25 (median 4.5) is at the high end, while the forward P/E (2026e) of 4.1 is mid-range of 3.6–5.8, and P/B 0.18 and P/S 0.11 are the lowest in the period. The stock is cheap on paper, but it has been for years, and forward EPS is adjusted for recurring special items. Peers: Mercedes forward 7.5, BMW 8.4.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−13 of −35
- −6China and profit warningOn 18/9 Volkswagen cut its margin guidance from 4.0–5.5% to at most 1% because of about €10bn of special items, including about €2bn of restructuring and write-downs linked to the worsening Chinese market. Deliveries in China fell 26% in H1, and the preferred share fell 5.6% on the day.
- −4US tariffsVolkswagen expects a tariff burden of €4–5bn a year including volume effects, the largest among the German carmakers.
- −3GovernanceThe preferred share has no voting rights. Porsche SE (the Porsche/Piëch families) holds the majority of the votes, and the state of Lower Saxony has a blocking minority; together with the strong influence of employees, that slows restructuring and plant closures. About 50,000 job cuts are planned.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Net cash (automotive division)Automotive net liquidity was €32.7bn at 30/6/2026, about 92% of market value, and guidance of €32–34bn at year-end is confirmed despite the downgrade. Automotive net cash flow was €3.2bn in H1 (−€1.4bn a year earlier).
- +2EVs in EuropeEuropean orders for EVs rose 57% to 330,000 and make up 31% of the order book (22% at the start of the year); the ID. Polo family has over 70,000 orders.
Caveats
What the score does not capture, or where the data is weak.
The non-voting preference share (VOW3). stockanalysis' net debt of €214bn and EV of €264bn include the finance arm (Volkswagen Financial Services); the automotive business itself has net liquidity of €32.7bn (about 92% of the €35.6bn market value), so EV multiples and ROIC are distorted. The forward P/E rests on adjusted EPS (€17.42 for 2026e) excluding the roughly €10bn of special items VW now expects in 2026; reported earnings will be much lower. Volkswagen has special items almost every year. Cyclical = yes. Q3 comes 29/10.
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