Volkswagen (VOW3.DE): analysis in plain words
Is Volkswagen cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Volkswagen (VOW3.DE) is listed on the Frankfurt Stock Exchange (Xetra) and we classify it in automotive. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Volkswagen according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Volkswagen (VOW3.DE) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €71.20 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 33.7x | Price over earnings per share |
| Revenue growth | -6.3% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 0.5% | Profit for every 100 of sales |
| Net debt / EBITDA | 7.4x | Years of operating profit to repay debt |
| Dividend yield | 7.49% | Annual dividend over price |
| Market cap | €35.7 billion | What the stock market values it at |
The Volkswagen figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any VOW3.DE figure that is not available shows as N/A: we do not estimate it.
How Volkswagen makes money
Volkswagen groups its brands into Brand Group Core (Volkswagen, Škoda, SEAT and Cupra), the largest by sales; Progressive (Audi, Lamborghini, Bentley, Ducati); Sport Luxury (Porsche); and Commercial Vehicles (Traton, including Scania and MAN). Volkswagen Financial Services funds car purchases. It sells across Europe, China and the Americas.
Over the last 12 months, Volkswagen brought in revenue of €316.6 billion. For every 100 it sells, Volkswagen keeps 13.9 after the direct cost of what it sells (gross margin) and -7.8 after all operating costs (operating margin). With 592,430 full-time employees, that is about €534,000 of revenue per employee.
Volkswagen against its sector
To know whether a Volkswagen figure is high or low you have to put it next to similar companies. This table compares Volkswagen with the median of the 5 automotive companies Fintols covers, with data as of November 4, 2026.
| Figure | Volkswagen | automotive median |
|---|---|---|
| P/E | 33.7x | 20.2x (5) |
| Revenue growth | -6.3% | +1.1% (11) |
| Net margin | 0.5% | 0.5% (11) |
| Dividend yield | 7.49% | 0.82% (11) |
| Net debt / EBITDA | 7.4x | 5.9x (9) |
In short, against the typical automotive company, Volkswagen trades on a higher P/E, grows more slowly and pays a higher dividend yield. By size, Volkswagen ranks number 4 of 5 automotive companies quoted in EUR on Fintols.
The bull case for Volkswagen
What works in favour of Volkswagen, according to its figures as of November 4, 2026:
- Analysts expect Volkswagen earnings to rise: its P/E on the next 12 months of estimated earnings is 3.5x, below the current 33.7x.
- Volkswagen generates real cash: €10.1 billion of free cash flow over 12 months, 28.2% of its stock market value.
The main risk for Volkswagen
Debt is heavy: Volkswagen carries net debt equal to 7.4x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
On top of that: the price already assumes a lot: Volkswagen trades at 33.7x its last 12 months of earnings, against 20.2x for the automotive median. If growth disappoints, the multiple can shrink and the share price with it.
And, like the rest of automotive, Volkswagen is exposed to the electric-car price war, tariffs and how cyclical car sales are.
Frequently asked questions about Volkswagen
Is it a good time to buy Volkswagen stock?
Fintols does not tell you whether to buy or sell Volkswagen, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Volkswagen stock trades at €71.20, 35% below its 52-week high (€109.15) and 8% above its low (€65.92). Its P/E is 33.7x against a automotive median of 20.2x, and 3.5x on the earnings analysts expect over the next 12 months. With Volkswagen, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Volkswagen pay a dividend?
Yes. As of November 4, 2026, Volkswagen pays €5.26 per share a year, which at today's price is a yield of 7.49%. It uses 249% of its profit to pay it, more than it earns, which cannot last forever. Its average dividend yield over the last five years is 6.13%. The automotive median on Fintols is 0.82%.
Is Volkswagen stock expensive?
It depends on what you compare it with. On P/E, Volkswagen trades at 33.7x its last 12 months of earnings: more expensive than the automotive median (20.2x). Including its debt, Volkswagen is valued at 9.1x its EBITDA (EV/EBITDA). A high P/E alone does not make Volkswagen expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Volkswagen's competitors?
On Fintols we compare Volkswagen with BMW, Mercedes-Benz and Stellantis, which are also in automotive. As of November 4, 2026, BMW is worth €36.5 billion and trades on a P/E of 5.9; Mercedes-Benz is worth €40.2 billion and trades on a P/E of 7.3; Stellantis is worth €12.1 billion. Each has a side-by-side comparison with Volkswagen below.
Volkswagen competitors
- BMW (BMW.DE) analysis · Volkswagen vs BMW comparison
- Mercedes-Benz (MBG.DE) analysis · Volkswagen vs Mercedes-Benz comparison
- Stellantis (STLAM.MI) analysis · Volkswagen vs Stellantis comparison
To understand Volkswagen better
- How to Read a Balance Sheet: A Beginner's Guide
- Dividend Growth Investing: FCF Payout Ratio and Compounding
More companies like Volkswagen: automotive stocks. Open the full VOW3.DE analysis with its valuation and scenarios. Educational content about Volkswagen, not investment advice.