Tearsheet

Mercedes-Benz (MBGAF)

Market Price (11/18/2025): $0 | Market Cap: $0
Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Mercedes-Benz (MBGAF)

Market Price (11/18/2025): $0
Market Cap: $0
Sector: Consumer Discretionary
Industry: Automobile Manufacturers

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%, FCF Yield is 18%	Trading close to highs Dist 52W High is -1.5%, Dist 3Y High is -4.0%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 21 Bil, FCF LTM is 12 Bil	Weak multi-year price returns 2Y Excs Rtn is -20%, 3Y Excs Rtn is -35%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.5%, Rev Chg QQuarterly Revenue Change % is -6.9%
2	Low stock price volatility Vol 12M is 31%		Significant short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 273.35
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Experience Economy & Premiumization, and Future of Freight. Themes include EV Manufacturing, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%, FCF Yield is 18%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 21 Bil, FCF LTM is 12 Bil
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Experience Economy & Premiumization, and Future of Freight. Themes include EV Manufacturing, Show more.
4	Trading close to highs Dist 52W High is -1.5%, Dist 3Y High is -4.0%
5	Weak multi-year price returns 2Y Excs Rtn is -20%, 3Y Excs Rtn is -35%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.5%, Rev Chg QQuarterly Revenue Change % is -6.9%
8	Significant short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 273.35

Market Valuation & Key Metrics

	11/18/25	2024	2023	2022	2021
Share Price CYE	$0.00	$2,400.00	$440,000.00	$410,812.00	$396,400.00
Market Cap CYE ($ Mil)	0.0	59.6	2,624.2	1,861.4	193,473.3
Total Debt ($ Mil)	84,418.0	2.9	3.0	3.6	0.0
Total Cash ($ Mil)	26,105.0	1.6	6.8	19.2	0.0
Enterprise Value ($ Mil)	58,313.0	62.5	2,627.2	1,865.0	193,473.3
Valuation Ratios
P/S TTM	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM	0.0	-0.1	-8.3	-8.0	0.0
P/E TTM	0.0	-0.1	-8.4	-8.8	0.0
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.0	4.6	7.3
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8

	11/18/25	2024	2023
Share Price CYE	$0.00	$4,500,000,000,000.00	$5,358,750,000,000,000.00
Market Cap CYE ($ Mil)	0.0	4,500,000.0	-
Total Debt ($ Mil)	84,418.0	19.9	13.2
Total Cash ($ Mil)	26,105.0	10.3	155.3
Enterprise Value ($ Mil)	58,313.0	4,500,019.9
Valuation Ratios
P/S TTM	0.0	0.0	0.0
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	0.0	0.0	0.0
Sector Ratios
P/S TTM (Sector)	0.7	0.8	0.9
P/EBIT TTM (Sector)	6.7	6.8	7.0
P/E TTM (Sector)	8.8	8.1	8.8

	MBGAF	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	137.0
Rev Chg Q	-6.9%	7.1%
Rev Chg LTM	-6.9%	6.1%
Rev Chg 3Y Avg	-1.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	6.7
CFO LTM ($ Bil)	20.8
Net Inc LTM ($ Bil)	6.2
Op Mgn LTM	4.9%	18.8%
CFO/Rev LTM	15.2%	20.5%
Net Inc Mgn	4.6%	13.1%
VALUATION	LOW
P/S	0.5	3.1
P/CFO	3.1	15.1
P/FCF	5.5	19.7
P/E	10.5	23.1
STABILITY	FAIR
Debt/Equity	1.29	0.21
Cash/Assets	0.10	0.07

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Metric	Value	Date	Source
Total Vehicle Sales (Cars and Vans)	525300	9302025	Link
Passenger Car Sales	441500	9302025	Link
Battery Electric Vehicle (BEV) Sales (Cars)	42600	9302025	Link
Plug-in Hybrid (PHEV) Sales (Cars)	96300	9302025	Link
Top-End Vehicle Sales	67800	9302025	Link
Core Vehicle Sales	263400	3312025	Link
Entry Vehicle Sales	123800	9302025	Link
Van Sales	83800	9302025	Link
Electric Van Sales (BEV)	8600	9302025	Link
Production Volume (Units)	446850	9302025	Link
Number of Employees	175264	12312024	Link
Customer Retention Rate (U.S.)	54.2%	3312025	Link
Customer Satisfaction Index (ACSI)	82	8192025	Link
Total Patents (Global)	39255	7162025	Link
Number of Dealerships (Worldwide, Approx.)	5850	5242025	Link

MBGAF Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Strong Performance in Electric and Top-End Vehicle Segments: Mercedes-Benz reported robust growth in its strategic segments during Q3 2025, with pure electric vehicle sales increasing by 22% quarter-over-quarter and 9% year-over-year. Additionally, sales of high-end models saw a 10% year-over-year increase, signaling strong demand for luxury and sustainable mobility solutions.

2. Commencement of Share Repurchase Program: The company announced plans to initiate a share repurchase program worth up to €2 billion, reflecting confidence in its financial position and a commitment to returning value to shareholders.

Stock Movement Drivers

Fundamental Drivers

The 10.8% change in MBGAF stock from 8/18/2025 to 11/17/2025 was primarily driven by a 20.7% change in the company's P/E Multiple.

	8182025	11172025	Change
Stock Price ($)	61.39	68.04	10.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	139355.00	136974.00	-1.71%
Net Income Margin (%)	4.89%	4.56%	-6.63%
P/E Multiple	8.68	10.48	20.72%
Shares Outstanding (Mil)	963.16	962.90	0.03%
Cumulative Contribution			10.82%

LTM = Last Twelve Months as of date shown

Market Drivers

8/18/2025 to 11/17/2025

	Return	Correlation
MBGAF	10.8%
Market (SPY)	3.5%	20.7%
Sector (XLY)	-0.5%	5.9%

Fundamental Drivers

The 14.7% change in MBGAF stock from 5/19/2025 to 11/17/2025 was primarily driven by a 63.5% change in the company's P/E Multiple.

	5192025	11172025	Change
Stock Price ($)	59.34	68.04	14.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	142945.00	136974.00	-4.18%
Net Income Margin (%)	6.23%	4.56%	-26.80%
P/E Multiple	6.41	10.48	63.47%
Shares Outstanding (Mil)	962.90	962.90	0.00%
Cumulative Contribution			14.65%

LTM = Last Twelve Months as of date shown

Market Drivers

5/19/2025 to 11/17/2025

	Return	Correlation
MBGAF	14.7%
Market (SPY)	12.2%	31.9%
Sector (XLY)	5.5%	23.9%

Fundamental Drivers

The 32.7% change in MBGAF stock from 11/17/2024 to 11/17/2025 was primarily driven by a 118.6% change in the company's P/E Multiple.

	11172024	11172025	Change
Stock Price ($)	51.27	68.04	32.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	147120.00	136974.00	-6.90%
Net Income Margin (%)	7.37%	4.56%	-38.07%
P/E Multiple	4.79	10.48	118.64%
Shares Outstanding (Mil)	1013.60	962.90	5.00%
Cumulative Contribution			32.37%

LTM = Last Twelve Months as of date shown

Market Drivers

11/17/2024 to 11/17/2025

	Return	Correlation
MBGAF	32.7%
Market (SPY)	14.7%	50.3%
Sector (XLY)	7.9%	46.0%

Fundamental Drivers

The 33.8% change in MBGAF stock from 11/18/2022 to 11/17/2025 was primarily driven by a 346.3% change in the company's P/E Multiple.

	11182022	11172025	Change
Stock Price ($)	50.86	68.04	33.77%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	144254.00	136974.00	-5.05%
Net Income Margin (%)	16.06%	4.56%	-71.59%
P/E Multiple	2.35	10.48	346.32%
Shares Outstanding (Mil)	1069.80	962.90	9.99%
Cumulative Contribution			32.43%

LTM = Last Twelve Months as of date shown

Market Drivers

11/18/2023 to 11/17/2025

	Return	Correlation
MBGAF	24.9%
Market (SPY)	51.1%	42.8%
Sector (XLY)	38.9%	40.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MBGAF Return						34%	34%
Peers Return	2%	8%	-7%	-2%	-22%	-30%	-45%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	107%
Monthly Win Rates [3]
MBGAF Win Rate
Peers Win Rate	10%	13%	7%	15%	20%	43%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
MBGAF Max Drawdown
Peers Max Drawdown	-9%	-1%	-9%	-5%	-24%	-37%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VWAGY, AIIO, CJET, EMPD, LOBO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	MBGAF	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-29.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	41.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	160 days	464 days

Compare to VWAGY, AIIO, CJET, EMPD, LOBO

In The Past

Mercedes-Benz's stock fell -29.1% during the 2022 Inflation Shock from a high on 6/16/2023. A -29.1% loss requires a 41.1% gain to breakeven.

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Asset Allocation

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About Mercedes-Benz (MBGAF)

Mercedes-Benz Group AG operates as an automotive company in Germany and internationally. The company develops, manufactures, and sells passenger cars comprising premium and luxury vehicles of the Mercedes-Benz brand, including the Mercedes-AMG, G-Class, Mercedes-Maybach, and Mercedes-EQ brands, as well as small cars under the smart brand; ecosystem of Mercedes-Benz under the Mercedes me brand; and vans under the Mercedes-Benz and Freightliner brands, as well as related spare parts and accessories. It also provides financing and leasing packages for end-customers and dealers; automotive insurance brokerage and banking services; car subscription and car rental, and fleet management, as well as digital services for charging and payment; and mobility services. The company was formerly known as Daimler AG and changed its name to Mercedes-Benz Group AG in February 2022. Mercedes-Benz Group AG was founded in 1886 and is headquartered in Stuttgart, Germany.

AI Generated Analysis | Feedback

Apple for luxury vehicles
The Rolex of automobiles
Louis Vuitton of the automotive world

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Mercedes-Benz Passenger Cars: Manufactures a premium range of sedans, SUVs, coupes, and convertibles under the Mercedes-Benz, Mercedes-AMG, and Mercedes-Maybach brands.
Mercedes-Benz Vans: Produces a line of light commercial and private vans, including models like the Sprinter and V-Class, for various business and personal uses.
Smart Cars: Develops and markets electric city cars focused on urban mobility and sustainable transportation solutions.
Financial Services: Provides a comprehensive suite of automotive financing, leasing, and insurance solutions for its vehicles globally (Automotive Financial Services).
Mobility Services: Offers digital services and solutions, such as vehicle charging, connectivity features, and subscription models, to enhance the ownership experience (Digital Mobility and Connectivity Services).

AI Generated Analysis | Feedback

Mercedes-Benz Group AG (symbol: MBGAF) sells primarily to individual consumers, although it also has significant sales to businesses for fleet purposes.

Here are up to three categories of individual customers that Mercedes-Benz serves:

Luxury & Status Seekers: These customers prioritize brand prestige, sophisticated design, premium comfort, and advanced technology as a reflection of their success and discerning taste. This category often includes high-net-worth individuals, executives, and professionals who seek an opulent and exclusive driving experience.
Performance Enthusiasts: This segment is drawn to Mercedes-Benz's high-performance AMG division. These buyers prioritize powerful engines, sporty handling, exhilarating acceleration, and a dynamic driving experience, often valuing precision engineering and track-capable performance within a luxury framework.
Family & Practicality-Focused Buyers: These customers, often families, seek safe, spacious, and reliable vehicles with premium features for daily use and travel. They often opt for SUVs or larger sedans, valuing comfort, advanced safety systems, and a high-quality interior, while still desiring the upscale experience associated with the Mercedes-Benz brand.

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Continental AG (Symbol: CON.DE)
Magna International Inc. (Symbol: MGA)
Forvia SE (Symbol: FRVIA.PA)
Aptiv PLC (Symbol: APTV)
Michelin (Symbol: ML.PA)
Infineon Technologies AG (Symbol: IFX.DE)

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Ola Källenius, Chairman of the Board of Management and Chief Executive Officer Ola Källenius, born in Sweden in 1969, joined Daimler-Benz AG as a trainee in 1993. He has held various leadership positions within the company, including Executive Director, Operations at McLaren Automotive Ltd. (2003), Managing Director of Mercedes-Benz HighPerformanceEngines Ltd. (2005), and Vice President and CEO of Mercedes-Benz U.S. International Inc. (2009). He also served as Vice President and Managing Director of Mercedes-AMG GmbH (2010). Källenius was appointed to the Daimler Board of Management in 2015 and became Chairman of the Board of Management of Daimler AG (now Mercedes-Benz Group AG) on May 22, 2019, making him the first non-German to hold these positions. He has led the company's transformation towards electric mobility and sustainability. Harald Wilhelm, Member of the Board of Management, Finance & Controlling/Mercedes-Benz Mobility Harald Wilhelm, born in Germany in 1966, began his career at Deutsche Aerospace AG in 1991. He held various senior finance positions within Airbus Group starting in 2000, ultimately serving as Chief Financial Officer for both Airbus Group and its Commercial Aircraft division from 2012. Wilhelm joined Mercedes-Benz Group AG as a Member of the Board of Management in April 2019 and has been responsible for Finance & Controlling and Mercedes-Benz Mobility since May 2019. Britta Seeger, Member of the Board of Management, Human Relations & Labour Director Britta Seeger joined the Daimler Group in 1992 and has held numerous management positions in sales, marketing, and after-sales, including President & CEO of Mercedes-Benz Turkey and Mercedes-Benz Korea. She was appointed to the Board of Management in 2017, initially responsible for Mercedes-Benz Cars Marketing & Sales. Effective May 1, 2025, she will assume the role of Human Relations & Labour Director. Jörg Burzer, Member of the Board of Management, Chief Technology Officer responsible for Development & Procurement Jörg Burzer has been a Member of the Board of Management of Mercedes-Benz AG since 2019 and of Mercedes-Benz Group AG since December 2021. He previously held various international leadership positions within the company and was responsible for Production, Quality & Supply Chain Management. As of December 1, 2025, he will take over responsibility for Development & Procurement and the role of Chief Technology Officer. Olaf Schick, Member of the Board of Management, Head of Integrity, Governance and Sustainability Olaf Schick will join the Management Board of Mercedes-Benz Group AG on October 1, 2025, as the Head of Integrity, Governance and Sustainability. Prior to this, he served as the Chief Financial Officer at Continental AG. He has a history with Mercedes-Benz, having held various roles including Head of Finance & Controlling Greater China and Head of the Compliance department.

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Competition from agile, digitally native luxury electric vehicle (EV) manufacturers, particularly from China, leveraging advanced software, innovative direct sales and service models, and dedicated EV platforms to challenge traditional market leaders. Brands such as Nio, Xpeng, Zeekr, and BYD's premium sub-brands are rapidly gaining market share in key regions, including China and increasingly Europe, by offering compelling technological experiences and different ownership propositions that directly compete with Mercedes-Benz in the luxury EV segment.

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The addressable markets for Mercedes-Benz's main products and services are substantial across various regions, reflecting its diverse portfolio in luxury passenger vehicles, electric vehicles, and commercial vehicles.

Luxury Passenger Vehicles

Global: The global luxury car market was estimated at approximately USD 695.92 billion in 2024 and is projected to reach USD 1,046.87 billion by 2030. Another source indicates the global luxury car market size was valued at USD 567.65 billion in 2025, forecast to reach USD 782.49 billion by 2030.
U.S.: In the U.S., the premium and luxury car market reached USD 157 billion in 2025. Another estimate places the U.S. luxury car market at USD 117.37 billion in 2024, with projections to reach USD 166.76 billion by 2030.
Europe: The European luxury car market was valued at USD 303.09 billion in 2024, with an expectation to reach USD 540.37 billion by 2033.

Electric Vehicles

Global: The global electric vehicle market size was estimated at USD 1,328.08 billion in 2024 and is projected to reach USD 6,523.97 billion by 2030.
U.S.: The U.S. electric vehicle market reached USD 186.5 billion in 2024 and is expected to grow to USD 1,895.8 billion by 2033.
Europe: In Europe, the electric vehicle market size was USD 256.7 billion in 2024, with expectations to reach USD 1,156.2 billion by 2033.

Commercial Vehicles

Global: The global commercial vehicles market size was valued at USD 848.63 billion in 2024 and is expected to grow to USD 1,225.45 billion by 2032.
U.S.: The U.S. commercial vehicles market size was estimated at USD 223.19 billion in 2025 and is predicted to increase to approximately USD 364.99 billion by 2034.
Europe: The Europe commercial vehicles market size was valued at USD 112.62 billion in 2023.

AI Generated Analysis | Feedback

Mercedes-Benz (MBGAF) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on several key drivers:

Extensive New Product Launches and Model Refreshes, especially in Top-End, Battery Electric Vehicle (BEV), and Electrified Internal Combustion Engine (ICE) Segments: Mercedes-Benz has unveiled its most ambitious product and technology launch campaign, with dozens of new or refreshed models expected to hit the markets until 2027. This includes the all-new CLA starting in 2025, a major upgrade of the S-Class in 2026, and all-electric GLC and C-Class models, as well as new BEV and electrified high-tech ICE launches for Mercedes-AMG. The company plans to expand its legendary G-Class family with a new smaller version and continue to leverage its luxury brands like Maybach and Mercedes-AMG.
Strengthening the "Economics of Desire" Strategy and Enhancing Pricing Power in Luxury Segments: The company is committed to its "economics of desire" strategy, aiming to solidify its position as a luxury goods company. This involves exiting lower-margin entry-level models and steadily expanding its high-end offerings to maintain pricing power across various market conditions. While facing competitive pressures, Mercedes-Benz is focused on a favorable sales mix and improved product substance to offset volume fluctuations and defend its market share, particularly in the top-end segment.
Expansion and Enhanced Offerings in Electric Vehicles (BEVs and xEVs): Mercedes-Benz is significantly investing in its electric vehicle portfolio. The product launch program includes dedicated BEV variants like the electric GLC and C-Class, and the new CLA will be offered as both a BEV and an ICE variant. The company aims to increase its share of BEV and plug-in hybrid vehicles (xEVs) and has demonstrated leadership in EV sales within specific premium luxury segments, such as the E-Class and S-Class sedans and SUVs, in many markets.
Leveraging the Mercedes-Benz Operating System (MB.OS) for New Digital Services and Enhanced Customer Experience: The introduction of MB.OS is a pivotal technological driver, designed to create highly intelligent and emotional cars. This operating system will enable direct engagement with customers and facilitate new business synergies and efficiencies. It also allows for continuous, iterative product development, increased emphasis on software, and greater efficiency in hardware use, potentially opening new revenue streams from advanced digital services and features.
Strategic Focus on Key Global Markets, particularly China, with Localized Offerings: Mercedes-Benz acknowledges the challenging yet crucial market environment in China. The company is developing products and content specifically for the Chinese market, including dedicated apps, infotainment, and automated driving features that are locally developed to cater to regional customer preferences. This localized approach, alongside efforts to optimize joint ventures and achieve cost reductions through deeper localization of parts in the Chinese supply chain, is expected to support future revenue generation in this significant market.

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Share Repurchases

Mercedes-Benz resolved to conduct a share buyback program of up to EUR 4 billion, commencing in March 2023 over a period of up to two years. This program is based on a July 8, 2020, authorization by the Annual General Meeting to repurchase up to 10% of the share capital until July 7, 2025.
An additional share buyback program of up to EUR 3 billion was resolved on February 21, 2024, to be completed by March 14, 2025, running parallel to the previously announced program.
A further share buyback program for up to EUR 2 billion was started in November 2025.

Share Issuance

The share capital was conditionally increased by up to €500 million (Conditional Capital 2025), to be implemented if holders of convertible bonds or bonds with warrants exercise their conversion rights by July 7, 2025 (or May 6, 2030, based on a May 7, 2025 authorization).

Outbound Investments

Mercedes-Benz has made 63 investments in various sectors, including Electric Vehicles, Energy Storage Tech, and Road Transport Tech.
Notable investments include companies such as Blaize, ACC, and Carpooling.com.
The company's most recent investment was a Series A round in Apptronik on March 18, 2025.

Capital Expenditures

Mercedes-Benz's capital expenditures averaged 4.317 billion euros from fiscal years ending December 2020 to 2024. Capital expenditures peaked at 5.741 billion euros in December 2020 and were 3.745 billion euros in 2023, and 4.039 billion euros in 2024.
An investment plan of more than 60 billion euros for the years 2022 to 2026 was approved, focusing on the transformation to a software-driven and emissions-free future, including the electrification of the product portfolio and digitalization measures.
The company aims to cut capital expenditures and research and development spending by more than 20% by 2025 compared to 2019 levels, as part of a strategy to reposition Mercedes-Benz as a luxury brand.

Interactive Breakdown

Mercedes-Benz Interactive Breakdown Analysis

Better Bets than Mercedes-Benz (MBGAF)

	MBGAF	Better Performance than MBGAF
Metric	Value	Industry (Automobile Manufacturers)
Rev Chg LTM	-6.9%	TSLA (-1.6%), TM (6.4%), RACE (9.5%), GM (2.6%), VWAGY (0.5%)
Rev Chg 3Y Avg	-1.5%	TSLA (9.3%), TM (13.9%), RACE (13.1%), GM (8.6%), VWAGY (7.2%)
Op Mgn LTM	4.9%	TSLA (5.1%), TM (8.8%), RACE (29.2%)
CFO/Rev LTM	15.2%	TSLA (16.5%), RACE (32.8%), RIVN (18.6%)
FCF/Rev LTM	8.7%	RACE (19.1%)
Total Yield	9.5%	TM (2240.0%), VWAGY (13.1%), F (12.7%), HMC (2501.3%), CYD (38.7%)

	MBGAF	Better Performance than MBGAF
Metric	Value	Sector (Consumer Discretionary)
Rev Chg LTM	-6.9%	AMZN (10.9%), TSLA (-1.6%), BABA (5.3%), HD (8.5%), TM (6.4%)
Rev Chg 3Y Avg	-1.5%	AMZN (11.3%), TSLA (9.3%), BABA (5.5%), HD (2.2%), TM (13.9%)
Op Mgn LTM	4.9%	AMZN (11.4%), TSLA (5.1%), BABA (14.6%), HD (13.1%), TM (8.8%)
CFO/Rev LTM	15.2%	AMZN (18.1%), TSLA (16.5%), MCD (39.9%), BKNG (33.2%), MELI (37.5%)
FCF/Rev LTM	8.7%	BABA (15.0%), MCD (28.1%), BKNG (31.9%), LOW (9.2%), MELI (32.9%)
Total Yield	9.5%	BABA (40.0%), TM (2240.0%), VWAGY (13.1%), F (12.7%), DHI (10.6%)

	MBGAF	Better Performance than MBGAF
Metric	Value	All Other Sectors
Rev Chg LTM	-6.9%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AVGO (28.0%)
Rev Chg 3Y Avg	-1.5%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AVGO (24.0%)
Op Mgn LTM	4.9%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	15.2%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%)
FCF/Rev LTM	8.7%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	9.5%	WFC (10.0%), MRK (11.7%), T (12.2%), VZ (18.0%), PFE (13.7%)

		Best Bets In Consumer Discretionary Sector
	MBGAF	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	CROX	GRMN	WH
What You Pay
P/E	10.5	27.3	30.8	21.2	25.8	29.8	21.4	9.5	18.2	23.3	15.8
P/EBIT	7.8	26.6	18.5	77.3	17.8	13.1	14.2	7.0	15.9	20.5	9.3
What You Get
Rev Chg Q	-6.9%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	3.4%	11.7%	-3.5%
Rev Chg LTM	-6.9%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	2.0%	16.6%	3.4%
Rev Chg 3Y Avg	-1.5%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	14.5%	12.2%	-2.5%
FCF/Rev 3Y Avg	6.0%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	19.8%	20.5%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can Mercedes-Benz Stock Really Go?	Return
2	Mercedes-Benz (MBGAF) Operating Cash Flow Comparison	Financials
3	Mercedes-Benz (MBGAF) Net Income Comparison	Financials
4	Mercedes-Benz (MBGAF) Operating Income Comparison	Financials
5	Mercedes-Benz (MBGAF) Revenue Comparison	Financials
6	Day 7 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/21/2024]	Notification
7	Day 6 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/20/2024]	Notification
8	Day 5 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/19/2024]	Notification
9	Day 5 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/18/2024]	Notification
10	Day 5 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/17/2024]	Notification
11	ARTICLES
12	What’s New With Mercedes-Benz Stock?		May 15th, 2025
13	With High-End Luxury Car Sales Strong, Is Mercedes-Benz Stock Attractive?		July 14th, 2023
14	Is Mercedes-Benz Stock Good Value At $76 Per Share?		March 22nd, 2023
15	Forecast Of The Day: Average Price of Mercedes Benz Cars & Vans		December 30th, 2022
16	Is Mercedes Stock A Buy At $65?		December 5th, 2022

	Title
0	DASHBOARDS
1	How Low Can Mercedes-Benz Stock Really Go?
2	Mercedes-Benz (MBGAF) Operating Cash Flow Comparison
3	Mercedes-Benz (MBGAF) Net Income Comparison
4	Mercedes-Benz (MBGAF) Operating Income Comparison
5	Mercedes-Benz (MBGAF) Revenue Comparison
6	Day 7 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/21/2024]
7	Day 6 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/20/2024]
8	Day 5 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/19/2024]
9	Day 5 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/18/2024]
10	Day 5 of Gains Streak for Mercedes-Benz Group Stock with 27% Return (vs. 15% YTD) [8/17/2024]
11	ARTICLES
12	What’s New With Mercedes-Benz Stock?
13	With High-End Luxury Car Sales Strong, Is Mercedes-Benz Stock Attractive?
14	Is Mercedes-Benz Stock Good Value At $76 Per Share?
15	Forecast Of The Day: Average Price of Mercedes Benz Cars & Vans
16	Is Mercedes Stock A Buy At $65?

Trade Ideas

Select past ideas related to MBGAF. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy	10312025	LRN	Stride	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-5.8%	-5.8%	-5.8%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10312025	DECK	Deckers Outdoor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.6%	1.6%	-2.4%
ATGE_10312025_Quality_Momentum_RoomToRun_10%	10312025	ATGE	Adtalem Global Education	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-1.6%	-1.6%	-5.9%
GNTX_10242025_Dip_Buyer_FCFYield	10242025	GNTX	Gentex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.2%	-3.2%	-3.2%
LNW_10172025_Dip_Buyer_FCFYield	10172025	LNW	Light & Wonder	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	-6.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy	10312025	LRN	Stride	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-5.8%	-5.8%	-5.8%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10312025	DECK	Deckers Outdoor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.6%	1.6%	-2.4%
ATGE_10312025_Quality_Momentum_RoomToRun_10%	10312025	ATGE	Adtalem Global Education	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-1.6%	-1.6%	-5.9%
GNTX_10242025_Dip_Buyer_FCFYield	10242025	GNTX	Gentex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.2%	-3.2%	-3.2%
LNW_10172025_Dip_Buyer_FCFYield	10172025	LNW	Light & Wonder	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	-6.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.3	203.9%	361.4%
VTYX	Ventyx Biosciences	0.7	142.3%	333.8%
CDTX	Cidara Therapeutics	3.4	114.6%	710.7%
INBX	Inhibrx Biosciences	1.2	107.7%	402.3%
COGT	Cogent Biosciences	3.9	105.9%	332.7%
CSIQ	Canadian Solar	1.9	95.1%	156.0%
REPL	Replimune	0.8	94.9%	-27.6%
MBX	MBX Biosciences	0.9	93.7%	39.0%
SNDK	SanDisk	38.6	89.7%
CELC	Celcuity	4.0	77.5%	604.6%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NKLR	Terra Innovatum Global	0.3	-69.1%
NTLA	Intellia Therapeutics	0.9	-65.7%	-27.3%
SOC	Sable Offshore	0.4	-63.0%	-80.9%
ASPN	Aspen Aerogels	0.3	-61.5%	-74.2%
AVXL	Anavex Life Sciences	0.3	-60.1%	-66.7%
CCOI	Cogent Communications	0.9	-57.4%	-74.4%
LRN	Stride	2.7	-56.7%	-39.6%
FMC	FMC	1.6	-56.0%	-72.1%
BTDR	Bitdeer Technologies	2.1	-55.7%	-50.9%
METC	Ramaco Resources	1.1	-54.7%	105.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

Peer Comparisons for Mercedes-Benz

Financials

	MBGAF	VWAGY	AIIO	CJET	EMPD	LOBO	Median
Name	Mercedes.	Volkswag.	Robo.ai	Chijet M.	Empery D.	Lobo Tec.
Mkt Price	68.04	11.24	0.57	2.44	5.09	0.39	3.76
Mkt Cap	65.5	56.3	-	-	-	-	60.9
Rev LTM	136,974	326,048	-	-	4	-	136,974
Op Inc LTM	6,746	14,664	-	-	-24	-	6,746
FCF LTM	11,968	-10,865	-	-	-15	-	-15
FCF 3Y Avg	8,649	-9,835	-	-	-23	-	-23
CFO LTM	20,805	15,395	-	-	-15	-	15,395
CFO 3Y Avg	16,958	16,062	-	-	-23	-	16,062

Growth & Margins

	MBGAF	VWAGY	AIIO	CJET	EMPD	LOBO	Median
Name	Mercedes.	Volkswag.	Robo.ai	Chijet M.	Empery D.	Lobo Tec.
Rev Chg LTM	-6.9%	0.5%	-	-	-1.2%	-	-1.2%
Rev Chg 3Y Avg	-1.5%	7.2%	-	-	-0.7%	-	-0.7%
Rev Chg Q	-6.9%	2.3%	-	-	-25.3%	-	-6.9%
QoQ Delta Rev Chg LTM	-1.7%	0.6%	-	-	-6.4%	-	-1.7%
Op Mgn LTM	4.9%	4.5%	-	-	-674.5%	-	4.5%
Op Mgn 3Y Avg	8.5%	5.7%	-	-	-795.9%	-	5.7%
QoQ Delta Op Mgn LTM	-1.2%	-1.3%	-	-	1.4%	-	-1.2%
CFO/Rev LTM	15.2%	4.7%	-	-	-430.4%	-	4.7%
CFO/Rev 3Y Avg	11.7%	5.0%	-	-	-722.0%	-	5.0%
FCF/Rev LTM	8.7%	-3.3%	-	-	-437.8%	-	-3.3%
FCF/Rev 3Y Avg	6.0%	-3.1%	-	-	-740.5%	-	-3.1%

Valuation

	MBGAF	VWAGY	AIIO	CJET	EMPD	LOBO	Median
Name	Mercedes.	Volkswag.	Robo.ai	Chijet M.	Empery D.	Lobo Tec.
Mkt Cap	65.5	56.3	-	-	-	-	60.9
P/S	0.5	0.2	-	-	-	-	0.3
P/EBIT	7.8	4.3	-	-	-	-	6.0
P/E	10.5	7.6	-	-	-	-	9.1
P/CFO	3.1	3.7	-	-	-	-	3.4
Total Yield	9.5%	13.1%	-	-	-	-	11.3%
Dividend Yield	0.0%	0.0%	-	-	-	-	0.0%
FCF Yield 3Y Avg	13.3%	-16.7%	-	-	-	-	-1.7%
D/E	1.3	3.4	-	-	-	-	2.3
Net D/E	0.9	2.2	-	-	-	-	1.6

Returns

	MBGAF	VWAGY	AIIO	CJET	EMPD	LOBO	Median
Name	Mercedes.	Volkswag.	Robo.ai	Chijet M.	Empery D.	Lobo Tec.
1M Rtn	8.9%	2.9%	-61.2%	-76.3%	-23.6%	-62.8%	-42.4%
3M Rtn	10.8%	-4.1%	-	-98.6%	-29.6%	-38.6%	-29.6%
6M Rtn	14.7%	-5.1%	-	-98.8%	-	-66.6%	-35.9%
12M Rtn	32.7%	30.9%	-	-98.7%	-	-81.8%	-25.4%
3Y Rtn	33.8%	-21.3%	-	-	-	-	6.3%
1M Excs Rtn	8.7%	2.8%	-61.3%	-76.4%	-23.7%	-63.0%	-42.5%
3M Excs Rtn	4.5%	-9.7%	-	-102.6%	-33.3%	-39.0%	-33.3%
6M Excs Rtn	2.8%	-17.0%	-	-110.6%	-	-78.5%	-47.8%
12M Excs Rtn	24.4%	22.2%	-	-110.3%	-	-95.5%	-36.6%
3Y Excs Rtn	-35.3%	-87.1%	-	-	-	-	-61.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/20/2025	3/15/2024	3/14/2023	3/11/2022	2/17/2021	2/22/2020
Key Financials
Total Revenue	136,974	145,594	152,390	150,017	133,893	121,778	172,745
EBITDA	15,617	21,505	27,438	27,252	23,220	15,392	12,699
Operating Income	6,746	12,301	17,522	17,884	14,976	5,691	4,028
Net Income	6,250	10,207	14,261	14,501	23,006	3,627	2,377
EPS	6.48	10.19	13.46	13.55	21.50	3.39	2.22
Growth Rates
Total Revenue Growth	-6.9%	-4.5%	1.6%	12.0%	9.9%	-29.5%	3.2%
EBITDA Growth	-31.2%	-21.6%	0.7%	17.4%	50.9%	21.2%	-28.4%
Operating Income Growth	-48.4%	-29.8%	-2.0%	19.4%	163.2%	41.3%	-59.1%
Net Income Growth	-42.3%	-28.4%	-1.7%	-37.0%	534.3%	52.6%	-67.2%
Margins
EBITDA Margin	11.4%	14.8%	18.0%	18.2%	17.3%	12.6%	7.4%
Operating Income Margin	4.9%	8.4%	11.5%	11.9%	11.2%	4.7%	2.3%
Net Income Margin	4.6%	7.0%	9.4%	9.7%	17.2%	3.0%	1.4%
Cash & Debt
Total Cash	26,105	21,741	22,353	24,358	29,864	28,451	26,775
Total Debt	84,418	93,042	87,964	84,414	93,849	114,759	134,729
Net Debt / (Cash)	58,313	71,301	65,611	60,056	63,985	86,308	107,954
Cash Flows
Net Cash from Operations	20,805	17,735	14,470	16,894	24,549	22,332	7,888
Free Cash from Operations	11,968	9,070	6,257	9,995	17,229	13,772	-2,947
Returns to Shareholders
Dividends	0	5,486	5,556	5,349	1,444	963	3,477
Share Repurchases	569	4,921	1,941	48	48	30	42

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	7/29/2025	5/1/2025	2/20/2025	10/25/2024	7/26/2024	4/30/2024	3/15/2024	10/26/2023	7/27/2023	4/28/2023	3/14/2023
Key Financials Quarterly
Total Revenue	32,147	33,153	33,224	38,450	34,528	36,743	35,873	39,976	37,001	38,241	37,516	41,003
Ebitda	2,736	3,206	4,391	5,284	4,530	5,933	5,758	6,483	6,750	6,797	7,408	7,134
Operating Income	401	988	2,165	3,192	2,131	3,695	3,283	3,957	3,973	4,561	5,031	4,344
Net Income	1,173	915	1,678	2,484	1,733	3,016	2,974	3,117	3,636	3,563	3,945	3,981
EPS	1.22	0.95	1.74	2.57	1.81	2.95	2.86	2.99	3.44	3.34	3.69	3.72
Key Financials TTM
Total Revenue TTM	136,974	139,355	142,945	145,594	147,120	149,593	151,091	152,734	153,761	154,476	152,675	150,017
Ebitda TTM	15,617	17,411	20,138	21,505	22,704	24,924	25,788	27,438	28,089	28,286	27,779	27,252
Operating Income TTM	6,746	8,476	11,183	12,301	13,066	14,908	15,774	17,522	17,909	18,451	18,165	18,165
Net Income TTM	6,250	6,810	8,911	10,207	10,840	12,743	13,290	14,261	15,125	15,412	14,956	14,501
Growth Rates Quarterly
Total Revenue Growth	-6.9%	-9.8%	-7.4%	-3.8%	-6.7%	-3.9%	-4.4%	-2.5%	-1.9%	4.9%	7.6%	16.4%
EBITDA Growth	-39.6%	-46.0%	-23.7%	-18.5%	-32.9%	-12.7%	-22.3%	-9.1%	-2.8%	8.1%	7.7%	24.3%
Operating Income Growth	-81.2%	-73.3%	-34.1%	-19.3%	-46.4%	-19.0%	-34.7%	-8.9%	-12.0%	6.7%	0.0%	-1.5%
Net Income Growth	-32.3%	-69.7%	-43.6%	-20.3%	-52.3%	-15.4%	-24.6%	-21.7%	-7.3%	14.7%	13.0%	-68.5%
Margins Quarterly
EBITDA Margin	8.5%	9.7%	13.2%	13.7%	13.1%	16.1%	16.1%	16.2%	18.2%	17.8%	19.7%	17.4%
Operating Income Margin	1.2%	3.0%	6.5%	8.3%	6.2%	10.1%	9.2%	9.9%	10.7%	11.9%	13.4%	10.6%
Net Income Margin	3.6%	2.8%	5.1%	6.5%	5.0%	8.2%	8.3%	7.8%	9.8%	9.3%	10.5%	9.7%
Cash & Debt
Total Cash	26,105	26,866	25,120	21,741	23,792	22,871	27,854	22,353	25,188	25,514	28,741	24,358
Total Debt	84,418	86,398	86,791	93,042	91,113	90,516	86,948	87,964	85,629	84,115	82,703	84,414
Net Debt / (Cash)	58,313	59,532	61,671	71,301	67,321	67,645	59,094	65,611	60,441	58,601	53,962	60,056
Cash Flows Quarterly
FCF from Operations	4,834	4,429	5,966	5,576	4,897	2,698	4,564	3,601	3,524	3,615	3,730	3,441
Cash Flows TTM
FCF from Operations TTM	20,805	20,868	19,137	17,735	15,760	14,387	15,304	14,470	14,310	16,272	17,658	16,894
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	56	513	1,246	2,792	370	763	468	624	86	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.2%	3.6%	7.9%	11.4%	7.8%	14.6%	13.8%	14.3%	15.7%	17.3%	20.2%	16.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.4%	8.0%	10.4%	10.2%	13.2%	14.8%	16.1%	16.2%	17.3%	18.1%	18.6%	17.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Mercedes-Benz Cars	112,756	111,601	96,712
Mercedes-Benz Mobility	25,571	26,954	27,941	27,699	28,646
Mercedes-Benz Vans	20,288	17,217	14,735
Reconciliation	-6,225	-5,755	-5,495	28,034	-7,227
Mercedes-Benz Cars & Vans				98,576	106,897
Revenue from discontinued operations				-32,531
Daimler Trucks & Buses					44,429
Total	152,390	150,017	133,893	121,778	172,745

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Mercedes-Benz Mobility	145,057	142,524	146,196	161,265	174,821
Mercedes-Benz Cars	93,435	91,908	86,495
Unallocated financial instruments (including liquidity) and assets from pensions and similar obligations	22,196	23,685	26,415	27,963	23,833
Mercedes-Benz Vans	10,486	10,036	9,418
Reconciliation	-8,152	-8,138	-8,693	5,149	-18,684
Mercedes-Benz Cars & Vans				91,360	94,490
Daimler Trucks & Buses					27,978
Total	263,022	260,015	259,831	285,737	302,438

Price Behavior

Price Behavior

Market Price	$68.04
Market Cap ($ Bil)	65.5
First Trading Date	08/12/2022
Distance from 52W High	-1.5%
	50 Days	200 Days
DMA Price	$63.03	$58.89
DMA Trend	up	up
Distance from DMA	7.9%	15.5%
	3M	1YR
Volatility	26.2%	31.7%
Downside Capture	34.95	52.61
Upside Capture	87.23	74.15
Correlation (SPY)	16.2%	49.3%

MBGAF Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.23	0.30	0.45	0.67	0.72	0.82
Up Beta	-1.00	-0.18	0.53	0.67	0.91	0.98
Down Beta	0.12	0.18	0.24	0.22	0.69	0.75
Up Capture	73%	47%	72%	78%	44%	43%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	11	20	33	66	129	387
Down Capture	57%	51%	28%	88%	63%	92%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	7	14	22	49	110	353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	10,982,545
Short Interest: % Change Since 10152025	6.1%
Average Daily Volume	40,178
Days-to-Cover Short Interest	273.35
Basic Shares Quantity	962,900,000
Short % of Basic Shares	1.1%

Returns Analyses

	Title
0	How Low Can Mercedes-Benz Stock Really Go?

SEC Filings

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Report Date	Filing Date	Filing
3312010	4272010	6-K 3/31/2010
12312009	3032010	20-F 12/31/2009
9302009	10272009	6-K 9/30/2009
6302009	7292009	6-K 6/30/2009
3312009	4282009	6-K 3/30/2009

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Mercedes-Benz (MBGAF)

Market Price (11/18/2025): $0 | Market Cap: $0Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Mercedes-Benz (MBGAF)

Market Price (11/18/2025): $0Market Cap: $0Sector: Consumer DiscretionaryIndustry: Automobile Manufacturers

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Market Price (11/18/2025): $0 | Market Cap: $0
Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Market Price (11/18/2025): $0
Market Cap: $0
Sector: Consumer Discretionary
Industry: Automobile Manufacturers