Tearsheet

Volkswagen (VWAGY)

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

Volkswagen (VWAGY)

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 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%	Weak multi-year price returns 2Y Excs Rtn is -48%, 3Y Excs Rtn is -87%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 221%
1	Attractive cash flow generation CFO LTM is 15 Bil		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3%
2	Low stock price volatility Vol 12M is 32%
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Battery Technology & Metals, Future of Freight, and Renewable Energy Transition. 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 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%
1	Attractive cash flow generation CFO LTM is 15 Bil
2	Low stock price volatility Vol 12M is 32%
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Battery Technology & Metals, Future of Freight, and Renewable Energy Transition. Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -48%, 3Y Excs Rtn is -87%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 221%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3%

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)	190,111.0	2.9	3.0	3.6	0.0
Total Cash ($ Mil)	65,550.0	1.6	6.8	19.2	0.0
Enterprise Value ($ Mil)	124,561.0	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)	190,111.0	19.9	13.2
Total Cash ($ Mil)	65,550.0	10.3	155.3
Enterprise Value ($ Mil)	124,561.0	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

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Metric	Value	Date	Source
Total Vehicle Deliveries	9030000	12312024	Link
Battery Electric Vehicle (BEV) Deliveries	744800	12312024	Link
Vehicle Production Volume	9000000	12312024	Link
Total Employees	679472	12312024	Link
European Market Share	27.6%	10312024	Link
Research and Development Expenditure	21.0 billion euros	12312024	Link
American Customer Satisfaction Index (ACSI) Score	78	8202024	Link
Number of Vehicles Recalled in the U.S.	84432	7182024	Link

VWAGY Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points highlighting why Volkswagen (VWAGY) stock moved during the approximate time period from July 31, 2025, to November 18, 2025:

1. Volkswagen reported a net loss of EUR 313 million for the third quarter of 2025, missing analyst consensus for earnings per share.

2. The company adjusted its 2025 forecast on September 19, 2025, anticipating a negative impact of approximately €5.1 billion on its operating result for the fiscal year, which included a €3 billion non-cash impairment charge related to Porsche.

Stock Movement Drivers

Fundamental Drivers

The -4.1% change in VWAGY stock from 8/18/2025 to 11/17/2025 was primarily driven by a -18.8% change in the company's Net Income Margin (%).

	8182025	11172025	Change
Stock Price ($)	11.72	11.24	-4.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	324221.00	326048.00	0.56%
Net Income Margin (%)	2.79%	2.26%	-18.85%
P/E Multiple	6.50	7.64	17.52%
Shares Outstanding (Mil)	5012.95	5012.95	0.00%
Cumulative Contribution			-4.10%

LTM = Last Twelve Months as of date shown

Market Drivers

8/18/2025 to 11/17/2025

	Return	Correlation
VWAGY	-4.1%
Market (SPY)	3.5%	23.9%
Sector (XLY)	-0.5%	20.3%

Fundamental Drivers

The -5.1% change in VWAGY stock from 5/19/2025 to 11/17/2025 was primarily driven by a -25.6% change in the company's Net Income Margin (%).

	5192025	11172025	Change
Stock Price ($)	11.85	11.24	-5.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	326754.00	326048.00	-0.22%
Net Income Margin (%)	3.04%	2.26%	-25.65%
P/E Multiple	5.98	7.64	27.85%
Shares Outstanding (Mil)	5012.95	5012.95	0.00%
Cumulative Contribution			-5.15%

LTM = Last Twelve Months as of date shown

Market Drivers

5/19/2025 to 11/17/2025

	Return	Correlation
VWAGY	-5.1%
Market (SPY)	12.2%	34.8%
Sector (XLY)	5.5%	30.9%

Fundamental Drivers

The 30.9% change in VWAGY stock from 11/17/2024 to 11/17/2025 was primarily driven by a 126.4% change in the company's P/E Multiple.

	11172024	11172025	Change
Stock Price ($)	8.59	11.24	30.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	324460.00	326048.00	0.49%
Net Income Margin (%)	3.93%	2.26%	-42.45%
P/E Multiple	3.38	7.64	126.36%
Shares Outstanding (Mil)	5012.95	5012.95	0.00%
Cumulative Contribution			30.92%

LTM = Last Twelve Months as of date shown

Market Drivers

11/17/2024 to 11/17/2025

	Return	Correlation
VWAGY	30.9%
Market (SPY)	14.7%	40.2%
Sector (XLY)	7.9%	42.0%

Fundamental Drivers

The -21.3% change in VWAGY stock from 11/18/2022 to 11/17/2025 was primarily driven by a -64.2% change in the company's Net Income Margin (%).

	11182022	11172025	Change
Stock Price ($)	14.28	11.24	-21.26%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	266484.00	326048.00	22.35%
Net Income Margin (%)	6.31%	2.26%	-64.17%
P/E Multiple	4.26	7.64	79.62%
Shares Outstanding (Mil)	5012.95	5012.95	0.00%
Cumulative Contribution			-21.26%

LTM = Last Twelve Months as of date shown

Market Drivers

11/18/2023 to 11/17/2025

	Return	Correlation
VWAGY	-2.5%
Market (SPY)	51.1%	35.4%
Sector (XLY)	38.9%	38.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
VWAGY Return	12%	42%	-37%	-12%	-23%	28%	-13%
Peers Return	5%	40%	-22%	12%	-9%	-6%	9%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	107%
Monthly Win Rates [3]
VWAGY Win Rate	50%	67%	33%	42%	33%	50%
Peers Win Rate	30%	42%	22%	37%	37%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
VWAGY Max Drawdown	-45%	-3%	-45%	-24%	-29%	-2%
Peers Max Drawdown	-26%	-3%	-25%	-6%	-24%	-30%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TM, GM, F, AIIO, CJET. See VWAGY Returns vs. Peers.
[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	VWAGY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-73.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	279.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	89.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	271 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-18.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	22.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	128 days	120 days

Compare to TM, GM, F, AIIO, CJET

In The Past

Volkswagen's stock fell -73.6% during the 2022 Inflation Shock from a high on 3/17/2021. A -73.6% loss requires a 279.0% gain to breakeven.

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About Volkswagen (VWAGY)

Volkswagen AG manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific. The company operates in four segments: Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles and engines, and light commercial vehicles; and produces and sells passenger cars and related parts. The Commercial Vehicles segment develops, produces, and sells trucks and buses; and offers parts and related services. The Power Engineering segment offers large-bore diesel engines, turbomachinery, special gear units, and propulsion components. The Financial Services segment provides dealer and customer financing, leasing, banking and insurance, fleet management, and mobility services. The company also offers motorcycles. It provides its products under the Volkswagen Passenger Cars, Audi, ÂKODA, SEAT, Bentley, Porsche, Volkswagen Commercial Vehicles, Scania, MAN, Lamborghini, Ducati, and Bugatti brands. Volkswagen AG was incorporated in 1937 and is based in Wolfsburg, Germany. Volkswagen AG operates as a subsidiary of Porsche Automobil Holding SE.

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The German Ford or General Motors.

Like Toyota, but with an even broader range of brands that includes luxury marques such as Audi and Porsche.

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Passenger Cars: Volkswagen produces a broad portfolio of passenger automobiles, including sedans, SUVs, hatchbacks, and electric vehicles, across its numerous global brands.
Commercial Vehicles: The company manufactures various light and heavy commercial vehicles such as vans, trucks, and buses for business and logistics purposes.
Motorcycles: Volkswagen Group includes the high-performance motorcycle manufacturer Ducati, offering a range of premium motorcycles.
Financial Services: Through Volkswagen Financial Services, it provides vehicle financing, leasing, insurance, and mobility services to support its automotive sales.

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Volkswagen (symbol: VWAGY) primarily sells its vehicles to individual consumers through its global dealership network. While Volkswagen Group does engage in significant business-to-business (B2B) sales for fleet customers (e.g., car rental companies, corporate fleets, government agencies), the overwhelming majority of its revenue is generated from sales to end-user individuals for personal use. Therefore, the company's major customers are individuals, which can be broadly categorized as follows:

General Consumers & Families: This extensive segment includes individuals and families seeking reliable, safe, and practical transportation for daily commuting, family use, and general personal ownership. These customers often prioritize factors such as safety features, fuel efficiency (or electric range), cargo space, comfort, and overall value. This category encompasses buyers of brands like Volkswagen, Skoda, and SEAT.
Premium & Luxury Buyers / Performance Enthusiasts: This category comprises affluent consumers and automotive enthusiasts who seek higher levels of performance, advanced technology, superior comfort, sophisticated design, and brand prestige. They are willing to pay a premium for exclusive features, driving dynamics, and brand image. This group includes customers of brands such as Audi, Porsche, Lamborghini, and Bentley.
Environmentally Conscious & Tech-Forward Consumers: A rapidly growing segment, these customers are specifically interested in Volkswagen Group's electric vehicles (EVs) and hybrid offerings across its various brands (e.g., Volkswagen ID. series, Audi e-tron, Porsche Taycan). They prioritize sustainability, reduced emissions, cutting-edge automotive technology, and often benefit from government incentives for electric vehicles.

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Oliver Blume, Chairman of the Board of Management of Volkswagen AG and Dr. Ing. h.c. F. Porsche AG

Oliver Blume has been with the Volkswagen Group since 1994, holding a PhD in mechanical engineering. He started his professional career at AUDI AG through an international trainee program. After various roles in body construction planning and logistics, he held senior management functions including Head of Body Construction for the A3, Head of the AUDI AG Pilot Plant, and Head of Planning and the Pilot Series Centre at SEAT S.A. in Barcelona. Blume moved to Wolfsburg as Head of Production Planning at the Volkswagen brand in 2009. He became a member of the Executive Board for Production and Logistics at Porsche AG in 2013 and was appointed Chairman of the Executive Board of Dr. Ing. h. c. F. Porsche AG in 2015. Since 2018, he has been a Member of the Board of Management of Volkswagen AG, and was appointed Chairman of the Board of Management of Volkswagen AG effective September 1, 2022.

Dr. Arno Antlitz, Chief Financial Officer and Chief Operating Officer

Dr. Arno Antlitz joined Volkswagen Aktiengesellschaft in 2004. He studied industrial engineering and earned his doctorate in political science. Prior to Volkswagen, he started his career in 1999 at the business consulting firm McKinsey & Company, where he was last employed as an Associate Principal, focusing on strategy, organization optimization, and cost optimization in the automotive and supplier industries. In 2005, he became responsible for global product controlling for the Volkswagen brand. He was appointed as a Member of the Volkswagen Brand Board of Management for "Controlling and Accounting" in 2010. From March 2020 to March 2021, Dr. Antlitz served as Chief Financial Officer of AUDI Aktiengesellschaft. He assumed responsibility for Finance at Group level in the Volkswagen AG Board of Management on April 1, 2021, and has also held the role of Chief Operating Officer (COO) since September 1, 2022.

Thomas Schmall-von Westerholt, Member of the Board of Management, Technology

Thomas Schmall-von Westerholt joined the Volkswagen Group in 1991. He studied business management and labor and organizational psychology. He became a member of the Volkswagen Brand Board of Management responsible for Components in 2015. Since January 1, 2019, he has been the CEO of Volkswagen Group Components, an autonomous corporate unit. He was appointed as a member of the Volkswagen AG Board of Management responsible for Technology as of January 1, 2021.

Thomas Schäfer, Member of the Board of Management, Core Brand Group (CEO of the Volkswagen Passenger Cars brand)

Thomas Schäfer is responsible for the Core Brand Group within the Board of Management. He previously served as the CEO of the Volkswagen Passenger Cars brand.

Ralf Brandstätter, Member of the Board of Management, China

Ralf Brandstätter was appointed a member of the Board of Management of the Volkswagen Passenger Cars brand on December 9, 2015, where he was responsible for procurement. He became Chief Operating Officer (COO) of the Volkswagen Passenger Cars brand on August 1, 2018, and then Chairman of the Board of Management (CEO) of the Volkswagen Passenger Cars brand on July 1, 2020. Effective January 1, 2022, he was appointed Member of the Board of Management of Volkswagen AG, with responsibility for China.

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Increased competition and market share erosion from pure-play electric vehicle (EV) manufacturers, particularly Chinese brands, which are rapidly innovating, expanding globally, and offering highly competitive products in terms of technology, features, and price points. This includes companies like BYD, Tesla, Nio, and XPeng, among others, which are challenging Volkswagen's traditional market dominance, especially in key markets like China and Europe.

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The addressable markets for Volkswagen's main products and services encompass passenger cars, commercial vehicles, and electric vehicles across global and key regional markets. Volkswagen also provides financial services, though specific market sizes for these services tied directly to their offerings are not readily available as standalone market figures. Here are the addressable market sizes for Volkswagen's main products:

Passenger Cars

Global: The global passenger cars market size was estimated at USD 3,415.11 billion in 2023 and is projected to reach USD 9,664.49 billion by 2030. Another estimate places the global passenger vehicles market size at approximately USD 3.6 trillion in 2024, with projections to reach USD 11.5 trillion by 2034.
Europe: The passenger cars market in Europe was valued at USD 772.97 billion in 2023. New passenger vehicle registrations in Europe (EU, EFTA, UK) increased to 12,963,614 cars in 2024.
North America: The passenger car segment held a 69.23% revenue share of the North America automotive market in 2024, with the overall North America automotive market size standing at USD 1.04 trillion in 2025.
China: Retail sales of passenger vehicles in China reached 21.246 million units during the January to September period of 2025. In 2023, China's passenger car sales were reported at 26,062,824 units.

Commercial Vehicles

Global: The global commercial vehicles market was valued at USD 950 billion in 2023 and is expected to reach USD 1,300 billion by 2030. The market grew from USD 979.76 billion in 2024 to USD 1.05 trillion in 2025.
North America: The North America commercial vehicles market size was over USD 1.34 trillion in 2025 and is projected to reach USD 2.31 trillion by 2035.

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. Global EV sales rose to 17.8 million units in 2024 and are projected to reach 21.3 million in 2025.
Europe: The market valuation for Europe Electric Vehicles is estimated at USD 261.2 billion in 2024 and is anticipated to reach USD 945.0 billion by 2035. Battery-electric cars accounted for 16.1% of the EU market share up until September 2025.
North America: The North American electric vehicle market size reached USD 95.05 billion in 2025 and is projected to advance to USD 139.75 billion by 2030.
China: The China electric vehicle market generated a revenue of USD 576,046.4 million in 2024 and is expected to reach USD 2,450,131.4 million by 2030. In 2024, China sold 12.87 million passenger electric vehicles, with plug-in electric vehicle sales accounting for 47.9% of overall automotive sales.

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Here are 3-5 expected drivers of future revenue growth for Volkswagen (VWAGY) over the next 2-3 years:

Expansion of Electric Vehicle (EV) Portfolio and Sales: Volkswagen is heavily investing in its electric vehicle offensive, aiming to have over 20 fully electric models in its global lineup by 2025, with EVs expected to account for 25% of total sales. The company anticipates launching several new battery-electric vehicles, including the ID.7 Tourer, Skoda Elroq, Porsche e-Macan, and Audi Q6 e-tron. This push for electrification, supported by the MEB and future SSP platforms, is central to Volkswagen's "New Auto" strategy and is expected to drive significant revenue growth as the market shifts towards electric mobility. Global deliveries of battery electric vehicles improved by 42% year-to-date in the first nine months of 2025, with strong growth in Europe (+78%) and the USA (+85%).
Growth in Software and Digital Services (Cariad): Volkswagen's software division, Cariad, is undergoing restructuring and is focused on developing advanced software architectures for vehicles, including advanced driver assistance systems (ADAS), infotainment, and connected services. Despite past challenges, the company aims to become a leading "Global Automotive Tech Driver" by enhancing the user experience and enabling new business models through data-driven services. Volkswagen estimates that sales revenue from services related to networked vehicles could reach approximately €1 billion per year by 2025, with significant contributions to earnings. Cariad's sales revenue increased by approximately 30% in the first half of 2025 compared to H1 2024.
Strategic Regional Growth, particularly in North America and South America: Volkswagen is targeting significant growth in key regions, aiming to evolve from a niche supplier into a relevant and profitable volume producer in North America. The company has committed $7.1 billion over five years to boost its product portfolio, R&D, and manufacturing capabilities in North America, with a target of 55% of U.S. vehicle sales being fully electric by 2030. This includes launching models like the ID. Buzz in 2024 and new electric SUVs from 2026, with local production of MEB vehicles starting from 2021. South America also delivered strong growth of 14.9% in the first nine months of 2025.
New Product Launches in Premium and Luxury Segments: The introduction of new and refreshed models across its premium and luxury brands, such as the Porsche e-Macan, Audi Q6 e-tron, and Audi A6 e-tron, is expected to be a significant revenue driver. These segments typically command higher prices and margins, contributing substantially to the group's overall revenue. The upgraded model line, particularly in the premium and luxury segments, has been well-received, as evidenced by a nearly 50% increase in order intake in Western Europe year-to-date.
Introduction of Affordable Entry-Level Electric Vehicles: To broaden its customer base and accelerate the transition to e-mobility, Volkswagen plans to introduce more affordable entry-level electric models. This includes the production version of the ID. 2all (expected to be named ID. Polo) for less than €25,000, set to reach dealerships in 2026, and an even more accessible electric car priced around €20,000, with its world premiere scheduled for 2027. These new, more accessible EVs are crucial for making electro-mobility attractive to a wider audience and driving increased sales volumes.

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Share Repurchases

    Volkswagen AG did not make repurchases under a share repurchase program authorized in 2011, which expired in 2012.


Share Issuance

    In March 2022, Volkswagen AG recorded a cash inflow of €2,250 million from the issuance of hybrid capital, which is classified as equity.
    Net common equity issued/repurchased for 2020 was $3.409 billion, indicating a net issuance.
    Net common equity issued/repurchased for 2023 was $1.086 billion, indicating a net issuance.


Outbound Investments

    In July 2024, Volkswagen announced a commitment of up to $5 billion in Rivian, including an initial $1 billion investment and another $1 billion for a 50-50 joint venture.
    In May 2020, Volkswagen committed approximately €2 billion in China, primarily by increasing its stake in the JAC Volkswagen e-mobility joint venture to 75% and acquiring a 26% stake in battery manufacturer Gotion High-Tech.
    Volkswagen acquired Europcar in July 2022.


Capital Expenditures

    In March 2023, Volkswagen increased its rolling five-year spending plan by 13% to €180 billion (approximately $193 billion), with over two-thirds directed towards software and electric vehicles; this plan was later reduced to €165 billion in March 2025.
    Capital expenditures for the Automotive Division averaged €14.752 billion from fiscal years 2020 to 2024, reaching a peak of €17.82 billion in 2024.
    For 2025, the investment ratio in the Automotive Division is expected to be between 12% and 13%, with a primary focus on the production of electric vehicles, associated battery technologies, and digitalization.

Interactive Breakdown

Volkswagen Interactive Breakdown Analysis

Better Bets than Volkswagen (VWAGY)

	VWAGY	Better Performance than VWAGY
Metric	Value	Industry (Automobile Manufacturers)
Rev Chg LTM	0.5%	TM (6.4%), RACE (9.5%), GM (2.6%), F (3.7%), STLA (156.0%)
Rev Chg 3Y Avg	7.2%	TSLA (9.3%), TM (13.9%), RACE (13.1%), GM (8.6%), F (7.8%)
Op Mgn LTM	4.5%	TSLA (5.1%), TM (8.8%), RACE (29.2%), MBGAF (4.9%), CYD (4.8%)
CFO/Rev LTM	4.7%	TSLA (16.5%), TM (9.8%), RACE (32.8%), MBGAF (15.2%), GM (12.9%)
FCF/Rev LTM	-3.3%	TSLA (7.1%), TM (0.0%), RACE (19.1%), MBGAF (8.7%), GM (-0.9%)
Total Yield	13.1%	TM (2240.0%), HMC (2501.3%), CYD (38.7%), SSM (722.9%)

	VWAGY	Better Performance than VWAGY
Metric	Value	Sector (Consumer Discretionary)
Rev Chg LTM	0.5%	AMZN (10.9%), BABA (5.3%), HD (8.5%), TM (6.4%), MCD (1.2%)
Rev Chg 3Y Avg	7.2%	AMZN (11.3%), TSLA (9.3%), TM (13.9%), BKNG (17.8%), MELI (39.5%)
Op Mgn LTM	4.5%	AMZN (11.4%), TSLA (5.1%), BABA (14.6%), HD (13.1%), TM (8.8%)
CFO/Rev LTM	4.7%	AMZN (18.1%), TSLA (16.5%), BABA (15.0%), HD (10.8%), TM (9.8%)
FCF/Rev LTM	-3.3%	AMZN (2.0%), TSLA (7.1%), BABA (15.0%), HD (8.6%), TM (0.0%)
Total Yield	13.1%	BABA (40.0%), TM (2240.0%), HMC (2501.3%), LKQ (13.2%), LAD (13.3%)

	VWAGY	Better Performance than VWAGY
Metric	Value	All Other Sectors
Rev Chg LTM	0.5%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AVGO (28.0%)
Rev Chg 3Y Avg	7.2%	NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AVGO (24.0%), META (17.3%)
Op Mgn LTM	4.5%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	4.7%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%)
FCF/Rev LTM	-3.3%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	13.1%	VZ (18.0%), PFE (13.7%), TD (14.9%), ENB (13.6%), CMCSA (27.4%)

		Best Bets In Consumer Discretionary Sector
	VWAGY	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	CROX	GRMN	WH
What You Pay
P/E	7.6	27.3	30.8	21.2	25.8	29.8	21.4	9.5	18.2	23.3	15.8
P/EBIT	4.3	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	2.3%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	3.4%	11.7%	-3.5%
Rev Chg LTM	0.5%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	2.0%	16.6%	3.4%
Rev Chg 3Y Avg	7.2%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	14.5%	12.2%	-2.5%
FCF/Rev 3Y Avg	-3.1%	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	null
2	Volkswagen (VWAGY) Operating Cash Flow Comparison	Financials
3	Volkswagen (VWAGY) Net Income Comparison	Financials
4	Volkswagen (VWAGY) Operating Income Comparison	Financials
5	Volkswagen (VWAGY) Revenue Comparison	Financials
6	Volkswagen (VWAGY) Stock Has 57% Chance Of Rise In The Next One Month
7	Volkswagen Market Price	Market Price
8	Dates Cached For VWAGY
9	Volkswagen Stock Return Comparison
10	Volkswagen: Highest And Lowest Correlated Assets	Correlation
11	ARTICLES
12	What’s New With Volkswagen Stock?		June 9th, 2025
13	Trading At A Mere 4x Earnings, Is Volkswagen Stock Attractive?		March 15th, 2024
14	Is VW Stock A Buy At $16?		December 23rd, 2022
15	With Porsche IPO Around The Corner, Is VW Stock Worth A Look?		September 7th, 2022
16	Forecast Of The Day: Volkswagen’s Average Revenue Per Audi Vehicle		June 24th, 2022

	Title
0	DASHBOARDS
1	null
2	Volkswagen (VWAGY) Operating Cash Flow Comparison
3	Volkswagen (VWAGY) Net Income Comparison
4	Volkswagen (VWAGY) Operating Income Comparison
5	Volkswagen (VWAGY) Revenue Comparison
6	Volkswagen (VWAGY) Stock Has 57% Chance Of Rise In The Next One Month
7	Volkswagen Market Price
8	Dates Cached For VWAGY
9	Volkswagen Stock Return Comparison
10	Volkswagen: Highest And Lowest Correlated Assets
11	ARTICLES
12	What’s New With Volkswagen Stock?
13	Trading At A Mere 4x Earnings, Is Volkswagen Stock Attractive?
14	Is VW Stock A Buy At $16?
15	With Porsche IPO Around The Corner, Is VW Stock Worth A Look?
16	Forecast Of The Day: Volkswagen’s Average Revenue Per Audi Vehicle

Trade Ideas

Select past ideas related to VWAGY. 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	-7.8%	-7.8%	-7.8%
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	-1.0%	-1.0%	-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	-4.3%	-4.3%	-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	-5.3%	-5.3%	-5.3%
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	-7.8%	-7.8%	-7.8%
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	-1.0%	-1.0%	-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	-4.3%	-4.3%	-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	-5.3%	-5.3%	-5.3%
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 Volkswagen

Financials

	VWAGY	TM	GM	F	AIIO	CJET	Median
Name	Volkswag.	Toyota M.	General .	Ford Mot.	Robo.ai	Chijet M.
Mkt Price	11.24	199.00	67.91	12.88	0.57	2.44	12.06
Mkt Cap	56.3	259.4	64.1	51.3	-	-	60.2
Rev LTM	326,048	49,385,007	187,435	189,588	-	-	257,818
Op Inc LTM	14,664	4,337,061	8,078	3,619	-	-	11,371
FCF LTM	-10,865	-16,039	-1,749	11,897	-	-	-6,307
FCF 3Y Avg	-9,835	-852,639	-2,949	7,967	-	-	-6,392
CFO LTM	15,395	4,824,366	24,212	20,426	-	-	22,319
CFO 3Y Avg	16,062	4,048,065	22,252	16,306	-	-	19,279

Growth & Margins

	VWAGY	TM	GM	F	AIIO	CJET	Median
Name	Volkswag.	Toyota M.	General .	Ford Mot.	Robo.ai	Chijet M.
Rev Chg LTM	0.5%	6.4%	2.6%	3.7%	-	-	3.2%
Rev Chg 3Y Avg	7.2%	13.9%	8.6%	7.8%	-	-	8.2%
Rev Chg Q	2.3%	8.2%	-0.3%	9.4%	-	-	5.2%
QoQ Delta Rev Chg LTM	0.6%	1.9%	-0.1%	2.3%	-	-	1.2%
Op Mgn LTM	4.5%	8.8%	4.3%	1.9%	-	-	4.4%
Op Mgn 3Y Avg	5.7%	10.0%	5.8%	2.7%	-	-	5.7%
QoQ Delta Op Mgn LTM	-1.3%	-0.8%	-1.4%	0.3%	-	-	-1.1%
CFO/Rev LTM	4.7%	9.8%	12.9%	10.8%	-	-	10.3%
CFO/Rev 3Y Avg	5.0%	8.8%	12.3%	8.9%	-	-	8.9%
FCF/Rev LTM	-3.3%	-0.0%	-0.9%	6.3%	-	-	-0.5%
FCF/Rev 3Y Avg	-3.1%	-1.9%	-1.6%	4.3%	-	-	-1.8%

Valuation

	VWAGY	TM	GM	F	AIIO	CJET	Median
Name	Volkswag.	Toyota M.	General .	Ford Mot.	Robo.ai	Chijet M.
Mkt Cap	56.3	259.4	64.1	51.3	-	-	60.2
P/S	0.2	0.0	0.3	0.3	-	-	0.2
P/EBIT	4.3	0.0	11.5	7.9	-	-	6.1
P/E	7.6	0.1	21.1	10.9	-	-	9.3
P/CFO	3.7	0.1	2.6	2.5	-	-	2.6
Total Yield	13.1%	2,240.0%	5.8%	12.7%	-	-	12.9%
Dividend Yield	0.0%	454.4%	1.0%	3.5%	-	-	2.3%
FCF Yield 3Y Avg	-16.7%	-355.7%	-5.8%	17.2%	-	-	-11.3%
D/E	3.4	153.7	2.1	3.2	-	-	3.3
Net D/E	2.2	88.5	1.6	2.4	-	-	2.3

Returns

	VWAGY	TM	GM	F	AIIO	CJET	Median
Name	Volkswag.	Toyota M.	General .	Ford Mot.	Robo.ai	Chijet M.
1M Rtn	2.9%	0.6%	16.3%	9.3%	-61.2%	-76.3%	1.8%
3M Rtn	-4.1%	0.6%	21.1%	13.7%	-	-98.6%	0.6%
6M Rtn	-5.1%	7.4%	36.5%	22.8%	-	-98.8%	7.4%
12M Rtn	30.9%	15.1%	20.3%	25.6%	-	-98.7%	20.3%
3Y Rtn	-21.3%	39.0%	76.2%	16.8%	-	-	27.9%
1M Excs Rtn	2.8%	0.5%	16.2%	9.2%	-61.3%	-76.4%	1.6%
3M Excs Rtn	-9.7%	-3.9%	15.3%	8.4%	-	-102.6%	-3.9%
6M Excs Rtn	-17.0%	-4.5%	24.6%	10.9%	-	-110.6%	-4.5%
12M Excs Rtn	22.2%	4.0%	7.4%	13.1%	-	-110.3%	7.4%
3Y Excs Rtn	-87.1%	-27.0%	7.7%	-52.2%	-	-	-39.6%

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	10/30/2025	3/11/2025	3/13/2024	3/14/2023	3/15/2022	3/16/2021	3/24/2020
Key Financials
Total Revenue	326,048	324,655	322,284	279,050	250,199	222,885	252,633
EBITDA	49,628	51,598	54,305	52,199	49,460	40,574	45,019
Operating Income	14,664	21,664	25,699	18,488	16,285	10,449	16,073
Net Income	7,371	11,351	16,532	15,457	15,382	8,867	13,886
EPS	1.35	2.14	3.18	2.97	2.96	1.66	2.66
Growth Rates
Total Revenue Growth	0.5%	0.7%	15.5%	11.5%	12.3%	-11.8%	7.1%
EBITDA Growth	-5.6%	-5.0%	4.0%	5.5%	21.9%	-9.9%	13.7%
Operating Income Growth	-34.2%	-15.7%	39.0%	13.5%	55.9%	-35.0%	11.1%
Net Income Growth	-42.2%	-31.3%	7.0%	0.5%	73.5%	-36.1%	14.4%
Margins
EBITDA Margin	15.2%	15.9%	16.9%	18.7%	19.8%	18.2%	17.8%
Operating Income Margin	4.5%	6.7%	8.0%	6.6%	6.5%	4.7%	6.4%
Net Income Margin	2.3%	3.5%	5.1%	5.5%	6.1%	4.0%	5.5%
Cash & Debt
Total Cash	65,550	73,446	74,913	70,767	66,879	59,269	46,008
Total Debt	190,111	196,520	193,972	178,436	183,370	174,312	168,820
Net Debt / (Cash)	124,561	123,074	119,059	107,669	116,491	115,043	122,812
Cash Flows
Net Cash from Operations	15,395	17,151	19,356	28,496	38,633	24,901	17,983
Free Cash from Operations	-10,865	-10,295	-6,439	5,825	20,135	7,155	-1,418
Returns to Shareholders
Dividends	4,278	5,779	11,732	4,362	3,022	2,952	2,899
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ 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	10/30/2025	7/25/2025	4/30/2025	3/11/2025	10/30/2024	8/1/2024	4/30/2024	3/13/2024	10/26/2023	7/27/2023	5/4/2023	3/14/2023
Key Financials Quarterly
Total Revenue	80,305	80,806	77,559	87,378	78,478	83,339	75,461	87,182	78,845	80,059	76,197	76,165
Ebitda	10,367	12,133	11,073	16,055	10,967	12,770	11,807	17,007	12,266	12,845	12,185	11,813
Operating Income	-1,299	3,835	3,275	8,853	2,833	5,427	4,552	9,457	4,895	5,600	5,745	1,409
Net Income	-313	2,335	1,982	3,367	1,348	3,238	3,397	4,762	4,033	3,389	4,348	2,756
EPS	-0.10	0.43	0.37	0.64	0.24	0.61	0.65	0.92	0.78	0.65	0.84	0.52
Key Financials TTM
Total Revenue TTM	326,048	324,221	326,754	324,656	324,460	324,827	321,547	322,283	311,266	303,094	292,535	279,049
Ebitda TTM	49,628	50,228	50,865	51,599	52,551	53,850	53,925	54,303	49,109	50,416	49,007	52,197
Operating Income TTM	14,664	18,796	20,388	21,665	22,269	24,331	24,504	25,697	17,649	17,013	15,903	18,486
Net Income TTM	7,371	9,032	9,935	11,350	12,745	15,430	15,581	16,532	14,526	12,603	13,103	15,458
Growth Rates Quarterly
Total Revenue Growth	2.3%	-3.0%	2.8%	0.2%	-0.5%	4.1%	-1.0%	14.5%	11.6%	15.2%	21.5%	19.8%
EBITDA Growth	-5.5%	-5.0%	-6.2%	-5.6%	-10.6%	-0.6%	-3.1%	44.0%	-9.6%	12.3%	-20.7%	-22.4%
Operating Income Growth	-145.9%	-29.3%	-28.1%	-6.4%	-42.1%	-3.1%	-20.8%	571.2%	14.9%	24.7%	-31.0%	-39.6%
Net Income Growth	-123.2%	-27.9%	-41.7%	-29.3%	-66.6%	-4.5%	-21.9%	72.8%	91.1%	-12.9%	-35.1%	-33.0%
Margins Quarterly
EBITDA Margin	12.9%	15.0%	14.3%	18.4%	14.0%	15.3%	15.6%	19.5%	15.6%	16.0%	16.0%	15.5%
Operating Income Margin	-1.6%	4.7%	4.2%	10.1%	3.6%	6.5%	6.0%	10.8%	6.2%	7.0%	7.5%	1.8%
Net Income Margin	-0.4%	2.9%	2.6%	3.9%	1.7%	3.9%	4.5%	5.5%	5.1%	4.2%	5.7%	3.6%
Cash & Debt
Total Cash	65,550	62,912	64,671	73,446	78,996	77,833	78,368	74,913	71,540	63,021	62,193	70,767
Total Debt	190,111	188,146	190,389	196,520	196,912	200,981	195,241	193,972	191,992	182,462	178,645	178,436
Net Debt / (Cash)	124,561	125,234	125,718	123,074	117,916	123,148	116,873	119,059	120,452	119,441	116,452	107,669
Cash Flows Quarterly
FCF from Operations	6,755	339	2,976	5,325	7,339	2,721	1,766	6,796	5,475	1,122	5,963	1,610
Cash Flows TTM
FCF from Operations TTM	15,395	15,979	18,361	17,151	18,622	16,758	15,159	19,356	14,170	18,631	25,146	28,496
Returns to Shareholders Quarterly
Dividends	0	4,046	185	47	135	5,412	185	55	260	4,709	6,708	65
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-3.5%	7.1%	6.0%	19.1%	5.3%	10.5%	9.0%	23.8%	9.8%	10.6%	11.7%	2.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	6.5%	9.1%	9.8%	10.6%	12.1%	12.7%	13.0%	13.5%	8.3%	8.0%	7.8%	9.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Passenger Cars and Light Commercial Vehicles	245,680	210,378	192,767	175,984	202,273
Financial Services	54,128	46,657	43,963	40,778	40,160
Commercial Vehicles	45,731	39,516	30,092	22,156	26,444
Power Engineering	4,044	3,565	3,278	3,640	3,997
Reconciliation	-27,300	-21,067	-19,899	-19,673	-20,242
Total	322,283	279,049	250,201	222,885	252,632

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Passenger Cars and Light Commercial Vehicles	19,432	17,156	14,614	8,381	15,610
Financial Services	3,786	5,638	6,045	3,012	3,212
Commercial Vehicles	3,714	1,588	134	-79	1,653
Power Engineering	366	281	45	-482	-93
Reconciliation	-4,769	-2,553	-1,563	-1,157	-3,422
Total	22,529	22,110	19,275	9,675	16,960

Price Behavior

Price Behavior

Market Price	$11.24
Market Cap ($ Bil)	56.3
First Trading Date	09/05/2018
Distance from 52W High	-8.8%
	50 Days	200 Days
DMA Price	$11.19	$10.75
DMA Trend	up	down
Distance from DMA	0.4%	4.6%
	3M	1YR
Volatility	28.5%	32.5%
Downside Capture	91.66	66.56
Upside Capture	50.68	84.66
Correlation (SPY)	19.3%	39.4%

VWAGY Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.61	0.55	0.59	0.91	0.61	0.78
Up Beta	0.93	1.28	1.31	0.76	0.71	0.85
Down Beta	0.43	0.44	0.60	0.51	0.42	0.64
Up Capture	16%	-24%	22%	79%	51%	34%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	8	16	30	57	122	352
Down Capture	108%	109%	50%	144%	75%	98%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	12	22	29	63	121	387

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

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of VWAGY With Other Asset Classes (Last 1Y)
	VWAGY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	30.5%	6.3%	12.6%	54.8%	4.2%	-2.7%	7.1%
Annualized Volatility	32.4%	24.6%	19.5%	19.7%	16.0%	17.7%	35.7%
Sharpe Ratio	0.88	0.20	0.48	2.10	0.07	-0.31	0.23
Correlation With Other Assets		41.1%	39.6%	-4.3%	8.2%	34.5%	18.1%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of VWAGY With Other Asset Classes (Last 5Y)
	VWAGY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-1.7%	9.3%	15.0%	16.2%	12.8%	5.2%	43.8%
Annualized Volatility	39.2%	23.7%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.06	0.36	0.71	0.84	0.56	0.19	0.71
Correlation With Other Assets		43.8%	43.2%	8.0%	13.8%	35.9%	16.8%

Based On 10-Year Data

		Comparison of VWAGY With Other Asset Classes (Last 10Y)
	VWAGY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	1.5%	12.2%	14.2%	13.5%	5.4%	5.5%	73.6%
Annualized Volatility	39.1%	22.0%	18.1%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.16	0.52	0.68	0.75	0.23	0.24	0.93
Correlation With Other Assets		54.0%	54.2%	8.0%	24.3%	45.7%	19.4%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	211,300
Short Interest: % Change Since 10152025	-48.6%
Average Daily Volume	608,235
Days-to-Cover Short Interest	1
Basic Shares Quantity	5,012,952,630
Short % of Basic Shares	0.0%

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Volkswagen (VWAGY)

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

Volkswagen (VWAGY)

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