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Volkswagen AG

VOW.WA
35
Auto - Manufacturers · Consumer Cyclical
Also trades as: VWAGY
Price
322.70 PLN
+5.30 (+1.67%)
Market Cap
161.77B PLN
Exchange
Warsaw Stock Exchange
Winston Score
35
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Good
Stability
Strong
Valuation
Exceptional
Dividends
Good

Winston Score History

The full picture

Volkswagen AG is a German company that designs and sells cars, trucks, and motorcycles. It owns a large collection of brands, including Volkswagen, Audi, Porsche, SEAT, Škoda, Lamborghini, and Bentley, covering everything from affordable family cars to luxury sports vehicles. It is one of the largest automakers in the world by vehicle sales, competing directly with Toyota and Stellantis.

The company makes most of its money by selling vehicles to individual buyers and fleet customers across Europe, China, and North America. China is its single largest market, which creates meaningful risk since slowing demand or political tension there can hurt results significantly. Volkswagen is also spending heavily to shift its lineup toward electric vehicles, but it faces intense competition from Tesla and fast-growing Chinese EV brands, while its low ROIC of 2.5% suggests the business currently earns thin returns on the capital it invests.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 501.3M (2021) → 501.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
15.1%
Thin — 15.1% gross margin
Profit after running costs
Operating Margin
4.2%
Thin — 4.2% operating margin
Return on the money invested
ROCE
4.5%
Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-0.6%
Shrinking sales (-0.6% YoY)
Profit growth
EPS YoY
-37.2%
Earnings shrinking (-37.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
313%
Turns 313% of profit into real cash
Spare cash per sale
FCF Margin
-1.8%
Burning cash (-1.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.02
Elevated debt (1.02)
Covers its interest
Interest Cover
16.87x
Comfortably covers interest (16.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
7.2x
Attractive valuation — P/E 7.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+4.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (7.2 → 3.0)

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Dividends

Dividend
Dividend Yield
6.89%
Healthy income — 6.89% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-8.0%
Dividend cut (-8.0% YoY) — warning sign

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