Loading…
German maker of luxury cars (Mercedes-Benz) and vans, selling premium sedans, SUVs and EVs worldwide.
German maker of luxury cars (Mercedes-Benz) and vans, selling premium sedans, SUVs and EVs worldwide.
Sells cars and vans through dealers while financing and leasing through its captive finance arm, and has been pushing its mix toward its priciest models and moving some markets to an agency model, where it sets the selling price. Daimler Truck was spun off in 2021, so the group is now cars and vans only. Chinese carmaker BAIC and Geely's founder Li Shufu are large shareholders.
Moat: narrow (brand, distribution, installed base). Strong global luxury brand and dealer network, but faces intensifying EV and Chinese luxury competition.
Headquarters: Stuttgart, Germany · Founded: 1926 · Employees: 164,120
Size Mercedes-Benz (MBG.DE) is a Germany Consumer Discretionary company (Motor Vehicles) with a market value of $44.9B, the 19th largest of 205 Germany companies the cockpit tracks. Shares closed at €41.55 on 6 Nov 2026.
Performance Over six months the shares fell 18.6%, against +1.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 6.5% over the last twelve months (peer median +6.8%); the operating margin is 4.7% (peer median 6.5%).
Valuation It trades at 7.9× forward earnings against a peer median of 10.6× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points below its cost of capital (5.0% WACC).
Credit Mercedes-Benz has 57 bonds outstanding ($42.3B), rated A by the agencies and trading like A+ at a weighted spread of 81 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €128B | €132B | €146B | €152B | €150B |
| Revenue growth | — | -9% | -4% | +2% | — |
| Gross profit | €22.2B | €22.7B | €29.0B | €35.3B | €34.4B |
| EBITDA | €13.2B | €21.6B | €25.3B | €29.6B | €29.7B |
| Net income | €5.38B | €5.14B | €10.2B | €14.3B | €14.5B |
| Free cash flow | €4.83B | €12.5B | €13.7B | €10.7B | €13.4B |
| Capital expenditure | €9.78B | €9.74B | €8.66B | €8.21B | €6.90B |
| Total debt | €96.9B | €100B | €113B | €109B | €112B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mercedes-Benz MBG.DE | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% |
| Bayerische Motoren Werke BMW.DE | $40.3B | -22% | -6% | 6% | 9.7× | n/a |
| Volkswagen VOW.DE | $39.1B | -24% | -3% | 7% | 5.5× | n/a |
| Volvo Car VOLCAR-B.ST | $3.63B | -45% | -17% | 0% | n/a | n/a |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 176.4× | n/a |
| Toyota Motor 7203.T | $251B | +10% | +7% | 7% | 10.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MBG.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | +8.8% | 10th lowest of 21 |
| 6-month return | -18.6% | +1.2% | 6th lowest of 21 |
| Distance from 52-week high | -33.3% | -16.4% | 7th lowest of 21 |
| Revenue growth (TTM) | -6.5% | +6.8% | 3rd lowest of 21 |
| Operating margin | 4.7% | 6.5% | 6th lowest of 21 |
| Forward P/E | 7.9× | 10.6× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.5% | 20.5% | 4th least demanding of 15 |
| Growth delivered (Del g) | +1.7% | +14.3% | lowest of 15 |
| Hurdle (Req g minus delivered) | +2.9 pp | +7.4 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | -2.6 pp | -0.9 pp | 7th lowest of 21 |
| EV / EBITDA | 8.8× | 12.8× | 6th cheapest of 17 |
| Net debt / EBITDA | 5.7× | 2.7× | 4th most indebted of 17 |
| Bond spread | 81 bp | 107 bp | 4th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mercedes-Benz MBG.DE | Germany | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% | +1.7% |
| Honda Motor 7267.T | Japan | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% | +10.6% |
| Mahindra & Mahindra M&M.NS | India | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% | +21.5% |
| HyundaiMtr 005380.KS | South Korea | $47.5B | -47% | +1% | 5% | 7.3× | n/a | n/a |
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Porsche P911.DE | Germany | $47.8B | 0% | -10% | 6% | 22.9× | 17.3% | +4.8% |
| Ford Motor F | United States | $48.8B | +2% | -1% | 2% | 7.0× | 25.6% | +8.1% |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| General Motors GM | United States | $72.7B | +10% | 0% | 2% | 6.1× | 23.9% | +8.6% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| Ferrari RACE.MI | Italy | $92.2B | +30% | +6% | 30% | 37.7× | 22.8% | +15.6% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |
Mercedes-Benz has 57 bonds outstanding with $42.3B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 4.41%, a spread of 81 bp over government bonds.