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German holding company controlling Volkswagen Group voting rights, majority-owned by the Porsche and Piech families.
German holding company controlling Volkswagen Group voting rights, majority-owned by the Porsche and Piech families.
Income is dividends on the ordinary shares of Volkswagen it holds, plus a small portfolio of other investments in technology and industrial companies. Only these non-voting preferred shares are listed; the ordinary shares, which carry control, are held by the Porsche and Piech families.
Moat: none. A holding vehicle whose value derives almost entirely from its Volkswagen Group stake, not operations.
Headquarters: Stuttgart, Germany · Founded: 2007 · Employees: 47
Size Porsche Automobil Holding SE Pref (PAH3.DE) is a Germany Consumer Discretionary company (Motor Vehicles) with a market value of $8.98B, the 53rd largest of 205 Germany companies the cockpit tracks. Shares closed at €26.13 on 6 Nov 2026.
Performance Over six months the shares fell 18.7%, against -8.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 12.9% over the last twelve months (peer median +5.8%); the operating margin is 108.4% (peer median 4.3%).
Valuation It trades at 33.4× forward earnings against a peer median of 12.0× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +7 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 1.1 points below its cost of capital (6.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.71B | €2.98B | €3.44B | €5.43B | €5.44B |
| Revenue growth | — | -13% | -37% | 0% | — |
| EBITDA | €2.94B | €3.13B | €3.38B | €5.39B | €5.40B |
| Net income | €95.0M | €2.65B | -€20.0B | €5.07B | €5.49B |
| Free cash flow | €429M | €700M | €1.43B | €1.87B | €791M |
| Capital expenditure | €0 | €0 | €0 | €0 | €0 |
| Total debt | €6.90B | €7.03B | €7.56B | €6.72B | €7.08B |
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 |
|---|---|---|---|---|---|---|
| Porsche Automobil Holding SE Pref PAH3.DE | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% |
| Volkswagen VOW.DE | $39.1B | -24% | -3% | 7% | 5.5× | 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 | PAH3.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +4.3% | 9th highest of 21 |
| 6-month return | -18.7% | -8.2% | 10th lowest of 21 |
| Distance from 52-week high | -37.1% | -25.8% | 8th lowest of 21 |
| Revenue growth (TTM) | +12.9% | +5.8% | 9th highest of 21 |
| Operating margin | 108.4% | 4.3% | highest of 21 |
| Forward P/E | 33.4× | 12.0× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 9.4% | 3.4% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +2.4% | +11.1% | lowest of 12 |
| Hurdle (Req g minus delivered) | +7.0 pp | -7.3 pp | most demanding of 12 |
| ROIC minus cost of capital | -1.1 pp | -1.7 pp | 8th highest of 19 |
| EV / EBITDA | 4.4× | 8.1× | 2nd cheapest of 11 |
| Net debt / EBITDA | 1.7× | 0.7× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | n/a | n/a | n/a |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 8.2× | -7.8% | +8.9% |
| Seres 601127.SS | China | $11.0B | -51% | -6% | -4% | 139.8× | n/a | n/a |
| Zhejiang CFMoto Power 603129.SS | China | $7.23B | +16% | +40% | 11% | 19.9× | -3.9% | +34.5% |
| Tata Motors Passenger Vehicles TMPV.NS | India | $11.4B | -19% | -22% | 0% | 10.7× | n/a | n/a |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Federal Signal FSS | United States | $6.92B | -4% | +24% | 17% | 20.1× | 11.8% | +14.0% |
| Hero Motocorp HEROMOTOCO.NS | India | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% | +9.2% |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Zhejiang Leapmotor Technology 9863.HK | Hong Kong | $6.34B | -25% | +71% | -1% | 16.1× | -14.5% | +150.7% |