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Germany's largest residential real estate company, owning and managing rental apartments across Germany, Sweden and Austria.
Germany's largest residential real estate company, owning and managing rental apartments across Germany, Sweden and Austria.
Collects rent on apartments in markets where German tenancy law ties rent rises to local rent indices and caps them, so growth comes from regulated increases, modernisation work that justifies higher rent, and selling some flats. Merging with Deutsche Wohnen in 2021 added a large Berlin-weighted portfolio.
Moat: narrow (scale, installed base). Largest German residential landlord with scale in maintenance, energy retrofits and rent-regulated markets.
Headquarters: Bochum, Germany · Founded: 2001 · Employees: 12,708
Size Vonovia (VNA.DE) is a Germany Real Estate company (Real Estate Development) with a market value of $16.1B, the 39th largest of 205 Germany companies the cockpit tracks. Shares closed at €16.90 on 6 Nov 2026.
Performance Over six months the shares fell 23.9%, against -2.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 16.6% over the last twelve months (peer median +3.6%); the operating margin is 40.3% (peer median 21.5%).
Valuation It trades at 9.4× forward earnings against a peer median of 17.0× (2nd cheapest of 21).
Credit Vonovia has 40 bonds outstanding ($26.0B), rated BBB+ by the agencies and trading like BBB- at a weighted spread of 143 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.51B | €4.98B | €5.13B | €4.93B | €4.95B |
| Revenue growth | — | -3% | +4% | 0% | — |
| Gross profit | €3.90B | €3.01B | €3.22B | €2.89B | €1.99B |
| EBITDA | €2.83B | €2.30B | €2.10B | €2.17B | €2.11B |
| Net income | €1.75B | €3.72B | -€896M | -€6.29B | -€644M |
| Free cash flow | €1.03B | €1.31B | €1.21B | €534M | €1.34B |
| Capital expenditure | €236M | €348M | €497M | €717M | €228M |
| Total debt | €42.6B | €43.3B | €43.3B | €43.6B | €45.7B |
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 |
|---|---|---|---|---|---|---|
| Vonovia VNA.DE | $16.1B | -24% | -17% | 40% | 9.4× | n/a |
| Deutsche Wohnen DWNI.DE | $7.05B | -20% | 0% | 48% | 11.0× | n/a |
| LEG Immobilien LEG.DE | $4.39B | -11% | +1% | 34% | 8.1× | n/a |
| TAG Immobilien TEG.DE | $2.51B | -20% | -5% | 31% | 10.1× | 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 | VNA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +7.9% | 6th lowest of 21 |
| 6-month return | -23.9% | -2.2% | 2nd lowest of 21 |
| Distance from 52-week high | -41.5% | -11.4% | lowest of 21 |
| Revenue growth (TTM) | -16.6% | +3.6% | 4th lowest of 21 |
| Operating margin | 40.3% | 21.5% | 5th highest of 21 |
| Forward P/E | 9.4× | 17.0× | 2nd cheapest of 21 |
| Bond spread | 143 bp | 95 bp | widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vonovia VNA.DE | Germany | $16.1B | -24% | -17% | 40% | 9.4× | n/a | n/a |
| Jones Lang LaSalle JLL | United States | $16.9B | +12% | +11% | 5% | 13.4× | n/a | n/a |
| Hongkong Land H78.SI | Singapore | $17.7B | -1% | -25% | 23% | 20.9× | n/a | n/a |
| Henderson Land 0012.HK | Hong Kong | $18.3B | -12% | +46% | 20% | 17.2× | n/a | n/a |
| China Overseas 0688.HK | Hong Kong | $18.4B | -13% | +4% | 11% | 10.2× | n/a | n/a |
| Sumitomo Realty & Development C 8830.T | Japan | $18.8B | -34% | +5% | 29% | 12.8× | n/a | n/a |
| Swire Properties 1972.HK | Hong Kong | $19.4B | +4% | +6% | 49% | 18.3× | n/a | n/a |
| DLF DLF.NS | India | $19.7B | +22% | -29% | 13% | 38.3× | n/a | n/a |
| Swiss Prime Site SPSN.SW | Switzerland | $13.0B | +1% | -12% | 76% | 31.7× | n/a | n/a |
| Sino Land 0083.HK | Hong Kong | $12.8B | -20% | +15% | 34% | 20.4× | n/a | n/a |
| Wharf Reic 1997.HK | Hong Kong | $12.6B | +24% | -1% | 73% | 14.8× | n/a | n/a |
| Lodha Developers LODHA.NS | India | $12.5B | +22% | +21% | 31% | 27.0× | n/a | n/a |
| China Res Mixc 1209.HK | Hong Kong | $12.1B | -14% | +10% | 28% | 18.4× | n/a | n/a |
| KE Holdings, Inc. Class A 2423.HK | Hong Kong | $21.4B | +3% | -11% | 6% | 16.8× | n/a | n/a |
| CK Asset 1113.HK | Hong Kong | $21.9B | -3% | +48% | 15% | 12.8× | n/a | n/a |
| Klepierre LI.PA | France | $11.6B | +8% | +3% | 63% | 13.1× | n/a | n/a |
| China Merchants Shekou Industrial Zone 001979.SZ | China | $10.4B | -10% | -22% | 1% | 69.7× | n/a | n/a |
| Poly Developments & 600048.SS | China | $10.1B | -9% | -4% | 4% | 48.6× | n/a | n/a |
| Mitsui Fudosan 8801.T | Japan | $27.4B | -5% | -10% | 14% | 14.9× | n/a | n/a |
| Hulic 3003.T | Japan | $9.16B | +7% | +25% | 23% | 11.5× | n/a | n/a |
| China Res Land 1109.HK | Hong Kong | $29.1B | -7% | -12% | 16% | 8.9× | n/a | n/a |
Vonovia has 40 bonds outstanding with $26.0B face value. The agencies rate it BBB+; its bonds trade like BBB-. Weighted yield 4.67%, a spread of 143 bp over government bonds.